Uzbekistan - Highly Developing Country in the World (Presented by Mira'zam)

Political and economic stability

First of all, Uzbekistan is political stability, confidence in tomorrow and consistency of reforms in all fields of public and political life. It's the state, where representatives of more than a hundred ethnic groups and dozens of religions live in peace and concord.

From the very day of Independence, Uzbekistan selected own course of development, own, Uzbek Model of transition to socially oriented market economy based on five key principles developed by the President of Uzbekistan H.E. Ilsam Karimov at the beginning of Independence of our state: the priority of economics over politics; the state is the main reformer; the rule of law in all areas of life of the society; strong social policy; step-by-step transition to market relations.

Thanks to successful implementation of this model, today, Uzbekistan has achieved and provided:

- macroeconomic stability, equilibrium of domestic and foreign sectors of economy, growth of currency reserves;

- framework for maintaining steady high rates of annual economic growth by 8% at average, predominantly, thanks to internal factors;

-reduction of aggregate tax burden almost 3 times, while the State is providing additional packages of concessions and preferences to exporting enterprises, small businesses and entities, making investments and introducing new production;

- creation of sustainable banking and finance systems with strict observance of Basel principles of banking supervision. In particular, the degree of sufficiency of banking capital is more than 23%, which is almost 3 times higher of international standards;

- development of new high tech industries through intensive investment policy, technological modernization of industrial facilities and production infrastructures.

The issued strategy of struggle against crisis and neutralization of its consequences allowed the country among few states of the world to ensure for the past period steady growth rates of economic development. Growth rate of GDP in 2008 comprised 9%, in 2009 -- 8.1%, in 2010- 8.5%, which is according IFIs is one of the highest indicators in the world.

Structural transformations taking place in the economy of Uzbekistan deserve special attention.

Thus, if ten years ago, in 2000, the share of industrial production in GDP of the country comprised totally 14.2%, in 2010, this indicator reached 24%, share of transport and communications accordingly 7.7 and 12.4%, share of services increased from 37 up to 49%. While share of agriculture reduced from 30.1 down to 17.5%.

Meanwhile, reduction of the share of agriculture in GDP took place despite high growth rates of agricultural products, which in 2010 comprised 6.8% versus 2009 and increased against 2000 almost 1.8 times.

Raising share of small business and private enterprise in GDP and its role in development of economy of the country became serious achievement. While in 2000, share of this actively developing sector of economy in GDP was about 31%, in 2010 it comprised 52.5%.

Active implementation of State Investment and Localization Programs is facilitating steady growth of industrial production which in 2010 reached 8.3%.

For the last several years, the country is fulfilling State budget with steady surplus. As of the 1 January, 2011, foreign debt towards GDP did not exceed 10%.

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