From Bazaars to Business Hubs: The Economic Transformation of Uzbekistan

OpinionFrom Bazaars to Business Hubs: The Economic Transformation of Uzbekistan

By Raza Syed      

Uzbekistan- the mere thought of the country is enough to invoke vivid images of busy bazaars, historic trade routes and bustling caravans slowly making their way through cities adorned with turquoise domes. My brain conjures beautiful scenes from memory that greet my soul as a beautiful symphony, with the right notes of man’s architectural marvel, meeting in the middle with Mother Earth’s brilliance in a perfect balance.

The cultural echoes in the country transcend time. With history intertwining with the present in the country, it is hard not to think about the Silk Road. A single thought is sufficient to flush my head with imaginative scenarios of what the route must have looked like in its glory days. Caravans ladened with the softest caressing velvet, luxurious deep dyes and all the other goods of Asia made their way to their destinations.From Bazaars to Business Hubs: The Economic Transformation of Uzbekistan

While these fantastical scenes might be hard to come across in today’s world, the Uzbeks are still fighting hard to become a trade hub. Their main focus remains hunting foreign investments, a proven way of developing the economy.From Bazaars to Business Hubs: The Economic Transformation of Uzbekistan

Luckily, the efforts have not been futile. In the previous six years, the country has seen a 30% rise in their volume of investments, contributing to a gross domestic product that exceeded 80 billion dollars for the first time.

But the country does not plan on calling it a day here. In fact, it is the opposite. With their eyes on the prize, the Uzbeks, under the leadership of President Shavkat Mirziyoyev, have already started working on further expanding their goal. With a focus on investment indicators in networks and regions and a fresh take on project implementation, officials are hopeful they will meet their target quickly.From Bazaars to Business Hubs: The Economic Transformation of Uzbekistan

Interestingly, the nation does not have to turn its eyes towards the West for guidance. In fact, one of their own districts has set the perfect example for them to follow. In a 2023 meeting regarding investment expansion, the President shared an inspirational story of the Forish district. This unassuming district was met with resounding success when it came to attracting foreign investors and capital.

With their humungous efforts, this rural district saw a whopping 133.8% increase in foreign investment in 2023 as compared to the last year.From Bazaars to Business Hubs: The Economic Transformation of Uzbekistan

Deputy Governor of the Forish district, Temur Sadullayev, was happy to announce the millions of dollars in foreign investments received by companies operating in the small district as an initiative to assist private enterprises and develop small industrial zones. A total of 3.6 trillion dollars was invested in 2023 in 27 different projects. Not only this, such economic growth was also set to create nearly a thousand jobs in Forish.

The government of Uzbekistan now readily recognises the tremendous opportunities this district has to offer for socio-economic development. Even the President could not let its progress go unnoticed. he stated, “If the potential of this place in the fields of agriculture, geology, and processing is properly exploited, it is possible to increase the well-being of the population and the local budget.”

Taking his statement to heart, the people of the Forish district are bent on achieving their future goals and further developing the area’s economic growth. The transformation of Forish from an aid recipient to a self-sufficient district is truly inspiring. Its contributions to the national budget, ability to finance its development projects and journey to becoming the most developed district in the country have set an example for everyone in the country.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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