Role of small business on economy of Uzbekistan

November 15, 2018

The role of Small business in the national economy cannot be underestimated. Small businesses contribute to local economies by bringing growth and innovation to the community in which the business is established.

 

Small businesses also help to stimulate economic growth by providing employment opportunities to people who may not be employable by larger corporations. Small businesses tend to attract talent who invent new products or implement new solutions for existing ideas. In other words, they provide to the people opportunities to achieve financial independence, encourage innovation, and create employment opportunities. So The Government of Uzbekistan is trying to develop small business by simplifying and increasing the transparency of licenses and permits, and the provision of public services. Also it is strengthened measures of legal protection of business entities, their financial support. As a result, in 9 months 2018, 38.1 thousand new small enterprises and micro firms (without farm enterprises) were created, which is 23.6 % more compare to same period of 2017. In addition, the largest shares of small enterprises and microfirms were created in the sphere of trade (23.1 %), industries (22.4 %), construction (12.9 %), agriculture, forestry and fisheries (11.8 %), hospitality and food services (7.6 %), transportation and storage (4.0 %).  

 

 

According to the State Committee of Uzbekistan On Statistics, the share of small businesses in GDP decreased from 55.2% to 50.2% the reason of by the increase in the share of large enterprises in the structure of GDP. Nevertheless, the share is much greater than in the most of neighboring countries such as Kazakhstan 25,6% and Russia 20%. In January-September 2018. In the regional context, the largest share of small business in the GRP is accounted for by Jizzakh (77.2%), Surkhandarya (74.1%), Bukhara (71.1%), Samarkand (70.7%) and Namangan (69, 7%) of the area. In the Navoi region, this indicator remains low at 32.6% and in the Republic of Karakalpakstan - 48.3%. Also the largest share of small business in industrial production is in Tashkent (71.6%), Namangan (69.7%) and Jizzakh (60.8%) regions. In construction - in Samarkand (98.3%), Jizzakh (97.0%), Andijan (96.5%) and Syrdarin (95.4%) regions. In the services sector - in Tashkent (74.3%), Samarkand (74.1%), Fergana (73.5%), Bukhara (73.2%), Surkhandarya (73.1%), Andijan (72.4 %) areas.

 

The abovementioned data shows that small business in Uzbekistan backbones of the economy and at the same time the important source of income for significant numbers of citizens. Small businesses do not always stay small. Large corporations, such as Nike, Ben and Jerry's, began with small businesses and became major players in the international markets. Many of the leaders in the computer industry started their business from their garages. Microsoft and Amazon are prime examples of how a small business idea can change the world. 

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