Over the past seven years, Uzbekistan has attracted $78bn in foreign investment, and it is poised to join the world’s top 60 economies by 2024. This milestone was highlighted at the international conference “Modern Uzbekistan: An Attractive Destination for Business and Investors,” organized by the Chamber of Commerce and Industry of Uzbekistan on October 18, 2024, at the Renaissance Hall complex in Tashkent.
The event was held during the International Partnership Initiatives Week, bringing together representatives from international organizations and foreign business circles to discuss the country’s evolving business and investment climate.
The main focus of the conference was on the reforms aimed at simplifying business operations in New Uzbekistan. Participants explored the country’s improved business environment, examined global best practices, and shared views on the impact of these changes. The event also introduced the public to mechanisms designed to protect the rights of entrepreneurs and investors.
Discussions delved into the substantial reforms Uzbekistan has implemented in recent years. For instance, the country introduced a stability rating for business entities, incentivized law-abiding entrepreneurs, and canceled 132 licenses and permits. The value-added tax (VAT) rate was reduced from 20% to 12%, and the business registration process was significantly streamlined.
Uzbekistan's economic growth has remained strong, with a growth rate exceeding 5% annually since 2017. The country’s GDP has surpassed $100bn for the first time, further signaling its emergence as a key player on the global economic stage.
In addition to these achievements, the government has fostered an open dialogue between the President and entrepreneurs, resulting in 200 new initiatives. Efforts to streamline taxation, customs procedures, and legal protections for entrepreneurs continue, as Uzbekistan strengthens its position as an attractive destination for both local and foreign investors.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)