“UZBEKISTAN ONE OF THE MOST PROMISING MARKETS IN THE WORLD”

Today, Uzbekistan is one of the few countries in the world which demonstrates the sustained high rates of macroeconomic growth, accompanied by a gradual increase in living standards, the expansion of foreign investment, an increase in the number of industrial enterprises producing competitive products with high added value.

According to the rating of the World Economic Forum, the country is among the five countries with the fastest growing economy in the world by the end of 2014-2015, and forecast growth for the coming years.

It was discussed at a briefing, organized by the Embassy of Uzbekistan in the Republic of Korea. It was attended by members of parliament and government of the country, representatives of large companies and enterprises.

The event noted that the main factor of economic progress of our country is conducting of systemic reforms, aimed at modernizing all sectors of the economy, creation of favorable conditions for domestic and foreign businessmen, improvement of production, transport and communication infrastructure.

The briefing participants’ attention was focused on the results of ongoing measures in Uzbekistan, progressive reduction of state presence in the economy. It reported that the assets of many state-owned enterprises were sold to foreign investors in 2015, who have committed themselves to establish and expand the production of finished products, based on local raw materials.

It separately noted that our country has established the principle of priority of the rights of entrepreneurs in their relations with public authorities, including law enforcement and regulatory agencies. In order to simplify and facilitate creation and implementation of business activity, many regulations were amended and supplemented.

In her speech at the meeting, Ji Hee Yoon, the project manager of Association High Potential Enterprises of Korea, emphasized favorable conditions for foreign, created in Uzbekistan. According to her, it provides an excellent opportunity to South Korean businesses to expand its presence in one of the most promising markets of the world and establish the production of goods with high added value and their subsequent export to other countries of Central Asia.

Ji Hee Yoon drew attention to the fact that Uzbekistan has set the task to double its GDP by 2030. In this regard, she expressed confidence that our country will surpass this level due to a strong foundation in the form of stable GDP growth, industry and agriculture, balanced banking and financial system.

According to Kang Sung Jae, chairman of the Department of the Korean Importers Association, a number of difficulties associated with a reduction in the prices of many export commodities, the fall of the rate of industrial growth and high inflation remain in the global economy.

— Against this background, the achievements of Uzbekistan in the socio-economic sphere of the republic, confident progress towards the creation of an industrialized economy are even more interest to the country in the South Korean business community - Kang Sung Jae said. - We intend to increase the volume of imports from the country, since the goods with the brand Made in Uzbekistan are different optimal price and high quality.

Yong Joon Cho, director of the Department of Pharmaceutical Manufacturers Association, commended the initiative of the President of Uzbekistan Islam Karimov on the creation of a full cycle of production, announced at the enlarged meeting of the Government in January of the current year.

— Taking into account that Uzbekistan is rich in natural resources, has the developing industrial base and qualified personnel, the South Korean companies can take part in the implementation of promising investment projects. We will make every effort to attract investors with advanced technology in the process - Yong Joon Cho said.

Jahon Information Agrncy, Seoul