Investors Council in Tashkent: Confidence in New Uzbekistan is growing

On June 11, the International Congress Center in the capital Tashkent witnessed another important event - the third plenary session of the Foreign Investors Council under the President of Uzbekistan. The conference, chaired by President Shavkat Mirziyoyev, was attended by heads of the world's largest financial institutions, companies and international organizations. The meeting was devoted to the prospects for cooperation in the public and private sectors, further expansion of foreign investments and further deepening of modern economic reforms.

The current council included heads of such influential companies and banks as the European Bank for Reconstruction and Development, Masdar, Indorama, ACWA Power, Vision Invest, DataVolt, Veon, Boeing, Air Products, SpaceX, Meta, John Deere, Franklin Templeton, Suez, EDF, Total Energies, Voltalia, Orano, Linde, Claas, Sojitz, Bomi, OTP Bank, Goldwind, Çalik, Çengiz, Aksa, JBIC. Representatives of international institutions such as the Organization for Economic Cooperation and Development, the International Finance Corporation, the Asian Development Bank, the Islamic Development Bank, and the International Islamic Trade and Finance Corporation also attended.

Opening the event, President Mirziyoyev highlighted the fruitful results of the recent Tashkent Investment Forum. At the same time, he expressed sincere gratitude for the support and trust of foreign investors in the development of New Uzbekistan.

New results and important initiatives

It was noted that Uzbekistan has attracted almost $1 billion in investment from the European Bank for Reconstruction and Development in 2023, becoming the largest partner in the region. At the same time, cooperation between international financial institutions and the private sector is increasingly strengthened - the number of new projects and joint ventures related to direct investments has increased significantly during the year.

Leading companies such as ACWA Power, Masdar, Linde, Shanghai Environment, Total Energies have invested more than $8 billion in supporting the “green” economy and introducing environmental innovations. These funds are aimed at implementing important projects in waste processing, electricity storage, “green” hydrogen production and other areas.

In the field of digital technologies, DataVolt has begun construction of the largest “green data center” in the history of the region. It was noted that Veon has begun work on a large-scale project to create a "mobile super-application" based on artificial intelligence.

Also, leading companies such as the International Finance Corporation, Ernst & Young, Dentons, Knauf, TBC have taken the initiative in harmonizing national legislation with international standards, and these initiatives have been reflected in dozens of new laws, decrees and resolutions adopted in the past two years.

New business environment and confidence

Over the past two years, 5.5 thousand new enterprises with foreign capital have been established in Uzbekistan. The total number of such enterprises has exceeded 16 thousand. According to the President, this indicates the effectiveness of reforms in the country and the further growth of investor confidence.

The meeting also focused on the proposals submitted by investors. In particular, initiatives were expressed to stabilize tax legislation, increase the share of the private sector in infrastructure projects, increase the number of directly applicable laws, improve corporate governance and increase the potential of local personnel.

Within the framework of these proposals, it was announced that public-private partnership projects worth $4.5 billion have been launched this year in the fields of road, transport, energy, water, and irrigation. In addition, regulatory documents are being developed on the transition to international financial reporting standards, environmental, social, and corporate governance.

New Legal Status and Openness Policy

President Mirziyoyev also proposed reorganizing the Foreign Investors Council into a separate legal entity to further strengthen its work. He noted that the council and its secretariat are working effectively not only with the Ministry of Investment, but also with other departments and organizations.

“We aim to create a New Uzbekistan that is open, free, stable and reliable for investors. We will thoroughly study every initiative and idea and achieve practical results. Our reforms will continue consistently to create a favorable environment for investors and partners and guarantee sustainable development,” the President said.

The next meeting of the Foreign Investors Council in Tashkent once again confirmed that the investment climate in the country is improving and international cooperation is reaching a new level. New Uzbekistan continues to demonstrate its potential and open policy.