“Compared to the year 2000, the GDP has enlarged 2.9 times, the industrial production increased 2.6 times, the volume of investments in the economy multiplied 3.4 times, while foreign direct investment has expanded more than 20 times,” the Uzbek head said.

“Suffice it to say that twenty years ago, there scarcely was any private entrepreneurship in Uzbekistan, while today small business accounts for more than 90% of all corporate businesses in the country. It accounts for about 54% of the current gross domestic product, 22% of manufacturing, and 98% of agricultural production,” he said.

The President said: “During the period between 2005 and 2011, in excess of 5 million new jobs were created in the economy of our country, whereby over 60% of them accounted for small business and private entrepreneurship. These indicators are rather telling in their own right, and, in my opinion, so are they for any other country. As a result, this sphere currently covers more than 75% of the total employed population.”

Uzbek President Islam Karimov said that small business, as a critical structure-shaping sector of economy, serves as a principal source of filling the domestic market with essential goods and services.

“Small business does not only populate certain niches in the economy, but it is also instrumental in the economy’s diversification and ensuring its sustainable growth rates,” he said.

Uzbek head said it is hard to overestimate, especially in our conditions, the vital role of the entrepreneurial business in providing for employment and growth in people’s incomes. This can be seen if we take into account the following figures.

“Second, compact in form, agile and efficient in decision making, receptive to innovation, small business is more flexible and swift in adapting quickly to changes in the demand and the situation in the global and regional markets, and in timely addressing its challenges,” Islam Karimov noted.

President Karimov stated: “Third, starting and running small business does not require large expenses and capital investments, which allows for faster and easier modernization, technical and technological re-equipment of production facilities, introduce new types of goods, constantly upgrade its range and provide for competitive edge.”

Fourth, the higher sustainability of this sphere, compared to large enterprises, for the challenges and consequences of the global financial and economic crisis, he said.

“Only through an accelerated promotion and a predominant status of small business and private entrepreneurship have we been able to cope with the negative impact of the 2008-2009 slowdown with lesser pain and loss, and reorient – within a brief span of time – the production capacities with an eye to the changing global market conditions,” Karimov underlined.

In manufacturing industry, the growth rates of small businesses and private entrepreneurship during 2008-2009 averaged 23-24%, while services expanded at least 15-16%, the Uzbek leader said.

Uzbek head said: “Fifth, small business is not only a source of income, but also a tool for discovering the creative and intellectual abilities of people. This area allows everyone to show their individual talents and capabilities, thus forming a new layer of people – the enterprising, initiative-prone, inclined to independent activity, and able to achieve their goals.”

Islam Karimov said: “In a word, small business and private entrepreneurship in essence are serve as a constantly expanding base for the formation of the middle class, a class which is the backbone of any democratic society. It is through the development of this sector that a social stratum is shaped, the one which is interested in the socio-political, socio-economic stability in the society, the one which is an active driving force moving the country towards progress and democratic reforms.”