The Central Asian countries achieved a significant economic recovery in 2017

The Central Asian countries achieved a significant economic recovery in 2017

The Central Asian countries achieved a significant economic recovery in 2017. The region conducted reforms to diversify the economy and exports, as well as to support entrepreneurs. As a result, the Central Asian states improved their positions in Doing Business rankings. According to the World Bank’s annual report, Kazakhstan took the 36th position in the rankings, surpassing all Central Asian republics. Uzbekistan is on the 74th position. Kazakhstan climbed up 13 positions this year and entered the top ten world leaders in improving the business climate. Tajikistan gained five positions in the rankings.

ZHANGELDY SHIMSHIKOV, DIRECTOR, BRANCH OF INSTITUTE OF ECONOMY:

 - Foreign investors are attracted by improvement in doing business rankings both in our country and Uzbekistan. The more investments are attracted the more improved the economic situation will become.

International experts also note the efforts of Uzbekistan. According to Munira Aminova, an economist, associate professor of the Vesalius College in Brussels, a number of financial liberalization reforms have been carried out in this republic. Uzbekistan expanded export markets, as well as business contacts with other states.

MUNIRA AMINOVA, BELGIAN ECONOMIST:

 - Changes in Uzbekistan's foreign economic policy and foreign policy in general were very positive. We saw that Uzbekistan signed trade agreements in April 2017, in particular, 16 bilateral contracts with Russia worth more than $3.5 billion. Agreements have been concluded with Korea, Iran and other countries. At present, Uzbekistan's foreign economic policy is focused on Central Asia and the countries of the region. Cooperation is being expanded with the five countries plus Afghanistan.

According to analysts, integration processes intensified significantly in Central Asia in the passing year. This was largely due to the strengthening of political and economic dialogue between the countries, regular meetings of the heads of Central Asian states, as well as the holding of regional business forums. President of Kazakhstan Nursultan Nazarbayev suggested holding informal consultations of leaders of Central Asian states in Astana in March 2018.