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Small-scale business up share in Uzbekistan's GDP

13 May 2015

Summarizing the results of small-scale business in Uzbekistan's GDP over the first quarter of 2015, Uzbekistan's Economy Ministry and the State Statistics Committee announced an increase on the GDP share small business now occupy - 41.7 percent compared to 41 percent for the same period in 2014.

In the first quarter 2015, Uzbekistan saw the creation of over 8,000 new small businesses - this is an increase of over 10.2 percent compared to the same period in 2014, read a statement of Uzbekistan Economy Ministry and the State Statistics Committee.

The largest number of small businesses created in the industry sector and other manufacturing industries: 37.7 percent of the total - construction: 11.5 percent and trade and catering: 29.3 percent.

In the framework of the program of state property privatization for 2015-2016, 55 state-owned assets were transferred to private owners for a total of 28.3 billion soums, since the beginning of the year, including 13 objects at zero redemption value, with the adoption by investors of obligations to make investments to the amount of 9, 7 billion soums.

In addition, as a result of measures implemented to optimize the country's unused area, 80 unused redundant industrial premises and facilities have been earmarked for privatization.

In order to support business activity in the first quarter of this year, an estimated 2.8 trillion soums in loans were allocated to small business entities, including more than 590 billion soums in micro credits, with an increase by 1.3 times compared to the same period in 2014. International institutions provided small businesses loans to the amount of $38.3 million.

The state financed 14 projects worth over 10 billion soums with the support of the Association of Banks of Uzbekistan, through its investment projects.

Due to the measures implemented to improve access of private enterprises in trade and commodity, markets have witnessed a sharp increase in the number of small businesses in the country. The supply of goods and services for public procurement has increased 4 times over in comparison to the same period in 2014. The total number of which amounted to 34,200 business entities, or 98.3% of all public procurement participants.

As a result, small businesses have seen their share in public procurement amount to 77.9 billion soums since the beginning of the year (99.6 percent of the total public procurement carried out by means of electronic trading).