The pace of reforms has slowed, attention to quality has increased

In recent years, the pace of reforms carried out in Uzbekistan has slowed down somewhat compared to previous years. This was reported by Zamin.uz.

The issue was discussed at the conference on “Prospects of Uzbekistan and international equity capital markets in 2025” held in Tashkent on November 12-13. According to Mansurjon Rasulov, director of the Foreign Investment Attraction Agency, the initial years of reforms were a period of rapid changes and important decision-making.

However, today the main focus is on consolidating the achieved results. Rasulov emphasized that significant steps were taken in 2018, such as currency liberalization, tax system reform, and removal of barriers for business.

Nevertheless, it is not possible to implement such changes every year, as the economy requires stability. For this reason, the government has set the main tax rates, including value-added tax (VAT) and profit tax, at a fixed level until 2028.

According to Rasulov, at present, the quality of reforms has become more important than their quantity. According to Bobur Abdinazarov, chairman of the board of “Uzasets,” Uzbek companies have attracted more than 3 billion dollars from international capital markets over the past two years.

Additionally, six companies have received S&P ratings from international rating agencies, and seven companies have obtained ESG scores. Navoi Mining & Metallurgy Combinat, “Uzbekneftgaz,” and “Navoiuran” companies have issued eurobonds in London.

The first IPOs are planned to be carried out in 2026. Rasulov believes that close dialogue with the private sector is of great importance at the current stage.

This dialogue is conducted through the Foreign Investors Council under the President. There, business representatives discuss their main problems and proposals with the government.

In conclusion, Rasulov emphasized that reforms are based on practical necessity. According to him, the government listens to entrepreneurs’ opinions and takes measures accordingly.

For this reason, reforms are not only continuing but also yielding clear results.