In the first nine months of 2016, the Chamber of Commerce and Industry of Uzbekistan has assisted in the establishment of 22 joint ventures with foreign capital.
To date, the total authorized fund of joint ventures has exceeded $41 million with the bulk of foreign investments. Of these, four enterprises specialize in the production of building materials, two in textiles, three in food products, and eleven are engaged in other priority areas of the national economy.
According to CCI experts, the Decree ‘On additional measures to ensure the rapid development of business, all-round protection of private property and effective improvement of the business climate’, as approved this October, was a strong incentive for above-mentioned activities. It not just strengthens the guarantees of freedom of entrepreneurial activity in the country, but also serves as an important legal foundation for building an effective business environment, as well as raises economic reforms to a new level.
“The document covers a broad range of issues, and is aimed at liberalization of the economy, provision of more freedom for businesses, and strengthening their protection. An enforcement mechanism is another important factor to mention, since the force of each act directly implies the extent of its implementation. In particular, the document defines the provision of greater freedom to small businesses and private enterprises, radical reduction of government intervention in their operation, provision of early notification, enhancement of preventive efficacy and prevention of offenses as top priorities of the state policy and the primary task of state bodies in the follow-up development of business activities,” the CCI Acting Deputy Chairman Anvar Ikramov said.
Socio-economic development can be hardly imagined without prospects for small business and private entrepreneurship. In Uzbekistan, the activities of representatives of the sector are fully supported, and favorable conditions for doing business are created. These measures are appreciated on an international scale and individually. The recently published World Bank report ‘Doing Business 2017: Quality Control and Evaluation of Effectiveness of Management’ ranked Uzbekistan 87th among 190 countries of the world. The Report points out to a significant growth in the registration of new companies, where Uzbekistan ranks 25th.
