Shavkat Mirziyoyev: The success of an entrepreneur is the success of the entire nation.

At the beginning of the meeting, the head of state delivered a speech outlining the main objectives and achievements:

– The development of entrepreneurship is our strategic task. Entrepreneurs are our strongest support and greatest power. Therefore, their support should become a daily responsibility for all leaders – from the center to the lowest level. Especially at the local level, hokims should engage more frequently with entrepreneurs, visit enterprises, and be attuned to their concerns. We must cherish and value business representatives, who are talented and possess great potential. They are very valuable to us, – emphasized Shavkat Mirziyoyev.

In this context, the activities of the Public Council for the Support of Entrepreneurship, established under the President of the Republic of Uzbekistan, were highlighted. The Council has become a bridge between the state and business, proposing specific recommendations. This year, 5 laws, 101 decrees, and resolutions addressing crucial business support issues were adopted.

In recent years, the liquidity in the country's economy has increased. This has laid the foundation for sustainable financing of investment projects. Funds in enterprises' bank accounts have risen by 20 trillion soums, reaching 107 trillion soums. Deposits from the population grew by 25 trillion soums, totaling 105 trillion soums.

By the end of the year, the total volume of loans issued reached 275 trillion soums. In 2025, this figure is expected to exceed 300 trillion soums. Special attention will be given to lending for small businesses: its share will increase from 28 to 40 percent, reaching 120 trillion soums.

To meet the needs of entrepreneurs, banks plan to attract 6 billion dollars from external sources without government guarantees in 2025. Thanks to the expansion of factoring services, these services were provided this year for a total of 100 million dollars.

For infrastructure development – roads, water supply, electricity and gas supply, and railways – 35 trillion soums were allocated in 2024, and next year, 43 trillion soums are planned to be allocated.

To ensure stable energy supply for enterprises, electricity production reached 82 billion kilowatt-hours. With the capacities introduced in 2024, production volume is expected to grow to 90 billion kilowatt-hours in 2025. In 2025, additional capacities of 4.8 gigawatts will be created within the framework of 25 projects with a total cost of 6.4 billion dollars.

Currently, 24 independent electricity producers operate in the country. In 2025, a wholesale online electricity market will operate for the first time. As an experiment, the power grids of the Samarkand, Jizzakh, and Syrdarya regions will be transferred to the management of the private sector.

In the tourism sector, entrepreneurs invested 6.5 trillion soums in the construction of hotels with 24,000 beds. By 2025, this number will increase by another 30,000. In addition to the 17 trading and tourist facilities commissioned this year, another 25 complexes will be added next year.

To develop trade, a separate company was established that allocated 350 million dollars for export financing. For every dollar invested, entrepreneurs received 6 dollars in export revenue. An additional 300 million dollars will be allocated for these purposes in 2024.

In 2024, entrepreneurs purchased 3,000 state-owned properties and 4,000 hectares of land worth a total of 11.5 trillion soums. In 2025, another 4,500 buildings and 6,000 hectares of land will be offered to businesses.

The involvement of the private sector in the repair and maintenance of roads, which had long been under state monopoly, is expanding. In 2024, 260 kilometers of roads were handed over to entrepreneurs, and in 2025, this figure will increase to 3,000 kilometers. With the support of the Asian Development Bank, 841 kilometers of roads will be constructed in 86 districts by local contractors.

In the railway sector, digitization and increased operational efficiency have reduced cargo transportation times by 40 percent. By extending the free unloading time for goods at stations from 2 hours to 3 days, entrepreneurs saved 57 billion soums over the year.

In the aviation sector, the number of private companies has reached 14. An additional 6 cargo and 16 passenger aircraft have been put into operation. Airports in Bukhara and Namangan have been transferred to private management, and tenders for airports in Andijan and Urgench are ongoing.

The President emphasized the importance of maintaining a stable tax policy to support an attractive business environment. The main tax rates will remain unchanged. From January 1, 2025, state property and land will be sold without VAT, the excise tax on mobile communication will be abolished, and double taxation of land tax on agricultural lands outside the city will cease. Publishing enterprises will be exempt from profit tax for 5 years.

Preferences for IT park residents, exempting them from all types of taxes, will be extended until 2040. Benefits for private schools, kindergartens, and foreign specialists will remain in effect until 2030.

The process of Uzbekistan's accession to the World Trade Organization (WTO) is entering its final stage. In this regard, benefits that contradict WTO rules will be abolished. At the same time, all conditions will be created for market participants to operate in a fair competitive environment.

Transportation and logistics infrastructure also remain a focus. The operation of border checkpoints "Khanabad," "Mingtepa," "Karasuv," and "Uchkurgan" has been resumed. In 2025, additional corridors will be constructed at the border crossings "Gishtkuprik," "Navoi," "Davut-ota," "Shavat," and "Gulbahor," increasing their capacity fivefold.

Despite challenging geopolitical conditions, the country's economy grew by 6.3 percent in 2024, reaching 111 billion dollars. Investments of 38 billion dollars were attracted to industry, agriculture, and services, while exports exceeded 26 billion dollars.

The President noted the key role of entrepreneurs in achieving these results, creating jobs and reducing poverty, expressing gratitude to them.

Next year, GDP is expected to increase to 120 billion dollars, exports to 30 billion, and the volume of investments to more than 42 billion dollars.

The meeting included an exchange of views on the necessary steps to achieve these goals. Entrepreneurs suggested simplifying business procedures, deepening raw material processing, increasing the production of high value-added products, and boosting exports. After listening to the opinions expressed, the head of state identified the corresponding measures.

First and foremost, the importance of increasing the incomes of private sector workers was emphasized. In this regard, textile and leather enterprises that pay their employees at least 2.5 million soums and have at least 15 percent of workers from low-income families will receive tax incentives. For such companies, the profit tax rate and the income tax for their employees will be only 1 percent.

The head of state noted that similar social criteria for granting benefits could be applied in other sectors of the economy.

The President stressed the need for entrepreneurs not to rely solely on bank loans but to adapt to international standards and independently attract funds from abroad. A center will be established to support entrepreneurs in accessing international financial markets with the involvement of international consulting companies.

There are 142 so-called "champion" companies in the country, employing more than 5,000 people and generating annual revenue exceeding 1 trillion soums. They are becoming diversified corporations, fostering the development of related industries.

To support such promising entrepreneurs and stimulate others, it is proposed to provide them with land and buildings directly, as well as to transfer state enterprises for long-term management.

As is known, 7 out of 10 of the wealthiest companies in the world operate in the field of information technology and fintech services. To create such companies in Uzbekistan, additional benefits will be provided.