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Rustam Azimov,” Private Business Is the Weakest Area in the Economy of Uzbekistan

“In spite of all the reforms, private business continues to be the weakest area in the economy of Uzbekistan,” the First Deputy Prime Minister of Uzbekistan Rustam Azimov admitted.

“Although a lot has been done for the development of private sector, we have to admit this is the weakest area in our economy,” said the Minister of Finance, addressing the participants of the International Investment Forum taking place in Tashkent.

Among the measures that could remedy this situation, according to the government, is the improvement of the regulatory and business environment and the expansion of the share value in the economy of the private sector, which is to become the main driving force of economic growth.

“We need to reduce the role and place of the state in the economy,” Mr. Azimov said.

According to him, the state will continue to be the main reformer, as it “does not believe in the magic hand of the market.”

“The recent crisis has shown that this ‘magic hand’ without state control can lead to very deep crises, and we believe that in the period of fundamental changes the state should remain the main reformer,” Deputy Prime Minister emphasized.

                                                 

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