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Uzbekistan Making Its Economy Sustainable & Green
Uzbekistan, one of the fast-growing countries in the world, is reforming its economy to make it sustainable and green. In the past decade, its GDP growth rate exceeded that of the group of leading CIS countries (Russia, Kazakhstan and Belarus) and several countries of
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Realty Plus
Published - Tuesday, 06 Apr, 2021
Uzbekistan, one of the fast-growing countries in the world, is reforming its economy to make it sustainable and green. In the past decade, its GDP growth rate exceeded that of the group of leading CIS countries (Russia, Kazakhstan and Belarus) and several countries of the Central Asian region (Kyrgyzstan, Tajikistan), according to a document shared by the nation’s embassy to India.
Reforms initiated by President Shavkat Mirziyoyev seek to improve the investment climate, exports, foreign trade, and macroeconomic stability. The country liberalised its foreign exchange market, simplified visa processes and moved to a flat income tax rate of 12%. It also reduced cost of doing business, opened branches of some foreign universities of Korea, Russia, the US and India. In 2017 alone, 18 free economic zones, 77 small industrial zones and10 technology parks were established.
An anti-corruption Agency was set up in mid-2020. From 2017 to the end of 2020, 17 regulations were adopted to fight corruption. From 2021, an annual rating system will evaluate the personal responsibility of regional and government leaders in the fight against corruption and the shadow economy.
A National Project Management Agency was created to ensure consistency in economic reforms process and to introduce modern information management systems. A Ministry of Investment and Foreign Trade was formed for implementing investment policy and attracting foreign investment, among other things. The share of industry in the economy has risen to nearly 30% of GDP in 2019, up from 23.3% in 2014, while that of agriculture was down from 33.3% in 2014 to 28.2% in 2020. These two industries have accounted for between 54% and 57% of total GDP.
A review of economic reforms is needed. The new industrial policy should aim at processing of raw materials, digitalising industries and enterprises, introducing less energy-intensive "green technologies", and forming technological platforms for the development of basic industries. Estimates say digital systems will improve productivity by 20% at existing facilities, and increase output of finished products by 5-10%. This will enable growth of sustainable employment in industrial production. The investment policy will contribute to positive technological shifts with a growing share of medium and high-tech industries.
Uzbekistan is an active participant in the implementation of climate-change related accords including Paris Agreement 2015 and Aral Sea agreements. It has adopted documents for environmental protection, transition to a green economy, solid waste management and biodiversity conservation. Uzbekistan is also making efforts to increase the forest area. Between 2010 and 2018, forest-covered areas increased from 6.63% to 7.26%. More and more land plots are transferred to the category of lands of the state forest fund as lands potentially suitable for forestry.
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