Independence, the basis
of the economic development
achievements of Uzbekistan
During the years of independence, the economy of
the Republic of Uzbekistan has been evolving on
basis of the national model of reforms developed by
President Islam Karimov.
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 increase of the gross national product
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.
In turn, steady investment flows into industrial
sector in Uzbekistan allow creating entirely new
industries, such as automotive, petrogaschemicals, oil and gas equipment, railway engineering,
production of modern building materials, home
appliances, pharmaceuticals, food and textile, etc.
These brunches produce more than 60% of the
total industrial output with high added value,
which is competitive on the world market.
Favourable investment climate and stimulating
measures, as well as guaranteed protection of the
rights of investors, contributed to the increase in the
volume of accumulated investments to $190 billion,
including $65 billion of foreign investments.
In particular, the automotive industry of the
country today consists of 200 companies employing
more than 25,000 people. A number of joint ventures were created with world famous automakers
like General Motors, MAN, Isuzu, Itochu and successfully operate in Uzbekistan.
22