Uzbekistan: Country with best perspectives for doing business
Uzbekistan remains a country with great potential and its role is critical to the emergence of a more prosperous, connected Central Asia. Majorly growing industries in Uzbekistan are machinery and automobile (12.2%), chemistry and petrochemical industries, food industry (13.1%), construction materials industry (11.9%), pharmaceutical and furniture industries (18%). These industries became locomotives of the growth of economy of Uzbekistan.
Despite a challenging external environment, rising public investment buoyed economic growth in Uzbekistan at 8.0% in 2015.Trade and economic relations between Uzbekistan and India over the years have largely been very successful. For the past decade mutual trade turnover between India and Uzbekistan has grown by more than 12 times. There are currently 31 large enterprises in Uzbekistan, which have been established with the direct participation of Indian companies and investment: 26 of them are joint ventures and 5 are enterprises with 100 per cent Indian capital. In 2013, the Republic of Uzbekistan has become the only country in Central Asia, which entered the top-20 countries of the world with the best perspectives for business. Uzbekistan had been ranked 11th among 26 the most rapid developing countries of the world the research of HSBC bank “The World in 2050”.Trade and economic relations were established with more than 140 countries. Uzbekistan is pursuing an active industrial policy designed to provide sustainable, high rates of economic growth and a shift of focus from the production of raw materials to finished products with higher added value.