It is my sincere pleasure to welcome you to the 59th Annual Meeting of the Board of Governors of the Asian Development Bank. It is a great honor and privilege for us to host such a prestigious forum.Our land, with a history spanning several millennia, located at the crossroads of the Great Silk Road, has long been a center connecting East and West, North and South.
The paths of world civilization, science, and trade have always converged here.New Uzbekistan, embracing both a rich history and a bright future, is emerging as a leading platform for discussions on pressing global issues. I am confident that the Samarkand forum will serve to advance progressive ideas and new initiatives, and facilitate important decision-making.Welcome to New Uzbekistan!Dear guests!Today, our country’s economy is undergoing an entirely new phase of development. Since 2016, we have embarked on major reforms to liberalize the economy, create an attractive investment environment, participate proactively in global value chains, renew the social and production infrastructure in the regions fundamentally, and improve living standards.
In a historically short period of time, we have gone through a challenging path of development along with our hardworking and creative people. In recent years, our economy has attracted 150 billion dollars of foreign investment, and thousands of modern enterprises have been launched.Through investment projects worth 35 billion dollars in the energy sector alone, we have increased electricity production by 1.5 times, bringing it to 87 billion kilowatt-hours.During this period, exports of goods and services tripled, and the volume of our economy grew from 50 billion to 147 billion dollars.
These positive results are being acknowledged by the international community. Since 2020, Uzbekistan has consistently improved its sovereign credit ratings.In the Index of Economic Freedom, our country moved up 14 positions this year and, for the first time, joined the ranks of states with a “moderately free” economy.Even amid global instability, our economy achieved 8.7 percent growth in the first quarter of this year.Most importantly, our reforms have focused primarily on improving the daily lives of every single family and individual.During this period, we increased the income of 8.5 million people in need, reducing the poverty rate from almost 35 percent to 5.8 percent today.Over the past decade, Uzbekistan has been one of the five countries that demonstrated the most substantial progress in achieving the Sustainable Development Goals.By 2030, we intend to transform all sectors into a technologically and innovation-driven growth model, thereby increasing the size of the economy to over 240 billion dollars.
As a result, we aim to join the ranks of upper-middle-income countries and eradicate poverty completely.In the near future, 30 percent of the shares in the National Investment Fund, comprising the assets of 13 major strategic enterprises, will be placed on the international capital market.I am confident that this significant step will further bolster the trust of our partners in the investment climate of our country.
Dear friends!We particularly acknowledge the role of the Asian Development Bank and other international financial institutions in the large-scale reforms being implemented in Uzbekistan.In partnership with the Bank, which has become our trusted strategic partner, we are implementing projects worth nearly 16 billion dollars.above-mentioned proposals and initiatives in active partnership with the Asian Development Bank, not only through sovereign lending, but also through public-private partnerships, guarantee instruments, blended finance, and private capital mobilization. In this regard, we propose the establishment of an Innovative Financing Platform for regional projects.
Distinguished governors of the Bank!The sharp changes in today’s global economy further highlight the important role of the Asian Development Bank in ensuring the socio-economic stability of our wider region.In this regard, we fully support the effective reforms being carried out by Mr. Masato Kanda, the Bank’s President, who has extensive knowledge and experience in international finance and economic relations.
Dear participants!
Today’s forum is attended by more than 4,000 distinguished experts from over 100 countries of the world, international financial institutions, leading banks, and companies.I am confident that the important proposals and initiatives put forward at the Samarkand platform will lead to significant practical results in the future, and that each and every agreement reached will result in a tangible and beneficial project.
Taking this opportunity, I invite all of you to explore the beautiful nature, historic monuments, and the modern architecture of New Uzbekistan.In conclusion, I wish you all sound health, new achievements, and success in your future endeavors.
