OREANDA-NEWS. June 14, 2012. President of Uzbekistan Islam Karimov approved a programme on developing service sector in Uzbekistan for 2012-2016.

The resolution, signed by the Uzbek president, said that share of services in GDP grew from 38.7% to 50.5% in 2005-2011. Information-communication, banking, insurance, leasing, tourism sectors developed fast.

In 2006-2011, the fast development of the service sector helped to create 1.1 million new jobs, first of all in small and private businesses.

The resolution said that level and quality of offered services, in particular in rural areas, do not meet development level of economy, real demands of population and existing resources and opportunities.

The programme includes targeted parameters of development of services in Uzbekistan for 2012-2016, which envisages that share of the services in GDP of Uzbekistan will reach by 55% by the end of 2016.

It is expected that share of services will make up 52% in 2012, 52.5% in 2013, 53% in 2014, 54% in 2015 and 55% in 2016.

The growth of services will reach 14.9% in 2012, 15.6% in 2013, 16.2% in 2014, 16.9% in 2015 and 17.4% in 2016.

The programme also includes targeted parameters of developing services by regions and forecasted parameters for development of new services, rendered by UzACI.

The resolution extended tax preferences to microfirms and small enterprises, rendering services, till 1 January 2017 and provided new preferences to enterprises in rural areas.

Uzbek President also proposal of the Ministry of Economy, Ministry of Finance, Central Bank of Uzbekistan on providing preferential loans due to resources of Microcreditbank to develop services in 2012-2016.

In line with the resolution, Microcreditbank will issue preferential loans for 189.92 billion soums to development of services. The bank allocate 21.18 billion soums in 2012, 27.594 billion soums in 2013, 35.59 billion soums in 2014, 45.9 billion soums in 2015 and 59.66 billion soums in 2016.

The loans will be directed at creating new service objects, equipment enterprises, specializing in services. The loans will be issued to development of services in rural areas.