Tashkent (TDI): President Shavkat Mirziyoyev recently held a meeting with Uzbekistan’s active entrepreneurs where he highlighted the importance of entrepreneurs in the country’s development.
The discussion, held via video link on December 20, focused on 2024 achievements and plans for 2025 to support businesses, according to a press release.
“Entrepreneurs are our greatest strength. Supporting them must be a priority for all leaders, especially at the local level,” he said. He called for stronger engagement between regional leaders and business owners and emphasized valuing talented and driven entrepreneurs.
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The President noted the achievements of the Public Council for Support of Entrepreneurship, which has helped create policies to aid businesses. This year, Uzbekistan introduced five laws and over 100 decrees to address business challenges.
The president noted that the construction of infrastructure was still a top priority.
“Uzbekistan intends to raise the amount of money allotted to infrastructure projects from 35 trillion soums in 2024 to 43 trillion soums in 2025,” he said.
He highlighted that entrepreneurs in the tourist industry spent 6.5 trillion soums to construct hotels with 24,000 rooms. In 2025, this number is anticipated to increase by 30,000 beds. With the construction of 25 additional complexes, trade and tourism amenities will also grow.
To entice investments, the government is keeping its tax policy steady. State property and land sales will no longer be subject to VAT as of January 2025. Tax breaks for IT parks will last until 2040, and the excise tax on mobile communications will be eliminated.
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In 2024, Uzbekistan’s GDP grew by 6.3%, reaching $111 billion. Exports exceeded $26 billion, and investments totaled $38 billion. Next year, the government aims to raise GDP to $120 billion, boost exports to $30 billion, and attract $42 billion in investments.
President Mirziyoyev encouraged business owners to follow global norms and independently look for foreign investments. To assist companies in accessing international financial markets, a service centre will be set up. Additionally, he urged companies to look into high-value manufacturing, fintech, and IT prospects.
“The success of an entrepreneur is the success of our nation. Our entrepreneurs’ strength is essential to achieving our objectives. A thriving business community is the foundation of a successful Uzbekistan,” he added.
