BAKU, Azerbaijan, November 12. Uzbekistan intends to increase the private sector's share of GDP to 60 percent by 2030, the Director of the Department for Analysis, Support, and Coordination of State Policy on Small and Medium Business Development at the Ministry of Economy and Finance of Uzbekistan, Timur Khusanov, said, Trend reports.
He made this remark at the presentation of the Asian Development Bank (ADB) report “Monitoring Small and Medium-sized Enterprises in Asia 2025” (ASM 2025) in Baku.
“We are all involved in the development of micro, small, and medium-sized enterprises, and this is of particular importance for Uzbekistan,” Timur Khusanov noted. "Today, our country's population is about 38 million people, and most of them are young people. Small and medium-sized businesses play a key role in the economy, with the private sector accounting for about 54 percent of GDP, and this figure continues to grow."
According to him, Uzbekistan's strategic goal is to increase the private sector's share of GDP to 60 percent by 2030.
“This is an ambitious goal and a serious challenge for our ministry, our agencies, and our enterprises. We have already made two attempts to develop an SME development strategy, and we now have a clear vision and mission thanks to our cooperation with the Asian Development Bank, which has provided us with three experts,” he emphasized.
Khusanov added that the ministry will continue to work actively on improving the state policy of support for SMEs, which will be an important step towards sustainable economic growth.