Singapore and Uzbekistan expand business ties to support SME growth
Uzbekistan cooperates with Singapore, one of the world’s leading business hubs, to strengthen the SME sector. The two countries are working together on a series of strategic initiatives, ranging from digital transformation and startup incubation to green economy practices and water conservation.
On 7 February, Timur Khusanov, Director of the Department for Analysis, Support and Coordination of State Policy in Small and Medium Business Development at Uzbekistan’s Ministry of Economy and Finance, met with Alan Yeo, Director for Europe and Central Asia at Singapore Cooperation Enterprise, to discuss key areas of collaboration. The meeting centered around Uzbekistan’s SME Development Strategy until 2030 and how Singapore’s expertise can contribute to shaping a more innovative and business-friendly environment in the nation.
A key area of the discussion was the implementation of IT solutions and creating an innovation-driven ecosystem. Uzbekistan aims to simplify business operations for entrepreneurs by launching a unified digital portal that will centralize administrative processes and streamline access to government services. This initiative takes inspiration from Singapore’s digital-first approach, where entrepreneurs benefit from fast online registration, automated compliance reporting and AI-driven business advisory tools. In Singapore, platforms like GoBusiness provide a seamless, paperless experience for startups and SMEs to register and manage their operations. Uzbekistan’s goal is to replicate this efficiency, making it easier for local and foreign entrepreneurs to navigate bureaucratic hurdles and focus on scaling their businesses.
Another key topic was sustainability. Uzbekistan, which faces environmental challenges such as water scarcity, is looking to adopt Singapore’s best practices in green technology and resource management. Despite its limited natural resources, Singapore has become a global leader in water conservation through initiatives like the NEWater recycling system and desalination plants. These innovations could serve as a model for Uzbekistan, where efficient water use is crucial for industries such as agriculture and manufacturing. Together, the two nations are exploring the integration of renewable energy solutions into business operations, encouraging SMEs to adopt eco-friendly technologies.
The meeting also discussed the importance of fostering a dynamic startup ecosystem in Uzbekistan. Singapore has long been a startup magnet due to its pro-business regulations, world-class financial infrastructure, and government-backed accelerator programs. Uzbekistan is keen to attract international investors and entrepreneurs by adopting similar measures, such as tax incentives, simplified visa policies, and venture capital support.
After the talks, Uzbekistan and Singapore agreed to enhance bilateral cooperation through knowledge exchange and joint initiatives. Singapore experts will provide insights into best practices for SME growth, while Uzbekistan will leverage these strategies to refine its business policies and digital infrastructure.
