The launch marks the beginning of a five-year path towards improving the competitiveness of small and medium-sized enterprises in four key sectors: information and communication technology (ICT), tourism, textiles and the green economy.
The project provides for partnerships with key stakeholders, including the Government of Uzbekistan and the private sector, in order to facilitate investments and develop business relations between companies. This initiative underscores the continued commitment of the U.S. Government to support Uzbekistan's economic development and regional economic integration.
Speaking at the event, David Hoffman, Director of the USAID Mission in Uzbekistan, stressed the importance of this activity: "Today we are starting a transformative journey together with a business support project. This initiative represents a key moment in our joint pursuit of prosperity, inclusivity and a sustainable future for Uzbekistan. By helping to address critical barriers to growth and harnessing the dynamism of the private sector, we aim to open up new business opportunities, especially for businesses led by women and young people. Our joint efforts within the framework of the business support project will pave the way to a more sustainable and competitive economy, which will benefit not only Uzbekistan, but also the entire region."
USAID plans to allocate $17.7 million for a business support project over five years. These activities are aimed at achieving two main goals: reducing barriers to private sector growth, as well as increasing investment and access to private sector finance. By focusing on these goals, the program seeks to create a more favorable environment for business development and innovation, thereby contributing to the overall economic prosperity of Uzbekistan.
The program includes the announcement of an Annual Project Co-financing Program, which describes the possibilities for providing grants and financial support in the amount of $1.8 million for local businesses and initiatives that meet the goals of the program.
During this event, 10 new grantees were also announced as part of another USAID project for the development of entrepreneurship and the business environment in the amount of 1.1 million US dollars.
The main goal of this initiative is to strengthen the involvement and competitiveness of women entrepreneurs, to increase youth participation in entrepreneurship and further develop the startup ecosystem in Uzbekistan.
Through the Business Support Project, USAID confirms its commitment to creating a dynamic, inclusive and sustainable economic landscape in Uzbekistan. Collaboration between government agencies, private sector partners and international partners is crucial to achieve the long-term success and impact of this initiative.
