On 17 June, 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 President of the Republic of Albania Bajram Begaj, Chairman of the Government of the Russian Federation Mikhail Mishustin, Prime Minister of the Republic of Azerbaijan Ali Asadov, Prime Minister of the Republic of Belarus Alexander Turchin, Prime Minister of the Republic of Kazakhstan Olzhas Bektenov, Chairman of the Cabinet of Ministers – Head of the Presidential Administration of the Kyrgyz Republic Adylbek Kasymaliev, Prime Minister of the Republic of Tajikistan Kokhir Rasulzoda, President of the New Development Bank Dilma Rousseff, as well as representatives of other multilateral financial institutions, foreign banks, global corporations, leading 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 standing and the increasing confidence of the global community in the reforms being carried out in New Uzbekistan.

In his address, the President of our country emphasized that Uzbekistan is open to equal and mutually beneficial partnership with international investors.

It was noted that amid the rapid transformation of global economic processes and intensifying competition, countries capable of ensuring the protection of entrepreneurs’ rights and freedoms, sustainable economic growth and broad opportunities are becoming increasingly sought after.

In this context, the consistent reforms carried out in Uzbekistan are already yielding concrete results. Last year, the country’s economy grew by 7.7 percent, and this year GDP is expected to exceed $180 billion. The volume of investment attracted reached $43 billion.

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

Over recent years, more than $150 billion in foreign investment has been attracted into Uzbekistan’s economy, with over $123 billion of that accounted for by the last five years.

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

This year’s forum theme was defined as “Investment Sustainability: New Horizons, New Partnerships.” The head of our state emphasized that the sustainable development of the investment environment is a key condition for achieving the country’s long-term goals.

In this context, six key areas were identified for further deepening investment cooperation and creating a modern ecosystem for doing business.

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

Uzbekistan is establishing the Tashkent International Financial Centre, which will become a new institutional platform with a special legal regime.

Centre participants will be granted tax and customs preferences, guarantees of free capital movement, and the ability to settle in any currency. The centre’s infrastructure will include an independent financial regulator, a digital asset system, and “green” financing.

It is also planned to introduce mechanisms for international arbitration and a commercial court involving foreign judges and international experts, as well as to accede to the UN Singapore Convention on Mediation.

“As a result of all these measures, investors will receive guaranteed international legal protection directly within Uzbekistan itself,” the head of state noted.

A separate part of the address was devoted to the accelerated development of the capital market and the expansion of the range of modern financial instruments.

In recent years, Uzbekistan has placed more than $16 billion in bonds on international markets and carried out its largest IPO in five years on the London Stock Exchange.

Preparation of new companies for entry into international capital markets continues, and a legal framework is being developed for alternative investment instruments, including laws on the capital market and on investment funds.

Particular attention is being paid to the development of sovereign Islamic bonds (sukuk), which are expected to become an additional source for attracting a significant volume of investment into the country’s economy.

The next strategic direction identified is attracting investment to expand high value-added chains.

Major programs have been launched to move all industrial sectors to a new technological level.

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

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

“We are ready to comprehensively support your initiatives in the sectors of the ‘new economy,‘” the President stated.

The leader of Uzbekistan also emphasized the importance of efficiently utilizing the country’s natural resource base of critical minerals, valued at $3 trillion, and developing “Metals of the Future” technology parks with the participation of foreign investors.

Among the priorities, deepening partnership in the fields of “green” energy and artificial intelligence was also identified.

The share of renewable energy in the country’s energy mix will be brought up to 54 percent in the near future. At the same time, energy storage systems, power grid modernization, and the creation of data centres powered by clean energy will be developed.

Special attention is being given to the development of artificial intelligence. Within the framework of the national AI implementation strategy, large-scale programs for the digital transformation of education, public services, and business are being carried out.

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

Work is consistently underway to launch the International Digital Technologies Centre of Uzbekistan, which will have a special legal regime.

According to estimates by foreign experts, the potential for value creation in this sphere amounts to at least $10 billion.

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

Special attention in the address was given to the further 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.

“Through the full implementation of these projects, we will be able to join the network of transport corridors connecting Asia and Europe,” the head of state noted.

Large-scale projects in the aviation and logistics sphere also continue to be implemented, including the construction of a new Tashkent international airport designed to handle 20 million passengers per year.

The sixth priority addressed issues of comprehensively unlocking the investment potential of the regions and urbanization.

Amid intensive demographic and economic growth, large-scale housing construction and urban development programs are being implemented in the country, including the creation of the new city of “New Tashkent” and the transformation of major regional centres into million-plus cities.

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

Special attention is being paid to the development of tourism. The potential of this sector of the economy allows for receiving 15–20 million foreign tourists per year, providing services worth at least $15 billion.

Issues were also raised regarding the transformation of the agro-industrial complex and the export of agricultural products, which already stands at $3.5 billion per year with the prospect of growing to $10 billion. The President emphasized the importance of actively involving regional administrations in working with investors and expanding project-based cooperation at the local level in this area.

At the conclusion of the address, support was expressed for the proposal to create a Regional Alliance of Investment Councils of the Central Asia and Caucasus countries, which could become the basis for forming a common investment space.

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

The head of state emphasized that investment is regarded not only as an economic resource, but also as advanced technology, modern knowledge and expertise, 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 our country with great trust and promising ideas.

“I am confident that the spirit of the Tashkent Investment Forum will become a symbol of our shared success. And the beautiful nature of Uzbekistan, its unique culture, and the hospitality of our noble people will be the best investment in strengthening our friendship,” the head of our state concluded.