Nakao noted that the processes of accelerated transformation of Uzbekistan offer great opportunities both for development of the country itself and for strengthening its position in the economic field of the region. He welcomed the systematization of cooperation enshrined in the country partnership strategy for 2019-2023. At the same time, he emphasized that mandatory factors of sustainable development are macroeconomic stability, availability of infrastructure and qualified personnel.

Speaking about the long-term prospect of relations with Uzbekistan, the ADB President expressed his readiness to continue and expand the range of mutual interests in order to support economic transformations in the country on an integrated basis by providing additional investment resources.

Besides, it was noted that the priority areas of the partnership - agriculture, health, education, water management and the financial sector do not currently cover the existing potential, and therefore, a proposal was voiced to consider the possibilities for implementing new joint projects.

In addition to initiatives in the field of economic regulation and development of the mortgage market in the amount of $500 million, which are expected to be approved before the end of this year, new directions for further expansion of the portfolio were separately considered. 

Also, within the framework of the meeting, a presentation was made on investment and industrial potential of the energy sector, reforms being carried out in this area and ongoing projects aimed at diversifying energy sources and introducing innovative technologies, which will boost the sector’s long-term sustainable development.