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Home / Business and Innovation / WB: Uzbekistan’s Economy Should Be More Open

WB: Uzbekistan’s Economy Should Be More Open

“An important aspect for Uzbekistan remains the openness of economy, as well as the consolidation and maintenance of the results accomplished by the country,” considers Vice-President of World Bank for Europe and Central Asia, Cyril Muller.

According to him, the task to Uzbekistan is to maintain and consolidate the gains in the conditions of much more complex global and regional environment. The country has the opportunity to improve economic performance, including through the promotion of a dynamic private sector, while supporting and promoting services and investment, the creation of a highly skilled workforce.

“Particularly relevant for Uzbekistan is the importance of opening up the economy, which was learnt from the experience of East Asian countries,” Cyril Muller said at the forum in Tashkent. “And it is necessary to open it strategically and gradually so that the economy adopts new technologies and goods markets.”

The expert acknowledged that Uzbekistan did a lot in this direction, however, yet there is more to do, “starting with the reform of the complex regulatory framework, priority for the government should be an increase in the private sector and ensuring equal conditions for all companies.”

“WB supports those ambitious goals set by the government of Uzbekistan in the coming years, as it believes these steps made in the right direction,” said Vice-President.

“We are now discussing the concept of partnership, and it is clear that the main objective of this strategic program will be a support of Uzbekistan in the transition to this model, which for a long period will ensure sustainable growth and job creation,” Cyril Muller said.

The World Bank Group is developing a strategy of partnership with Uzbekistan in the financial years 2016-2020, which provides a significant increase in financial allocations from the previous period. It is expected that the amount of the financial package, which will be provided for Uzbekistan to be between $ 3.5 billion to $ 4 billion.

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