Uzbekistan Entrepreneurship - Entrepreneur Uzbekistan

Entrepreneurship in Uzbekistan

Since its Independence in 1991, Uzbekistan has made a slow transition to an open market economy that supports private enterprise. Uzbekistan has been more cautious reforming but has been the most successful of all Soviet successor states in terms of output performance.

The Uzbekistan economy has been well managed in terms of its infrastructure, tax policies, educational expenditures and social security.

The two main exports of Uzbekistan are cotton and gold. Uzbekistan has a stable physical infrastructure. The domestic transport network and the irrigation canals are important to the cotton economy. At the present time in the countries of Central Asia, the legal basis of regulation of entrepreneurship activity as well as other forms of businesses has been formed. The governments of the states create the policy on liberalization of economic policy for development of business undertakings and other business initiatives.

Uzbekistan has created legal conditions for attraction and use of foreign investments. The Government has adopted more than 40 laws regulating processes of privatization and attraction of investments.

Uzbekistan appears to be slowly approaching a full open economy. It would be a good country to consider as a location for new enterprise development. It has a strong physical infrastructure, educational support, and a reasonably sized population of 27 million. One of the main drawbacks is the state owned banking system.

Like many emerging countries, Uzbekistan’s government is taking an active role in promoting business in that country. There is an especially big push for entrepreneurship. The President has signed a fair number of laws and directives aimed and nurturing entrepreneurship, and the State Property Committee seems dedicated to supporting entrepreneurship.

However, the situation is not without problems. Modern Uzbekistan’s infancy has created an environment of distrust of the young government for some citizens. Some criticize the administration, claiming a lack of true support for entrepreneurship. Many, especially the neo-socialists, are decrying the government as a whole, especially the president. In spite of his pro-entrepreneurship policy, he is earning a reputation as a bloody tyrant. Clearly Uzbekistan has a ways to go yet, needing to build the proper political and economic environment to foster entrepreneurship. The desire certainly exists to become a formidable player in the global market.

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Quick Facts:
Population: 27,606,007
GDP: $72.76 Billion ('08)
GDP Growth Rate: 8.3% ('08)
GDP per Capita: $2,700
Government: Republic, Authoritarian
Presidential Rule

Revised April 4, 2009

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