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Uzbekistan’s Anti-crisis Experience Considered
Source: uza.uz
Source Date: Tuesday, April 13, 2010
Focus: Institution and HR Management
Country: Uzbekistan
Created: Apr 19, 2010

An international conference on the “Efficiency of anti-crisis programs and priorities of post-crisis development (example of Uzbekistan)” was held in Tashkent on 12 April.

Over 400 state and public figures, businesses and experts from 46 countries, as well as representatives of international organizations and financial institutions, including the UN and its structures, the IMF, the World Bank, the ADB, the IDB, EurAsEC, etc., participated in the forum.

President of Uzbekistan Islam Karimov sent a greeting to the participants of the conference, in which he touched upon the anti-crisis measures undertaken in the country.

Vice Prime Minister and Minister of Finance Rustam Azimov said the implementation of the “Uzbek model” of continuous reforms, as well as timely and thoroughly developed anti-crisis measures had allowed ensuring macroeconomic stability and stable economic growth in the country.

Uzbekistan has taken necessary measures for stable and uninterrupted work of the national economy, all financial institutes and industrial sectors. Despite the slowdown in the world economy, the country continues implementing wide-scale structural reforms and increasing production and exports.

The Anti-Crisis Program for 2009-2012, outlined in the book of the President “The world financial and economic crisis, ways and measures for its overcoming in Uzbekistan”, was a logical continuation of the policy of deep transformations in the country.

The main directions of the Anti-Crisis Program are supporting budget, financial, banking and credit systems, the real sector, a well as modernizing and technological renewal of the production for increasing its competitiveness on internal and foreign markets.

These measures have allowed in the past two years to double the cumulative capital of commercial banks. Measures were taken to reduce the tax burden for economic entities. Local exporters have received an unprecedented support, which has led to increased exports in 2009.

A particular attention was paid to stimulating small business, which currently produces almost 50% of the country’s GDP, as well as strengthening the farms.

The successful implementation of the Anti-Crisis Program minimized the negative consequences of the world crisis and ensured GDP growth of 8.1% last year.

The representatives of the international institutions and foreign businessmen gave a high evaluation to the results of the economic reforms in Uzbekistan and measures to overcome the economic crisis.

ADB Vice-President Xiaoyu Zhao in his speech said that Uzbekistan was implementing a unique program, which included effective economic policy in the pre-crisis period, measures to soften the crisis influence, as well as further progress in the post-crisis period.

World Bank country manager in Uzbekistan Loup Brefort spoke about macroeconomic consequences of the global crisis for the states of Central Asia. He said the diversification of the economy and stimulation of the banking system helped to reduce the negative impact of the world crisis on the national economy.

President of Korean Air company Chi Chang Hun said one example of effectiveness of the Uzbek reforms was creation of the free industrial and economic zone in Navoi region. The upgrade of the Navoi international airport carries huge perspectives for creation of the modern Silk Road, which will link Europe, India, China and South-East Asia.

US Ambassador in Tashkent Richard Norland said Uzbekistan was an attractive market for the American investors. The number of US businesses cooperating with Uzbekistan is growing from year to year. Measures to protect foreign investments in Uzbekistan are a guarantee of their further active flow in the country’s economy, the diplomat noted.
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