OREANDA-NEWS. July 14, 2011. Justin Yifu Lin, World Bank Chief Economist and Senior Vice President for Development Economics, made an official visit to Uzbekistan.

During the visit, he held talks at a number of ministries and departments of Uzbekistan and familiarized himself with the work of the industrial enterprises.

The World Bank is among the leading financial institutions providing assistance to Uzbekistan in implementing reforms and economic development. Uzbekistan became the member of the bank in 1992. The same year the WB opened its office in Tashkent.

The cooperation between Uzbekistan and the World Bank is focused on projects in economy and finance, agriculture, healthcare, education, environment and others.

“The main goal of my visit was to get acquainted with the structural transformations in your country, as well as measures to ensure stable economic growth,” Justin Yifu Lin told journalists at the completion of his visit.

“During the years of independence, Uzbekistan has achieved huge success in the economic development. Despite the global economic crisis, the country has managed to ensure high economic growth, with the annual GDP increase over the past fie years at 8-9%.

“These achievements of Uzbekistan have been made possible thanks to a wise policy. I believe the country has the potential to reach the level of the highly developed industrial states in the nearest years,” the World Bank’s Chief Economist said.

During the visit, the World Bank delegation got acquainted with the activity of the industrial enterprises in Navoi and Samarkand region, as well as the city of Tashkent.

“We visited Samarkand and Navoi regions and got acquainted with the pace of economic reforms there, achievements in the industrial sector and the rich cultural heritage of the Uzbek people,” Justin Yifu Lin said.

“We were greatly impressed by the abundance in the markets, conditions for foreign investors and the entrepreneurship of your people. The programs implemented in Uzbekistan to modernize and diversify production are giving positive results.”

The World Bank delegation visited Navoi free industrial and economic zone, which is located in the heart of Central Asia. Favorable conditions and incentives for business are attracting foreign investors. There is no doubt the Navoi zone will make a huge contribution to the development of economy of Uzbekistan.

Justin Yifu Lin noted that the General Motors Powertrain Uzbekistan joint venture, which is currently being built in Tashkent region and is expected to be launched late this year, will become the only plant in the region producing automobile engines.

One of the important factors of Uzbekistan’s achievements is the huge scientific and intellectual potential of the people. The country’s openness in education also deserves praise, the World Bank official said.