Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth

Private Sector Development and Access to Finance
175
Export-oriented and internationalized SMEs could also boost national 
productivity through their active participation in global value chains. They 
could grow further by strengthening firm relationships and partnerships 
with lead firms and value chain actors in their industries. Agriculture-related 
SMEs could create more jobs by restructuring their business models to highly 
productive businesses using technology obtained through participating in 
agricultural value chains.
Several factors constrain SME development: e.g., insufficient product quality 
control and standards, skilled labor, market access, logistics, business literacy, 
networking, corporate governance, and access to finance. Among others, 
funding constraints weaken SMEs’ innovation capabilities. Enhanced financial 
sector development is needed for the private sector to develop further. 
Growth-oriented SMEs are seeking diversified financing options that go 
beyond traditional bank credit to support their growth potential. SME access 
to finance should be high on the government’s policy agenda for private 
sector development. In particular, the balanced development of banking and 
the nonbank finance industry, using new digital technologies, is crucial to 
broadening the financing models available for viable SMEs, including start-ups 
and young entrepreneurs. 
The government’s institutional reforms should be well coordinated, 
together with SOE reforms, to advance private sector and financial sector
development agendas.

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