Ambassador Furqat Sidikov conducted a fruitful meeting with the American-Uzbekistan Chamber of Commerce, providing insights into Uzbekistan’s latest economic reforms and fostering deeper economic ties between the two nations.
During the virtual gathering, attended by representatives from 44 leading US-based companies, Ambassador Sidikov had the opportunity to share Uzbekistan’s robust economic growth narrative and the crucial role that foreign investments play in this transformation. The Ambassador highlighted that the nation’s GDP growth rate had risen to an impressive 5.7% in 2022, marking a testament to the country’s economic resilience and the effectiveness of ongoing reform measures.
Ambassador Sidikov also drew attention to the significant increase in foreign direct investments in Uzbekistan, which rose from $1.5 billion in 2016 to $2.8 billion in 2022, indicating growing international confidence in Uzbekistan’s potential and favorable business environment.
The Ambassador highlighted the significant modifications made to the constitution of Uzbekistan, as proposed during the recent constitutional referendum held on April 30, 2023. These changes are expected to strengthen constitutional mechanisms for the development of market relations, protect private property, and facilitate the social orientation of the market economy. The constitutional recognition of private ownership of land is another significant economic milestone, fostering the growth of relevant markets and the overall economy.
One significant advancement is the recent acquisition by Air Products сщьзфтн, of a natural gas-to-syngas processing facility in Uzbekistan’s Qashqadaryo Province for $1 billion, symbolizing the growing attractiveness of the Uzbek market to American businesses.
Looking forward, the Ambassador announced the arrangement of an Uzbekistan-US Business Forum in Washington D.C. this September, aiming to further deepen the economic relations between the two nations. The Embassy of Uzbekistan in the United States extends its invitation to all interested parties to attend this momentous event.