The forum was initiated by the President of Uzbekistan Islam Karimov. It was attended by representatives of international organizations and financial institutions such as the United Nations, World Bank, International Finance Corporation, Islamic Development Bank, experts and businesses from 45 states, including the USA, China, South Korea, Japan, Great Britain, Germany, Canada, foreign diplomats, etc.

President of Uzbekistan Islam Karimov participated at the opening ceremony of the international conference, UzA reported.

The conference was dedicated to studying advanced experience in development of small and private businesses as important part of forming sustainable economy and reforming social sector, as well as familiarizing international community with achievements of Uzbekistan in this area.

Mr. Xiaoyu Zhao is the Vice-President of ADB said that Uzbekistan achieved great progress and achievements during 21 years of its independence and the country can be proud of it.

Vice President and head of division on finances and development of private sector of the World Bank and IFC Janamitra Devan said effective support of small business play important role in ensuring economic growth. Uzbekistan determined as supporting this sector as important term for growth of competitiveness and diversification of economy.

The participants of the conference underlined that presidential decrees from July 2012 “On measures on cardinal decreasing statistic, tax, financial reporting, licensed types of activities and permission procedures” and “On measures on further cardinal improving business activity and providing more freedom to entrepreneurship”.

Birama Boubacar Sidibe, the IDB Vice President, said small business is foundation of national economy. He said that IDB recognizes that supporting this sector to raise its competitiveness is the best strategy on creating favorable environment for social-economic development, growth of employment and prosperity of population.

He said that Uzbekistan became member of the IDB in 2003. During this period, the bank issued over US$923 million to finance 34 projects in priority directions, including development of private sector. He said that the bank is ready to support Uzbekistan in strengthening small and private businesses, which is currently locomotive of sustainable development.

Thanks to implemented measures on further improving business environment, supporting development of small and private businesses, the sector takes more important role in economy of Uzbekistan. In the first half of 2012, over 13,000 new small and private businesses were founded in Uzbekistan and large number of them fell to share of production industries. About 132,000 businesses were attracted to the electronic public procurement system.

Foreign participants of the conference expressed their assurance that reforms in Uzbekistan will allow the country to become one of economically developed states and ensure further progress of the country in the future.

The conference continued its work in sectional sessions such as “Small business and private entrepreneurship – foundation for diversification and sustainable development of economy”, “Important factors and conditions for forming and developing small business and private entrepreneurship”, “Legal guarantees and freedom of entrepreneurship activity and protection of rights of private owners”, etc.

The final document has been adopted in the result of the conference.