In a panel session titled "Youth in Business: Inspiration, Innovation, Success," at Tashkent International Investment Forum (TIIF) young entrepreneurs from Uzbekistan came together to share their insights and strategies for fostering youth entrepreneurship. The event, moderated by Muzaffar Djalalov, Rector of Inha University in Tashkent, featured prominent figures from various sectors discussing the landscape of youth-driven businesses in the country.
Among the distinguished speakers were Feruz Ablayarov, Deputy Director of the Agency for Youth Affairs; Diana Ryan, Government Affairs & Public Policy Lead at HP Inc. for Central Asia and Türkiye; Stephen Lin, founder of Swift Launch and Sturgeon Capital Venture Partner; Dilfuza Kurolova, founder of the Global Shapers Tashkent Hub; and Rustam Rahmatov, founder of Iman Invest.
Addressing the audience, Muzaffar Djalalov underscored Uzbekistan's commitment to nurturing entrepreneurship, particularly emphasizing the support extended to women in business and the promotion of gender equality within the entrepreneurial ecosystem.
Reflecting on the demographic advantage of a youthful population in Uzbekistan, Feruz Ablayarov highlighted government initiatives aimed at bolstering youth entrepreneurship. He disclosed plans to allocate a portion of loans for entrepreneurship to the youth, with approximately 40% earmarked for youth business ventures. Ablayarov also commended the involvement of multiple banks in facilitating access to these loans.
“Uzbekistan is a country of youth, about 60% of the country's population are young people. That is why major projects have been developed. For example, loans are allocated for those who want to engage in entrepreneurship in the country. This year, 40% of loans allocated for entrepreneurship will be directed to youth businesses. Several banks in the country are providing such loans,” Feruz Ablayarov stated.
Throughout the session, participants engaged in a candid dialogue about the challenges hindering youth participation in entrepreneurship and identified essential government support mechanisms required to foster the growth of youth startups. The government of Uzbekistan's declaration of 2024 as the "Year of Youth and Business Support" underscores its commitment to this cause.
Dilfuza Kurolova, from the Global Shapers Tashkent Hub, emphasized the importance of continual progress, urging aspiring entrepreneurs to persist in their endeavors to effect positive change in the world.
Stephen Lin introduced the "Quick Start" youth support program, emphasizing the availability of resources and opportunities for young individuals to develop the necessary skills for launching their ventures.
Sharing his entrepreneurial journey, Rustam Rahmatov acknowledged the inherent challenges but encouraged perseverance in the face of adversity, emphasizing the need to overcome obstacles to achieve success.
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