In a major national event held physically in Tashkent and virtually across the country on August 20, Uzbek President Shavkat Mirziyoyev talked to around 10,000 entrepreneurs, addressing concerns and laying out plans for a root and branch reform of business and tax regulations.
The Central Asian republic has been slowly transitioning to a market economy since Mirziyoyev took power in 2016. An overhaul of economic policy has seen inflation reduced and the currency stabilised, attracting overseas investment and boosting job creation.
As a result, the number of new business owners has almost tripled, and previously established businesses have expanded across the country. Small and medium-sized enterprises (SMEs) have become a major driver behind Uzbekistan’s remarkable economic growth, which has defied the challenges of the pandemic.
SMEs already employ around 78 per cent of the nation’s workforce and contribute 57 per cent of Uzbekistan’s GDP.
“The private sector accounts for 90 …