BAKU, Azerbaijan, Sept. 10
By Klavdiya Romakayeva - Trend:
The US State Department has published an annual report on the investment climate in 165 countries, in particular, it presented data on Uzbekistan, Trend reports referring to the US State Department.
“With 34 million inhabitants, Uzbekistan has the potential to become one of the strongest economies in the post-Soviet space,” the report says.
The report also highlights the broad-based economic reform policies and achievements.
At the same time, experts believe that the government's weak progress in reducing the dominance of state monopolies in the economy, the continuing non-transparent practice of public procurement, and inconsistent compliance by state institutions and state-owned enterprises with contractual obligations have harmed the investment climate in Uzbekistan.
Private business has raised concerns about the lack of adherence to local government development policies of the recently adopted legislation on the protection of private property.
Small businesses report expropriating their property in favor of well-connected companies or projects supported by regional or municipal authorities.
“Enforcement of legislation on the protection of intellectual property rights also remains inadequate,” the report says.
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