Nozimjon Gaibulloev's career began in finance, where he received a solid education and gained years of experience at one of Uzbekistan's largest banks. This phase of his life laid the foundation for future success and allowed him to develop important skills that later helped him in entrepreneurship.
Within a few years, Nozimjon advanced from a junior specialist to the deputy branch manager, delving into the intricacies of financial analysis and risk management and mastering effective communication with clients and teams. He then successfully launched his first business in the manufacturing sector, Rubber Plast Pharm, before expanding his interests into other industries, such as telemedicine (XMed) and hospitality (Garnet and Garnet Mir Hotels), creating new jobs and making a significant contribution to the economy and development of his country.
Your career began in finance. You studied finance and worked at one of Uzbekistan's largest banks. Could you tell us about that period of your life, what your responsibilities were, and what expertise you gained?
I graduated from Tashkent State University of Economics and worked for over ten years at one of the banks in the Republic of Uzbekistan. I started as a junior specialist and, within a few years, became the deputy manager of one of the bank's branches. My tasks included opening accounts for clients, analyzing the financial standing of companies and individuals for loan approvals, developing investment strategies, and attracting new clients.
Working at the bank helped me deepen my knowledge of financial analysis and risk management. I learned how to work in a team, communicate effectively with clients, and make well-informed decisions in uncertain conditions. This experience sharpened my analytical thinking and strategic planning skills, which have been key to my career as an entrepreneur.
Your career at the bank developed quickly, and eventually, you became the head of the credit department and then the head of the foreign exchange department. Could you share more about those six years of tasks the bank's management set for you and how you accomplished them?
During that time, we focused heavily on optimizing internal processes to reduce costs and increase productivity. We also implemented automation mechanisms in various banking processes, which allowed us to speed up transaction processing and improve customer service.
Together with my team, using various marketing strategies, we attracted more clients and established a personalized approach to each case. For example, we studied how other banks operated and aimed to offer more convenient conditions—shorter application review times, faster service, and so on. We quickly introduced new service standards that improved the bank's reputation, which helped increase sales of banking products and services.
Your first business was the production of packaging and caps for wine and spirits. Tell us about this company. When and how did it start?
After several years in the banking sector, I decided to apply the knowledge and skills I had acquired to my own business. I wanted to create new jobs in the republic. The country has a high unemployment rate, and as an entrepreneur, I wanted to help address this issue.
I noticed a consistent demand for high-quality and aesthetically appealing packaging for alcoholic beverages, which plays a key role in how consumers perceive a product. After studying the market, I realized there was room for innovation and improvement, especially in terms of design, materials, and production technologies. For example, many labels didn't stick well to bottles, and caps were inconvenient to open. Thanks to my banking experience, I was able to attract financing and investors to launch the business. I assembled a team of professionals with experience in manufacturing, design, and management, which allowed us to establish production and enter the market quickly.
My packaging production company grew rapidly and captured a significant market share. Within the first few years, the company became profitable, allowing us to reinvest in further development and expansion. Our manufacturing facilities are located in Tashkent, ensuring convenient logistics and access to key markets. We supply our products to various countries, currently producing caps, labels, boxes, pallets, and films, and we also decorate and paint glass bottles.
Could you share how you structured operational processes in this business, what challenges you faced, and how you overcame them?
Systematic planning and the adoption of advanced management practices played a crucial role. In terms of production processes, we immediately focused on purchasing and installing modern equipment that would automate key stages of production. This ensured high accuracy and speed in fulfilling orders. Another critical aspect was establishing reliable supply chains for raw materials and components. We thoroughly vetted our suppliers to ensure long-term contracts and minimize supply disruptions.
However, we did face supply chain issues, particularly with raw materials. Suppliers occasionally delivered later than expected, which delayed our deliveries to clients. This was primarily due to the fact that we imported most of the materials, and logistics and border delays interfered with our schedules. We solved this problem by developing a diversified supplier network, partnering with new contractors, and creating backup reserves to ensure production continuity.
Another challenge during our first year was maintaining product quality, as we experienced a significant number of defects that didn't meet quality standards. We strengthened quality control at every production stage, implemented new standards, and held regular staff training sessions. Lastly, we faced stiff competition. The active growth of other manufacturers required us to continuously improve our products and services, which is natural in a free market. We decided to reposition ourselves by offering something different to our clients. As a result, we focused on innovation, unique offerings, and developed new design solutions while enhancing customer service. For instance, we began offering custom packaging and cap design services, which helped us stand out in the market and meet the specific needs of our customers. We also launched a premium line: developing high-quality, aesthetically appealing packaging for premium products boosted our sales.
Tell us about the automation and cost optimization processes you regularly implement at your production, and how they impact your business's financial performance.
Automation and cost optimization are key in our packaging and cap manufacturing business. These processes not only enhance production efficiency but also significantly improve the company's financial performance.
We aim to use modern systems, like Enterprise Resource Planning (ERP) systems, to coordinate all business processes. This helps us stay on top of procurement, production, warehousing, and sales, positively affecting operational transparency and control. We regularly optimize inventory levels of raw materials and finished products to reduce storage costs and speed up order fulfillment.
By using analytics tools to monitor production data, we can quickly identify bottlenecks and address deviations from the norm. For instance, adopting energy-efficient equipment and technologies allows us to reduce energy costs, directly impacting lower production expenses.
You have diverse business interests, and I know you're also a co-founder of a telemedicine business. Can you tell us more about that company and your role in its development and management?
