Monday October 2 2023

Uzbekistan to increase export potential

7 August 2015 14:21 (UTC+04:00)
Uzbekistan to increase export potential

By Vusala Abbasova

Items produced under the “Made in Uzbekistan” brand name have taken a worthy place in the world market, impacting the country's competitiveness, and strengthening the position of its national products on the world market along with the export potential of its small businesses.

Uzbekistan's production attracted great interest among foreign partners for its quality, eco-friendly and natural properties at the second Silk Road International Food Exhibition Fair held in Urumchi, China, according to the Fund for export support of small businesses and private entrepreneurship.

Following the exhibition, 14 contracts on the export of Uzbekistan's agricultural products were signed totaling over $110 million.

The recent exhibition passed with the participation of 1500 companies from 40 countries with their products and services, including representatives from Canada, Germany, Italy, Spain, Austria, Hungary, Cyprus, Australia, the Philippines, Japan, South Korea, Malaysia, Singapore, Thailand, Jordan, Iran, India, Kazakhstan, Turkmenistan, and so on.

In turn, Uzbekistan was represented by 48 companies, the participation of which was organized by the Fund for Export Support of Small Businesses and Private Entrepreneurship.

Uzbekistan’s 48 domestic enterprises exhibited agricultural products, wines and liquors products, processed fruits and vegetables, natural juices, pastries, medicinal teas, almond oil, honey, and so on.

The participation of Uzbekistan in international exhibitions presents the possibility to demonstrate the country’s potential, showing how much socio-economic development increased for the first half of 2015.

The total volume of investments utilized for the reporting period came to 18 trillion soums (over $6.9 billion), an increase of 9.8 compared with the same period of 2014, according to a report by the Ministry of Economy and the Uzbekistan State Statistics Committee.

The total foreign investments and loans amounted to over $1.5 billion, or 21.3 percent, including $1.2 billion of foreign direct investment for the reported period.

The volume of funds utilized from the Fund for Reconstruction and Development to implement major investment projects in strategic sectors of the economy increased by 5.6 percent, amounting to $225 million.

The funds of economic entities, amounting to 32.3 percent of the total volume of investments, became the largest volume of utilized investments over the first half of current year, a growth of which was 31.8 percent compared to the same period of 2014. This reflects the process of the active implementation of sectorial programs of diversification and the increasing competitiveness of production, as well as regional programs for socio-economic development.

In comparison with the same period of previous year, the index of the funds of economic entities increased by 31.8 percent, which vividly illustrates the process of diversification and the increase of production competitiveness.

The Fund for export support of small businesses and private entrepreneurship, established under the National Bank of Foreign Economic Activity of Uzbekistan by the decree of President Islam Karimov, significantly contributes to the expansion small business exports, providing them with the necessary legal, financial, and organizational support.

The Fund provided supports services to 924 business entities for the promotion of goods and services to foreign markets over the first quarter of current year.

As a result, the export turnover of 315 business entities totaled $220.4 million.

During the aforementioned period, the Fund assisted 674 entrepreneurs in studying foreign markets, including 65 in finding foreign partners.

In addition, 157 businesses received legal, organizational and financial support for participation in international exhibitions, fairs, tenders, as well as the acquisition of international certificates, permits, and customs clearances.

Up until January 1, 2019, the Fund and its regional branches are exempt from all taxes, levies, fees, and mandatory contributions to state funds with the exception of a single social payment, according to the presidential decree titled “On additional measures to support exports of small businesses and private entrepreneurs.”


Follow us on Twitter @AzerNewsAz

Latest See more