To minimize impacts of external shocks on its economy Tajikistan plans to develop the industrial sector.
“Tajikistan’s economy experiences impact of external shocks and the global economic environment,” Director of the Institute of Economics and Demography of the Academy of Science of Tajikistan, Professor Lutfullo Saidmurodzoda noted at a conference formally titled “Formation of Strategic Model of Socioeconomic Development of Tajikistan under Conditions of Globalization.”
According to him, the country’s banking sector was affected the most by the external factors because of high loan and currency risks and the high level of dollarization of Tajikistan’s economy.
“That is why the National Development Strategy 2016-2030, which was adopted by the government in September last year, focuses on promoting development of the country’s industrial sector,” the professor noted.
The priorities of the National Development Strategy 2016-2030 are energy security and efficient use of energy, improved communications and reposition as a transit country, food security, nutrition and improved public access to quality food, and creation of jobs through increased private investment, economic diversification, and competitiveness.
The first phase of the strategy includes the country’s medium-term development program designed for 2016-2020. The strategic directions of this program include developing an institutional support system, improving the business environment for private sector development, and increasing human capital productivity.
The second phase (2021-2025) of the National Development Strategy 2016-2030 is planned for rapid growth of investments; while the third phase (2026-2030) is projected to mark the transition from industrialized growth strategies to diversified production and knowledge-based innovation. (News.tj/Business World Magazine)
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