An international scientific and practical conference was held on the topic “The Importance of Constitutional Reforms in the Economic Development of the Republic of Uzbekistan” at the University of World Economy and Diplomacy

On April 26, 2023 an international scientific and practical conference entitled “The role of Constitutional Reforms in the economic development of the Republic of Uzbekistan” was held at the University of World Economy and Diplomacy.

The heads of the Ministry of Foreign Affairs of the Republic of Uzbekistan, the Central Bank of Uzbekistan, other ministries and departments of the country, experts of research institutes, the heads of diplomatic missions and international organizations accredited in Uzbekistan, the representatives of leading public and private companies, the national media, the foreign higher education institutions as well as the professors and students of UWED attended the event.

Presentations were made by Ambassador Extraordinary and Plenipotentiary of the People’s Republic of Bangladesh to the Republic of Uzbekistan Zahangir Alam, Deputy Director of the Department of the Central Bank of the Republic of Uzbekistan S.Inagamov, Associate Professors of the Higher School of Strategic Analysis and Forecasting Sh.Tadjiev and Sh.Muqimov, Independent Analyst Shinichiro Kiyozawa (Japan), Professor of the University of Alabama H.Isomitdinov (USA), Director of the Department of Industrial Construction Bank of Uzbekistan I.Khudoyberganov, Professor of Westminster International University in Tashkent Dr. Naqeeb ur-Rehman, UWED Professors I.Mavlanov and N.Sirojiddinov and Associate Professor G.Gulyamova.

In his welcoming speech, the First Deputy Chairman of the Senate of the Oliy Majlis of the Republic of Uzbekistan, Rector of  UWED S. Safoev pointed out that the amendments in the updated constitution represent the important fundamental rules and that today it is the most topical task to study and discuss the transformations that are the basis of the country’s economic development widely among the experts and researchers.

The Director of the Center for Economic Research and Reforms under the Administration of the President of the Republic of Uzbekistan Obid Hakimov noted that the study of the renewed Constitution of the Republic of Uzbekistan is necessary for every citizen, especially professors and experts, and it is important to analyze how positively such changes affect the economy of our country.

Making a speech at the event, Ambassador Extraordinary and Plenipotentiary of the State of Israel to the Republic of Uzbekistan Zehavit Ben-Hillel underlined that the reforms carried out in Uzbekistan in recent years are highly assessed by the world community and noted that the changes in the updated constitution can improve Uzbekistan's international indicators and have a positive effect on attracting foreign investors into the country.

The Deputy Director of the Department of the Central Bank of the Republic of Uzbekistan Samigjon Inogomov, taking part in the event, emphasized that the constitutional reforms in the field of banking and finance carried out today serve an impetus for the banking system to reach a new level.

In particular, an Independent Analyst from Japan Shinichiro Kyozawa, and a Professor of the University of Alabama in the United States Hasan Isomitdinov who attended the conference online, said that the openness of Uzbekistan's economy to foreign financial centers is expected to bring enormous benefits in the future.

Opinions were expressed that the updated constitution of Uzbekistan will ensure the rapid development of our country in the future. Moreover, it was highlighted that the reforms carried out in the state governance system in our country, the creation of a compact, but at the same time highly effective public administration system designed to provide high quality public services are important. In addition, experts, in particular, noted that the constitutional reform creates more favorable conditions for attracting foreign investment. The New Constitution will become the most important defender of property and investment in Uzbekistan together with the laws and courts.

Summing up the results of the International Conference, the participants agreed that the constitutional reforms will provide the basis for improving and strengthening governance as well as ensuring transparency, attracting investment, expanding production, creating export-oriented high-tech products, and developing entrepreneurship at a rapid pace.