Address by the President of the Republic Uzbekistan Shavkat Mirziyoyev at the Fifth Tashkent International Investment Forum

Dear participants of the forum!

Ladies and gentlemen!

Dear friends!

I am very pleased to see the heads of state and government, representatives of esteemed international financial institutions, major companies and investment funds, and distinguished business leaders who have joined us today at the Fifth Tashkent International Investment Forum.

Your participation is yet another powerful testament to the growing confidence of the international community in the reforms and development of New Uzbekistan.

Our joint efforts within the framework of this forum are laying a solid foundation for achieving ambitious and far-reaching goals.

The outcomes speak for themselves. Over the past years Uzbekistan has attracted more than $150 billion in foreign investment, of which $123 billion has been secured in the last five years alone.

We are always open to investors interested in cooperation with Uzbekistan and ready to build equal and mutually beneficial partnership.

The participation of nearly 4 000 distinguished foreign guests from more than 100 countries in this year's forum is a clear indication of the growing international recognition and prestige of the Tashkent International Investment Forum.

Taking this opportunity, I would like to express my special gratitude for participation at our event to His Excellency Bajram Begaj, President of the Republic of Albania, His Excellency Mikhail Mishustin, Chairman of the Government of the Russian Federation, His Excellency Aleksandr Turchin, Prime Minister of the Republic of Belarus, His Excellency Ali Asadov, Prime Minister of the Republic of Azerbaijan, His Excellency Olzhas Bektenov, Prime Minister of the Republic of Kazakhstan, His Excellency Adylbek Kasymaliev, Chairman of the Cabinet of Ministers of the Kyrgyz Republic – Head of the Presidential Administration, His Excellency Kokhir Rasulzoda, Prime Minister of the Republic of Tajikistan.

I would also like to thank the European Bank for Reconstruction and Development and the New Development Bank, as well as the representatives of the World Bank, the International Finance Corporation, the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Investment Bank, and many other international financial institutions, banks, companies, and organizations, for their close cooperation in advancing our reform agenda.

Welcome to New Uzbekistan, dear friends!

Distinguished forum participants!

At a time when the world economy and the global map of capital are rapidly changing, and trade tensions are escalating, it is quite natural that any investor seeks to invest in countries, where the rights and freedoms of entrepreneurs are reliably protected, where the economy is growing at an accelerated pace, where broad opportunities exist.

Therefore, we are implementing systemic measures to improve fundamentally the investment climate in New Uzbekistan.

Last year, our GDP growth reached 7,7 percent, and $43 billion foreign investments were attracted into the economy. The stability of our national currency was ensured, and the volume of international reserves exceeded $70 billion.

Many may remember that at the first forum, four years ago, we set the goal of increasing Uzbekistan's GDP to $100 billion by the end of 2026. We expect that this year our rapidly growing economy will surpass the $180 billion.

Uzbekistan's international credit standing continues to strengthen year after year. This year, our country advanced 14 positions in the prestigious Index of Economic Freedom and, for the first time, joined the group of nations recognised as having a "moderately free economy."

These achievements are tangible evidence that Uzbekistan's economy is gaining new momentum and entering a stage of new opportunities.

Distinguished participants of the event!

It is no coincidence that this year’s Forum is being held under the theme "Investment Resilience: New Frontiers, New Partnerships". The ambitious goals before us can only be achieved through joint efforts.

With this in mind, I would like to outline several priority areas that, in our view, will serve to expand our multifaceted cooperation.

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

Ensuring investors' rights through strong institutions and recognized international mechanisms is very important.

In this regard, since March we have started the work on establishing the Tashkent International Financial Centre.

The legal foundations of the Centre will be firmly enshrined in a dedicated Constitutional Law. A highly attractive tax system will be introduced for the participants of this Centre. Corporate income tax, value-added tax, property tax, and customs duties will be set at zero percent. The unconditional guarantees for the free movement of capital and the ability to conduct transactions in any currency will be provided.

A modern system for financial technologies, digital assets, and green finance will be created.

An independent financial regulator authorized to adopt normative documents will also be established within the Centre's territory. These benefits will be established for the initial period of 50 years.

The Centre will function under a special legal regime based on the principles and norms of the English common law. In addition, an independent Tashkent International Commercial Court will be established. It will be staffed by highly respected foreign judges and international experts.

