He said that Uzbekistan achieved great progress and achievement in 21 years. Xiaoyu Zhao quoting Uzbek President Islam Karimov said that economic growth made up 3.7 times, real income rose 7 times and life length rose by 7 years in average.

The ADB official said that Uzbekistan successfully overcame negative consequences of global economic crisis, achieving sustainable high economic growth and continuing structural reforms.

Xiaoyu Zhao recalled that new country partnership strategy (CPS) for 2012-2016 of the ADB and Uzbekistan says that Uzbekistan is one of the fast growing economy in Central Asia and income per capita rose three times in last seven years, and aspires to become an upper middle-income country by 2020.

Uzbekistan was able to keep economic growth during global financial crisis, and small and private businesses played key role in this growth and diversification of economy, he said.

During last ten years, small and private businesses in Uzbekistan significantly increased their contribution to GDP – from 30% in the beginning of millennium to 50% of GDP at the end of 2011. He said that the small businesses play key role in development of agriculture, construction, trade services, production sectors and light industry.

Xiaoyu Zhao stated that small and private businesses create jobs in Uzbekistan as 3 out of four employed people work in the sector. Annually, small and private businesses create about 0.5 million jobs, of which 50% are in rural areas.

Development of small and private business play important role in ensuring gender equality and sustainable growth in Uzbekistan. He said that their growth will help Uzbekistan to become upper middle-income country.

Educated and young labour resources of Uzbekistan, its rich natural resources, and strategic location in crossroads of Central Asia gave huge opportunity for further development of small and private businesses in the country, the ADB official said.

The Government of Uzbekistan conducted several reforms, which create legal basis for creation and operation of small businesses and simplified their registration process on one-stop-shop, as well as adopted new Tax Code and decreased corporate tax rates, he said.

The ADB Vice-President said that within several governmental programmes, the country continues targeted crediting of financial institutions for further crediting of small and private businesses to improve access of businesses to financing.

Xiaoyu Zhao underlined that financial products are limited and there are need for additional credit resources. He said that he thinks that the government should continue to support to small businesses in this direction.

He also attracted attention of participants to recently adopted decrees of the president on providing more freedom to businesses and creating favourable business climate.

Xiaoyu Zhao added that Uzbekistan implements several programmes directed at stimulating and developing small businesses and private entrepreneurs in rural areas. He said that the ADB is also participating at these programmes.

In particular, he said that the ADB participates in construction of houses in rural areas, which will create 1,000 construction firms and provide jobs for 40,000 builders. Annually, it is planned to create 2,000 family businesses and 10,000 jobs in rural areas. The bank issued US$500 million to the project.

He recalled that the ADB has been rendering assistance to small and private businesses in Uzbekistan since 1998, including to development of financial sector to improve access of businesses to financial resources.

Xiaoyu Zhao said that the ADB provided technical assistance in banking sector, insurance, pension system, financial supervision and regulation, development of capital markets.

The ADB Vice-President said that the ADB allocated US$170 million to development of small and private businesses. Currently, the ADB and Uzbekistan implement the second project in development of small and micro financing to expand access of businesses to financial resources.

He recalled that the Asian Development Bank (ADB) and Government of Uzbekistan have agreed on a new five-year country partnership strategy (CPS) for 2012-2016 that will focus on supporting further development balanced economic growth in Uzbekistan. He said the ADB will support diversification of economy, development of private sector and creation new jobs in city and rural areas.

Within the strategy, the ADB will continue provide access to small and private businesses, including businesswomen. Further development of financial sector will improve access to financial resources and this will help to organize new businesses, develop them and realize export potential.