Tashkent, Uzbekistan (UzDaily.com) -- On 11 April this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov held a meeting with the delegation of the International Monetary Fund (IMF) headed by Ron van Roden, who is in Uzbekistan to hold 2022 consultations on Article IV of the IMF Articles of Agreement.

During the meeting, the investment policy pursued in Uzbekistan, measures taken to improve the investment climate, mechanisms for attracting, supporting and legal protection of foreign investors, as well as the implementation of the State Investment Program were considered.

The issues of improving the investment project management system, the IMF’s assessment of public investment management (PIMA) and the role of the newly created Agency for International Cooperation and Development under the Ministry of Investment and Foreign Trade in the context of assisting in the preparation and implementation of projects with the participation of international financial institutions were discussed.

According to the IMF mission, the tangible results of large-scale reforms in Uzbekistan, carried out under the leadership of the Head of State, contribute to the formation of a positive image of the country among the world business community. In this regard, the mission noted the timeliness of holding the first Tashkent Investment Forum, which clearly demonstrated the success of economic policy, and also presented Uzbekistan as an attractive investment and stable developing state.

There was also an exchange of views on foreign trade policy and ongoing measures to increase the export potential of Uzbekistan. The results achieved through close and constant interaction with entrepreneurs and exporters are considered.

Of particular interest to the members of the mission was also the current state of foreign economic relations of Uzbekistan, in particular, in the investment, trade, transport and logistics sectors. Information was provided on existing agreements with major partner countries, joint investment and infrastructure projects, as well as prospects for expanding cooperation in the medium and long term.

Uzbekistan’s successes in liberalizing foreign trade, removing barriers in trade relations with key partners and integrating into the world economy were highly appreciated.

The head of the IMF mission welcomed Uzbekistan’s status as a beneficiary country of the European Union’s (EU) Generalized System of Preferences for Sustainable Development and Good Governance (GSP+) and the Great Britain’s Generalized System of Preferences (GSP Enhanced framework).

Ron van Roden emphasized the role of ongoing reforms in achieving the abolition of the boycott of Uzbek cotton and textiles by the international coalition Cotton Campaign.

During the conversation, the current state of the process of Uzbekistan’s accession to the World Trade Organization (WTO), as well as urgent tasks for further advancing the negotiation process, were also discussed.

Following the meeting, the parties exchanged views on the prospects for further socio-economic development of the country and discussed various forecasts in the investment, trade and economic spheres.