Analysis of the Efficiency of Investment Activity of Small Businesses in the Regions of Uzbekistan (FINANCE MONEY AND CREDIT)
SaveSummary
- The number of active small business entities fell by 12.8% between 2021 and 2025, reaching 403 767 at the end of 2025.p.5
- Year-end small business entities rose from 462 834 in 2021 to 523 556 in 2022, then fell, with 403 767 recorded at the end of 2025.p.4
- Small business accounted for 61.4% of total fixed-capital investment in 2025.p.7
- Regional small-business shares of total investment range from 39.5% in Qashqadaryo to 83.7% in Namangan.p.7
- In 2025 small business investment was UZS 56 128.9 billion in Tashkent city, UZS 51 178.8 billion in Namangan and UZS 44 103.5 billion in Tashkent region.p.6
Key insights
- Higher nominal investment or firm numbers do not by themselves show higher returns on capital.p.1
- Investment figures are nominal and not deflated by a price index.p.4
- Karakalpakstan's small business investment rose from UZS 2 415.5 billion in 2021 to UZS 13 541.0 billion in 2025, about 5.6 times in nominal terms.p.6
- Over 2021-2025 the number of small businesses rose only in Khorezm (+6.7%) and Tashkent city (+1.9%).p.5
- Andijon recorded the largest decline in active small businesses, at -38.6%.p.5
- The paper proposes a staged mechanism based on project-level NPV, cash flows and debt service coverage rather than aggregate statistics.p.8
Topics and entities
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