Address by the President of the Republic of Uzbekistan Shavkat Mirziyoyev at the meeting of the Foreign Investors Council

Distinguished participants of the meeting!

Dear Ms. Odile Renaud-Basso!

Dear friends!

 I am pleased to see you at the regular plenary session of the Foreign Investors Council.

First of all, dear Ms. Renaud-Basso, I would like to express my sincere gratitude for your continued support of our reforms and for your effective co-chairmanship of the Council.

I also extend my sincere respect and appreciation to the leaders of all international organizations and foreign companies participating in today's session.

Ladies and gentlemen!

In recent years, the Council has evolved from a simple advisory mechanism into a platform for practical reforms, a reliable bridge between New Uzbekistan and the global investment community.

Today, the Council has acquired the status of an independent association and has, in the fullest sense of the word, developed into a strong and influential institution.

Over the past year, the number of Council participants has increased from 54 to 85 companies. They cover 23 sectors of our economy and directly participate in the activities of the working groups.

The EBRD, ADB and International Finance Corporation are actively engaged in the work of the Executive Committee of the Council.

It is noteworthy that the active involvement of all our members in the Council is steadily growing. This is a clear testament to the high level of trust in this investment platform.

Distinguished Council participants!

Last year, we also had opportunity to meet and discuss a wide range of important issues. At the previous meeting, concrete solutions were provided for 21 initiatives put forward.

I would like to particularly emphasize that the investors’ proposals are being translated into practical government policies. A significant number of recommendations have already been incorporated into improvements of our regulatory and legal framework.

In particular investor-friendly amendments have been introduced to the Tax Code; intercompany domestic loan agreements have been exempted from financial control; the right to accelerated depreciation of fixed assets has been granted; numerous mandatory requirements for foreign companies reporting under international standards have been abolished.

Furthermore, a draft Law on Alternative Investment Funds has been developed. A program for implementing responsible business conduct standards has been prepared, and work has been undertaken to align 16 technical regulations with international standards.

At the same time, we have taken new steps toward fulfilling international commitments aimed at ensuring equal and fair conditions for foreign investors.

Recently, we announced our decision to submit an application to accede to the OECD Declaration on International Investment and Multinational Enterprises.

As a logical continuation of our efforts in this direction, the adoption of the Constitutional Law on the Tashkent International Financial Center is expected.

All of this serves as clear evidence that your ideas and proposals are being translated into concrete actions.

Distinguished members of the Council!

Over the past period, the working groups under the Council have held more than 50 productive meetings for investors.

As a result, under the co-chairmanship of foreign investors, issues were comprehensively discussed in priority areas, such as alternative investment funds, pledge legislation, responsible business conduct, professional education and workforce development, tax administration, land allocation, and energy.

In preparation for today's meeting we received 120 new proposals and initiatives from you. Following a thorough review, these proposals were consolidated into seven priority areas.

These include issues of improving the investment climate, tax system, cadastral administration, energy, financial and banking system, corporate governance, artificial intelligence, and the digital economy.

In particular, the following proposals are especially relevant today: simplifying monitoring procedures in foreign exchange circulation; introducing new financial mechanisms and instruments, including Islamic insurance, green financing, and launching the sale of distressed bank assets; promoting the adoption of ESG principles by enterprises, including environmental sustainability, social responsibility, and effective corporate governance.

Responsible officials have been assigned to each of these areas, and specific solutions have already been developed.

Taking this opportunity, I would like to express my gratitude to the co-chairs of the working groups who assumed this important responsibility – the heads of Vision Invest, BDO, Crowe, OTP Group, Franklin Templeton, Ernst & Young, Costa Legal, and ACWA Power.

I also express my special gratitude to all members of the Council for their active engagement throughout the year, as well as for their contribution to preparation of important documents and well-developed initiatives.

Ladies and gentlemen!

Now I would like to move to an open and a direct dialogue.

What challenges have you identified based on your analyses over the past year?

What additional measure should the Government take to further improve the investment climate?

Today, members of the Government – Deputy Prime Ministers and Ministers – are present in this hall.

We are prepared to listen carefully to your views and to discuss every concern and recommendation in detail.

If you have suggestions on how to make our cooperation more effective, we will consider them in the spirit of openness and constructive dialogue.

Without a doubt, all the issues raised today will be carefully reviewed, and a comprehensive roadmap will be developed based on the results of our meeting.

Deputy Prime Minister J. Khodjaev and Minister of Investments, Industry and Trade L. Kudratov will personally report to me on a quarterly basis regarding the implementation of the roadmap.

Would this approach be acceptable to you?

I now invite you to share your views and proposals.

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Dear friends!

Our dialogue today has been exceptionally meaningful and productive.

I was particularly encouraged by the practical and result-oriented nature of your proposals.

The initiatives put forward by our trusted partners will contribute to improving the well-being of our people and further strengthening the investment climate.

Your contribution to building an open, stable, and competitive economy in New Uzbekistan is highly valued.

The more opportunities we create for such constructive dialogue, the greater our progress will be.

I would like to sincerely thank all of you for your active participation in the work of our Council. 

Taking this opportunity, I wish you good health, continued success in your professional endeavors, and happiness and prosperity in your personal lives.