Uzbekistan’s Entrepreneurs Are Moving from Starting Businesses to Building Capital
Uzbekistan
Uzbekistan’s President Shavkat Mirziyoyev held the sixth Open Dialogue with Entrepreneurs in Khorezm Region. For the first time, the event brought together around 500 entrepreneurs at the main venue as well as about 25,000 business representatives participating from district-based studios.
The president said that thousands of issues hindering business development had been addressed over five years through the open dialogue format. During this period, 84 laws and 861 presidential decrees and resolutions were adopted. The credit portfolio allocated to businesses nearly tripled to 450 trillion soums, while entrepreneurs benefited from 650 trillion soums in tax and customs incentives.
“Today, our entrepreneurs are moving from the stage of ‘starting a business’ to the stage of ‘increasing capital’,” Mirziyoyev said.
Over the past five years, business investment in fixed capital tripled to 363 trillion soums. The number of districts with industrial turnover exceeding $100 million rose from 66 to 116, while the number of districts where services exceeded 1 trillion soums increased from 41 to 152. The number of companies operating through leading international marketplaces reached 3,500.
The president also highlighted the expansion of business opportunities in Khorezm. Within a relatively short period, the region attracted $4 billion in foreign investment and commissioned 10,000 new production capacities. The Hazorasp Special Economic Zone and 31 industrial zones have been established.
Small businesses account for 72% of Khorezm’s economy and 81% of its exports. Weekly air services increased from 16 to 102, while rail services rose from eight to 41. Tourism infrastructure is also being expanded.
The priorities outlined for the next stage include sustaining entrepreneurship growth, expanding business opportunities in the regions, developing an “artificial intelligence — management efficiency — new investment” ecosystem, increasing export capacity and national brands’ access to foreign markets, and significantly reducing administrative pressure on businesses.
“Today, our entrepreneurs are moving from the stage of ‘starting a business’ to the stage of ‘increasing capital’,” Mirziyoyev said.
Over the past five years, business investment in fixed capital tripled to 363 trillion soums. The number of districts with industrial turnover exceeding $100 million rose from 66 to 116, while the number of districts where services exceeded 1 trillion soums increased from 41 to 152. The number of companies operating through leading international marketplaces reached 3,500.
The president also highlighted the expansion of business opportunities in Khorezm. Within a relatively short period, the region attracted $4 billion in foreign investment and commissioned 10,000 new production capacities. The Hazorasp Special Economic Zone and 31 industrial zones have been established.
Small businesses account for 72% of Khorezm’s economy and 81% of its exports. Weekly air services increased from 16 to 102, while rail services rose from eight to 41. Tourism infrastructure is also being expanded.
The priorities outlined for the next stage include sustaining entrepreneurship growth, expanding business opportunities in the regions, developing an “artificial intelligence — management efficiency — new investment” ecosystem, increasing export capacity and national brands’ access to foreign markets, and significantly reducing administrative pressure on businesses.
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