Tashkent, Uzbekistan (UzDaily.com) —  At a conference in Tashkent, Obid Hakimov, Director of the Center for Economic Research and Reforms (CERR), presented the results of Uzbekistan's economic reforms over the past five years and the country’s strategic goals through 2030.

On 21 November, the third Tashkent Business and Economics Conference (TBEC) was held at the Westminster International University in Tashkent. The event was co-organized by the Center for Economic Research and Reforms. Over 30 international participants from 13 countries, including experts from Italy, the United Kingdom, Japan, the UAE, India, Pakistan, Cyprus, Malaysia, Indonesia, Belarus, and Kazakhstan, participated. Notable speakers included Peter Bonfield, rector of Westminster University in London, Marco Vivarelli, Professor of Economics at the Catholic University of Milan, and Karen Jackson, Professor at Westminster University.

The conference focused on discussing technological innovations and their impact on sustainable economic growth, strengthening global interconnectivity, and reducing inequality between developed and developing nations.

Dr. Obid Hakimov, director of CERR, welcomed participants and highlighted key transformations in Uzbekistan under the leadership of President Shavkat Mirziyoyev, which have significantly impacted the country’s economic situation and opened new opportunities for growth and development.

During the conference, Hakimov presented an analysis of Uzbekistan's economic reforms over the past five years and its prospects through 2030.

Focusing on macroeconomic indicators, he noted that the economy has grown from US$53 billion in 2017 to an expected US$110 billion in 2024. He emphasized the importance of continuing structural reforms in the economy to develop high-productivity sectors and attract over US$100 billion in foreign investment to enhance economic competitiveness in the coming years.

Hakimov also highlighted the increase in GDP per capita from US$1,600 to US$3,000, signaling a significant rise in the population’s standard of living. He drew attention to the country’s open investment policy, which has led to a growth in foreign-invested enterprises from 5,000 to 14,000, creating 1.5 million high-paying jobs and doubling investment in fixed assets to US$30 billion.

The director stressed the importance of economic liberalization, reducing the tax burden, and boosting business activity, making the private sector the main driver of economic growth.

A key topic of discussion was green economy initiatives. Uzbekistan has already achieved its goal of reducing greenhouse gas emissions by 35%. By the end of the year, the total installed capacity of renewable energy sources (RES) is expected to reach 7.6 GW, representing 18% of the total energy generation. The country aims to increase the share of RES to 40% by 2030. Hakimov noted that achieving these goals will require the implementation of new technologies and resource management methods.

In conclusion, Obid Hakimov emphasized that Uzbekistan is at the threshold of new goals, facing ambitious challenges that require collective efforts. He called for continued dialogue between scientists, practitioners, and government structures to successfully address these challenges.