Uzbekistan Charts Bold Economic Strategy to Counter Global Shocks: President Mirziyoyev Chairs High-Level Meeting

Tashkent, The Gulf Observer: President Shavkat Mirziyoyev chaired a pivotal videoconference meeting on April 18 to outline urgent measures aimed at reducing the impact of ongoing global economic shocks on Uzbekistan’s sectors and industries. The session brought into focus the challenges posed by international market disruptions and detailed a comprehensive reform strategy to bolster national resilience and self-reliance.

Addressing the growing complexity of the global economic landscape, President Mirziyoyev stressed the need for Uzbekistan to rely on its internal capabilities and take bold steps to safeguard its economy. “The world is changing rapidly, and we must act decisively,” the President stated, urging ministries, sectors, and regional leaders to devise and execute clear production and export plans.

Over the past five years, Uzbekistan has advanced 25 positions in Harvard University’s “Economic Sophistication Index,” with 162 national products now enjoying competitive advantages in the world market. As a result, the country’s exports have increased 2.2 times and foreign trade now accounts for 57% of GDP—an indicator of deep economic integration.

However, shifting global relations, rising tariffs, and economic restrictions have created ripple effects across nations. The President noted that high tariffs are expected to reduce international trade by $3.5 trillion, with global inflation potentially rising to 7.5–8 percent. The most pressing concern remains the potential disruption of global supply chains, which could severely affect key sectors like textiles, electronics, automotive, and food production.

To respond, the Uzbek government will implement a series of legal and practical reforms. Following consultations with over 3,000 entrepreneurs, outdated certification systems and 25,000 obsolete standards have been identified as major bottlenecks. In response, a Presidential Decree has been signed to simplify regulations and eliminate redundant procedures.

Key reforms include:

• Assigning clear authority for product certification to relevant agencies.
• Aligning sanitary regulations for food products with the international Codex Alimentarius.
• Abolishing mandatory state registration for seven high-risk product categories.
• Reducing the list of goods requiring mandatory certification and introducing product conformity declarations.
• Removing the need for national certification of imported equipment and raw materials that meet international quality standards.

The decree also lifts export restrictions for most goods starting July 1, except those considered socially significant. To further stimulate the domestic economy, excise taxes on sugar will be abolished, and powdered milk imports will be deregulated—steps expected to help confectionery and soft drink producers reach an annual turnover of 50 trillion soums.

Additionally, the President urged local authorities to reevaluate land tax coefficients and not overburden businesses. He emphasized improving personnel training in standardization, epidemiology, and quarantine, and proposed drafting a new “Law on Market Control”.

Top officials, including the Prime Minister and regional governors, were instructed to maintain direct communication with entrepreneurs to ensure swift resolution of grievances and to shape tax and customs policy reforms in collaboration with business and academic communities.

President Mirziyoyev concluded by reiterating the government’s commitment to supporting industry and trade through practical, pro-business reforms that align with global best practices while protecting national interests.