ADB Prioritizes Private Sector Growth in Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) — The Asian Development Bank (ADB) President Masato Kanda has identified private sector development as the bank’s top priority in its work with Uzbekistan, describing the current program as the first of its kind and pointing to significant untapped potential in the country. He made the remarks during the 59th Annual Meeting of the ADB in Samarkand.

Kanda said it was encouraging that the country’s president and government members fully recognize both the scale of this potential and the obstacles that must be overcome to realize it. He stressed that building a favorable business environment remains a key task, without which sustained inflows of private investment are not possible.

The ADB chief outlined three interconnected areas as essential conditions for investors. First is a transparent and predictable regulatory framework, which he said is critical for foreign capital. Equally important are infrastructure, which the ADB is jointly developing with Uzbekistan, and human capital. According to Kanda, these three elements form the minimum set of joint actions required from both the Uzbek government and the ADB.

Kanda also highlighted strong expectations for regional cooperation initiatives, which he believes will create additional opportunities for private business. Regional integration, he noted, improves market efficiency and expands the geography of viable investment projects, making Uzbekistan more attractive for international investors.

“We still have a lot to do, but we are working on it. We are very encouraged by the prospect of building a stronger private sector in this country,” Kanda said, expressing confidence that joint efforts will significantly increase capital inflows into Uzbekistan’s economy.