Uzbekistan to direct US$580m to support exports of small businesses in 2014

The fund will help to draft and register, as well as insure export contracts for 200 businesses and almost 100 businesses will receive market researches. About 140 enterprises from total number of those, which will receive aid, will export their products for the first time.

The fund formed a database of export-oriented goods and services of the Uzbek companies, which are demanded in external market, in the result of monitoring 14,400 business entities and private companies in all regions of Uzbekistan.

Fund for support of exports of small businesses and private entrepreneurs of Uzbekistan was founded in August 2013 under the National Bank of Uzbekistan for Foreign Economic Activity. It has branches across Uzbekistan.

President of Uzbekistan Islam Karimov exempted the Fund from payment of all taxes, duties and payments to the state funds, except single social payment.

Small businesses can export their products and services via the Fund for hard currency without advanced payment, opening letter of credit or guarantee for 180 days. Within 180 days, the payment should be received or the exported goods should returned. But the businesses should obtain insurance for export contract.