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What Prevents Emergence of New Companies from Europe, USA in Uzbekistan?

2 September 2019

Analysts of the information and analytical Uzbek portal World of Finance told Trend about obstacles to increasing the share of European and the US companies in Uzbekistan.

Experts stressed that in fact, nothing prevents the increase in the number of companies from Europe and the United States in the country, but there are some points that directly affect the emergence of new companies from these countries in Uzbekistan.

"This is an underdeveloped business environment with a complex tax system and lack of qualified specialists. As for local private property laws, the authorities very often change the rules of the game in conducting business, and this destabilizes the situation on the market," the experts said.

They noted that most regulatory documents protect the rights of monopolies and state-owned companies, which interferes with competition in the market. "It is these factors that prevent Western investors from rapidly developing business in Uzbekistan," analysts said.

However, they noted that recently, many reforms have been conducted to improve the business environment, which positively affects the future development of private business.

It is worth noting that, along with China, Russia and Korea, Uzbekistan also works closely with companies from Kazakhstan and Turkey, which are its strategic partners in foreign trade.

"The main reason for close cooperation between the companies is the export and import of goods and services. Uzbekistan mainly sells resources such as oil, gas, precious metals and cotton to these countries and buys finished products including technology, flour and consumer goods. Building business is a vital necessity for creating companies in Uzbekistan," the experts emphasized.

Experts of the World of Finance believe that, firstly, these countries have a large share in Uzbekistan due to its geographical location and, second, because they have close diplomatic relations and are familiar with the laws on introducing business in Uzbekistan.