International Scientific and Practical Conference - “Actions strategy of Uzbekistan: Macroeconomic stability, investment activity and and prospects for innovative development” Featured

Published in NEWS WIUT

Today, in a highly competitive global environment, we all need to start working and thinking innovatively, planning resources at a high level. President of Uzbekistan Shavkat Mirziyoyev signed a decree "On Uzbekistan’s Development Strategy ". The document has approved Uzbekistan’s Five-Area Development Strategy for 2017-2021 which was developed following comprehensive study of topical issues, analysis of the current legislation, law enforcement practices, the best international practices, and public discussion.

In order to implement the Resolution of the Cabinet of Ministers No. 5155 “On organizational measures to develop a draft State program for the implementation of the Strategy for Action in the “Year of supporting of active entrepreneurship, innovative ideas and technologies “and in accordance with Resolution No. 178 of March 6, 2018 for support of scientific research of young economists, wide implementation of ongoing research, on May 28-29, 2018 in Tashkent State Economic University in cooperation with the Banking and Finance Academy of the Republic of Uzbekistan and Westminster International University in Tashkent  there was held a scientific-practical conference. The conference theme was: “ACTIONS STRATEGY OF UZBEKISTAN: MACROECONOMIC STABILITY, INVESTMENT ACTIVITY AND PROSPECTS FOR INNOVATIVE DEVELOPMENT “

The main goal of the conference was scientifically-theoretical, scientific-methodical and scientific-practical assessment and recognition of work of renowned scientists, practitioners and international experts, in particular, the world community which encourages implementation of large scale reforms in accordance with the third priority direction of the Strategy Actions – “Development and liberalization of the economy.”

The conference was attented by the most famous economists from Russia, Central Asia and other countries, in particular academicians from the Russian Academy of Sciences, Kazakhstan, Kyrgyzstan, Tajikistan, rectors of higher education institutions, economists from Germany, Great Britain, Australia and Indonesia, representatives from international organizations, diplomatic corps, foreign companies and academicians from the Academy of Sciences of the Republic of Uzbekistan, directors of research institutes, practitioners, as well as rectors and professors and lecturers from prestigious universities. 

Academicians, prominent scientists, economists and practitioners presented their key papers on the implementation of a number of reforms on the third priority area of ​​the  Action Strategy– “Economic Development and Liberalization”.

The focus areas of the conference were strengthening of State Economy, maintaining a strict monetary policy, ensuring the stability of the national currency and the domestic market, as well as fiscal reforms.

During the keynote presentation the conference speakers emphasized the importance of  the free exchange of the national currency reform which was applied in 2017. The participants provided forecast indicators related to ensuring economic growth, as a result of reducing customs tariffs twice to create an efficient market economy and liberalize foreign trade.

More than 40 development programmes were approved for the Republic of Karakalpakstan, the regions and the city of Tashkent, as well as other cities last year. To fulfill the key tasks outlined in the Strategy of Action, more than 2,077 major projects were adopted and reviewed for each district. 11 economic zones were created and amounted to 419.5 million US dollars. Currently, 108 projects are being implemented for a total of $ 108 million.

Last year, a number of works on a favorable investment climate and liberalization of foreign economic activity and support for exports were carried out in Uzbekistan. 

Firstly, the approach to industrial partner relations and international financial institutions was changed. During high-level visits were signed bilateral bilateral agreements on sustainable development investment partnership, trade and economic relations with the People’s Republic of China totaling $ 23 billion, the Russian Federation $ 16 billion, the Republic of South Korea $ 10 billion, Turkey – 3.5 billion dollars, Kazakhstan – 2.2 billion dollars and Kyrgyzstan – 455 million dollars USA.

Relations with the European Bank for Reconstruction and Development are recovering. EBRD starts supporting small and medium enterprises by providing a $ 190 million credit line. More than 20 projects in different areas are under development stage. Cooperation with the European Investment Bank and the French Development Agency is established. Uzbekistan becomes an equal member of the newly created Asian Bank for Infrastructure Investments.

Secondly, all artificial barriers to foreign trade were eliminated. In particular, an export procedure without prepayment and guarantee obligations was introduced. Redundant and obsolete licensing requirements were abolished. Mechanisms for the export of agricultural products have been simplified.

As a result of the implemented measures, the Republic’s foreign trade turnover in January-December 2017 amounted to 26,907.0 million US dollars, including exports – 13,893.6 million US dollars and imports – 13,014.4 million US dollars. The foreign trade balance amounted to 880.2 million US dollars, including CIS countries – 729.3 million US dollars. And other countries 150.9 million. US dollars.

In particular, in January-March 2018, foreign trade turnover amounted to 7.9 billion US dollars, including exports – 4.1 billion US dollars, imports – 3.8 billion dollars.

The plenary session discussed a number of issues, topics and problems, including socio-economic trends and developments in the global economy, their impact on the national economy; human capital: ways to improve it and international valuation methods; integrated and proportionate socio-economic development of the regions; effective and optimal use of their real potential; modernization and accelerated development of agriculture; specific targeted measures to liberalize the foreign exchange market; economic policy in accordance with international standards for the liberalization of foreign trade and the creation of an effective market economy; reducing government intervention in the economy, increasing the role and place of the private sector in the economy.

Conclusion and recommendation were agreed upon the participants and government. Research Articles that have been recognized  as "The best Article" were recommended for the publication in the electronic journal “Economics and innovative technologies”. The journal is reviewed by the Higher Attestation Commission under the Cabinet of Ministers of Uzbekistan.

On May 29, the first plenary meeting was ended. The conference sessions will be continued at the Tashkent State Economic University, the Banking and Finance Academy of the Republic of Uzbekistan and the Westminster International University in Tashkent.