As Uzbekistan’s economy continues to grow, retailer Makro, which celebrated its tenth anniversary last year, is eager to capitalise. Stephen Wynne-Jones spoke to Roman Sayfulin, its chief executive. This article first appeared in ESM Issue 1 2021.
With its key location in Central Asia, Uzbekistan has been intertwined with history since the dawn of time – Alexander the Great and Genghis Khan both laid claim to its fertile lands over the years, while it was a centre of industry under close to seven decades of Soviet rule.
Today, 30 years on from its independence, Uzbekistan is making headlines once again, as one of the fastest-growing former Soviet economies. Its GDP grew by 5.9% in 2019, boosted by a growing population, increased urbanisation, and a young workforce – some 72% of the population is under 40.