Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov met with Director of Global Relations of the Organization for Economic Cooperation and Development (OECD) Andreas Schaal on the sidelines of the meeting of the Country Platform on Uzbekistan.
During the meeting the parties discussed current issues of current cooperation and priority directions for the further expansion of partnership relations.
OECD management summarized the results of ongoing cooperation in enhancement of the legal and regulatory environment for doing business as well as economic recovery in the post-Covid period, and expressed a commitment to further support the implementation of a wide-ranging reform program in Uzbekistan.
An agreement was reached on further joint work to study the current state of economic reforms implementation and identify the most priority areas for cooperation. The parties in particular noted the relevance of Uzbekistan’s investment policy review and development of proposals for its further advancement as one of such directions.
Prospects for cooperation to support and promote domestic exporters were also considered: in the near future, OECD experts will analyze the effectiveness of reforms aimed at increasing exports of small and medium-sized enterprises in Uzbekistan and develop recommendations for its further stimulation.
The OECD management expressed its readiness to continue the practice of providing advisory support to government officials in Uzbekistan through thematic webinars on improving investment legislation and easing the regulation of the operating environment for small and medium-sized businesses on the basis of the best international practices.
The parties noted Uzbekistan’s high position in the OECD FDI Regulatory Restrictiveness Index, which is an indicator of the degree of a country’s economic openness to foreign investors. An agreement was reached on expansion of Uzbekistan’s participation in other OECD indices characterizing the level of trade development and quality of life.
As a result of the meeting, further joint actions for the development of cooperation were identified.
For reference: The Organization for Economic Cooperation and Development (OECD) is an association of democratic countries with market economies, working together to address the socio-economic and governance challenges posed by globalization. Uzbekistan maintains active cooperation with the OECD in several areas, including combating corruption, a program to expand trade and economic cooperation with the OECD countries, increasing competitiveness and attracting investments.
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