Uzbekistan, 25th anniversary | Page 22

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