President of Uzbekistan highlights priorities for the country’s new investment development phase

On June 17, the President of the Republic of Uzbekistan Shavkat Mirziyoyev took part in and addressed the plenary session of the Fifth Tashkent International Investment Forum.

The event was also attended by the President of the Republic of Albania Bajram Begaj, the Prime Minister of the Russian Federation Mikhail Mishustin, the Prime Minister of the Republic of Azerbaijan Ali Asadov, the Prime Minister of the Republic of Belarus Alexander Turchin, the Prime Minister of the Republic of Kazakhstan Olzhas Bektenov, the Chairman of the Cabinet of Ministers and Head of the Administration of the President of the Kyrgyz Republic Adylbek Kasymaliev, the Prime Minister of the Republic of Tajikistan Kohir Rasulzoda, the President 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 business circles.

The forum, which brought together more than 10,000 delegates and participants from over 100 countries, once again confirmed its growing international authority and the international community’s increasing trust in the reforms underway in New Uzbekistan.

In his speech, the President emphasized that Uzbekistan is open to equal, mutually beneficial partnership with international investors.

It was noted that amid the rapid transformation of the global economic process and intensifying competition, countries that can ensure the protection of entrepreneurs’ rights and freedoms, sustainable economic growth, and broad opportunities are increasingly in demand.

In this context, the consistent reforms underway in Uzbekistan are already yielding concrete results. By the end of last year, the country’s economy grew by 7.7 percent, and this year gross domestic product is expected to exceed $180 billion. The volume of attracted investment reached $43 billion.

A significant achievement has been the strengthening of macroeconomic stability: the national currency remains stable, and international reserves have surpassed $70 billion.

Over the past years, more than $150 billion in foreign investment has been attracted to Uzbekistan’s economy, with more than $123 billion coming in the past five years.

Alongside this, the country continues to strengthen its standing in international rankings, including the Economic Freedom Index, where it entered the category of countries with a “moderately free economy” for the first time.

This year’s forum theme is “Investment Resilience: New Frontiers, New Partnerships”. The Head of State emphasized that the sustainable development of the investment environment is essential to achieving the country’s long-term goals.

In this context, six key areas were outlined to deepen investment cooperation and build a modern business ecosystem.

The first priority was identified as strengthening the system of legal protections for investors.

The Tashkent International Financial Centre is being established in Uzbekistan and will become a new institutional platform with a special legal regime.

Participants in the center will receive tax and customs preferences, guarantees of free capital movement, and the ability to settle in any currency. The center’s infrastructure will include an independent financial regulator, a digital asset system, and green financing.

Plans also include introducing international arbitration and commercial court mechanisms with participation by foreign judges and international experts, as well as accession to the UN Singapore Convention on Mediation.

The Head of State noted that, as a result of all these measures, investors will gain guaranteed international legal protection directly within Uzbekistan.

A separate section of the speech was devoted to accelerating the development of the capital market and expanding the range of modern financial instruments.

In recent years, Uzbekistan has issued bonds worth more than $16 billion in international markets and completed the largest IPO on the London Stock Exchange in five years.

Preparations continue for new companies to enter international capital markets, while a legal framework is also being developed to create alternative investment instruments, including laws governing capital markets and investment funds.

Particular attention is being paid to the development of sovereign Islamic bonds (sukuk), which should become an additional source of investment in the country’s economy.

The next strategic area is to attract investment to expand high-value-added chains.

Large-scale initiatives have been initiated to elevate all industrial sectors to a new technological standard.

In the coming years, the volume of high-tech industrial products is planned to increase by more than 2.5 times.

Special emphasis was placed on developing “driver” industries such as the chemical industry, mechanical engineering and robotics, light industry, construction materials production, electrical engineering, and pharmaceuticals. The total investment potential of these sectors is estimated at tens of billions of dollars.

“We are ready to provide comprehensive support for your initiatives across the new economy sectors”, the President stated.

The Leader of Uzbekistan also emphasized the importance of effectively using the country’s natural resource base of critical minerals, valued at $3 trillion, and of developing Metals of the Future technoparks with participation from foreign investors.

Among the priorities, deepening the partnership in green energy and artificial intelligence was identified as well.

The share of renewable energy in the country’s energy balance will reach 54 percent in the near future. In parallel, energy storage systems, power grid modernization, and data centers powered by clean energy will be developed.

Special attention was paid to the development of artificial intelligence. As part of the national AI implementation strategy, large-scale programs are underway to digitize education, public services, and business.

A special zone for AI projects and data centers is being established in Karakalpakstan, featuring unique investment conditions and a preferential tax regime.

Work is ongoing to launch the International Digital Technology Centre of Uzbekistan, which will have a special legal regime.

According to foreign experts, the potential to create added value in this sphere is at least $10 billion.

“Our main task is to improve the lives of all segments of the population through artificial intelligence and its broad application in education, public services, and business processes”, the President noted.

Separate attention was given in the speech to the development of regional transport and logistics connectivity.

Together with its partners, Uzbekistan 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.

“Thanks to the full implementation of these projects, we will be able to join the network of transport highways linking Asia and Europe”, the Head of State noted.

The implementation of large-scale projects in aviation and logistics continues, including the construction of a new international airport in Tashkent, designed to serve 20 million passengers annually.

The sixth priority addressed issues related to the comprehensive unlocking of investment potential in regions and in urbanization.

Amid rapid demographic and economic growth, large-scale housing construction and urban development programs are underway nationwide, including the creation of the new city of New Tashkent and the transformation of major regional centers into cities with populations exceeding a million.

“By 2040, we plan to double the amount of housing under construction and increase the level of urbanization from the current 51 percent to 65 percent”, the President emphasized.

Separate attention is being paid to the development of tourism. The potential of this sector of the economy makes it possible to receive 15-20 million foreign tourists a year, with services worth at least $15 billion provided.

Issues related to the transformation of the agro-industrial complex and the export of agricultural products, which already amount to $3.5 billion a year and are projected to reach $10 billion, were also touched upon. The President emphasized the importance of actively involving regional administrations in working with investors and expanding on-the-ground project cooperation in this area.

Following the speech, support was expressed for the proposal to establish a Regional Alliance of Investment Councils of Central Asia and Caucasus, which could serve as the basis for creating a common investment space.

Uzbekistan’s readiness to develop continuous dialogue with investors within the framework of the Foreign Investors Council under the President was also confirmed.

The Head of State emphasized that investments are 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 the country with great confidence and promising ideas.

“I am convinced 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”, the Head of State concluded.