Embassy of the Republic of Uzbekistan in the Kingdom of Spain

President of Uzbekistan: “I Am Confident That the Spirit of the Tashkent Investment Forum Will Become a Symbol of Our Shared Success”

President of Uzbekistan Shavkat Mirziyoyev participated in and addressed the plenary session of the Fifth Tashkent International Investment Forum on 17 June, according to Dunyo News Agency.

According to the press service of the President of Uzbekistan, the event was also attended by President of the Republic of Albania Bayram Begaj, Chairman of the Government of the Russian Federation Mikhail Mishustin, Prime Minister of the Republic of Azerbaijan Ali Asadov, Prime Minister of the Republic of Belarus Alexander Turchin, Prime Minister of the Republic of Kazakhstan Olzhas Bektenov, Chairman of the Cabinet of Ministers – Head of the Presidential Administration of the Kyrgyz Republic Adylbek Kasymaliev, Prime Minister of the Republic of Tajikistan Kokhir Rasulzoda, Head of the New Development Bank Dilma Rousseff, as well as representatives of other multilateral financial institutions, foreign banks, global corporations, major companies, investment funds, and business communities.

Bringing together more than 10,000 delegates and participants from over 100 countries, the forum once again confirmed its growing international authority and the increasing confidence of the global community in the reforms being implemented in New Uzbekistan.

In his address, President of Uzbekistan emphasized that Uzbekistan remains open to equal and mutually beneficial partnerships with international investors.

It was noted that in the context of the rapid transformation of global economic processes and intensifying competition, countries capable of ensuring the protection of the rights and freedoms of entrepreneurs, sustainable economic growth, and broad opportunities are becoming increasingly in demand.

In this context, the consistent reforms being carried out in Uzbekistan are already producing tangible results. Last year, the country’s economy grew by 7.7 percent, and this year the gross domestic product is expected to increase to more than 180 billion US dollars. The volume of attracted investments reached 43 billion US dollars.

A significant achievement has been the strengthening of macroeconomic stability: the national currency remains stable, and international reserves have exceeded 70 billion US dollars.

Over the past years, more than 150 billion US dollars of foreign investment have been attracted to the economy of Uzbekistan, of which more than 123 billion US dollars account for the last five years.

At the same time, the country continues to strengthen its positions in international rankings, including the Index of Economic Freedom, where it has entered the category of “moderately free economies” for the first time.

The theme of this year’s forum is “Investment Resilience: New Horizons and New Partnerships.” The Head of State stressed that the sustainable development of the investment environment is a key condition for achieving the country’s long-term objectives.

In this context, six key directions for further deepening investment cooperation and creating a modern ecosystem for doing business were outlined.

The first priority is further strengthening the system of legal guarantees for investors.

The Tashkent International Financial Centre is being established in Uzbekistan, which will become a new institutional platform with a special legal regime.

Participants of the Centre will be provided with tax and customs incentives, guarantees of free capital movement, and the possibility of settlements in any currency. The infrastructure of the Centre will include an independent financial regulator, a system of digital assets, and green financing mechanisms.

It is also planned to introduce mechanisms of international arbitration and a commercial court with the participation of foreign judges and international experts, as well as to accede to the United Nations Singapore Convention on Mediation.

“As a result of all these measures, investors will receive guaranteed international legal protection directly within Uzbekistan,” the Head of State noted.

Another major part of the address was devoted to the accelerated development of the capital market and the expansion of modern financial instruments.

In recent years, Uzbekistan has placed bonds on international markets worth more than 16 billion US dollars, and has also carried out its largest initial public offering over the past five years on the London Stock Exchange.

Preparations are underway for new companies to enter international capital markets, while a legal framework is being developed for alternative investment instruments, including laws on the capital market and investment funds.

Particular attention is being paid to the development of sovereign Islamic bonds (sukuk), which are expected to become an additional source of significant investment inflows into the country’s economy.

The next strategic direction is attracting investment for the expansion of high value-added production chains.

Large-scale programmes have been launched to transition all industries to a new technological level.

In the coming years, it is planned to increase the volume of high-tech industrial production by more than 2.5 times.

Special emphasis is placed on the development of key “driver” industries such as the chemical industry, mechanical engineering and robotics, light industry, construction materials production, electrical engineering, and pharmaceuticals. The combined investment potential of these areas is estimated at tens of billions of US dollars.

The President of Uzbekistan Shavkat Mirziyoyev today also participated in and addressed the plenary session of the Fifth Tashkent International Investment Forum, according to a correspondent of Dunyo News Agency.

The forum, which brought together more than 10,000 delegates and participants from over 100 countries, once again confirmed its growing international authority and the increasing confidence of the global community in the reforms being carried out in New Uzbekistan.

In his address, the President of Uzbekistan emphasized that the country remains open to equal and mutually beneficial partnership with international investors.

It was noted that in the context of the rapid transformation of global economic processes and increasing competition, countries capable of ensuring the protection of entrepreneurs’ rights and freedoms, sustainable economic growth, and broad opportunities are becoming increasingly in demand.

In this context, the consistent reforms being implemented in Uzbekistan are already producing concrete results. Last year, the country’s economy grew by 7.7 percent, and this year GDP is expected to exceed 180 billion US dollars. The volume of attracted investment reached 43 billion US dollars.

A significant achievement has been the strengthening of macroeconomic stability: the national currency remains stable, and international reserves have exceeded 70 billion US dollars.

Over the past years, more than 150 billion US dollars of foreign investment have been attracted into Uzbekistan’s economy, including more than 123 billion US dollars over the last five years.

At the same time, the country continues to strengthen its position in international rankings, including the Index of Economic Freedom, where it has entered the category of “moderately free economies” for the first time.

The theme of this year’s forum is “Investment Resilience: New Horizons and New Partnerships.” The President stressed that the sustainable development of the investment environment is a key condition for achieving long-term national goals.

In this context, six key areas for further deepening investment cooperation and creating a modern business ecosystem were identified.

The first priority is strengthening legal guarantees for investors.

The Tashkent International Financial Centre is being established in Uzbekistan as a new institutional platform with a special legal regime.

Participants will benefit from tax and customs incentives, free capital movement guarantees, and the ability to settle in any currency. The centre will include an independent financial regulator, a digital assets system, and green finance mechanisms.

It is also planned to introduce international arbitration and a commercial court with participation of foreign judges and international experts, as well as accession to the United Nations Singapore Convention on Mediation.

The President emphasized that, as a result, investors will receive guaranteed international legal protection directly in Uzbekistan.

Another major focus was the development of capital markets and modern financial instruments.

In recent years, Uzbekistan has issued more than 16 billion US dollars in bonds on international markets and carried out its largest IPO in the past five years on the London Stock Exchange.

Work is ongoing to prepare new companies for entry into international capital markets, while the legal framework for alternative investment instruments is being developed, including legislation on capital markets and investment funds.

Particular attention is being given to sovereign Islamic bonds (sukuk), which are expected to become an additional source of significant investment inflows into the national economy.

The next strategic priority is attracting investment to expand high value-added production chains.

Large-scale programmes have been launched to upgrade all industrial sectors to a new technological level.

In the coming years, the volume of high-tech industrial production is expected to increase more than 2.5 times.

Special emphasis is placed on developing key driver industries such as chemicals, mechanical engineering and robotics, light industry, construction materials, electrical engineering, and pharmaceuticals. The combined investment potential of these sectors is estimated at tens of billions of US dollars.