UzLiDeP discusses issues of increasing the competitiveness of the country’s economy

Tashkent, Uzbekistan (UzDaily.com) -- On 24 November 2017, at the initiative of the Executive Committee of the Political Council of UzLiDeP, an international scientific and practical conference on “Strengthening the Effective Impact of Reforming the Banking and Financial System” was organized in cooperation with the Banking and Finance Academy of the Republic of Uzbekistan and the Tashkent Financial Institute on increasing the competitiveness of Uzbekistan’s economy.

Members of the UzLiDeP faction in the Legislative Chamber of the Oliy Majlis, party activists, professors and teachers of the Banking and Finance Academy of the Republic of Uzbekistan and the Tashkent Financial Institute, representatives of several ministries and departments, as well as the Institute for Strategic Studies under the Ministry of Finance of Japan, embassies of some foreign countries in Uzbekistan, the World Bank, the International Finance Corporation, the Islamic Development Bank, JP Morgan Chase Bank, Lande Bank Baden-Württemberg Bank "(Germany) and members of the media attended the event.

It was noted that the main directions of important reforms to be implemented in the banking and financial system for ensuring stability and improving the efficiency of the country’s economy were outlined in the "Strategy for Action for Five Priority Areas of Development of the Republic of Uzbekistan in 2017-2021" put forward by the President of Uzbekistan.

These tasks are also important for UzLiDeP. The program of the party specifically noted the strengthening of investment opportunities for commercial banks, the introduction in practice of effective mechanisms to enhance their interest in investing in investment projects.

In the opinion of the experts participating in the conference, the reforms implemented in recent years in the banking and financial sector of our country, as well as the favorable investment, innovation and business climate created in Uzbekistan, ensure macroeconomic stability and a balanced economy. In particular, following the results of nine months of 2017, the phased implementation of foreign economic activity and the positive dynamics of the real exchange rate of the national currency led to a significant increase in the volume of foreign exchange earnings to the republic through exports. This, in turn, fulfilled the function of a factor supporting economic activity in the real sector.

In this regard, the decree of the President of the Republic of Uzbekistan on additional measures to increase the level of financial stability and capitalization of commercial banks from 6 June 2017, adopted to improve the financial stability of the banking system, is of great importance. If you pay attention to the data, within the changes observed in the economy in the first 10 months of 2017, the volume of foreign exchange earnings from exports relative to this period of the previous year increased by more than 20 percent and the volume of gold and currency reserves of the country increased by US$754 million in September-October and as of 1 November reached US$26 billion. In general, after the liberalization of the foreign exchange market, the average monthly volume of operations in the domestic foreign exchange market has significantly increased.

According to the participants of the international conference, such leading international organizations as the United Nations, the European Union, the World Bank, the International Monetary Fund in their reports appreciate the large-scale reforms being carried out in our country. As a result, the prestige of Uzbekistan in the world community is increasing, the interest and trust in our country from private investors, large multinational companies and international financial institutions is growing.

In addition, during the conference, suggestions and recommendations received by international and domestic experts, researchers of the Banking and Finance Academy of the Republic of Uzbekistan, as well as by scientists from other higher education institutions and research centers on the results of conducted research were widely discussed.

Participants of the event heard more than 20 reports, an exchange of views took place between representatives of international organizations and experts of the banking and financial system of the republic, professors-teachers and applicants of higher educational institutions.

As a result of the discussions, concrete proposals were prepared on the agenda issues and a decision was made to submit these proposals to the relevant ministries, as well as to the UzLiDeP faction in the Legislative Chamber of the Oliy Majlis.