Since 2001, the project has been working with the government of Uzbekistan to improve the business environment in the country, including reforms in business registration, voluntary liquidation, permit issuing, inspections, and the tax reporting system.

On the basis of annual surveys of small and medium businesses, IFC's experts developed more than 200 recommendations for the government of Uzbekistan on further improvement of the business climate in the country.

From 2008 to 2010, the project also worked closely with the government to introduce an evidence-based policy assessment methodology for improving the process of regulatory decision making in the country and supporting a favorable and sustainable business environment.

Zafar Khashimov, IFC Country Officer in Uzbekistan, said, "The Uzbekistan Investment Climate project is the most successful one among IFC's advisory services in Europe and Central Asia. The total impact of the project's work on regulatory simplification is estimated to result in savings of at least $47 million in direct and indirect costs for Uzbek businesses."

During the last two years, the project focused on helping the Uzbek government in its efforts to improve tax administration and reporting. As part of that work, the project conducted a full-scale tax compliance cost survey and provided the government with recommendations on further improvement of local tax administrations. According to the report, there is an outstanding potential for further improvements, which could lead to annual savings of about $200 million to the business.

"It is not a secret that we still have room for improvement in tax administration in the country. We are open to discussions and will carefully consider the recommendations presented in this report." said Alisher Shaykhov, Chairman of the Chamber of Commerce of the Republic of Uzbekistan.

In 2001-2008, the project was implemented in partnership with the Swiss government through the State Secretariat for Economic Affairs or SECO, which is the Swiss Confederation's competence center for all the core issues related to economic policy.