Uzbekistan and Kazakhstan have emerged as key drivers of economic growth in Central Asia, according to Sergio Gironella, Head of Sales in the CIS countries at Amicorp Group of Companies. In an interview with Daryo.uz, Gironella highlighted the pivotal roles of these nations in transforming the region’s economic landscape, emphasizing their enormous potential for sustainable development.
Uzbekistan: A New Era of Economic Reforms
Under the leadership of President Shavkat Mirziyoyev, Uzbekistan has undergone economic reforms, positioning itself as a major player in the region. Gironella praised the country’s efforts, noting how government initiatives have spurred the creation of a competitive business environment.
“We see how the economy of Uzbekistan is thriving. Government reforms have given a strong impetus to the development of new companies and the creation of a favorable competitive environment for business,” Gironella stated.
While Kazakhstan has maintained an edge in terms of financial infrastructure, Gironella expressed confidence in Uzbekistan’s ability to narrow the gap, particularly through the creation of a legal framework that attracts international investors.
The Central Bank’s Role in Economic Stability
One of Uzbekistan's key challenges, according to Gironella, is establishing a safe and stable environment for international players. He emphasized the Central Bank’s crucial role in supporting the economy, particularly for new market entrants.
The central bank must play a decisive role in supporting the economy, especially for new market participants. It is necessary to create conditions in which international investors and local entrepreneurs will feel confident about the future.
Gironella also pointed to the need for improved access to financing for startups and small businesses, suggesting that the Central Bank adopt more flexible practices to foster entrepreneurship.
Sustainable Development and ESG: A Path Forward
Addressing the topic of sustainable development, Gironella highlighted Kazakhstan’s progress in launching a green bond market and initiatives to support environmentally friendly projects. He noted that while Uzbekistan is in the early stages of integrating environmental, social, and governance (ESG) standards, the potential is immense.
“In Uzbekistan, ESG is at an earlier stage of development, but this direction is extremely promising. The country needs to accelerate the adoption of legislative measures that stimulate investment in green energy and sustainable projects,” Gironella said.
Collaboration for Growth
Gironella stressed the importance of cooperation between Uzbekistan and Kazakhstan, noting that both countries have much to learn from each other’s experiences in sustainable development and economic reforms.
“Uzbekistan, the most populous country in the region and with significant economic potential, is capable of becoming the locomotive of Central Asia. To do this, it is necessary to maintain favorable conditions for business and international cooperation,” he added.
In his view, the right reforms, institutional support, and a focus on sustainability will enable Uzbekistan and Kazakhstan to not only solidify their economic standing but also become examples for other emerging markets.
“Central Asia, especially Uzbekistan and Kazakhstan, are on the threshold of major changes. It’s a matter of time and strategic approach,” Gironella concluded.
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