As part of the “Week of International Cooperation Initiatives in Uzbekistan,” the Ministry of Economy and Finance of the Republic of Uzbekistan held a round table focused on stimulating sustainable economic growth through global collaboration on October 18. The event, titled “Stimulating Sustainable Economic Growth through Global Cooperation: The Role of Innovation in Expanding Human Capital and Entrepreneurial Opportunities,” gathered leading global experts and specialists from socio-economic and financial sectors.
Among the participants were Tazin Fasih, the World Bank’s Global Practice Leader for Human Capital Development in Central Asia; Pinar Yasar, Senior Economist at the World Bank; Ahmet Serdar Ibragimoglu, President of the Turkish Organization for the Development of Small and Medium Enterprises; Rudolf Lukavsky, Advisor to the President of the Austrian Agency for Economic Cooperation and Development; Dr. Max Georg Mayer, Head of the Hanns Seidel Foundation’s Central Asia Office; and Viola Fur, Consultant at the Overseas Development Institute (ODI).
The primary objective of the round table was to create a dialogue platform for exchanging insights on the new goals set for the Uzbek government, recommendations from international financial institutions regarding global challenges, and the sharing of international experiences and best practices.
Discussions highlighted Uzbekistan’s recent achievements in sustainable economic growth, focusing on reforms in human capital development and poverty reduction. The poverty rate in Uzbekistan has seen a decline, from 23% in 2019 to 11% in 2023, with the World Bank recognizing the country for its impressive poverty reduction results compared to others in Europe and Central Asia. The Uzbek government has set an ambitious target to further reduce the poverty level to 6% by the end of 2025.
Uzbekistan's rapid population growth, averaging 1.8% to 2.0% annually, coupled with a youthful labor market of approximately 20mn working-age individuals, presents both challenges and opportunities. With over 500,000 young people entering the labor market each year, the focus on education and healthcare is essential for harnessing demographic dividends.
In recent years, Uzbekistan has made significant investments in youth policy, resulting in increased access to education. The coverage of preschool education has risen from 27% to 76%, with extensive reconstruction of schools and kindergartens. The higher education enrollment rate has tripled, reaching 38% in 2023. Furthermore, the unemployment rate has dropped below 7%, and the number of individuals receiving vocational education has tripled over the last four years.
The round table also emphasized the importance of small and medium-sized enterprises (SMEs) in Uzbekistan's economic framework. Participants discussed systemic measures to enhance SMEs, support for youth and women’s entrepreneurship, and the need for collaboration with international financial organizations to develop new projects in the sector.
The event addressed the ongoing improvements in the business environment, including tax simplification, digitalization, and innovation stimulation. A practical strategy for developing SMEs until 2030 was also highlighted as a vital component of the country's economic planning.
In addition to economic discussions, the participants explored innovative approaches to urban development, focusing on strategies for city planning in Uzbekistan and outlining future directions for sustainable urban growth.
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