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

As part of the 2025 Tashkent International Investment Forum, a panel session titled “Small and Medium-sized Enterprises (SMEs): The Foundation of Economic Growth” was held. The event emphasized that SMEs account for 53.8% of Uzbekistan’s GDP, highlighting their vital role and development prospects within the national economy.

Moderated by Vibke Schloemer, Director for Turkey and Central Asia at the International Finance Corporation (IFC), the session focused on unlocking the hidden potential of the SME sector, ongoing strategies for its development, and its attractiveness to foreign investors.

Speakers included:

• Vakhtang Butskhrikidze, CEO, TBC Bank
• Marife Apilado, Director of PSOD Portfolio Management Division, Asian Development Bank (ADB)
• Simone Zeh Atanasovski, Deputy Regional Director for SME Finance and Development, European Bank for Reconstruction and Development (EBRD)
• Roman Lavrentyev, Chief Operating Officer, Uzum
• Jean-Sébastien Roure, Head of Trade and Investment Policy Section, International Trade Centre (ITC), UN/WTO

During the session, Roman Lavrentyev, COO of Uzum, emphasized the crucial role of SMEs in Uzbekistan’s economy: “At Uzum, we believe that SMEs are not just the backbone of the economy, but they are our heart. The base layer of our platform is super important for us. Right now, as the biggest e-commerce player in the market, we have more than 16,000 SME companies working on our platform. And 80% of these companies are small and medium-sized businesses and individual entrepreneurs. For us, this is a very crucial topic to discuss, as we have experienced many challenges with our partners.”

Marife Apilado from the Asian Development Bank (ADB) also spoke on the structural challenges facing the sector: “While the certainly impressive economic growth of Uzbekistan is very clear, the role of the government is huge.

However, there continue to be large gaps in terms of constraints on SME growth. The key issues in my mind would be regulatory and structural barriers, meaning complex and inconsistent tax and legal frameworks, and bureaucratic processes for business registration, which hinder business scaling.”

Simone Zeh Atanasovski, Deputy Regional Director for SME Finance and Development at the European Bank for Reconstruction and Development (EBRD), addressed the impact of climate factors, noting that since 2017, the Bank has provided over 550 million euros to private sector banks, mobilizing further private sector investments.

 “We see particularly in a country like Uzbekistan where over a quarter of GDP is generated by Agriculture, climate change is real, and a lot of enterprises fail to fully understand the impact of climate change or don't have the funding to invest in upgrading smart technologies and equipment.”

Sanzharbek Bolotov added to the conversation by highlighting the empowerment of women in entrepreneurship: “Since 2021, the Ministry of Economy has been implementing the national program for the support and development of women entrepreneurship, which aims to address key challenges faced by women, focusing on financial resources, capacity development, and legislative improvement. The legal recognition of women entrepreneurship through a law signed in January 2025 is a significant achievement in expanding access to financing and enhancing their economic participation.”

Jean-Sébastien Roure from ITC also noted that reforms are key for SMEs: “Our mission is to create an enabling environment for SMEs by providing access to digital services and capital, which will help them thrive and contribute to the broader economic growth of the region.”

At the conclusion of the panel, proposals were put forward to enhance the competitiveness of Uzbekistan’s economy through the systematic development of the SME sector, creation of an enabling environment, support for technological innovation, and expansion of cooperation with international financial institutions.

The session marked an important step in turning the SME sector into a key driver of sustainable economic growth.