We will also develop an investment mediation system. In this regard, we intend to join the United Nations Singapore Convention on Mediation.

As a result of these measures, investors will receive guaranteed international legal protection right here in Uzbekistan.

We encourage all of you to make full use of these favourable conditions and the vast opportunities of the emerging new ecosystem.

The second priority is the development of the capital market and paving the way for alternative financial instruments.

Uzbekistan is rapidly developing next-generation financial technologies and capital markets.

Over the past period, we have placed bonds worth more than 16 billion US dollars in international markets. Furthermore, we have introduced corporate Eurobonds denominated in the national currency.

For the first time, we have listed 30 percent of the shares of the National Investment Fund, which manages assets in 13 strategic enterprises, on the Tashkent and London Stock Exchanges. Notably, this became the largest IPO on the London Stock Exchange in the last five years. We are also preparing a number of other major companies for IPOs.

To strengthen the legal framework for such reforms, the laws on the Capital Market and Alternative Investment Funds will be adopted.

We will also create broad opportunities for the operation of international clearing companies in Uzbekistan. In addition, to diversify investment flows, we will launch a program to issue sovereign Islamic bonds - sukuk.

This will provide a powerful impetus for attracting at least $10 billion of additional capital into our enterprises in the future.

Also, as part of the privatization program this year, assets worth 6 billion US dollars will be put up for auction, including real estate properties, state shares in enterprises, land plots.

We encourage local and foreign investors to make extensive use of these new opportunities.

The third priority is attracting investments to expand high value-added chains.

We have launched major programs for transition to a new technological level in all industrial sectors and to create added value.

Over the next five years, we will increase the volume of high-tech production in the industrial sector by 2,5 times.

For example, our cooperation in the development of the advanced chemical industry will allow to utilize $20 billion investment potential, create 15 000 high-income jobs in the regions and produce 130 types of new products. I am confident, it will bring mutual benefits to both us and you, the investors.

As you are well aware, Uzbekistan is rich in natural resources, including gold, copper, uranium, tungsten, natural gas, and other rare minerals. The total value of our subsoil wealth, strategic raw materials, is estimated at $3 trillion.

In order to provide opportunities in this sector to foreign investors we will create an open digital database of geological data and increase by four times the number of deposits put up for auction. To implement projects from "mining to finished products," we will extensively attract foreign investment into the "Metals of the Future" technoparks, which are being established in Tashkent and Samarkand regions.

We also propose the joint implementation of investment projects worth $30 billion in such "driver" industries, such as mechanical engineering and robotics, light industry and construction materials, electrical engineering and pharmaceuticals.

We are ready to comprehensively support your initiatives in the "new economy" sectors.

The fourth priority is the further deepening of our partnership in the fields of green energy and artificial intelligence.

As you know, we pay tremendous attention to green energy. In the coming years, we plan to increase its share in total electricity generation to 54 percent.

Alongside solar and wind power plants, we are putting forward proposals to investors regarding the development of energy storage systems, the modernization of grids, the creation of data centres powered by green energy.

The development of the artificial intelligence sector is a crucial imperative of our time. Foreign experts forecast that over the next five years, at least $10 billion in added value will be created in this new field in Uzbekistan.

To widely implement artificial intelligence across all spheres, we have adopted a National Strategy based on the most advanced practices. Within its framework, the "Five Million Leaders" program has been launched.

Our main task is to improve the lives of all layers of the population by using artificial intelligence, utilizing it extensively in education, public services, and business processes.

We have created a special zone for artificial intelligence projects and data centres in Karakalpakstan. In this territory, until 2040 investors will be exempt from all types of taxes and duties; road, electricity, and water infrastructure will be financed by the state; a preferential electricity tariff of 5 cents per kilowatt-hour will be applied.

Additionally, we are establishing the International Digital Technology Centre of Uzbekistan, which features a special legal regime. Taking this opportunity, we invite you to cooperate on highly attractive projects in these areas.

The fifth priority is the development of regional transport and logistics connectivity.

As is well known, access to international trade markets is of great importance for investors. The heads of government from the countries of our vast region are also participating in today's event. In recent years, together with the leaders of these nations we have been working to transform Central Asia into an interconnected region of broad opportunities, open to the world.

