Uzbekistan and the Czech Republic have taken significant steps to strengthen their economic and political ties during an official visit by a Uzbek government delegation to Prague. The two countries held a business forum, with the prime ministers of both nations in attendance, where they discussed measures taken by Uzbekistan to enhance its business environment and support entrepreneurship.
Under the leadership of President Shavkat Mirziyoyev, Uzbekistan has initiated comprehensive reforms to bolster its private sector. Notably, over 200 licenses and permits have been abolished, the number of taxes reduced from 13 to 9, with some tax rates cut in half. Additionally, Uzbekistan's currency market was liberalized, and restrictions on repatriating income were removed. The value-added tax (VAT) rate has been lowered from 15% to 12% this year.
Uzbekistan has also launched a privatization program for major banks, industrial, and infrastructure entities, offering approximately 1,000 enterprises and significant assets for sale. The country is actively pursuing public-private partnerships in energy, transportation, healthcare, education, infrastructure, and road construction projects.
The introduction of a visa-free regime for citizens from over 90 countries has made Uzbekistan one of the most open countries in the region. In addition to safeguarding investor rights through a dedicated law on investments and the establishment of a Business Ombudsman, Uzbekistan has adopted a development strategy for 2030, outlining key tasks to improve the business environment and foster growth.
The main objective of this strategy is to transform Uzbekistan into an open, modern, and rapidly developing nation. This initiative presents extensive opportunities for Czech businesses seeking to enter the Uzbek market.
Following discussions and negotiations during the business forum, important bilateral agreements and declarations were signed. Uzbekistan and the Czech Republic entered into a joint agreement to expand cooperation across political, trade, economic, investment, and cultural spheres, aiming to deepen trust and mutual collaboration.
In addition to the joint agreement, several other documents were signed during the visit, focusing on areas like the readmission and transit of individuals and visa requirements for diplomatic passport holders. These agreements are expected to intensify bilateral relations and further strengthen practical cooperation between Uzbekistan and the Czech Republic.
The visit and business forum signify a significant step toward increased collaboration between these two nations and highlight the economic potential that Uzbekistan offers to foreign investors and businesses.
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