Uzbekistan could attract between $5.2 billion and $6.4 billion in private investment and create over 300,000 jobs, according to a World Bank Group report titled "Uzbekistan Private Sector Diagnostics," published on the website of the International Finance Corporation (IFC).

The report states that reforms in logistics, tourism, and pharmaceuticals will help accelerate the transition to a competitive economy. Since 2017, the country has improved its business climate, but to maintain momentum, barriers to competition, skills shortages, and infrastructure constraints must be addressed.

Simplifying land allocation procedures and access to freight permits in logistics could attract up to $1.05 billion and create 108,000 jobs. In tourism, reforms in land leasing and facility management could attract between $3.1 billion and $4.2 billion and create up to 180,000 jobs.

Establishing laboratories and aligning production with international standards could bring up to $188 million in investment and 20,000 jobs to the pharmaceutical sector. The World Bank recommends simplifying drug registration and improving documentation for active pharmaceutical ingredients.

Earlier, the International Monetary Fund projected that Uzbekistan's foreign exchange reserves would grow by 8% over the next three years. The fund also estimates that the country's real GDP will grow by about 6.8% in 2026 and 6% the following year, driven by high private consumption, investment, and continued structural reforms.

Source: podrobno.uz