Logistics, tourism and pharmaceuticals hold the greatest potential for Uzbekistan's economy - World Bank

A new analytical report from the World Bank identifies logistics, tourism, and pharmaceuticals as the sectors holding the most significant promise for Uzbekistan's economy. Should targeted reforms be implemented in these areas, the nation could generate over 300,000 new employment opportunities and attract billions of dollars in private capital.

World Bank analysts pinpoint these three sectors as the most auspicious for drawing in private investment, stimulating job growth, and diversifying the economic landscape. The report highlights that fostering their development will be instrumental in cultivating a competitive economy driven by the private sector.

The report also acknowledges that the market reforms undertaken by Uzbekistan since 2017 have positively impacted the business environment and led to increased household incomes. Nevertheless, it underscores that achieving the objectives outlined in the "Uzbekistan – 2030" strategy will necessitate addressing factors that impede competition, developing a skilled workforce, enhancing infrastructure, and fortifying the regulatory framework.

Within the logistics sector, the expansion of road freight transport and warehouse infrastructure is deemed a paramount concern. The report suggests that streamlining procedures for land allocation and construction, alongside digitizing international freight permits, could draw between $950 million and $1.05 billion in private investment and create up to 108,000 new jobs.

Tourism, meanwhile, presents considerable potential for the advancement of cultural and eco-tourism. Improvements to land lease mechanisms, the training of qualified personnel, and more effective management of tourist sites could attract private investments ranging from $3.1 billion to $4.2 billion. This influx of capital is projected to generate 120,000 to 18