The President outlined priorities for taking entrepreneurship to a new level

President Shavkat Mirziyoyev held an open dialogue with entrepreneurs in the city of Khiva, the press service of the President of the Republic of Uzbekistan reports.

The event was attended by entrepreneurs from all regions of the country, including around 25,000 business representatives participating from district studios.

The head of state congratulated the 1.2-million-strong business community on Entrepreneurs’ Day and praised its contribution to strengthening the country’s economic potential.

Over the five years since the tradition of holding an open dialogue with entrepreneurs was established, thousands of issues hindering business development have been resolved. To this end, 84 laws, as well as 861 decrees and resolutions, have been adopted.

“Why? To create favorable conditions for our entrepreneurs, increase the number of new jobs, so that people can earn a decent income directly in their mahallas without having to move far from home,” the President said.

During this period, the credit portfolio allocated to businesses increased almost threefold, reaching 450 trillion soums. Business investment in fixed capital also tripled.

The number of districts with industrial output exceeding $100 million increased from 66 to 116, while the number of districts where the volume of services exceeds 1 trillion soums rose from 41 to 152. The number of entrepreneurs who have created their own national brands and opened branches across the country is also growing.

The President emphasized that new opportunities for entrepreneurship have also been created in Khorezm Region in recent years. Within a short period, $4 billion in foreign investment was attracted to the region and 10,000 new production facilities were commissioned. Today, small businesses account for 72 percent of the region’s economy, while their share in exports has reached 81 percent.

Despite the challenging global situation, Uzbekistan’s economy grew by 8.5 percent in the first half of this year. International rating agencies have upgraded the country’s sovereign credit rating.

The head of state noted that these results are primarily the outcome of reforms implemented in close cooperation with entrepreneurs.

During the dialogue, new initiatives were put forward in five priority areas, based on issues raised by entrepreneurs.

The first area is ensuring a sustainable growth trajectory for entrepreneurship.

A new financing system for small and medium-sized businesses will be established. Through the “Unified Digital Portal for Credit Services,” entrepreneurs will be able to receive offers from banks with a single application, while start-up entrepreneurs will be able to obtain online loans of up to 5 billion soums.

A comprehensive ecosystem tailored to each stage of business development will be created. The “Business Start” program will be launched for start-up entrepreneurs, “Business Lift” for those who have established production, and “Business Yuksalish” for entrepreneurs moving to a new stage of growth.

Under the “Business Start” program, entrepreneurs will receive AI-assisted training in preparing project and loan documentation, as well as maintaining reports. A system will be established to provide ready-made business plans and unsecured loans of up to 200 million soums.

“We will create a comprehensive system that will not simply provide entrepreneurs with loans, but will support them comprehensively throughout their entire journey — from the first step to becoming a large business,” the head of state noted.

To ease the burden of collateral requirements for small businesses, a “counter-guarantee” system will be introduced. When obtaining a loan of up to 10 billion soums, an entrepreneur will only need to provide collateral equal to 25 percent of the loan amount.

The second area is expanding opportunities for businesses in the regions.

When acquiring a state asset, the advance payment will be reduced from 30 to 15 percent. An entrepreneur who has paid half of the value will be able to pay the remaining amount in installments over seven years without interest.

Land plots offered at auction will be presented as “ready-made packages” containing all documentation required for construction.

Banks will be allowed to sell 2,500 real estate properties on their balance sheets, with a total value of 9 trillion soums, at preferential prices, without an initial payment and with interest-free installment plans.

“Bonded industrial zones” will be established in parts of the special economic zones of Navoi, Jizzakh, Namangan, Urgut and Khazarasp. These zones will integrate production localization, R&D, laboratory and engineering services into a single value chain.

The requirement for 100-percent advance payment for electricity and gas will also be revised. For enterprises connected to automated electricity and gas metering systems and maintaining payment discipline, the advance payment will be set at 15 percent.

The third area is creating an ecosystem of “artificial intelligence – management efficiency – new investment.”

“In the future, the competitive advantage in the market will belong to the entrepreneur who is increasing added value today, improving productivity through artificial intelligence and looking for ways to reduce costs,” the President said.

