This was stated Vice President of the World Bank and International Finance Corporation Janamita Devan at the international conference "On the role and importance of small business and private entrepreneurship in the implementation of socio-economic policy in Uzbekistan".

“We pay tribute to the sustainable economic growth of Uzbekistan and its achievements in social and economic development over the past 21 years, in particular, we would like to appreciate the ability of Uzbekistan hold high growth during the global financial crisis,” he said.

He said that the World Bank Group is happy to act as reliable partner of Uzbekistan to assist it to achieve economic development. He said that the Group renders both crediting and technical expertise at its work with public and private sector.

Janamita Devan noted that the share of small and micro enterprises in total employment in developing countries makes up 45% and in GDP – 33%. He said that small and private businesses employ almost three fourth of employed population, according to the Uzbek statistics, and it produces over half of Uzbekistan’s GDP.

The World Bank official said that share of small businesses in GDP from 2000 to 2010 grew from one third to over half. He said it is 460,000 enterprises and over 8.6 million employed people.

Small and private businesses recommended themselves as important force in innovation and providing jobs, he said.

Uzbekistan has young work force, which is an important resource. Reforms in education sector helped to improve skills of young people. He also highly rated recent steps of Uzbekistan to develop business environment in the country.

Janamita Devan also briefed the participants on the World Bank Group operations in Uzbekistan, including its assistance in strengthening banking and insurance supervision and regulation. He said that there are several interesting programmes. The World Bank forecasts that Uzbekistan has everything for growth and role of the small and private businesses will only grow.