Uzbek president urges regulators to ease pressure on businesses
Uzbek President Shavkat Mirziyoyev has called on regulatory authorities to stop penalizing businesses for every violation and instead help entrepreneurs correct their mistakes, Fergana news agency reported, citing the presidential press service.
Speaking at a meeting on Uzbekistan’s economic performance in the first half of the year, Mirziyoyev said 51 ministries and government agencies currently have the authority to impose financial penalties in 322 areas.
Over the past two and a half years, fines imposed on businesses have totaled about 3 trillion soums, equivalent to nearly 250 $ million.
Mirziyoyev said companies should first be given an opportunity to correct violations rather than face immediate financial penalties. He instructed officials to prepare proposals aimed at reducing bureaucracy, eliminating excessive fines and improving the business environment.
The president also addressed the challenges facing exporters. Given intense competition in international markets, he said the government should reduce payments, fees and other mandatory costs that increase production expenses.
Mirziyoyev warned ministers and regional governors, known as hokims, that entrepreneurs should feel the practical results of their work in their daily activities.
The meeting also focused on inflation and food security. Most regions failed to meet their pledge to keep price growth below 3% during the first half of the year.
To stabilize prices, the government has allocated 300 billion soums, or about 25 $ million, to subsidize the cost of transporting imported meat by air.
Authorities also plan to increase reserves of vegetables and potatoes, construct additional refrigerated warehouses and replenish state food stocks.
Mirziyoyev said continuing uncertainty in the global economy required all government agencies to be prepared to work under heightened risks and make greater use of domestic resources.
The government was instructed to submit proposals by August 15 for creating a complete economic chain covering resources, infrastructure, production, budget revenues and exports.
The president also announced that Uzbekistan’s macroeconomic forecasts, state budget, investment plans and export programs for 2027 would be prepared under a new approach described as a «mobilization scenario.»
Uzbekistan’s economy grew by 8,5% in the first half of the year. Industrial production increased by 8%, services by 16,9%, construction by 13,8% and agriculture by 4,7%.
Investment reached 28 $ billion, while exports totaled 14.4 $ billion. International rating agencies Fitch and Moody’s also upgraded Uzbekistan’s sovereign credit rating.
However, Mirziyoyev said the current growth rate was not sufficient to significantly improve living standards for the country’s population of about 40 million. He said the economy needed to expand by at least 9–10% annually
Speaking at a meeting on Uzbekistan’s economic performance in the first half of the year, Mirziyoyev said 51 ministries and government agencies currently have the authority to impose financial penalties in 322 areas.
Over the past two and a half years, fines imposed on businesses have totaled about 3 trillion soums, equivalent to nearly 250 $ million.
Mirziyoyev said companies should first be given an opportunity to correct violations rather than face immediate financial penalties. He instructed officials to prepare proposals aimed at reducing bureaucracy, eliminating excessive fines and improving the business environment.
The president also addressed the challenges facing exporters. Given intense competition in international markets, he said the government should reduce payments, fees and other mandatory costs that increase production expenses.
Mirziyoyev warned ministers and regional governors, known as hokims, that entrepreneurs should feel the practical results of their work in their daily activities.
The meeting also focused on inflation and food security. Most regions failed to meet their pledge to keep price growth below 3% during the first half of the year.
To stabilize prices, the government has allocated 300 billion soums, or about 25 $ million, to subsidize the cost of transporting imported meat by air.
Authorities also plan to increase reserves of vegetables and potatoes, construct additional refrigerated warehouses and replenish state food stocks.
Mirziyoyev said continuing uncertainty in the global economy required all government agencies to be prepared to work under heightened risks and make greater use of domestic resources.
The government was instructed to submit proposals by August 15 for creating a complete economic chain covering resources, infrastructure, production, budget revenues and exports.
The president also announced that Uzbekistan’s macroeconomic forecasts, state budget, investment plans and export programs for 2027 would be prepared under a new approach described as a «mobilization scenario.»
Uzbekistan’s economy grew by 8,5% in the first half of the year. Industrial production increased by 8%, services by 16,9%, construction by 13,8% and agriculture by 4,7%.
Investment reached 28 $ billion, while exports totaled 14.4 $ billion. International rating agencies Fitch and Moody’s also upgraded Uzbekistan’s sovereign credit rating.
However, Mirziyoyev said the current growth rate was not sufficient to significantly improve living standards for the country’s population of about 40 million. He said the economy needed to expand by at least 9–10% annually
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