Today, the tasks and goals envisaged in all areas can only be solved by ensuring economic stability. That is why, in his address at the inauguration ceremony, the President of the Republic of Uzbekistan focused on increasing the country’s economic potential.

In particular, in this regard, it was determined that the investment attractiveness of our country should further increase, and cardinal transformations will be carried out in the economic sphere. In particular, the green economy and green energy will be introduced more widely. Investments in our economy will increase several times. By 2030, the gross domestic product will reach $160 billion.

In this regard, it was emphasized that one of the main tasks is to attract investment in our economy and reform the banking system. More favorable opportunities for entrepreneurship will be created, and new jobs will be created. Particular attention is planned to be paid to raising the incomes of the population, training young people and women in modern professions, and ensuring their employment.

In particular, the Presidential Election Program provides for developing $250 billion of investments by 2030, including $110 billion of foreign investment and $40 billion within the framework of public-private partnerships.

At the same time, in addition to the development of foreign investment, specific programs will be implemented to increase the volume of annual lending in the banking and financial system from the current $18 billion to $40 billion. At the same time, the volume of deposits placed in banks will increase by 4 times, and the privatization of banks will be accelerated.

To this end, at least four large and prestigious foreign banks will enter the banking market, creating wide opportunities for expanding non-banking financial services. Particular attention should also be paid to supporting entrepreneurs and accelerating accession to the World Trade Organization to increase exports.

In particular, an industry development fund is to be created, to which $1 billion will be allocated. In addition, it is planned to create special export zones with 50 prestigious foreign brands in the coming years. This will have a positive impact on the work of domestic entrepreneurs and will serve to bring their products to world markets.

In addition, new industrial zones will be created in each district, with thousands of jobs appearing. As mentioned above, the widespread attraction of foreign investment in industrial zones with ready-made infrastructure for starting a business will create every job with decent wages.

Of course, to achieve these goals, updating the existing legal and regulatory framework in accordance with our new Constitution is of great importance. In this process, it is important to improve the legislative and executive authorities to establish a compact and efficient management system that does not allow citizens to wander from office to office. Improving the legislative framework, in turn, places a huge responsibility on us, representatives of the people.

Makhfirat Khushvaqtova,

Deputy of the Legislative Chamber of the Oliy Majlis.

UzA