Number of private business entities to double in Uzbek capital

Baku, Azerbaijan, February 20

By Fakhri Vakilov - Trend:

It is planned to register up to 25,000 new private business entities in Uzbek capital (Tashkent) this year, which will more than double the last year’s figure (12,000), Trend reports via Uzbek media.

Deputy Mayor of Tashkent on Economy and Entrepreneurship Sherzod Khajizadaev during a meeting in the city administration said that the implementation of plans will allow to create about 110,000 new jobs in the capital. Last year 89,000 jobs were created.

The fact that standards of living in Uzbek capital and the growth of improvement depend largely on tax revenues to the Tashkent budget were noted at the meeting.

"There are also positive trends. If last year such revenues were planned in the amount of 11.5 trillion soums, then in reality this figure was 13.5 trillion. Most of the revenues are for the further development of urban infrastructure," the administration said.

As the industrial potential of Tashkent grows from year to year, it is planned to ensure the receipt of compulsory payments to the capital budget of about 19.8 trillion soums, where 3.6 trillion soums are planned to be spent on the improvement of the city.

In particular, 150 billion soums are planned to be spent on repairing the internal roads of the capital, whereas three times less money (50 billion soums) was spent on these purposes in 2018.

Regulations of the president and government of the country underlines that investment projects for 32 trillion soums are planned in Tashkent, including with the attraction of foreign direct investments for $2.7 billion.

Moreover, it was also noted on the meeting also noted that the domestic regional product amounted to 53 trillion soums in 2018. This year, this figure is planned to increase to 62 trillion soums by attracting foreign investment, developing production and services in the capital and boosting private business.

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Follow author on Twitter:@vakilovfaxri

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