KEY DETERMINANTS OF THE BUSINESS ENVIRONMENT AND DEVELOPMENT IN UZBEKISTAN: THEORETICAL AND EMPIRICAL ANALYSIS

Axmadjonov Kamronjon A’zamjon O‘g‘li and Dilafruz Maxkamova Nurmuhammad Qizi

GREEN ECONOMY AND DEVELOPMENT, 2025, vol. 3

Abstract: This article presents an in-depth analysis of the key determinants influencing the formation and development ofthe business environment in the Republic of Uzbekistan. The main objective of the study is to identify the interrelationsamong economic, legal, institutional, social, and technological factors shaping entrepreneurial activity and to assess theirimpact on business development.The theoretical and methodological framework of the research is based on the World Bank’s Doing Business Index,the Global Competitiveness Report, and the principles of institutional economics. The empirical evidence covers theoutcomes of economic liberalization, currency policy reforms, measures to support the private sector, and initiatives toimprove the investment climate implemented since the mid-2010s.The findings indicate that Uzbekistan has achieved notable progress in improving its business environment due toaccelerated institutional reforms, increased inflows of foreign direct investment, and the growing share of the privatesector in GDP. At the same time, further expansion of access to financial resources, streamlining of administrativeprocedures, enhancement of labor market efficiency, and strengthening of human capital development are identified asimportant priorities for unlocking the full potential of entrepreneurship.In conclusion, the article emphasizes the importance of ensuring consistency in institutional reforms, reinforcing thestability of public policy, and promoting innovative business models and clusters in the context of the digital economy.The study concludes that institutional quality, effective governance, and coherent economic policy play a decisive role inshaping a sustainable and competitive business environment in Uzbekistan.

Keywords: business environment; institutional theory; entrepreneurship; economic reforms; Uzbekistan; investment climate; development policy; Doing Business; institutional quality. (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:teu:ged000:v:3:y:2025:id:8564

DOI: 10.5281/zenodo.18103697

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