Speech by the President of the Republic of Uzbekistan Shavkat Mirziyoyev at the fourth Tashkent International Investment Forum

(June 10, 2025, Tashkent city)

Dear forum participants!

Ladies and gentlemen!

Dear guests!

I sincerely welcome you - high representatives of partner states, heads of international organizations, leading representatives of world business - at the fourth Tashkent International Investment Forum.

I am very glad to see the participants at our event His Excellency the President of Bulgaria Rumen Radev, His Excellency the Prime Minister of Slovakia Robert Fico, His Excellency the Prime Minister of Kazakhstan Olzhas Bektenov, His Excellency the Chairman of the Government of the Kyrgyz Republic Adylbek Kasymaliev, His Excellency the Prime Minister of Tajikistan Kohir Rasulzoda, His Excellency the Prime Minister of Azerbaijan Ali Asadov, Deputy Chairman of the Government of the Russian Federation, Mr. Alexander Novak, Deputy Chairman of the Cabinet of Ministers of Turkmenistan, Mr. Nokerguly Atagulyev.

I also sincerely welcome the authoritative delegations of Russia, China, the United States of America, Arab states, countries of Europe, Asia, Africa.

I express my special gratitude to the heads of the financial institutions closely cooperating with us - the President of the European Bank for Reconstruction and Development, Mrs. Odile Renaud-Basso and the President of the New Development Bank, Mrs. Dilma Rousseff.

More than 7.5 thousand delegates, including almost 3 thousand foreign guests from about 100 countries, are taking part in today's forum. We see in this a true manifestation of respect for our country, mutual trust and desire for close cooperation.

Welcome to Uzbekistan, dear friends!

Dear forum participants!

Today the world is going through great trials. Serious threats to global security and sustainable development are intensifying, and geopolitical processes are rapidly changing literally before our eyes.

The arms race is growing again in the world. Military spending by large countries increased one and a half times compared to 2010 and reached $2.5 trillion. Due to the worsening economic crisis and the shortage of financial resources, global GDP growth rates have been declining for the third year in a row.

Unfortunately, international law and diplomacy are losing force. Attention to the most pressing problems of humanity is weakening - food security, poverty, climate change. Now more than ever, it is important to restore peace, justice and a common belief in the value of people throughout the world.

We believe that the situation around Ukraine should be resolved exclusively through diplomatic means and welcome the process of direct negotiations taking place in Istanbul.

I would like to draw your attention to the ongoing tragedy in Gaza. Nothing can justify the fact that in the 21st century innocent people are dying before our eyes. The only solution to this problem is a fair settlement of the conflict based on international law and resolutions. The people of Palestine have the right to their own independent state.

Another issue on the global agenda is promoting the peaceful and sustainable development of neighboring Afghanistan. Today, more than ever, it is important in the international arena to establish a constructive dialogue with the current government of the country and prevent its isolation. After all, stability and economic development in this state are a necessary factor for the long-term progress of all nearby regions.

We call for open and broad-based international cooperation on these issues from all our partner countries. Investment, which is the main topic of the forum, is a guarantor of not only economic development, but also peace and stability.

Let us together create an investment environment that will not only allow us to make a profit, but will also serve as a solid foundation that elevates the value of a person, ensuring his vital interests and development society!

Dear guests!

In today's difficult conditions, we are focusing on maintaining the stability of the economy in Uzbekistan.

Over the past eight years, our gross domestic product has doubled. We have set a goal to bring this figure to $200 billion by 2030.

Last year, investments reached $35 billion, and exports reached $27 billion, which was also the practical result of the work of the Tashkent International Investment Forum, held for the fourth year in a row.

The effectiveness of reforms in New Uzbekistan is worthy of reflection and in international rankings. Over the past five years, we have risen 48 positions in the Index of Economic Freedom. The Harvard Economic Complexity Index improved its ranking by 28 points. Last month, the authoritative agency S&P raised Uzbekistan’s sovereign rating outlook from “stable” to “positive.”

We all understand well that today the world economy is on the verge of a new era of change. This calls on all countries pursuing the path of sustainable development to cooperate in the following four areas.

The firstis the transition to a green economy model.

In order to provide the economy with stable energy resources, we are firmly committed to developing green energy.

Over the past short period, almost $6 billion of foreign direct investment has been attracted to this area. Electricity production increased from 59 billion to 82 billion kilowatt-hours. In the next five years, this figure will exceed 120 billion kilowatt-hours, the share of “green” energy will be 54 percent.

We will also attract $4 billion to upgrade electrical networks.

In this regard, this year we will transfer electric networks in Samarkand to private partnership, and next year - in another 8 regions.

In addition, we launched the sale of “green certificates” and carbon credits for the first time. This year we will join the global carbon markets and create a platform for climate investments “Green Uzbekistan.”

Second - digital technologies and artificial intelligence are becoming “drivers” of the economy.

This year alone, IT exports in our country will reach $1 billion. We have sufficient potential to increase this figure by 5 times by 2030.

Such work has been recognized internationally; in the International Artificial Intelligence Readiness Index we have risen by 17 positions over the year.

Next year the national platform “Cloud Technologies” will be launched. In the next five years, we will build, together with private investors, 20 “data centers” with a capacity of more than 500 megawatts.

We will develop a national model of artificial intelligence that embodies our rich history, ancient values ​​and new creative ideas. To ensure the effectiveness of this system, the “One Million Artificial Intelligence Leaders” project has been launched.

