Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

In a fast-changing global economy, human capital remains the most valuable asset, and women entrepreneurs are increasingly shaping the future of business. Yet, gender disparities in entrepreneurship continue to limit potential across many countries.

“In 2024, over 2.1 million women entrepreneurs existed in Uzbekistan out of 5.2 million… a sevenfold increase within just 4 years. However, only 17% of them are represented in the formal corporate sector. Almost half face obstacles due to the need to combine business and household duties”.

These figures became the starting point for discussion at the panel session titled “Bridging the Gap: Building Inclusive Ecosystems for Women Entrepreneurs in Uzbekistan” held at the Tashkent International Investment Forum.

Moderated by Tatyana Bystrushkina, Executive Director of the American Chamber of Commerce in Uzbekistan, the session was attended by leading representatives of government bodies, international development organizations, financial institutions, and the business community, who discussed sustainable practical steps to overcome gender barriers in business and the financial sector.

Akiko Fujii, UNDP’s Resident Representative in Uzbekistan, opened with findings from a landmark survey of more than 4,000 women entrepreneurs. “In 2024, over 2.1 million women entrepreneurs existed in Uzbekistan out of 5.2 million… a sevenfold increase since 2020,” she stated. “But nearly half, 48%, of women identified balancing work and unpaid care responsibilities as one of the biggest obstacles to growing their businesses. This highlights the persistent gender roles in households that limit women's ability, time, and energy to devote to their entrepreneurship”.

Despite progress, women remain underrepresented in the formal, growth-oriented sector - only 17% of corporate entrepreneurs are women. This disparity underlines the urgency of not only boosting participation but also enabling scale, sustainability, and profitability.

Nozimakhon Davletova, Head of Foreign Policy Analysis and Economic Cooperation Division at the Presidential Administration, emphasized the transformative role of state-backed programs. “Thanks to the reforms of President Mirziyoyev and big investments in entrepreneurship, we have seen more and more strong and confident business owners. But starting a business is often much harder for women. In many families, people still don't expect much from their daughters to become entrepreneurs,” she explained. Highlighting the Hamroh program, Davletova noted, “It gives women access to good loans, but just as importantly, it teaches them how to use that money wisely… So far, we have reached over 3,000 women.”

Access to financing remains a key issue. Andi Aranitasi, Director of the EBRD’s Uzbekistan office, outlined the institution’s extensive SME financing efforts, including targeted support for women and youth-led businesses. “We provided around 1,700 SME-related loans last year alone in Uzbekistan,” he said. “And regionally, since 2020, we have provided about $200 million to each group - women and youth. One of the things that we have done was the launching of what we call the WE Finance Code. Uzbekistan is a big focus at the moment”.

Supporting this policy push, Enrico Pinali, ADB’s Regional Head for Private Sector Development, cited encouraging statistics from the ongoing evaluation of the National Financial Inclusion Strategy. “The proportion of women-owned bank accounts has risen from 46% in 2021 to 62% in 2024,” he reported. However, challenges remain, including a digital usage gap and lower financial literacy among women. “Addressing these gaps remains essential to achieving inclusive and equitable financial access,” he noted.

Business-led initiatives are also gaining traction. Malika Sharipova, founder of Care CSR Ltd, emphasized the potential of corporate supplier diversity programs and digital training. “Uzum has now given those women who are participating in the Hamroh initiative a designated place in Uzum Market,” she shared. “And Korzinka is already trying to hire more women into their supervisor positions - 45% of supervisors and 30% of managers are women… Unless business starts changing the mindset or cultural shift within their operations, they won't be able to promote women entrepreneurship within the society”.

The session concluded with a shared commitment to turning dialogue into action. Stronger networks, better policy alignment, and sustained investment in capacity-building were identified as core pillars to building a more inclusive entrepreneurial ecosystem - one where every woman has the opportunity not just to participate, but to thrive.