Today the fleet consists exclusively of modern aircrafts from the world’ s leading manufacturers Boeing and Airbus. Aircrafts, with the flag of Uzbekistan on fuselage, fly to more than 40 destinations in Europe, Asia and North America. Implementation of structural transformation and diversification of the economy is supported by steady growth of banks’ resource base, expansion of the share of long-term funding sources and increase of commercial banks role in these processes. If in 1990 loans exceeding three years constituted about 24 % of the total loan portfolio, now their share is 80 %.
The current capital adequacy ratio is ensured and three times higher than international standards of the Basel Committee on Banking Supervision. For the fifth consecutive year, Moody’ s international rating agency assesses the prospects of the banking system of Uzbekistan as“ stable”. Now, all commercial banks of the Republic are rated with a stable outlook from leading international rating companies, as Standard & Poor’ s, Moody’ s and Fitch Ratings. In modern conditions, in the era of the Internet and electronic Uzbekistan attaches prior attention to wide introduction of modern information and communication technologies in the fields of economy, a radical acceleration of the creation of the « Electronic Government ». In recent years this sector of Uzbekistan’ s economy is developing rapidly. It must be recognized that the country is only at the initial stage and the ICT share accounts for only about 2 % of GDP.
However, the country has all necessary resources and opportunities for more rapid development of the sector, with a view of growing up professional workforce capacity trained by foreign universities operating in in Tashkent such as South Korean Inha University and education institutions of Uzbekistan. In recent years, small businesses and private entrepreneurship became the main vehicle of the economic growth in Uzbekistan. Almost none-existed before the Independence, currently the small business generate over 56 % of the GDP. Today, more than 90 % of all enterprises are represented by small businesses. During the years of independence, as a result of steady reduction in tax rates, broadening of tax base and liberalization of fiscal regime, the total tax burden on the economy has been reduced from over 45 % to 19.5 %, while the unified tax rate for small industrial enterprises decreased by more than 3 times- from 15.2 % to 5 %. The services became the most promising and dynamically developing sector of the economy of Uzbekistan. If at early 1990s, the share of services in the economy represented about 33 %, currently 54 % of GDP is generated by this sector. Moreover, new types of services were created, with over 21 % share out of total volume if the sector. Among them- the digital ICT, mobile services, computer programming, consulting, legal and auditing, real estate and brokerage, private medicine, car insurance, new types of financial services, including leasing, e-banking and others. The structure of agricultural production has radically changed during the years of independence. Implementation of food security measures provided significant increase in the volume and range of domestic foodstuffs. As a result, annual grain production has increased from less than 1 million to more than 8 million tons over the years of independence. Now, Uzbekistan is a wheat exporting country.
Extensive measures on comprehensive support and development of farmers’ movement, strengthening the material-technical base of farms, efficiency
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