President of Uzbekistan defines new areas for cooperation with foreign investors

On June 18, President of the Republic of Uzbekistan Shavkat Mirziyoyev chaired the next plenary session of the Foreign Investors Council at the International Congress Center.

The meeting was attended by President of the European Bank for Reconstruction and Development Odile Renaud-Basso, executives of leading international companies, banks, and financial institutions, as well as representatives of leading international organizations and bodies representing investor councils across Central Asia and the Caucasus.

Addressing the meeting, the President noted that in recent years the Council under the President has strengthened its role as an important platform for advancing practical reforms and fostering dialogue between the state and the international business community.

Having acquired the status of an independent association, the Council now brings together 85 companies representing 23 sectors of the country’s economy. The Executive Committee comprises the European Bank for Reconstruction and Development, the Asian Development Bank, and the International Finance Corporation.

A practical result of this cooperation has been the consistent improvement of the regulatory and legal framework.

Taking into account the proposals of Council members, amendments have been introduced to the Tax Code, certain financial regulation and accounting procedures have been simplified, while a number of mandatory requirements for foreign companies applying International Financial Reporting Standards have been abolished.

At the same time, work continues on the further alignment of national legislation with international practice.

A draft Law on Alternative Investment Funds has been prepared, a program for implementing responsible business conduct standards has been developed, while technical regulations are being harmonized with international requirements.

In addition, Uzbekistan has begun the process of acceding to the OECD Declaration on International Investment and Multinational Enterprises. The next step will be the adoption of a constitutional law on the Tashkent International Financial Center.

The activities of the Council's specialized working groups have become more systematic. Over the past period, more than 50 meetings have been held on issues related to financial market development, the improvement of collateral legislation, responsible business conduct, tax administration, energy, land administration, professional training, and other areas of mutual interest to the state and investors.

Preparations for the current meeting enabled the development of a new package of initiatives proposed by foreign partners.

The 120 proposals received have been consolidated into seven priority areas covering the improvement of the investment climate, tax and cadastral systems, the banking and financial sector, corporate governance, energy, and the development of artificial intelligence and the digital economy.

Particular attention was paid to proposals for the further liberalization of currency regulation, the introduction of modern financial instruments, including Islamic insurance and green lending mechanisms, the development of the market for bank assets, and the wider application of Environmental, Social, and Governance  principles.

Practical solutions have been prepared, and responsible agencies have been identified for each of these areas.

President Shavkat Mirziyoyev noted that the Council remains an effective platform for open dialogue, where business initiatives are put into practice in state policy.

In this regard, the President emphasized the importance of maintaining direct engagement with international investors and further improving feedback mechanisms.

Following the meeting, the President instructed that all proposals be consolidated into a single roadmap with specific implementation timelines and monitoring mechanisms.

Members of the government responsible for the investment portfolio will submit quarterly reports to the President on the implementation of the roadmap.

The meeting participants reaffirmed their interest in further expanding mutually beneficial cooperation and implementing joint initiatives aimed at strengthening investment attractiveness, sustainable economic growth, and the successful continuation of reforms in New Uzbekistan.

The plenary session continued with thematic presentations, remarks by participants, and a question-and-answer session with Council members.