TASHKENT (TCA) — Today, more than half of Uzbekistan’s gross domestic product (GDP) is produced by small businesses. Small business accounts for over 45 percent of industrial production and 98 percent of agricultural production in the country, the Jahon information agency reports.
In 2016, the share of small businesses in GDP increased to 56.9% (against 56.5% in 2015), and around 32,000 new small business entities were established.
A total of 78% of the employed population is engaged in the small business sector.
Over the past four years, Uzbekistan has adopted more than 15 laws to enhance the role and protection of private property, further improve the business environment and conditions for doing business. Hundreds of permissive and licensing procedures for entrepreneurial activities have been abolished.
The Decree ‘On additional measures to ensure accelerated development of entrepreneurship, full protection of private property and quality improvement of business environment,’ dated October 5, 2016, was among the first documents signed by Shavkat Mirziyoyev on the post of president. The Decree canceled all types of unscheduled audits of business entities.
According to the World Bank’s Doing Business 2017, the level of tax burden in Uzbekistan is lower than in most OECD countries, the USA, Japan and China.
The recently established Small Entrepreneurship Guarantee Fund will render financial help to new business entities. The Fund was established with the purpose to further improve the business climate and accelerate the development of entrepreneurship in Uzbekistan.
