Uzbek leader talks on business changes
By Kamila Aliyeva
Uzbek President Shavkat Mirziyoyev informed about further changes in business environment of Uzbekistan while speaking at the Uzbek-Korean business forum in Seoul which was attended by heads of economic and financial structures, leading businessmen of the two countries.
He noted that Uzbekistan has entered the top ten leading countries in the dynamics of improving the business climate.
“In just a year, our country has risen by 13 positions in the World Bank's Doing Business ranking. We set ourselves an ambitious and quite achievable goal - to include Uzbekistan into the top twenty in this rating by 2025,” the head of state said.
Overall, the country improved its position in six of ten indicators in Doing Business report. Uzbekistan carried out reforms in such spheres as starting business, dealing with construction permits, getting electricity, paying tax and protecting minority investors.
As previously noted by the chairman of the State Committee for Investments Azim Ahmedkhadzhayev, the republic should first of all refine the investment policy in order to achieve this goal. The concept of the Investment Code which is under development will be of particular importance in this direction.
Uzbekistan is systematically working to reduce the tax burden for small businesses and entrepreneurs, as well as foreign investors, according to the head of state.
Mirziyoyev informed Korean businessmen that all types of unscheduled inspections are prohibited in order to protect interests and create favorable conditions for business. The powers of controlling bodies are sharply limited and the institution of the Ombudsman for the protection of entrepreneurs' rights is also established, according to the head of state.
“I would like to note that this is only a small part of the new course of structural reforms that are currently supported by the International Monetary Fund, the World Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, and many other international structures,” he added.
The Uzbek president, speaking at the business forum, noted the development of trade and economic ties between the two countries, conditions and opportunities for doing business in Uzbekistan, the country’s interest in cooperation with South Korean entrepreneurs.
Foreign investments in Uzbekistan amounted to $4.2 billion since the beginning of the year. Some $ 3.7 billion of total investments came accounted for the foreign direct investment. Among the investors are companies from the USA, Turkey, South Korea, Germany, Russia and Japan, he noted.
The total volume of investments of South Korea attracted to the Uzbek economy exceeds $7 billion, there are 461 facilities operating in Uzbekistan with the participation of South Korean capital.
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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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