Shermamat Abdullozoda – Professor College of Business, Westcliff University Los Angeles, California USA

Human Rights International information portal Mr. Abdullozoda Asian Development Bank

Every country has its rules and regulations; Uzbekistan has its constitution and policies to enforce. Unfortunately, due to some circumstances and reasons, these policies and laws are not implemented effectively. The Report will provide those reasons and credibility of legislation, as compared to other developing and developed countries around the globe. Also, one of the most obvious hurdles to the success of the country is corruption. 

1. INTRODUCTION

Financial and economic strategy area consideration as one of the key strategies for any countries to emerge strongly around the globe. The achievement of any state is contingent upon the accountability, prosperity, and the economic condition of the country. This report will draw attention to the overall financial and economic situation of the Republic of Uzbekistan, a former state of USSR, geologically located in the center of Central Asia. The report emphasis on the country’s economic condition and highlight facets that have found in the current system. Therefore, it is a good chance to understand the facts behind the success or failure of this country. The real-time statistic used to discuss the general financial and economic conditions of the country. Furthermore, the role of foreign exchange is prominent to understand the commercial and the black market. This report is also necessary to recognize the facts behind delaying the foreign currency exchange rates and reasons attached to it.

Every country has its rules and regulations; Uzbekistan has its constitution and policies to enforce. Unfortunately, due to some circumstances and reasons, these policies and laws are not implemented effectively. The Report will provide those reasons and credibility of legislation, as compared to other developing and developed countries around the globe. Also, one of the most obvious hurdles to the success of the country is corruption.

International Uzbekistan Human Rights Portal

The Report covers all the information that enlightens the major problems in implementing the successful practices in Uzbekistan. When we talk about transparency, it is noticed that the there is a lack of accountability. Institutes are not working according to their objectives in Uzbekistan, which creates difficulties. Different economic factors such as inflation, unemployment, investment and foreign exchange, which are the core issues, will also be discussed in this report. From the time when it is liberation after the Soviet Union in the early 1991s, Uzbekistan has pursued a protectionist import-substitution strategy for growth, the authorities employed a restrictive FX regime and regularly intervened to keep the exchange rate overvalued to support that policy. Therefore, by this strategy government of Uzbekistan hoping to win on both sides: (1) reduced spending hard currency spending the goods, and (2) minimize the national trade currency to the hard currency by foreign trade market.

The trade system presently in place in Uzbekistan supports the development of importsubstituting industries through, among other things, high import taxes on goods similar to those produced by import-substituting industries, low import taxes on goods, various tax privileges, and comparatively easy access to foreign exchange at overvalued exchange rates. For Instance, the country needs to fill the demand for vehicle parts. The tax privileges will be low. At the same time, the trade regime hinders the development of export-oriented industries (especially manufacturing) through restrictions on exports of a varied range of goods, mandatory surrender of export proceeds at overvalued exchange rates, difficulties in importing intermediate goods, and cumbersome export procedures.

This main strategy is to increase the exports in the country to have good economic conditions and generate revenue. This most important thing is to come up with a strategy, which enhances the successful exports. Primary commodities, such as cotton fiber, natural gas, gold, and uranium, continue to dominate Uzbekistan’s merchandise exports, and the share of manufactured products in total exports of goods remains small. The rapid expansion of merchandise exports in 2001-2010 was due primarily to the rise in world prices of primary commodities. The expansion was due to increase in revenues in the country due to immense exports, as the country has excellent resources of Petroleum, Gas and Raw cotton. The expansion of imports is due in large part to increases in imports of intermediate and capital goods for import-substituting industries.

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SHERMAMAT ABDULLOZODA – Professor College of Business, Westcliff University Los Angeles, California USA.

Mr. Abdullozoda closely worked with USAID, the U.S. Agency for International development, Asian Development Bank, and European Bank for Reconstruction and Development (EBRD). He trained in Japan, England, and the United States. Investigated four of the fastest growing economies spanning the past 30 years shows, including South Korea, Singapore, Taiwan and Hong Kong (China).

Works have been published in international media, including: Fund Soros (OSF) Open Society Foundation in Washington, D.C.; BBC News, Britain; Radio Free Europe/Radio Liberty (RFE/RL), Czech Republic; Uznews NGO; The Voice of America, Virginia. The Voice of America named him one of the top intellectuals of Uzbekistan living in the United States.