FACTORS OF BUSINESS ATTRACTIVENESS OF UZBEKISTAN
Implementation of five basic principles of transition to a socially-oriented free market economy during the years of independence has enabled the country to achieve desired results, provide sustainable economic growth and improve national welfare in a short historical period. As a result of reforms, the structure of the economy was radically changed, a reliable legal framework for dynamic economic development and favourable investment climate were created.
This is supported by such macroeconomic indicators as annual Gross Domestic Product( GDP) growth of Uzbekistan exceeds 8 % over the last 11 years, which is one of the highest rates in the world. The gross domestic product of the country increased by 7,8 % in 2016. Generally, the GDP has increased by 5.5 times during the years of independence, while GDP per capita( PPP) has risen by 4 times. Since 2005, state budget execution reached annual surplus contributing to the strengthening of macroeconomic stability.
Based on deep analysis of trends in global economy and realistic assessment of our resources and capabilities, Uzbekistan had set a target by 2030 to increase GDP of the country by at least 2-fold. Due to drastic structural reforms the country intends to achieve accelerated growth of industry by bringing its share in GDP to 40 % against 34 % in 2016. Since 2005, Uzbekistan maintains a positive trade balance, government budget surplus and balance of payments. From early days of independence, leadership of the Republic of Uzbekistan adopted a policy on attracting the most advanced technologies and foreign investments in the country. To this end, regular and systemic work is carried out to improve business environment and enhance the country’ s investment attractiveness. Effective from 1 October 2001, a new simplified procedure that provides a onewindow registration of enterprises for state registration applies in respect to enterprises operating in the Republic of Uzbekistan. On the other words, all correspondence by newly
Uzbekistan profile | January- 2017 www. uzbekistan. be
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