The U.S. Agency for International Development (USAID) announced the launch of the Business Support Project, a groundbreaking initiative aimed at fostering sustainable and inclusive economic growth in Uzbekistan. The launch event on March 5 marked the beginning of a five-year journey towards enhancing the competitiveness of small and medium enterprises across four key sectors: information and communications technology (ICT), tourism, textiles, and the green economy, the U.S. Embassy in Uzbekistan reported.
The project is designed to partner with key stakeholders, including the government of Uzbekistan and the private sector, to facilitate investment and foster business-to-business relationships.
Speaking at the event, USAID Mission Director to Uzbekistan David Hoffman highlighted the significance of the activity, “Today, we embark on a transformative journey with the Business Support Project. This initiative represents a pivotal moment in our shared pursuit of a prosperous, inclusive, and sustainable future for Uzbekistan. By addressing critical barriers to growth and leveraging the dynamism of the private sector, we aim to unlock new opportunities for businesses, especially those led by women and youth. Our collective efforts through our Business Support Project will pave the way for a more resilient and competitive economy, benefiting not just Uzbekistan but the entire region.”
USAID plans to provide $17.7 million over five years to the Business Support Project. The activity aims to achieve two primary objectives: reducing barriers to private sector growth and increasing private sector investment and access to finance. By focusing on these objectives, the program seeks to create a more enabling environment for business growth and innovation, thereby contributing to the overall economic prosperity of Uzbekistan.
