According to the Central Bank's business sentiment survey, optimism among entrepreneurs in Uzbekistan is increasing. The survey, conducted in July across all regions of the country, found that 64% of business representatives reported improved operating conditions, up from 61% a year earlier.
The study covered 2,391 entrepreneurs from various economic sectors. The regulator notes that the indicator of improved conditions has consistently exceeded the 50% mark for two years, indicating the resilience of the business climate.
Entrepreneurs cited improvements in banking service quality, enhanced competitive environment, simplification of licensing procedures, and some modernization of road infrastructure as the main positive changes. Nevertheless, they did not register significant shifts regarding monopolization, administrative pressure, customs duties, or energy supply.
The survey also showed sustained high levels of economic activity: 56% of respondents reported an increase in incoming orders. The highest activity was noted in Samarkand, Kashkadarya, Jizzakh, Navoi, and Khorezm regions. The main drivers of order growth were the construction, tourism, public catering, handicraft, and manufacturing sectors.
A significant change was the increase in the utilization rate of production facilities. Over the year, the share of enterprises operating at high capacity increased from 50% to 58%. The highest utilization was recorded in Tashkent, as well as in Fergana, Namangan, and Kashkadarya regions. Meanwhile, indicators were lower in Karakalpakstan, Bukhara, Syrdarya, and Surkhandarya regions.
The main reasons preventing full operational capacity, according to entrepreneurs nationwide, are most often interruptions in gas and electricity supply, insufficient demand, rising fuel costs, and supply chain issues. Regional reports from the Central Bank confirm similar problems: in addition to energy supply and weak demand, enterprises regularly point to shortages of working capital and logistical difficulties.
In the second quarter, 48% of entrepreneurs reported the need to hire additional staff. The Central Bank forecasts a significant increase in labor demand in the coming quarters in Khorezm, Samarkand, Jizzakh, and Syrdarya regions. By sector, the highest demand is expected in manufacturing, construction, tourism, and the financial sector.
Simultaneously, the financial burden on some companies is growing: 42% of entrepreneurs reported increased debt obligations in the last three months, and 45% expect further debt growth. The most noticeable increase in the need for credit in the next quarter is predicted in Navoi, Kashkadarya, Andijan, and Jizzakh regions. Conversely, in Fergana, Tashkent, and Bukhara regions, the demand for additional financing may decrease or remain unchanged.
The most pronounced dynamics are observed in the expectations of the entrepreneurs themselves. In the second quarter, 82% of respondents stated plans to improve the macroeconomic situation in the medium term, representing an increase of 16 percentage points compared to 66% a year earlier.
In Tashkent and the Tashkent region, the utilization of production capacity has noticeably increased: the share of highly utilized enterprises rose from 43% to 61%. However, the main limiting factor here was interruptions in gas and electricity supply, cited by about 35% of entrepreneurs, compared to about 21% a year ago.
Other identified problems include insufficient demand (22% versus 12% last year), rising fuel prices (about 19% versus 17–18%), and logistical disruptions (about 19% versus 6%). Furthermore, the importance of issues such as labor shortages (11% versus 6%), equipment breakdowns (10% versus 5%), and raw material shortages (10% versus 7%) has increased.
Expectations for the next quarter remain predominantly positive: 51% of respondents anticipate an increase in orders, primarily in construction, manufacturing, handicrafts, and agriculture. Medium-term optimism in Tashkent and the Tashkent region reached 82%, as most respondents expect economic and business environment improvement over the next three years.
Most technology startups operating in Uzbekistan face a number of common difficulties. These include a lack of financial support, a shortage of qualified personnel, and the absence of necessary skills for promoting their products. These problems prevent many promising projects from moving to an active scaling stage.
These findings were made by analysts from the Stanbase platform based on the conducted study Uzbekistan Founder Portrait 2026. This research is based on the results of a survey that covered 229 startup founders, as well as 25 in-depth interviews.
According to the study data, between 67% and 72% of startups experience problems obtaining funding in their initial stages of existence. The market shows a certain pattern: investors tend to direct funds to projects that already have a confirmed customer base and sales history. At the same time, new companies cannot enter the market without an initial capital injection.
Another significant problem for 56% of respondents was the recruitment process. Founders find it difficult to attract experienced developers because offering equity in the project as compensation is not always competitive compared to the stable salary offered by large corporations.
As the business develops, the main challenges change. More than half of entrepreneurs admit that they lack marketing knowledge, and 39% need to improve their business development competencies. The study authors emphasize that despite engineers creating high-quality products, they often face difficulties in promoting them and attracting investment.
It was also found that existing state support mechanisms are not being used to their full extent. Almost 36% of startup founders have never approached state programs or business incubators. The most valuable tools for entrepreneurs turned out to be meetings with private investors (scoring 4.46 out of 5) and closed business communities (4.24 points). Universities ranked last in the rating with a score of 3.25.
It was previously reported about plans to launch the Talent Hub program in Uzbekistan, which will provide foreign IT specialists and investors with the opportunity to remotely register companies and open corresponding bank accounts.
