TASHKENT (Urdu Times) Uzbek President Mirziyoyev sets ambitious economic goals for 2025, highlights entrepreneurial growth, strategic investments
By Rehan Khan
TASHKENT (Urdu Times)Uzbek President Shavkat Mirziyoyev on Friday addressed the nation’s entrepreneurs, reviewing the successes of 2024 and setting ambitious goals for 2025 in a year-end meeting.
The president highlighted key objectives and achievements of the government in fostering a robust business environment, emphasizing the central role entrepreneurs play in Uzbekistan’s economic development.
In his address, President Mirziyoyev affirmed that the development of entrepreneurship remains a strategic priority for the government. “Entrepreneurs are our strongest support and greatest strength,” he stated, adding that their support should be a constant focus for all leaders, especially at the local level. He urged regional hokims (governors) to engage more with business owners and take a proactive approach in addressing their concerns.
The president underscored the critical role of the Public Council for Support of Entrepreneurship, which has been instrumental in fostering collaboration between the state and business. This year, the government has adopted 5 laws, 101 decrees, and resolutions aimed at addressing the most pressing issues faced by entrepreneurs.
In terms of financial growth, the president highlighted significant strides in improving liquidity, which has enabled sustainable financing of investment projects. The funds in enterprise accounts have surged by 20 trillion soums, reaching 107 trillion soums, while deposits from the public have also grown by 25 trillion soums, totaling 105 trillion soums. The total volume of issued loans reached 275 trillion soums in 2024, with expectations to exceed 300 trillion soums in 2025, with a particular focus on small businesses.
Plans for 2025 also include attracting $6 billion from external sources to meet the needs of entrepreneurs, alongside expanding factoring services. Infrastructure development has been a key focus, with 35 trillion soums allocated in 2024 for the construction of vital utilities, and plans to increase this to 43 trillion soums next year.
Energy capacity is another area of emphasis. Electricity production has reached 82 billion kilowatt-hours, with plans to expand this to 90 billion kilowatt-hours in 2025. The introduction of 4.8 gigawatts of additional capacity, worth $6.4 billion, will further support industrial and business growth.
In tourism, significant investments have been made, with entrepreneurs contributing 6.5 trillion soums to the construction of hotels. This will expand by another 30,000 beds in 2025. Similarly, private-sector involvement in the repair and maintenance of roads has been expanding, with an ambitious plan to increase this to 3,000 kilometers in 2025.
Other highlights include advancements in the railway sector, where digitalization has reduced freight transportation times by 40%, and in aviation, where the number of private companies has risen to 14, with several airports now under private management.
President Mirziyoyev also announced tax reforms aimed at enhancing the business climate, including the exemption of state property and land from VAT and the abolition of excise tax on mobile communications starting January 1, 2025. In addition, the country is nearing the completion of its accession process to the World Trade Organization (WTO), which will help level the playing field for entrepreneurs.
The president committed to continuing to provide a stable tax policy and urged businesses to focus not only on local financing but also to tap into international financial markets. A new center will be established to help entrepreneurs access global capital markets with support from international consulting firms.
Mirziyoyev also stressed the importance of increasing the incomes of private sector workers, proposing tax benefits for companies that provide decent wages and employ individuals from low-income families. Additionally, private IT and fintech companies will benefit from a range of incentives to foster growth in these sectors.
Looking ahead, President Mirziyoyev emphasized that the entrepreneurial movement in Uzbekistan is becoming a powerful force, with the success of entrepreneurs directly contributing to the prosperity of the nation. “The richer our entrepreneurs are, the richer our people and the greater the power of our state will be,” he concluded, reiterating his strong commitment to supporting initiatives and projects led by the entrepreneurial community.
As Uzbekistan sets its sights on further economic expansion, the president outlined plans to increase the country’s GDP to $120 billion, exports to $30 billion, and investments to over $42 billion by 2025. The meeting concluded with an exchange of ideas between entrepreneurs and the government, marking another step in the country’s journey toward economic modernization and prosperity.
