The first day of the Tashkent International Investment Forum has been successfully completed. The event set the tone for an intensive and meaningful dialog between leading international and local investors, government officials and representatives of the business community.
The forum outlined the priorities of the country’s investment policy and the main directions of cooperation with foreign partners. The decisive steps being taken to radically improve the investment and business environment in our country and to step-by-step remove obstacles on this path were listed. Over 60 billion dollars of foreign investments have been utilized in recent years. More than 14 billion dollars of funds from international financial institutions have been attracted to the social sphere and infrastructure development. Last year alone, the volume of investments almost doubled.
Also in the spotlight on the first day was the opening of the Tashkent International Commercial Court (TICC), which represents an innovative approach to resolving commercial disputes. The TICC will become an important mechanism for protecting the rights and interests of international investors, providing reliable and effective legal support based on international standards.
Investors need a regulatory framework, but they also need to know how to apply it and TICC will find a board of directors that meets international standards,” shared international lawyer Marie-Anne Birken.
Islambek Rustambekov, the interim rector of Tashkent State Law University, emphasized that the partnership between the international commercial court and local courts will help achieve better results in legal practice. He also noted that TICC will make Uzbekistan more attractive to foreign investors.
The panel session dedicated to the fintech industry in Uzbekistan discussed the latest trends and innovations in this sector. The participants emphasized the significant potential of Tashkent to become a fintech hub in Central Asia, thanks to the active introduction of digital technologies in financial services.The speakers paid special attention to the discussion of the “Digital Uzbekistan 2030” strategy, which is designed to stimulate financial inclusion and digital transformation.
It is important to note some figures: mobile penetration is 90% and internet penetration is over 77%. We can say that Uzbekistan boasts a large population using mobile financial services. And we know that for any technology development team, this accessibility infrastructure is crucial,” shared Nargis Dustmatova, Director of the Fintech Association of Uzbekistan.
The panel session titled “Joint Path to Success: Uzbekistan and Azerbaijan” focused on the sustainable partnership relations between the two countries, which promote the development of trade, investment and energy sector.Minister of Economy Mikail Jabbarov noted that relations between Uzbekistan and Azerbaijan are based on centuries-old friendship, kinship, cultural unity and historical interdependence between our peoples:
On the one hand, this makes our work in the government easier, but on the other hand, the grandiosity of expectations complicates the realization of the process,” he said. – The history of cooperation began two years ago, when a special trade policy was introduced for Uzbek goods. During these two years, we have achieved significant growth in this area. More than 300 tons of various goods have been transported between our countries by road and rail. Transport communication has contributed to the development of trade and cooperation between our countries.
The session “Why Invest in Uzbekistan?” highlighted the unique investment opportunities that Uzbekistan offers, emphasizing its strategic location and fast-growing market. Emphasizing the progress made in our country in recent years, UCC Holding Cluster CEO Mehmet Arif Ozozan said:
– I have known Uzbekistan for a long time, I have been doing business here for 10 years. Since I am from Turkey myself, I feel similarities in culture, traditions and other aspects. Since I arrived, there have been tremendous positive developments in 3-4 areas: commitment to work, leadership and vision. In addition, it should be noted that the country’s GDP has almost doubled. Uzbekistan is a very open country, a friendly atmosphere for investors has been formed here. This is a huge achievement for the country, and the movement towards progress at such a speed never ceases to amaze. We should be proud that Uzbekistan has achieved such great results in a very short period of time. This will increase the attractiveness of the country for international investors and attract their attention.
The discussion on water resources management highlighted the importance of effective management of this critical resource, which is essential for sustainable development of Uzbekistan. Dilshod Azimov, Acting Chairman of the Board of “Uzsuvtaminot” JSC, shared the experience of implementing a joint pilot project with Switzerland, thanks to which a program was introduced that significantly improved water supply methods and environmental safety of the region. Azimov also outlined the key directions of development of the strategy “Uzbekistan-2030”, which, among other things, is aimed at providing 90% of the country’s population with access to clean water.The topic of renewable energy development was also raised, with participants discussing Uzbekistan’s role in promoting environmentally friendly technologies in the region.
Uzbekistan used to rely on fossil fuels, with gas accounting for a significant share. But the country’s new vector of development has opened the door to green energy. Today we cooperate with leading players and by 2030 Uzbekistan will create 20 gigawatts of renewable energy capacity, bringing its share in the energy balance to 40%,” shared Deputy Minister of Energy of the Republic of Uzbekistan Umid Mamadaminov .
The conclusion of the Trade Connect Central Asia+ program and the discussion on corporate governance highlighted Uzbekistan’s commitment to improving the investment climate and strengthening international cooperation.
During the first day of the third investment forum about 10 contracts were signed in such spheres as energy, food products, geology, green technologies.
The first day of the forum confirmed Tashkent’s reputation as a powerful center of international investment, promising a continuation of successful dialogue in the following days of the event.
Source: Ministry of investments, industry and trade of the Republic of Uzbekistan