In a bid to foster further growth in the retail sector, stakeholders at the panel session "Retail ecosystem: interaction of business, government, and society for successful trade development in the region" in Tashkent convened to address key challenges and opportunities facing the industry. Moderated by Denis Sokolov, General Director of the Commonwealth Partnership Uzbekistan, the session brought together industry luminaries to delve into strategies for enhancing retail's contribution to the country's GDP.
Participants included are Mark Samoilovich, Director of Awara IT, Kirill Martynov, Partner, Head of Transaction Advisory Services, KPMG, Igor Petrukhin, Business Development Director, Unitex, Rud Pedersen, CEO of Korzinka, Ilya Lyapustin, Commercial and Marketing Director, Tashkent City Mall, Nabi Togaev, Head of Asset Management Department, Uzbek-Oman Investment Company
Ilya Lyapustin highlighted the success story of Tashkent City Mall, lauding it as a beacon of innovation in Uzbekistan's retail landscape.
"Not only the basics are important for us - mission and vision - but also the right positioning of our mall as a center for improving the quality of life," he remarked.
Lyapustin underscored the pivotal role of government support in attracting international brands like IMAX and Zara to Uzbekistan, attributing their presence to decrees reducing customs duties.
"Thanks to the decree to reduce customs duties, we have been able to establish fair pricing similar to levels in the UK and Kazakhstan," Lyapustin elucidated.
Experts echoed the need for better tax regulations and simplified import procedures to galvanize retail growth. Rud Pedersen emphasized,
"The key to success is not only introducing new brands, but also creating conditions for their successful adaptation in the market."
Nabi Togaev emphasized the imperative of infrastructure investment and innovation.
"It is important not only to attract foreign brands, but also to create conditions for the growth of local enterprises, which ultimately contributes to the diversification of the economy and strengthening economic stability," he asserted.
The panel underscored the importance of collaborative efforts among businesses, government, and society to foster sustainable growth and development in Uzbekistan's retail sector.
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