Briefing on development of Uzbekistan’s economy at British-Uzbek Society meeting

At the February meeting of the British-Uzbek Society Ambassador Otabek Akbarov briefed members of the Executive Board on the main results of socio-economic development of Uzbekistan in 2008 and priorities of the country’s economic programme for 2009. 

He noted that despite some negative impact of the world financial-economic crisis on the economy of Uzbekistan, in 2008 our country has managed not only to ensure stability of the economy, but also provide its high sustainable growth. Attention was drawn to the macroeconomic indicators, including growth of GDP (9%), industry (12,7%), trade (7.2%) and agriculture (4.5%). The implementation of the state budget with a surplus of 1.5% of GDP with an increase in real incomes (28%) was underlined.

Talking about the growth of the surplus in foreign trade balance, the Ambassador pointed out the steady increase in the proportion of finished products and the decline of the share of raw materials supplies. Notable, the increasing role is played by small and medium enterprises, whose share of GDP has reached 48.2%. 

Particular attention was paid to the favourable investment climate, created in Uzbekistan. For instance, 6.4 billion U.S. dollars were invested into development of economy in 2008, of which 1.8 billion dollars - foreign investments. Important role of the Fund for Reconstruction and Development, significance of infrastructure and industrial projects put into service in 2008, as well as the establishment of Free Industrial Economic Zone in Navoi were underlined.

 It was highlighted that these and other obvious achievements of Uzbekistan once again confirm the correctness of the chosen evolutional model of development, based on five principles, as well as stability of the economy and reliability of banking and financial system. Participants were also familiarized with the basic provisions of the Anti-crisis program for 2009-2012 and the priorities of the Post-crisis development of Uzbekistan.

During discussion members of the Executive Board of the Society have made their comments. Senior Research Fellow of Cambridge Forum for Central Asia Dr. Shirin Akiner underlined «the impressive growth rate of the Uzbek economy despite the global financial and economic crisis». She noted «the foresight of Uzbekistan leadership’s policy in considering even at this stage, development priorities for the post-crisis period. The emphasis on forward planning is extremely important in these days of global uncertainty and pessimism». 

As she put it, «this highlights the professionalism and a clear strategic thinking of the President of Uzbekistan. It will undoubtedly provide a basis for the country to maintain the momentum of development through this difficult period». Dr. Akiner also stressed that she fully supports the Embassy’s efforts to disseminate up-to-date information about its activities among British official, business and social circles: «It is important to continue this work because it allows us to have another, more objective, look at the processes taking place in Uzbekistan». 

BUS Chairman Dr. Hartley Booth agreed with the Dr. Shirin Akiner, while stressing the importance of the fact that «Uzbekistan purposefully and step by step moving towards its goals». He underlined the importance of the initiative to establish Free Industrial Economic Zone in the Navoi region, which is being practically realized only after detailed and comprehensive study of the whole range of factors proving desirability of its creation. «This consistent and thoughtful approach in the implementation of socio-economic reforms deserves respect». 

Member of the Executive Board of BUS Mr. Detlef Zimmermann, supporting Dr.Akiner’s view of the need to objectively inform the Western public about the processes taking place in Uzbekistan, called for extensive use of modern electronic communications. «Global Internet creates unlimited opportunities in this field. So, it makes sense to continue creation of global network of Uzbek government and mass media websites that correspond to modern standards, especially in terms of provision with efficient and updated information». In his view, in the context of the global economic crisis, it is particularly important to convey information on significant achievements and potential of the economy of Uzbekistan to perspective foreign investors.

At the Society meeting hosted by the Embassy

 London, 25 February, 2009