Specifically, in cooperation with China and Kyrgyzstan, we are rapidly continuing the construction of a strategic railway. We are also actively working on the Trans-Afghan Corridor project, which will provide direct access to southern seaports. Furthermore, we are developing the Middle Corridor transport route, which runs through the Caspian Sea. By the full implementation of these projects, we will join the network of transport arteries connecting Asia and Europe.

We have also begun implementing several mega-projects in our country in the transport and logistics sector.

For instance, together with our Saudi partners, we are building the new Tashkent International Airport, which will serve 20 million passengers a year.

We believe that your active participation in the projects presented to you at this forum, such as the construction of high-speed highways, multifunctional logistics centres and "dry ports" will be equally beneficial for all of us.

The sixth priority is elevating investment cooperation in regional development to a new level.

The population of Uzbekistan is approaching 40 million people. Rapid demographic and economic growth requires us to implement major urbanization and urban development programs.

Within their framework, by 2040, we plan to double the volume of housing construction and increase the urbanization level from the current 51 percent to 65 percent.

We are building new investment centres designed for the distant future. In the territory adjacent to our capital, we are constructing a modern metropolis, New Tashkent, designed for 2 million residents. We have also begun implementing projects to transform Andijan, Namangan, and Samarkand into cities with populations over one million.

In general, housing construction projects in our country will provide at least $10 billion a guaranteed market volume per year. In addition, we are ready to implement with you public-private partnership projects in infrastructure development worth $27 billion.

It is worth noting that in recent years, tourism and the modern agro-industry have also become drivers of regional development in our country. In particular, over the past five months, the flow of foreign tourists to our country grew by 27 percent, reaching to 5,5 million people. Overall, Uzbekistan has the potential to host 15-20 million foreign tourists annually and provide them with tourism services worth at least $15 billion. We hope that you will actively invest in the tourism sector, not only in tourism pearls like Samarkand, Bukhara and Khiva, but also in our other regions.

We are also taking bold steps to transform traditional agriculture into an advanced agribusiness sector. Today, Uzbekistan annually exports fruit and vegetables worth $3,5 billion to more than 70 countries around the world and has already established its own "brand." We have set a high bar to increase exports to $10 billion by improving crop yields and expanding the volume of new organic products.

In this regard, I would like to address you, the representatives of esteemed companies: the governors of all 14 regions of Uzbekistan are also participating today's event. We invite you to visit the regions together with them and to personally familiarize yourselves with the opportunities being created. We encourage you to actively participate in mutually beneficial projects drawing on your experience, technologies, and capital. In this process, all regional governors will be ready to support you and provide comprehensive assistance.

Dear guests!

We consider the establishment of the Regional Alliance of Investment Councils of Central Asia and Caucasus initiated by the ADB and the EBRD as a timely decision.

When the markets are larger and the rules are more harmonized, the flow of investments to the countries of the region will be greater. In this sense, we are confident that this important initiative will become the first step toward creating a common investment space in the future.

Dear friends!

Tomorrow, we will convene the plenary session of the Foreign Investors Council under the President of the Republic of Uzbekistan, a platform that serves as a permanent mechanism for institutional dialogue with investors.

By bringing together all parties at one table, we will find practical solutions to emerging problems and define clear priorities for future cooperation.

For us, investment is far more than a source of capital. It is a catalyst for advanced technologies, modern knowledge and expertise, new jobs and development that keeps pace with the demands of rapidly changing world.

It is no exaggeration to say that the most important partner in turning ambitious visions into reality is an investor with good intentions.

Therefore, the doors of New Uzbekistan will always remain open to foreign investors who come to our country with trust and ideas.

As President, I personally, together with our Government, stand ready to work alongside you as reliable and committed partners.

I am confident that the Tashkent investment spirit will continue to attract investors from around the world and become a symbol of our shared success.

I also believe that the breathtaking beauty of our country, its unique culture and hospitality of our people will serve as a lasting investment to strengthen our friendship.

In closing, I would like to express once again my sincere gratitude to all investors, representatives of foreign governments and international organizations, and members of the diplomatic corps participating in our forum.

I wish you good health, prosperity, and every success in your endeavors.