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Uzbekistan among TOP-20 countries for doing business - World Bank

28 September 2019

Uzbekistan entered the top 20 reforming countries which created the most favorable conditions for doing business, according to the World Bank's Doing Business international report for 2019, Trend reports citing the Ministry of Justice of Uzbekistan.

Meanwhile, Uzbekistan ranks 76th among 190 countries in the overall ranking.

The country has recently strengthened the protection of minority investors, streamlined the tax system, strengthened contract execution and achieved significant success in foreign trade, said the report.

In addition, the requirements have been strengthened for independent board members in commercial organizations alongside the role of audit committees.

Moreover, the report highlighted tax reforms, in particular combining infrastructure taxes with income taxes. The World Bank also recognized the steps taken to develop the institution of mediation, emphasizing the creation of the unified legal framework and the introduction at the legislative level of mechanisms for applying mediation to disputes arising from the implementation of business activities.

It was emphasized that in the customs sphere, qualitatively new customs inspection procedures based on risk analysis have been introduced in Uzbekistan.

It is noteworthy that by 2025, the government of Uzbekistan intends to enter the top twenty countries in the overall Doing Business ranking of the World Bank and the International Finance Corporation.