Uzbekistan has unveiled a sweeping package of business reforms, including easier access to loans, $1 billion in export support, a three-year moratorium on most inspections and stronger protections for entrepreneurs.
The measures were announced by President Shavkat Mirziyoyev during an open dialogue with entrepreneurs in Khiva. Businesses will be able to apply for loans of up to $423,000 (5 billion UZS) through a unified digital credit platform. New businesses will also be able to receive collateral-free loans of up to $16,900 (200 million UZS) under the new “Business Start” programme.
The government will also introduce a counter-guarantee mechanism for loans of up to $846,000 (10 billion UZS). Entrepreneurs will need to provide collateral covering just 25 per cent of the loan, while the remaining requirement will be covered by guarantees from the state, the Business Guarantee Company and banks.
The package will also help businesses adopt new technologies. Uzbekistan plans to allocate $100 million to support the introduction of artificial intelligence by businesses, with the government covering 50 per cent of eligible implementation costs.
The programme is intended to help companies use AI to boost productivity, reduce costs and develop new products and services.
Exporters will receive additional support through an “Export Navigator” system designed to help companies find foreign buyers, meet international standards, develop brands and organise logistics.
The government plans to allocate $1 billion to create a unified export-support system. The package will include support for international branding, marketplace sales, certification and participation in foreign tenders.
The measures also include legislative changes that will come into force on 18 November.
Businesses will be classified as small, medium or large based on annual revenue rather than the number of employees. Small businesses will be those with annual revenue of up to 10 billion soums ($846,000), while medium-sized businesses will have annual revenue of between 10 billion and 100 billion soums ($846,000-$8,473,480). Companies with annual revenue of 100 billion soums ($8,473,480) or more will be classified as large.
Small businesses will also be divided into individual entrepreneurs, microfirms and small enterprises based on their legal structure and annual revenue.
The new legislation will also limit the amount of information government authorities can demand from businesses.
The list of reports and statistical data required from companies will be approved by the President. Government bodies will not be allowed to request information outside the approved list or repeatedly ask companies to provide documents they have already submitted.
Businesses will receive additional protection when their land is acquired for public needs.
Authorities will have to pay the full market value of the land and any buildings on it. Compensation will also cover the cost of temporarily renting another property and lost profits for up to one year.
The law also states that government initiatives aimed at revising the results of privatisation or cancelling valuations of privatised assets will be considered violations of the inviolability of private property.
From 18 November, companies will also be able to pay financial penalties with a 50 per cent discount if the fine is paid within one month of being imposed.
Businesses will also have the option of paying a fine in instalments over six months, provided that at least one-sixth of the total amount is paid in the first month.
The government is also moving to reduce administrative pressure on small businesses. A three-year moratorium on most inspections will apply to small businesses, with exceptions for checks involving risks to human health or the interests of other businesses.
For certain first-time violations that do not cause harm to people or property, businesses will receive a warning and have10 days to correct the violation instead of facing an immediate financial penalty.
The measures are part of a wider effort by the Uzbek government to make it easier for entrepreneurs to launch, finance and grow their businesses.
The authorities are combining greater access to credit and stronger export support with tighter restrictions on inspections, reporting requirements and financial penalties, in a push to reduce barriers for businesses and encourage growth.
Shipping through the Strait of Hormuz has slowed, according to the latest data, as uncertainty over the waterway’s reopening kept most s...
Iran has rejected UAE allegations that it fired two ballistic missiles towards the Gulf state, as tensions rise over military activity, trade and t...
More than a year after Pakistan and India were involved in their most serious military confrontation in decades, a key airspace restriction between...
The collective-defence agreement between Türkiye, Saudi Arabia and Pakistan signals that regional powers no longer want to rely solely on external security guarantees. Whether it becomes a stabilising deterrent or another axis of rivalry remains unresolved.
Shipping through the Strait of Hormuz has slowed, according to the latest data, as uncertainty over the waterway’s reopening kept most shipowners away. Six commodity vessels crossed the strait on Tuesday, down from nine the day before and below the 10-day daily average of 11.
Iran has said the Strait of Hormuz will remain closed until the U.S. fulfils the terms of an interim deal, including lifting the maritime blockade and sanctions and releasing Iran’s frozen assets.
Ukraine has targeted at least 20 Wildberries warehouses across Russia since 18 July, disrupting a major logistics network. Kyiv says the strikes aim to disrupt alleged military-linked supplies, while the attacks have caused billions of dollars in losses and wider economic pressure.
German Chancellor Friedrich Merz is facing growing pressure as his approval ratings fall and the far-right Alternative for Germany (AfD) party gains support.
More than a year after Pakistan and India were involved in their most serious military confrontation in decades, a key airspace restriction between the nuclear-armed neighbours remains in force.
Two days inside Uzbekistan’s newsrooms, hospitals, factories and technology hubs reveal a country eager to show how it is changing — while that transformation is still under way.
Afghan business representatives are seeking new trade and investment opportunities at Iran’s 26th International Building Industry Exhibition, as they look to expand ties with Iranian and international companies.
Alexey Chadayev has resigned as an advisor to Russia’s transport minister after Azerbaijan placed him and two other Russian citizens on an international wanted list over alleged calls for violence and terrorism, amid a widening diplomatic row between Baku and Moscow.
At least six Palestinians have been killed in an Israeli airstrike in Gaza City, according to Palestinian health officials, as efforts by U.S. President Donald Trump’s administration to advance a plan to end the war remain deadlocked.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment