TASHKENT, Uzbekistan, March 19. Uzbekistan is set to up the ante by boosting the share of SMEs in the economy to a whopping 55 percent, which is expected to rake in $70 billion in added value, Trend reports.
The news follows a meeting between President of Uzbekistan Shavkat Mirziyoyev and small and medium-sized enterprises (SMEs).
Uzbekistan is also focused on expanding SME exports by addressing transportation, certification, and standardization issues, with the goal of raising exports from $9 billion to $12 billion.
Additionally, the president highlighted the importance of strengthening SME participation in key sectors such as water supply, sanitation, road construction, utilities, logistics, recycling, migration, culture, and social services. The plan aims to triple SME involvement in these industries. Employment remains a priority, with a target of creating 1.5 million permanent jobs and increasing the employment rate in the SME sector to 75 percent.
Efforts will also be directed at scaling businesses, with a goal of increasing the number of enterprises with over 100 employees to 4,000. The government plans to introduce 100 new branded products within the SME sector and finance 200 startup projects involving small businesses.
To achieve these ambitious targets, Uzbekistan has developed a large-scale SME development program in collaboration with foreign experts. A total of $10 billion will be allocated from various sources to support this initiative in 2025.
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