EXPANDING HORIZONS

The Fund for Support of Exports of Small Businesses and Private Enterprises has rendered the institutional, legal and financial assistance to 1,646 entrepreneurs in signing export contracts totaling $1.32 billion in the current year.

A maximum diversification of production through the involvement of small business and expansion to foreign markets with new products ranks among the key goals of Uzbekistan’s modern economic policy. This process is fully justified, since it is much easier for small economy entities to adjust to price changes in the global market and respond to fluctuating customer demand.

The Fund for Support of Exports of Small Businesses and Private Enterprises under the National Bank of the country has branches in almost all regions, rendering assistance to entrepreneurs with taking part in international exhibitions and fairs, business forums and cooperation exchanges, searching for foreign partners and signing contracts, getting licenses and certificates under the laws of foreign countries. The collaboration with over a hundred foreign organizations has been promoting exports of small businesses and private enterprises.

The number of entrepreneurs cooperating with the FSESBPE has been growing year by year. 164 entrepreneurs have joined their ranks in the current year. The volume of exported products increased by 26%. By the end of 2016, it is planned to support 4,000 entrepreneurs, and increase exports by 50% YOY.

In order to achieve these objectives, it was decided to increase the Fund’s authorized capital from 5.3 billion soums to 10 billion soums. FSESBPE was also granted the right to open its representative offices in foreign countries. It has cut its service charges from 3% to 1%.

The Fund helps domestic manufacturers to be actively involved in big international exhibitions and fairs abroad, establish export ties. In January-June 2016, 120 people have participated in international exhibitions and fairs specializing in construction materials, textile, leather, and footwear industries in Germany, France, Turkey, Turkmenistan and Kazakhstan. As a result, they signed export contracts at $59.5 million.

FSESBPE is currently working closely with O’zbekyengilsanoat on the arrangement of the participation of Uzbek entrepreneurs in the international textile fair Textillegprom-2016 to be held in Moscow on September 20-23.

In order to further enhance the export capacity of Uzbekistan, the Fund arranges visits of foreign customers and representatives of major international shopping malls to all regions of the country, and their meetings with entrepreneurs. This February, Ferghana region has hosted panel discussions with representatives of organizations and large malls in Latvia, Kazakhstan, Russia and other countries. Uzbek entrepreneurs have signed export agreements at more than $150 million. Representatives of large retail chain Lotte Mart Korea visited Uzbekistan in May to hold talks at food and textile enterprises, having agreed on exports of melons, cherries, pomegranates and other products to South Korea.

The Fund for Support of Exports of Small Businesses and Private Enterprises was actively involved in the International Fruit and Vegetable Fair on 12-16 July in Tashkent. With its support, more than 60 domestic enterprises signed 65 agreements on exporting their products totaling almost $490 million.

The Fund has been working on a system-based analysis of products manufactured by small and private businesses, assessment of their competitiveness in the international market, as well as on market research to ensure the compliance of exported products with the requirements of global and regional markets. It holds regular meetings to explore the capacity of exporting enterprises, addressing the emerging issues, and broadly involve producers to export activities.

The Fund will continue contributing to the further expansion of exports of small businesses and private enterprises, and sustainable development of the economy.

UZBEKISTAN TODAY