Uzbekistan’s business lending triples to UZS 450tn as entrepreneurs move into expansion phase

13:39903 min

Entrepreneurs in Uzbekistan are moving beyond the stage of launching businesses and into a new phase focused on expanding their capital, President Shavkat Mirziyoyev said on August 18 during an open dialogue with business representatives in Khiva.

Photo: Presidential Press Service

Uzbekistan’s business lending triples to UZS 450tn as entrepreneurs move into expansion phase

Photo: Presidential Press Service

The president congratulated 1.2 million members of the country’s business community ahead of Entrepreneurs’ Day on August 20 and highlighted the results of the open dialogues launched in 2021. Initiatives raised during the meetings have contributed to the adoption of 84 laws and 861 presidential decrees and resolutions, presidential press secretary Sherzod Asadov said.

Mirziyoyev said the reforms were aimed at creating conditions for entrepreneurs to expand their businesses and create jobs, allowing people to earn incomes in their own neighborhoods rather than having to leave their communities in search of work.

The portfolio of business loans has tripled in recent years to UZS 450 trillion, while entrepreneurs have received tax and customs benefits worth another UZS 650 trillion.

Local businesses have also attracted $1 billion from foreign banks without state guarantees. Mirziyoyev described the figure as another major milestone for Uzbek businesses.

“Our entrepreneurs are now moving from the stage of starting a business to multiplying their capital,” the president said.

Investment in fixed capital has tripled over the past five years, reaching UZS 363 trillion. The number of districts with annual industrial output of at least $100 million has risen from 66 to 116, nearly doubling.

Growth has also accelerated in IT, fintech and other service industries. The number of districts where annual services turnover exceeds UZS 1 trillion has increased from 41 to 152.

Around 3,500 Uzbek companies now work directly with international online marketplaces. More than 550 local entrepreneurs have built networks of at least 10 branches across the country, while the number of officially recognized national brands has exceeded 300.

The president also pointed to the expansion of domestic production of copper, gold, rolled metal, polyethylene, polyvinyl chloride, kaolin and other raw materials. This has supported rapid growth in electrical engineering, pharmaceuticals, construction materials, textiles and furniture manufacturing.

New industries established in recent years include electric vehicle production, polymers, household chemicals and renewable energy. Mirziyoyev also highlighted the opening of new automotive plants operated by BYD, ADM Jizzakh, Asaka Motors and other companies, saying they have brought new technologies and expertise to Uzbekistan’s automotive industry.