Uzbekistan’s annual Entrepreneurs’ Day has emerged as a critical platform for shaping national economic policy, signaling the government’s strategic pivot towards private sector-led growth. This direct engagement between President Shavkat Mirziyoyev and leading business figures underscores a proactive commitment to fostering investment and innovation, already yielding substantial economic dividends.
The nation’s economic performance reflects this strategic focus. In the first half of the current year, Uzbekistan’s economy expanded by a robust 7.2%. Over the past eight years, the country has attracted over €197 billion in total investment, with more than half originating from international sources, indicative of growing investor confidence and effective liberalization efforts.
- Entrepreneurs’ Day serves as a pivotal platform for national economic policy formulation.
- The government demonstrates a strong commitment to private sector-led growth through direct engagement with business leaders.
- Uzbekistan’s economy achieved a robust 7.2% growth in the first half of the current year.
- Over €197 billion in total investment has been attracted over eight years, with significant international contributions.
- These efforts highlight growing investor confidence and successful liberalization initiatives.
Fostering Business Ecosystems and Innovation
The government is intensifying support for key growth sectors, with a significant focus on accelerating startup development and expanding the fintech landscape. Uzbek startups have demonstrated impressive vitality, drawing over €240 million in foreign investment within seven months. To further catalyze this, a new “open banking” strategy and a dedicated investment platform are projected to channel approximately €1.7 billion annually into small and medium-sized enterprises (SMEs) and innovation.
Procedural reforms are also central to enhancing the ease of doing business. Plans include doubling the threshold for advance income tax. From 2026, business registration, bank account opening, and digital signature acquisition will be streamlined to just 15 minutes. A new Investment Code is also under development to standardize rules and provide clear investor guarantees, enhancing transparency and legal certainty.
Sector-specific incentives are being deployed to stimulate growth. In tourism, 5,000 hectares are earmarked for hotel and facility development, with the state acting as a co-investor. Education initiatives include incentives for entrepreneurs to establish kindergartens and schools under public-private partnerships in 80 districts. Furthermore, investors in medical clusters will gain access to long-term loans at preferential rates, encouraging vital healthcare infrastructure development.
Private Sector Contribution and Global Reach
The Entrepreneurs’ Day dialogue offers a critical channel for industry leaders to contribute practical solutions to policy. The textile sector, a cornerstone of Uzbekistan’s economy, exemplifies the impact of these reforms. Oqsaroy Group, for instance, has significantly expanded production and established vertically integrated clusters over seven years, contributing substantially to employment and industrial capacity. Improved logistics and export channels have been crucial for this growth.
The digital transformation is equally profound. Click, a prominent digital payments company, highlights the rapid evolution of the fintech landscape. Its system is utilized by nearly 21 million people and accepted by over 70,000 outlets, demonstrating the widespread integration of digital finance, facilitated by early regulatory reforms.
In manufacturing, companies like ProCab, a major cable producer, underscore Uzbekistan’s burgeoning global export capabilities. With exports reaching over 50 countries, including key markets in the EU, the US, and Canada, ProCab has seen its output grow more than tenfold since 2017. This success is directly attributed to improved investment conditions and robust logistics infrastructure, reinforcing the nation’s competitive standing.
Entrepreneurship: A National Strategic Imperative
The Deputy Business Ombudsman of Uzbekistan, Jamshid Urunov, articulated the government’s philosophical stance: entrepreneurship is an “irreversible force” vital for national prosperity. This view positions business success as integral to broader socio-economic advancement. The ongoing dialogue platform is designed to convert entrepreneurial insights into effective legislation, attract crucial investment, and expand export horizons.
Ultimately, Uzbekistan’s government is making a significant strategic commitment to private initiative as the primary engine for innovation, job creation, and enhanced global competitiveness. By simplifying regulations, expanding access to finance, and fostering direct engagement, the nation aims to solidify its growth trajectory towards a dynamic, entrepreneur-led future.
Oliver brings 12 years of experience turning intimidating financial figures into crystal-clear insights. He once identified a market swing by tracking a company’s suspiciously high stapler orders. When he’s off the clock, Oliver perfects his origami… because folding paper helps him spot market folds before they happen.