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    Uzbekistan

    Uzbekistan’s president announces fresh business support measures at open dialogue with entrepreneurs

    Uzbekistan’s president announces fresh business support measures at open dialogue with entrepreneurs

    President Shavkat Mirziyoyev on August 20, held an open dialogue with entrepreneurs in New Tashkent, where he announced that a package of new initiatives to support business development will take effect starting today. The meeting coincided with the 34th anniversary of Uzbekistan’s independence and the professional holiday of entrepreneurs.

    Source: Daryo
    Source: Daryo

     

    The president congratulated the business community, noting their vital role in driving reforms across all regions and sectors. Over the past eight years, Uzbekistan has attracted $230bn in investment, including $120bn in foreign capital, while the economy grew 7.2% in the first half of 2025.

    According to Mirziyoyev, reforms in recent years have expanded opportunities for entrepreneurship, leading to the growth of micro and small enterprises into larger businesses, as well as a rise in private-sector wages, which now average nearly UZS 5mn ($399) per month.

    Source: Daryo
    Source: Daryo

     

    Tourism and service sector development

    The president unveiled a new program to accelerate tourism and services, seen as key drivers for job creation. Over the next three years, 5,000 hectares of land will be auctioned for hotels and tourist facilities. 

    Instead of paying upfront, entrepreneurs will receive land as a state share in their projects, with the option to repurchase within 10 years. Subsidies and favorable loans will be extended for hotel construction, while tax incentives will support tourism outside Tashkent.

    To encourage competition, an annual $1mn prize fund will be introduced for hotels and guesthouses that gain the highest recognition from international platforms. Major resort zones are also planned in Karabakh (Chartok), Chimyon (Fergana), Omonkhona (Boysun), and Nurbulak (Nurabad).

    Source: Daryo
    Source: Daryo

     

    Support in education and healthcare

    Entrepreneurs in 80 districts with low kindergarten coverage will be able to build facilities on public land rent-free for 30 years, receiving subsidies and preferential loans. 

    Private operators will also benefit from reduced social taxes. In healthcare, medical clusters will be eligible for seven-year loans at 17% with a three-year grace period.

    Financing and startups

    Mirziyoyev highlighted finance as the most important tool for supporting business. A new investment platform is set to attract up to $1bn annually. 

    Uzbekistan’s startup ecosystem, which received $264mn in foreign investment in the first seven months of this year, will receive an additional $100mn to commercialize 1,000 youth-led projects, 200 of which will target international markets.

    Source: Daryo
    Source: Daryo

     

    A “Young Entrepreneurs” Championship will be launched, offering up to UZS 1bn ($80,000) in funding for 100 selected ideas. Alongside this, a five-year digital finance strategy will introduce “open banking” and expand SME lending by $1bn.

    Tax and legal reforms

    Tax administration will also be simplified. Profit tax prepayments will now apply only to firms with turnovers above UZS 20bn ($1.6mn), freeing up UZS 1 trillion ($80mn) in working capital for about 14,000 businesses. 

    Enterprises transitioning from turnover to VAT tax will receive temporary exemptions, while tax authorities will assume responsibility for preparing certain reports free of charge.

    In addition, Uzbekistan will introduce a new Investment Code consolidating regulations on venture capital, bonds, crowdfunding, and other modern instruments into a single framework.

    Source: Daryo
    Source: Daryo

     

    “Business in 15 minutes”

    Looking ahead, starting in 2026, entrepreneurs will be able to register a business in just 15 minutes. Under the new system, an electronic signature, bank account, and sector notifications will be issued automatically at the point of registration.

    Technical regulations will also be modernized, with certification requirements reduced and international standards adopted. Going forward, regulatory oversight will focus on products rather than entrepreneurs themselves.

    Source: Daryo
    Source: Daryo

     

    Dialogue with entrepreneurs

    The August 20 meeting marked the fifth nationwide open dialogue with business representatives. In preparation, more than 7,000 sectoral meetings were held and over 13,000 proposals were collected through a dedicated call center.

    Mirziyoyev stressed that the new measures, effective immediately, are aimed at further unlocking Uzbekistan’s entrepreneurial potential.

    “These are ambitious goals,” he said, “but with the current entrepreneurial spirit in our country, they are achievable.”

    The event concluded with live interventions from entrepreneurs across regions, who shared concerns and suggestions, while government officials were instructed to follow up on outstanding issues.

     

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    21 August, 09:05   Comments (0)   251
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