The U.S. Agency for International Development (USAID) has announced the initiation of the Business Support Project, a pioneering venture aimed at bolstering sustainable and inclusive economic development in Uzbekistan, the U.S. embassy in Uzbekistan reported. This initiative signals the commencement of a transformative five-year endeavor dedicated to enhancing the competitiveness of small and medium enterprises (SMEs) across four strategic sectors: information and communications technology (ICT), tourism, textiles, and the green economy.
The Business Support Project is meticulously crafted to collaborate with key stakeholders, including the Uzbekistan government and the private sector, to streamline investment processes and cultivate business-to-business relationships. This endeavor underscores the unwavering commitment of the U.S. Government to fortify Uzbekistan's economic advancement and promote regional economic integration.
Addressing attendees at the launch event, USAID Mission Director to Uzbekistan David Hoffman emphasized the pivotal nature of the initiative.
"Today, we embark on a transformative journey with the Business Support Project. This initiative signifies a crucial moment in our collective quest for a prosperous, inclusive, and sustainable future for Uzbekistan. By tackling pivotal impediments to growth and harnessing the vibrancy of the private sector, we aim to unlock fresh prospects for businesses, particularly those led by women and youth. Our joint endeavors through the Business Support Project will lay the groundwork for a more resilient and competitive economy, benefiting not only Uzbekistan but the entire region," David Hoffman voiced.
USAID has committed $17.7mn over the course of five years to the Business Support Project. The program is structured around two primary objectives: dismantling barriers to private sector expansion and amplifying private sector investments and access to finance. By prioritizing these objectives, the initiative seeks to cultivate an environment conducive to business growth and innovation, thus contributing to Uzbekistan's overall economic prosperity.
The program's launch also entails the introduction of the project’s Annual Program Statement, delineating opportunities for grants and financial backing amounting to $1.8mn for local enterprises and initiatives aligned with the program's objectives. Additionally, the event spotlighted the announcement of 10 new grantees under another USAID program, the Future Growth Initiative. These selected entities are poised to receive grants totaling $1.1mn. The overarching goal of this initiative is to bolster the engagement and competitiveness of women entrepreneurs, foster heightened youth involvement in entrepreneurship, and further cultivate Uzbekistan's startup ecosystem.
Through the Business Support Project, USAID reaffirms its commitment to nurturing a dynamic, inclusive, and sustainable economic landscape in Uzbekistan. The collaboration among government entities, private sector partners, and international stakeholders is deemed indispensable for realizing the long-term success and impact of this initiative.
USAID collaborates with the Government of Uzbekistan to diversify the country’s economy, increase regional trade, address infectious and pandemic health threats, and enhance the government's capacity to respond to the population's needs.
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