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Key Determinants Of The Business Environment And Development In Uzbekistan: Theoretical And Empirical Analysis

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  • Axmadjonov Kamronjon A’zamjon o‘g‘li
  • Dilafruz Maxkamova Nurmuhammad qizi

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.

Suggested Citation

  • Axmadjonov Kamronjon A’zamjon o‘g‘li & Dilafruz Maxkamova Nurmuhammad qizi, 2025. "Key Determinants Of The Business Environment And Development In Uzbekistan: Theoretical And Empirical Analysis," GREEN ECONOMY AND DEVELOPMENT, "Ma'rifat-Print-Media" LLC, Tashkent State University of Economics, vol. 3, November.
    • Handle: RePEc:teu:ged000:v:3:y:2025:id:8564
    DOI: 10.5281/zenodo.18103697
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    References listed on IDEAS

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    1. North,Douglass C., 1991. "Institutions, Institutional Change and Economic Performance," Cambridge Books, Cambridge University Press, number 9780521394161.
    2. Gary S. Becker, 1964. "Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education, First Edition," NBER Books, National Bureau of Economic Research, Inc, number beck-5, May.
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