5% inflation, WTO accession, and a reduced role for the state. The Deputy Prime Minister on Uzbekistan's goals.

Inflation at 5%, WTO accession, and reducing state participation: Uzbekistan's Deputy Prime Minister on the country's strategic objectives.

In the coming years, Uzbekistan aims to obtain an investment-grade sovereign credit rating, complete the process of joining the World Trade Organization, and continue to reduce the state's presence in the economy. These plans were announced by Deputy Prime Minister Jamshid Kuchkarov on August 24 at the opening of the Silk Road Finance & Technology Forum in Tashkent, as reported by Gazeta.

According to the Deputy Prime Minister, the development of financial technologies, attracting private investment, and the introduction of new financial instruments are key priorities of Uzbekistan's economic policy.

"The successful development of any sector, including fintech, ultimately depends on stable and favorable macroeconomic conditions that create the foundation for sustainable growth and investment," Jamshid Kuchkarov emphasized.

The Deputy Prime Minister noted that over the past ten years, Uzbekistan's economy has demonstrated average annual growth of approximately 6-7%. "Over this period, the size of our economy has tripled: GDP has increased from approximately $60 billion to $180 billion," he stated.

According to his data, per capita GDP over the same period increased from approximately $1,900 to $4,600.

Jamshid Kuchkarov stated that this has allowed Uzbekistan to move into the upper-middle-income category.

The Deputy Prime Minister specifically addressed the issue of inflation. According to him, after several years of double-digit rates, it has dropped to single-digit levels.

"This year, inflation is expected to be around 6.5%, and our goal is to reach the target of 5% next year," he said.

The Deputy Prime Minister also noted that external public debt remains at approximately 27% of GDP.

"Maintaining budget discipline is a fundamental principle for us. In recent years, we have kept the budget deficit below 3% of GDP," said Jamshid Kuchkarov.

He also noted improved external assessments of the country's economy, an upgrade in Uzbekistan's sovereign credit ratings, and an increase in foreign direct investment.

The Deputy Prime Minister stated that the authorities intend to provide investors and market participants with a "favorable and predictable environment" over the next decade.

"We will take all necessary measures to reduce inflation to target levels, maintain fiscal discipline, and keep public debt at a reasonable and sustainable level," he said.

Among the government's future goals, Jamshid Kuchkarov named obtaining an investment-grade sovereign credit rating for Uzbekistan.

"We will work to achieve an investment-grade sovereign credit rating, complete Uzbekistan's accession to the World Trade Organization, further reduce the state's presence in the economy, and continue market reforms," the Deputy Prime Minister stated.

According to him, these measures should strengthen the role of the private sector, deepen Uzbekistan's integration into the global economy, and expand opportunities for local and foreign investors.

Jamshid Kuchkarov stated that, as part of structural reforms, the authorities intend to create a modern, competitive, and inclusive financial system integrated into the global economy.

"This must be a system in which technology reduces barriers, innovation is encouraged, and trust is protected," he said.

The Deputy Prime Minister also noted plans to strengthen regional and international cooperation and connectivity.

According to him, the development of financial technologies should contribute to economic growth through the faster movement and distribution of capital, expanded access to financial services, and more efficient use of financial resources.

"We are confident that the important proposals and initiatives put forward during this forum will lead to significant practical results and create new opportunities for cooperation in the coming years," Jamshid Kuchkarov stated.