I am confident that together with you we will turn Uzbekistan into a reputable IT and Fintech “hub.”

Third - in modern conditions, the financial system and technologies are radically changing.

Recently Together with the International Monetary Fund and the World Bank, we conducted a comprehensive assessment of the financial sector of Uzbekistan for the first time. They fully supported our reforms in banking, finance, insurance, and the capital market.

To bring these areas to the next stage of development, a Financial Stability Council will be created in Uzbekistan, and cybersecurity and financial technology platforms will be launched at the Central Bank.

We have begun major reforms in the insurance system as well. The National Reinsurance Company and the Global Digital Reinsurance Platform were created.

An alternative financial instrument for startups - ventures - is rapidly developing. Thus, last year the value of two national startup companies exceeded $1 billion for the first time. We will definitely increase the number of such companies.

In this regard, a draft law “On Alternative Investment Funds” has been developed. In the next five years, we will increase the volume of venture capital and other alternative investments to $1 billion.

Another direction.The “Fourth Industrial Revolution” is increasing the demand for technological minerals many times over.

Large reserves of tungsten, molybdenum, magnesium, lithium, graphite, vanadium, titanium and other minerals have been identified in Uzbekistan. The potential of our subsoil is estimated at a total of $3 trillion.

We have every opportunity to turn the region into a “hub” for the production of high-value-added products from minerals. In the Tashkent and Samarkand regions, we are creating technology parks “Metals of the Future.”

Here I would like to propose an initiative to return rent tax for 10 years to investors who have established a full cycle - from geological exploration to the release of finished products.

I am confident that our long-term fruitful relationship with you will be possible develop into mutually beneficial business cooperation in all of the above areas.

Dear investors!

We are taking all necessary measures to ensure that the principle of"New Uzbekistan is a country of great investment opportunities"is embodied in practical results.

First of all, I would like to draw your attention to the fact that global production chains need reliable rules that ensure equal conditions for each state.

The World Trade Organization undoubtedly plays a special role in this. We have set ourselves the goal of becoming a member of this Organization next year. We are actively working with our partners in this direction. To do this, we have adapted dozens of laws and hundreds of standards to international requirements, and this year we will completely complete this work.

Secondly, in order to create even more favorable conditions for foreign investors in our countrya “national regime” will be introduced, guaranteeing the same conditions as local companies, the “single window” principle will be introduced when interacting with government agencies, and a system of guaranteed protection of investment activities from unnecessary checks will be created.

Through such measures, we aim to raise the credit rating of Uzbekistan to investment level by 2030.

Thirdly, when privatizing state-owned companies, we chose the path of turning them into large assets that will serve the well-being of the country.

The National an investment fund that combined government shares in 18 large companies and banks worth about $2 billion. The reputable international company Franklin Templeton has been involved in managing the fund. Next year, it is planned to put up the fund's shares for an international IPO.

In addition, professional consultants will be involved, and within two years, 29 large state-owned companies will be privatized.

Fourth, we consider transport and logistics as the circulatory system of our economy.

Therefore, we are actively attracting private capital to the sector. Let me give you an example. The international airports of Samarkand, Namangan, Bukhara and Urgench have been transferred to the management of potential investors on the basis of public-private partnership.

The world's leading company Incheon has been involved in the management of the Urgench airport. Next year we will hold tenders for the airports of Nukus, Termez, Fergana, Navoi.

Another important area: the population living and working in our capital has exceeded 5 million. Therefore, we will build the city of Yangi Tashkent, designed for 2 million residents and turn the capital into a metropolis.

A multimodal hub will be built here with the ability to serve up to 20 million passengers per year, combining the airport, rail and road transport. Large shopping complexes and financial centers will be built.

We invite investors, international financial institutions and foreign banks to take part in the implementation of this mega-project.

Fifthly, thanks to the policy of openness and friendship that we have been pursuing in recent years together with our neighbors, a completely new atmosphere of cooperation has formed in Central Asia.

A clear confirmation of this is participation in today's forum of government leaders of these countries.

Please note: over the past eight years, trade turnover with neighboring countries has increased by more than 3.5 times and amounted to almost $13 billion.

Major investment projects are being implemented. Thus, we have begun the construction of the China-Kyrgyzstan-Uzbekistan railway, significant work is underway to prepare large energy and infrastructure projects.

In this regard, we propose promoting the concept of the"Single Space for Investment and Trade" in Central Asia.

Here I would like to appeal to international organizations: the time has come to create new financial mechanisms to support regional projects. By joining forces, we will transform Central Asia into a space of peace and sustainable development.

Dear participants of the meeting!

The current forum is being held in a new, expanded format. For the first time, a specialized exhibition was organized within its framework, in which Uzbek companies participate with their projects and joint initiatives.

I would like to draw your attention to the fact that for us,investments are not just a financial resource. These are technologies, knowledge, qualified personnel, integration into international production chains, that is, this is real development.

Uzbekistan creates all the necessary conditions for foreign investors who come to us with such noble ideas, and we fully support and fully guarantee their activities.

In our country, all doors are always open for you.

The most important thing is that we have laws that protect your activities, the state, open to dialogue, and hardworking people ready for cooperation.

Once again, I express my sincere gratitude to every investor, representatives of foreign governments and international organizations who came to our country to participate in the forum.

I wish you success.

Official website of the President of the Republic of Uzbekistan