President Shavkat Mirziyoyev has emphasized the importance of involving young people in business, highlighting the significant strides made in youth industrial zones. Over 1,200 initiatives worth UZS 2.5 trillion ($199mn) have been implemented, with 1,500 young entrepreneurs creating companies from scratch, achieving turnovers exceeding $1mn.
“The most important thing is that our youth have a lot of new ideas. They only need attention and conditions,” President Mirziyoyev stated.
In a major policy shift, the Youth Entrepreneurship Fund will now fall under the jurisdiction of the Agency for Youth Affairs. The fund will allocate $100mn annually for new projects. Entrepreneurs who create the most jobs will be invited to join the fund's board, which will select 500 promising projects each year. These projects will receive support in establishing enterprises and accessing markets through a “business package” model.
Training centers focusing on professions related to the "fourth industrial revolution" will be established in each region with the assistance of the fund. The fund will also support the construction of buildings in youth industrial zones, which will be transferred to businesses for a period of seven years, with no fees charged in the first year.
Additionally, “creative parks” will be established in various regions, offering residents the same benefits as those in the IT Park. The fund will provide startups with loans of up to UZS 100mn ($7,964), with the potential for additional funding for business expansion. This year, $10mn will be allocated to support the development of these “creative parks.” Universities and large companies will be assigned to each park to provide guidance and resources.
The president also announced plans to allocate 50,000 points for mobile trade to young people, providing them with rental and tax benefits. Moreover, efforts will be made to involve businesses in providing young farmers with seeds and equipment for cultivating the land. Entrepreneurs participating in these initiatives will receive reimbursements for part of their loan payments, with an additional $10mn allocated for this purpose.
To support the agricultural sector, the president instructed that mentors be found for 150,000 young people starting work in agriculture. These mentors will train the youth to grow highly profitable, export-oriented crops.
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