Online webinar on Economic sustainability of Uzbekistan during the COVID-19 Pandemic

Report by Dr Louis Skyner, BUS Chairman

On 27 May a webinar event Economic sustainability of Uzbekistan during the COVID-19 Pandemic was co-organised by the British Uzbek Society bringing together over 230 business leaders, investors, officials, and analysts from 27 countries. The Europe-Uzbekistan Association for Economic Cooperation, Eurasian Investor, the Center for Economic Research and Reforms under the Presidential Administration of the Republic of Uzbekistan, and the law firm Dentons, were our partners, representatives from these organisations participating in the event as speakers. The event was opened by the Ambassador of the Republic of Uzbekistan to the United Kingdom, Mr. Said Rustamov.

A survey conducted during the webinar revealed a high level of optimism about the prospects for the recovery of the Uzbek economy. Of the 123 respondents, 78% assume that Uzbekistan will be more attractive for foreign investors than other emerging and frontier markets. Another survey, however, revealed the audience’s concern that the Uzbek economy faces significant internal and external challenges due to the disruption caused by COVID 19, 28% of the respondents identifying a decline in foreign investment and a growth in unemployment as they key concerns.

The Chairman of the British-Uzbek Society, Dr. Louis Skyner, focused in his speech on the significant social capital Uzbekistan possesses, the strong sense of community playing a vital role in avoiding widespread infection and providing a firm foundation for economic recovery and reform.