The “Artificial Intelligence – Partner for 10,000 Enterprises” program will be launched. Enterprises will be reimbursed for 50 percent of the costs of implementing artificial intelligence, and will also be provided with free access to a supercomputer when developing models for new products.

At least $100 million will be allocated for the first stage of the program.

To help domestic enterprises enter the capital market, an acceleration program will be launched under which 50 large enterprises will be prepared for IPOs each year.

Major investment projects will be required to include solutions for workforce training. The professional training model introduced in Urgench will be extended to all regions of the country. The goal has been set to train 1 million young people in modern professions.

The fourth area is increasing export potential and promoting national brands in foreign markets.

An “Export Navigator” system will be established to provide comprehensive services at every stage of entering foreign markets. A list of 100 products in highest demand in foreign markets will be compiled, with solutions developed for each product taking into account the specific market, tariffs and logistics.

The production processes of 2,000 enterprises will be adapted to the requirements of foreign markets. Entrepreneurs will receive compensation for part of the costs of engaging foreign brand makers, promoting national brands in foreign markets, as well as participating in marketplaces and international tenders.

At least $1 billion will be allocated to a unified export support system.

“Today, competition for markets is intensifying around the world every day. Under these conditions, we cannot allow an entrepreneur who has entered a foreign market to face these challenges alone,” the head of state said.

“Export ambassadors” will operate in key and promising foreign markets. The deadlines for repatriating foreign-currency export proceeds will be extended, while certain restrictions will be lifted.

The fifth area is a sharp reduction in administrative pressure on businesses.

“Bringing the economy out of the shadow economy should be achieved not through inspections, but by consulting and training entrepreneurs in proper business practices,” the President emphasized.

A three-year moratorium will be introduced in the small business sector on any inspections unrelated to harm to people’s health or the interests of other entrepreneurs.

For medium-sized and large businesses that undergo voluntary preventive audits, fines will not be imposed provided that the identified violations are remedied. The amounts of all types of fines will be reduced by an average of twofold.

Starting next year, disputes between entrepreneurs and the state will be considered based on the principles of the “presumption that the entrepreneur is right” and a “warning for the first violation.”

Half of government services in the field of entrepreneurship will be transferred to the “silence means consent” principle. Licenses and permits for more than 30 types of activities will be abolished, while the issuance periods for another 35 types of activities will be shortened.

Instead of several permits required for exporting food products, a single “Health Certificate” will be introduced.

During the dialogue, measures to support entrepreneurs in the tourism sector were also identified.

$50 million will be allocated for the construction, reconstruction and equipping of hotels. The period for providing subsidies for the construction of three-, four- and five-star hotels will be extended for another two years, while land and property tax incentives will remain in place until 2030.

Services provided by tour operators to foreign tourists will be equated with exports. Incentives for importing tourist buses and electric buses will also be extended.

At the conclusion of the dialogue, key objectives were identified for taking the economy to a new level.

“We are a nation of 40 million people. To further improve living standards, we need to maintain high rates of economic growth,” the head of state said.

The goal has been set to increase GDP to more than $180 billion this year and exports to more than $40 billion.

Taking into account the potential of each region, new growth points have been identified. Tashkent will focus on developing export-oriented businesses; the Fergana Valley on industries with complete production chains; and Samarkand, Bukhara and Khorezm on tourism, creative industries and agro-industrial brands.

In Navoi and Tashkent regions, mining, metallurgy and knowledge-intensive chemicals have been identified as key growth areas. In Kashkadarya and Surkhandarya regions, the focus will be on the agro-industrial sector and petrochemicals, while in Karakalpakstan the priorities will be green energy, information technology and artificial intelligence. In Jizzakh and Syrdarya regions, the key areas will be automotive manufacturing, electrical engineering and the production of construction materials.

During the open dialogue, the President listened to entrepreneurs’ proposals and initiatives.

“A new generation of entrepreneurs is emerging in our country — entrepreneurs who think in modern ways and strive for innovation in order to expand their businesses.

Never stop moving forward, never stop growing, developing and introducing new ideas! You will always have a strong state ready to support you, laws protecting your rights and interests, and a President who will stand by you in implementing your initiatives and achieving your goals!” the head of state said in concluding the meeting.