The successful experience with my manufacturing company gave me the confidence and valuable lessons for future ventures. I decided to enter the telemedicine field after the pandemic. I wanted to create a genuinely useful social product that would help people. Our telemedicine project focuses on providing high-quality and accessible medical care through modern digital technologies. The company develops and implements a platform that allows patients to consult doctors remotely, without having to visit medical facilities. Doctors can conduct initial diagnoses, prescribe treatments, and recommend further actions, such as lab tests or consultations with specialists.
The platform is integrated with several medical institutions and laboratories, allowing for the quick exchange of data and ensuring continuity of medical care. We offer patients the ability to maintain electronic medical records where all their medical data, test results, and consultation histories are stored. Doctors have access to this information, enabling them to provide more accurate and timely care.
In this company, I'm responsible for strategic planning, developing the company's growth strategy, and identifying key priorities, such as expanding services, geographic expansion, and forming partnerships with medical institutions. I also oversee key operational processes, participate in investment fundraising, and contribute to marketing strategy development. My business partner focuses on the platform's IT development.
Over the years, we've attracted a significant number of users, secured partnerships with leading medical institutions and laboratories, and hired many employees who cannot see patients in person but are happy to do so online—for example, specialists on maternity leave or retired doctors with experience. We're now planning to expand geographically, implement new technologies like artificial intelligence for diagnostics, and broaden our range of medical services. We place great importance on educational work in this business. Through advertising, we explain what the service is, how it works, and how it can benefit people. For example, television ads work better for older clients, while social media is more effective for younger people.
How would you characterize the level of healthcare development in Uzbekistan, and what role does telemedicine play in this context?
In recent years, the government of Uzbekistan has been actively investing in the modernization of medical infrastructure. New hospitals, clinics, and medical centers have been built, many of which are equipped with modern technologies. However, in some regions, particularly rural areas, healthcare infrastructure still needs improvement. For instance, it's difficult for people living in remote areas to access medical care. The pandemic highlighted how important it is to receive medical assistance online, without going to crowded places.
In this regard, telemedicine plays a unique role in providing quality healthcare to the country's population. Telemedicine allows residents of remote and rural areas to consult qualified specialists without needing to travel to major cities. This is especially important in regions where specialized doctors are scarce. Additionally, the ability to consult online helps reduce the burden on clinics and hospitals, shortening wait times for patients. We believe that full integration of telemedicine into the national healthcare system will help create a unified platform for data exchange, improving coordination and the quality of healthcare. We are working in this direction.
You also have tourism projects and are developing hotels. Could you tell us about these projects and why you are interested in this sector?
In 2017, our government prioritized tourism and began attracting more visitors to the country. The flow of tourists increased, but there was a severe shortage of hotels. Many existing hotels didn't meet quality standards because they had been converted from former
dormitories. We saw this sector as promising and decided to try opening a hotel. We purchased land in Tashkent and built two hotels. These hotels offer 50 rooms each, with spa zones, restaurants, and conference halls.
It wasn't easy for me to get into this business. We faced challenges with staff who needed thorough training, and sometimes IT systems failed, causing our bookings to disappear from booking platforms. But over time, we overcame all the barriers and set up operations at a high level. Our hotel has a rating of 9.3 on Booking.com.
What are your plans for developing your tourism business, and what growth opportunities do you see?
Tourists from all over the world come to Uzbekistan, including visitors from Kazakhstan, Tajikistan, Turkmenistan, Russia, the USA, and Europe. The country's tourism appeal continues to grow. Guests visit Tashkent and then travel to Samarkand, Bukhara, and Khiva. So we will continue to actively develop our hotel business.
You are an entrepreneur with over 10 years of experience, managing three active businesses. What important aspects of entrepreneurship have you realized over time, and what advice can you give to aspiring entrepreneurs?
It's important to learn how to find people you can trust. Operational processes, making key decisions, choosing strategies—for instance, to dive into each new business, I involved my assistants to conduct research and help me study the market. I trust them and am willing to invest in projects they consider promising.
I also recommend frequently trying new things rather than staying within one project. I enjoy starting new ventures, getting them on their feet, and moving on. I'm interested in building businesses, immersing myself in them for six months to a year, and then handing over management to top executives.
Tell us about your approach to working with teams. What hacks do you use for hiring employees, and how do you conduct interviews to determine whether a candidate is the right fit and possesses the necessary competencies?
While working at the bank, I dedicated a lot of time training and mentoring young specialists. This contributed to their professional growth and improved team efficiency. We created a professional development program for bank employees to enhance their skills, advance quickly, and work more efficiently. I later applied this approach in my business.
In manufacturing, I focus heavily on the qualifications of specialists and don't skimp on payroll costs to attract the best talent to my company. We conduct regular training to improve employee skills and familiarize them with new technologies. We also use a motivation system with performance bonuses and career development programs that help retain valuable employees.
I was deeply inspired by Henry Ford's book on how he built his production and the principles he followed. I often read various business books, take notes, and write down ideas that resonate with me. For example, Ford trusted his employees: he might not know how much he paid in taxes or how many cars he produced, but that's why he hired a team. In my work, I've also learned to delegate and build a control system so that several individuals are responsible for different business processes.
I enjoy discovering talents in employees and assigning them tasks where they can best showcase their skills. I understand what candidates need, their motivation, and help them solve their issues through their work, ensuring they feel comfortable in my company. It's important for people to grow professionally, acquire new skills, and have their job meet their personal and financial needs. For instance, we help candidates from other cities find housing, enroll their children in school, and assist with purchasing cars, among other things. By fostering a supportive and growth-oriented environment, we not only retain valuable employees but also create a foundation for long-term success and innovation.
