Uzbekistan needs to undertake comprehensive reforms in the service sector, the World Bank said, emphasizing that these steps will accelerate the country’s economic growth, increase employment opportunities and strengthen global trade integration. According to the World Bank, the service sector has great potential for diversifying Uzbekistan’s economy and creating jobs. However, the regulatory framework needs to be improved to increase productivity in this sector and attract more foreign investment.
The report lists the following priority areas for reforming the service sector:
- Digitalization: Strengthening technology infrastructure and investing in digital services.
- Education and Labor: Implementing training programs to increase the competencies of service sector workers.
- Regulation: Creating a more transparent and investor-friendly regulatory environment.
The World Bank noted that Uzbekistan can play a more active role in global trade by strengthening its service sector. In particular, sub-sectors such as transportation, tourism and information technology have the potential to increase the country’s international trade volume.
If the reforms are implemented, the contribution of Uzbekistan’s service sector to Gross Domestic Product (GDP) is expected to increase significantly and employment opportunities will expand. The World Bank urged the government to implement these reforms quickly and effectively, emphasizing that the service sector is a strategic priority for Uzbekistan’s sustainable development.