On May 17, 2019 the first International Forum on the topic of “The importance of international ratings and indices in measuring reforms progress in Uzbekistan” held in Tashkent
The forum was aimed to enhance the image of the Republic of Uzbekistan global community, accelerate international cooperation for improvement of the position of our country in international ratings, to inform the representatives of governmental organizations and the public regarding the importance of reforms conducted in country on foreign ratings and indices, along with organizing practical seminars for representatives of relevant ministries, agencies, commercial banks, insurance organizations and the private sector.
Representatives of the government of foreign states, international financial institutions, rating agencies, international investment banks, officials of the embassies of foreign states in Uzbekistan, heads of ministries and agencies responsible for operating with ratings, local commercial banks, insurance companies, private enterprises and non-governmental non-profit organizations participated in the event held on international scale.
The First International Forum on “The Importance of International Ratings and Indices in measuring Reforms progress in Uzbekistan” was opened by First Deputy Prime Minister – Minister of Finance – Jamshid Kuchkarov
In his speech, Jamshid Kuchkarov (Ravshan Gulyamov) emphasized the importance of international ratings and indices in the rapidly-implemented economic, social and institutional reforms in Uzbekistan, the value of the need to improve Uzbekistan’s position in international ratings, the top 24 priority ratings and indices stated in legislation, the position of the country in these ratings along with the work done in current area, achieved results. In particular, the 76th position of Uzbekistan in Doing Business Index among 190 countries, the promotion from 6th to 5th group in country risk classification system by the Organization for Economic Co-operation and Development (OECD), and since 2018 the prestigious international rating agencies rated Uzbekistan’s sovereign credit rating BB- with stable outlook, in line with assesment of the country through Global Competitiveness Index by the World Economic Forum.
Distinguished guest of the forum – Director General of Federal Competitiveness and Statistics Authority of the United Arab Emirates – His Excellency Abdulla Lootah presented the experience in the area of international ratings and indices along with achievements of his country in Doing Business and Global Competitiveness Indexes.
During the presentation, H.E. Abdulla Lootah introduced the aim of the UAE to become one of the strongest countries in Global Competitiveness Index by the 50th anniversary in 2021 and the strongest country by 2071 as well as strengthening global competitiveness as key strategic tasks of government, private sector and public and introduced the role of the Federal Competitiveness and Statistics Authority in coordinating these processes.
The representatives of a number of international financial institutions in Uzbekistan emphasized the actuality of organizing the event.
World Bank country manager in Uzbekistan, Hideki Mori, provided information on the work carried out within the framework of cooperation between the Republic of Uzbekistan and the World Bank, its role in major reforms with impact on indicators of international rating and indices.
Helena Fraser – UN Resident Coordinator in Uzbekistan provided detailed information on long-term bilateral cooperation and United Nations sustainable development goals.
Matilda Dimovska – UNDP Resident Representative in Uzbekistan, presented the data on the Human Development Index, its importance and the position of Uzbekistan in this index.
The Ambassador of the Organization for Security and Cooperation in Europe, Head of Mission in Uzbekistan – John MacGregor, thanked for the organization of the forum through the video-message. He emphasized the statement in Uzbekistan Development strategy for 2017-2021 the meaning of working on enhancement of Uzbekistan’s position in international ratings, as well as its importance in further development of the country and nation.
John MacGregor, at the end of a video message, wished strengthening of further cooperation between the OSCE and Uzbekistan.
Hans-Ullrich Ihm, Deputy Head of the Mission in Uzbekistan, continued with the topic of the interaction between the OSCE and Uzbekistan, bilateral projects and their implementation and impact on indicators of the ratings and indices.
Maximilian McGow an analytic of S&P Global – a well-known rating agency provided detailed information on the subject of “Sovereign credit rating methodology”, sovereign ratings actual for Uzbekistan, their methodology, criteria and indicators of sovereign credit rating of Uzbekistan for the recent years.
Dr. Umberto Marengo, Senior Consultant of the Economist Intelligence Unit, made a presentation on the democratization indicators developed by The Economist Intelligence Unit, the methodology and impact of this index on other international ratings and indices.
The second part of the International Forum hosted practical training workshops by invited international and local experts to exchange experiences with representatives of ministries, agencies in ratings and indices sphere, commercial banks, insurance companies and private sector representatives.
Improvement of the investment climate in Uzbekistan through reforms in the business environment, improvement of the management system in line with the ongoing reforms in the country, Doing Business index, economic freedom index and enhancement of Uzbekistan’s position , indicators of global governance, Legislation quality, the importance of management and anti-corruption practices in international indices, Global Competitiveness Index, its methodology and its importance for reforms in Uzbekistan, the internal indicator of the Global Competitiveness Index, the Asian Development Bank’s program in enhancing investment environment, Budget Openness and Global Innovation Index, sovereign credit ratings, credit ratings of insurance and banking sectors, their methodology, the importance of credit ratings for corporate sectors, transparency of national statistics, the issues of the country’s risk management system, Human Development Index, human capital development, efforts to improve the freedom of expression in Uzbekistan, the Index of Democracy, the role of civil society in shaping the international image of our country and the rating of the risks associated with state debt were discussed during the practical seminars.