The first 'Silk Road Finance & Technology Forum' was held in Tashkent, where Jamshid Qo'chqorov presented reports on Uzbekistan's economy and future intentions.
The forum was organized in cooperation with the non-profit organization 'Global Finance & Technology Network', established by the Central Bank of Uzbekistan and the Singapore Currency Management. The event attracted representatives from state bodies, financial regulators, investors, and founders of technology companies. The forum sessions are taking place at the CAEx International Exhibition Center and the Islamic Civilization Center.
Uzbekistan's Minister of Economy and Finance, Jamshid Qo'chqorov, stated that the country's economy has shown strong and stable growth over the past decade. During this period, the average annual gross domestic product (GDP) growth was maintained at around 6–7 percent.
According to the minister, the volume of Uzbekistan's economy has tripled over the last ten years, and GDP has increased from nearly 60 billion dollars to 180 billion dollars. Qo'chqorov noted that per capita income has also significantly risen, increasing from approximately 1900 to 4600 dollars, which allowed Uzbekistan to enter the group of countries with above-average income levels.
Qo'chqorov predicts that inflation in Uzbekistan will be about 6.5 percent in 2026, and it is planned to reduce it to the target level of 5 percent by 2027. He recalled that inflation was previously in double-digit figures. The minister also emphasized that in strengthening economic stability, the external public debt has been kept at almost 27 percent of GDP, and the budget deficit remains below 3 percent of GDP.
According to Qo'chqorov's statements, positive economic indicators were accompanied by an improvement in the country's external economic ratings. Uzbekistan's sovereign credit ratings have been upgraded, and the inflow of foreign direct investment continues to grow.
The minister stated the need to take measures to reduce inflation to the target level, ensure budgetary discipline, and maintain public debt at a reasonable and sustainable level. The government intends to maintain a favorable environment for investors and market participants throughout the next decade.
Qo'chqorov added that tasks currently underway include achieving a sovereign credit rating at the investment level, completing the process of Uzbekistan's accession to the World Trade Organization, further reducing the state's participation in the economy, and continuing market reforms. In his opinion, these steps will strengthen the role of the private sector, deepen Uzbekistan's integration into the world economy, and create new opportunities for both local and foreign investors.