Globally, fostering entrepreneurship is recognized as one of the essential pillars of economic development. The experiences of Germany, with its “Mittelshtand” model, and South Korea, focusing on innovation, highlight the pivotal role of small and medium-sized enterprises (SMEs) in job creation, innovation, and social stability.

Uzbekistan is accelerating its economic growth through comprehensive reforms aimed at strengthening entrepreneurship. During a recent videoconference chaired by the President, the achievements of 2024 and strategic goals for 2025 were discussed. The President emphasized the increased liquidity in the economy and growing trust in the banking system. Total deposits by businesses reached 107 trillion sums, while individual savings amounted to 105 trillion sums.

Expanding access to credit for small businesses is a key focus. In 2024, total credit volumes reached 275 trillion sums, with a projection to exceed 300 trillion sums by 2025. Funding for SMEs is expected to rise to 120 trillion sums, opening doors for innovation and startup projects.

Privatization is another significant initiative aimed at invigorating the entrepreneurial sector. In 2024, private entrepreneurs acquired 3,000 state-owned properties and 4,000 hectares of land valued at 11.5 trillion sums. For 2025, an additional 4,500 buildings and 6,000 hectares of land will be offered to businesses.

In agriculture, export goals are being expanded. Uzbekistan aims to increase fruit and vegetable exports to $3.5 billion by 2025. To achieve this, lands previously used for cotton and grain production will be allocated to professional investors for the creation of industrial plantations.

The party has proposed several measures to strengthen the legal and financial environment for entrepreneurs, including reforms in financial sanctions and the restructuring of tax and customs benefits to ensure sector-specific incentives. These reforms aim to create a transparent and sustainable business ecosystem.

Thus, developing a robust entrepreneurial sector is set to become the cornerstone of Uzbekistan’s economic growth strategy.