On June 17, President of the Republic of Uzbekistan Shavkat Mirziyoyev attended and addressed the plenary session of the fifth Tashkent International Investment Forum, the press service of the head of our state reports.
Also attending the event were President of the Republic of Albania Bajram Begaj, Prime Minister 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 and 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 the business community.
The forum, which brought together over 10,000 delegates and participants from over 100 countries, once again confirmed its growing international standing and the growing trust of the global community in the reforms being implemented in New Uzbekistan.
In his speech, the President emphasized that Uzbekistan is open to equal and mutually beneficial partnerships with international investors.
He noted that, in the context of the rapid transformation of the global economy and increasing competition, countries capable of protecting the rights and freedoms of entrepreneurs, ensuring sustainable economic growth, and broad opportunities are becoming increasingly in demand.
In this context, the consistent reforms being implemented in Uzbekistan are already yielding concrete 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. Investments attracted reached $43 billion.
Strengthening macroeconomic stability has been a significant achievement: the national currency remains stable, and international reserves have exceeded $70 billion.
Over the past few years, Uzbekistan’s economy has attracted over $150 billion in foreign investment, over $123 billion of which has been in the last five years.
At the same time, our country continues to strengthen its position in international rankings, including the Index of Economic Freedom, where it was ranked among “moderately free economies” for the first time.
This year’s forum theme is “Investment Sustainability: New Horizons and New Partnerships.” The head of state emphasized that sustainable development of the investment environment is key to achieving the country’s long-term goals.
In this context, six key areas for further deepening investment cooperation and creating a modern business ecosystem were identified.
The first priority is further strengthening the system of legal guarantees for investors.
The Tashkent International Financial Center is being established in Uzbekistan, which will become a new institutional platform with a special legal regime.
Center participants will enjoy tax and customs preferences, guarantees for the free movement of capital, and the ability to make payments in any currency. The center’s infrastructure will include an independent financial regulator, a digital asset system, and a “green” financing system.
The implementation of international arbitration and commercial court mechanisms involving foreign judges and experts is also planned, as is accession to the UN Singapore Convention on Mediation.
“As a result of all these measures, investors will receive guaranteed international legal protection directly in Uzbekistan,” the head of state noted.
A separate section of his speech was devoted to the accelerated development of the capital market and the expansion of the range of modern financial instruments.
In recent years, Uzbekistan has placed bonds worth over $16 billion on international markets and conducted its largest IPO in five years on the London Stock Exchange.
Preparations for new companies to enter international capital markets continue, and a legal framework for the development of alternative investment instruments, including laws on capital markets and investment funds, is being developed.
Particular attention is being paid to the development of sovereign Islamic bonds (sukuk), which should become an additional source of significant investment in the country’s economy.
The next strategic focus is attracting investment to expand high-value chains.
Major programs have been launched to advance technological advancements across all industrial sectors.
In the coming years, the volume of high-tech industrial production is planned to increase by more than 2.5 times.
Particular emphasis is placed on the development of key 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 sectors is estimated at tens of billions of dollars.
“We are ready to fully support your initiatives in the ‘new economy’ sectors,” the President stated.
The leader of Uzbekistan also emphasized the importance of effectively utilizing the country’s natural resource base of critical minerals, valued at $3 trillion, and developing “Metals of the Future” technology parks with the participation of foreign investors.
Deepening partnerships in green energy and artificial intelligence are also identified as priorities.
The share of renewable energy in the country’s energy balance will be increased to 54 percent in the near future. At the same time, energy storage systems will be developed, power grids modernized, and data centers powered by clean energy will be established.
Special attention is paid to the development of artificial intelligence. As part of the national AI implementation strategy, large-scale digital transformation programs are being implemented in education, public services, and business.
A special zone for AI projects and data centers with unique investment conditions and a preferential tax regime is being created in Karakalpakstan.
Work is steadily underway to launch the International Center for Digital Technologies of Uzbekistan, which will enjoy a special legal regime.
According to foreign experts, the potential for creating added value in this area is at least $10 billion.
“Our main goal is to improve the lives of all segments of the population through artificial intelligence, its widespread use in education, public services, and business processes,” the President noted.
Special attention in his speech was given to the further development of regional transport and logistics connectivity.
Uzbekistan, together with its partners, is implementing major infrastructure projects, including the construction of the strategic China-Kyrgyzstan-Uzbekistan railway, the creation of the Trans-Afghan Corridor, and the development of the Middle Corridor route.
“With the full implementation of these projects, we will be able to connect to the network of transport routes linking Asia and Europe,” the head of state noted.
Large-scale projects in the aviation and logistics sectors are also underway, including the construction of a new international airport in Tashkent, designed to handle 20 million passengers annually.
The sixth priority addressed the comprehensive development of the regions’ investment potential and urbanization.
Against the backdrop of intensive demographic and economic growth, the country is implementing large-scale housing and urban development programs, including the creation of the new city “New Tashkent” and the transformation of major regional centers into cities with a population of over a million.
“By 2040, we plan to double the amount of housing under construction and increase the urbanization rate from the current 51 percent to 65 percent,” the President emphasized.
Special attention is being paid to the development of tourism. This sector of the economy has the potential to welcome 15-20 million foreign tourists annually, providing services worth at least $15 billion.
The discussion touched on the transformation of the agro-industrial complex and agricultural exports, which already amount to $3.5 billion annually, with potential to reach $10 billion. The President emphasized the importance of actively engaging regional administrations in working with investors and expanding local project cooperation in this area.
Finally, the proposal to create a Regional Alliance of Investment Councils of Central Asian and Caucasus countries, which could serve as the basis for developing a common investment space, was supported.
Uzbekistan’s readiness to further develop an ongoing dialogue with investors within the framework of the Foreign Investors’ Council under the President was also confirmed.
The head of state emphasized that investment is viewed not only as an economic resource but also as advanced technologies, modern knowledge and experience, new jobs, and development that keeps pace with the times.
In conclusion, the President noted that Uzbekistan remains open to international investors who come to our country with great trust and promising ideas.
“I am confident that the spirit of the Tashkent Investment Forum will become a symbol of our shared success.” “Uzbekistan’s beautiful nature, unique culture, and the hospitality of our noble people will be the best investment in strengthening our friendship,” concluded the head of our state.
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