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

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This article presents an in-depth analysis of the key determinants influencing the formation and development of
the business environment in the Republic of Uzbekistan. The main objective of the study is to identify the interrelations
among economic, legal, institutional, social, and technological factors shaping entrepreneurial activity and to assess their
impact 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 the
outcomes of economic liberalization, currency policy reforms, measures to support the private sector, and initiatives to
improve the investment climate implemented since the mid-2010s.
The findings indicate that Uzbekistan has achieved notable progress in improving its business environment due to
accelerated institutional reforms, increased inflows of foreign direct investment, and the growing share of the private
sector in GDP. At the same time, further expansion of access to financial resources, streamlining of administrative
procedures, enhancement of labor market efficiency, and strengthening of human capital development are identified as
important priorities for unlocking the full potential of entrepreneurship.
In conclusion, the article emphasizes the importance of ensuring consistency in institutional reforms, reinforcing the
stability 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 in
shaping a sustainable and competitive business environment in Uzbekistan.