The past year has been especially favorable to Uzbekistan thanks to several significant reforms adopted by the new government, and further major changes in the investment climate are looming.
On September 19, the president of Uzbekistan Mr. Shavkat Mirziyoyev issued a statement at the UN General Assembly.
The statement of the president marks a big moment in Uzbekistan's history, one that could have a massive positive effect on the country's framework for inward investments.
The new reforms initiated by the government have the potential to make Uzbekistan stronger from the economic and cultural point of view. Also, it can reshape it to become a highly active investment capital.
“The highlights of the reforms to dramatically improve the regime for foreign direct investments as well as for the growth of the entrepreneurial activity include the liberalization of the currency exchange market, which is to take effect from October 2017, the reduction of government interference, the establishment of the Business Ombudsman Institution, and last but not least, the imminent enactment of the new arbitration law to transform the access to justice system in the whole region”, says Diana Bayzakova, the international arbitrator and the managing partner of Merritz law firm that helps investors enter emerging markets such as Uzbekistan.
Currency convertibility is known to stimulate trade and growth activities. Therefore, this consolidates the economic system and puts an end to the challenges posed by the inability to convert the foreign capital.
All the currency liberalization reforms are meant to serve as catalysts for future progress. They will be implemented in all fields of activity and therefore facilitate growth on all levels, not only for the business environment, but for the population as well.
The new reformist government promotes consensus and follows the UN Sustainable Development Goals. This will be conducive to regional cooperation and investment projects with the businessmen from the Middle East.
Furthermore, the president stated that the access to credits would be expanded.
The launch of the free economic zones with substantial customs and tax privileges is beneficial to the foreign investors, and this will facilitate the creation of a thriving investment climate.
The new reformist government firmly believes that the state will be stronger if its citizens will be wealthier. The significant developments in Uzbekistan can make it the next investment capital. Thanks to these reforms, investors are encouraged to do business in the country more than ever before.