Tashkent, Uzbekistan (UzDaily.com) — President Shavkat Mirziyoyev has highlighted the high pace of economic growth in Uzbekistan, noting that the country’s GDP exceeded US$100 billion in 2023, according to IMF estimates.

The President emphasized that businesses, including those established by compatriots abroad, have played a key role in this achievement.

Mirziyoyev encouraged entrepreneurs to continue innovating and taking initiative. “I am always ready to support you and provide new opportunities,” he added.

He mentioned that over the past year, 8 trillion soums have been allocated to support business initiatives, and 18 trillion soums have been invested in infrastructure development.

The President also noted that while previously 60% of new businesses closed within the first year due to financial difficulties and market access issues, now 76% of companies, or about 300,000, continue to operate successfully for more than three years.

Trade turnover has increased by 25% since the beginning of the year, reaching 986 trillion soums. The number of large companies with turnover exceeding 100 billion soums has doubled, and a similar growth is observed among medium-sized enterprises. Approximately 16,000 previously unprofitable companies reported a net profit of 6.5 trillion soums over six months.

The number of companies rated from B to AAA increased by 91,000, and 170,000 enterprises improved their positions, moving out of the lowest D category. As a result, the frequency of tax audits has halved, and the number of desk audits has decreased threefold.

The President noted that abandoning the principle of “if we check, they will be afraid; if they are afraid, they will pay” has yielded positive results. Revenue from major taxpayers has increased by 10%, from regional enterprises by 25%, and from district-level businesses by 40%.