Ministry of Economy and Finance of the Republic of Uzbekistan

On July 7 of this year, within the framework of the Week of International Partnership Initiatives, which brought together representatives of prestigious financial and research institutes, as well as consulting companies in Tashkent, a discussion session was held on the topic “Sustainable Economic Development: Current Issues".

Representatives of the World Bank, the United Nations Development Program, international experts from Poland, Singapore, and Romania, as well as local participants, discussed important areas of ensuring sustainable economic growth.

The participants also discussed privatization, digitalization, infrastructure development, entrepreneurship and human capital, industrial transformation, and the role of competition policy in ensuring economic growth.

The session was attended by Deputy Minister of Economy and Finance of the Republic of Uzbekistan Ilkhom Norkulov, UNDP Permanent Representative in Uzbekistan Matilda Dimovska, Executive Director of the Singapore International Cooperation Organization Kong Wai Moon, World Bank Senior Economist for Europe and Central Asia Pinar Yashar, President of the Romanian Competition Organization Bogdan Kirisoyu, international expert Marek Grabarek, as well as Director of the Institute of Macroeconomic and Territorial research under the Cabinet of Ministers Umid Abidkhadzhayev.

At the beginning of the event, the moderator of the session, Fred Harrison, presented to the participants information about the crises observed today in the world economy and about the results achieved in the economy of Uzbekistan in these realities.

Then the floor was given to Deputy Minister of Economy and Finance Ilkhom Norkulov for a presentation on the reforms being carried out in Uzbekistan, economic indicators, and promising tasks.

In his presentation, he noted that in the context of complex global macroeconomic processes, including high inflation and interest rates, disruptions in international transport and logistics chains, and growing energy resources, Uzbekistan sets its priority goals and objectives to achieve them.

Ilkhom Norkulov also highlighted the directions of important reforms carried out for Uzbekistan's entry into the group of countries with “middle and high-income levels”, defined in the "Development Strategy of the New Uzbekistan for 2022-2026".

Kong Wai Moon introduced the participants to Singapore's experience in providing digital public services and the process of digital transformation. After that, an exchange of views took place on the Singapore industrial transformation program and the prospects for its implementation in Uzbekistan.

During his speech, Marek Grabarek raised such topics as:

• the importance of privatization and infrastructure development to ensure sustainable growth;

• the privatization process and Poland's experience in this direction;

• the role of the public-private partnership mechanism in increasing the inclusiveness of the social sphere;

• Prospects for the widespread implementation of the PPP mechanism in Uzbekistan;

• the importance of infrastructure for achieving sustainable economic development;

• priorities in financing infrastructure projects;

• prospects for implementing innovative infrastructure projects to ensure environmentally friendly, sustainable, and inclusive development.

UNDP Permanent Representative Matilda Dimovska highlighted the increasing role and economic activity of women in society, the development of human capital, as well as the scale and significance of UNDP projects implemented in Uzbekistan.

The World Bank specialists highly appreciated the work done in international cooperation and their effectiveness in achieving the Sustainable Development Goals, as well as jointly implemented socio-economic projects in Uzbekistan.

Director of the Institute of Macroeconomic and Territorial Studies Umid Abidkhadzhayev, focusing on the role of competition in the development of the country's economy and ensuring economic stability, noted that the law “On Competition” in the new edition, which defines the main directions of state policy in the field of competition. At the same time, he expressed the opinion that the Constitution adopted in the new edition provides entrepreneurs with many legal opportunities, the state undertakes obligations to develop market relations, ensure a favorable investment and business climate, and create conditions for fair competition.

At the end of the discussion, the possibilities of creating innovative jobs and expanding the use of alternative energy resources in the fight against climate change were considered.

The session ended with questions and answers with the participation of media representatives.

Public Relations Department

Ministry of Economy and Finance