Shavkat Mirziyoyev emphasized the importance of expanding open dialogue and partnership within the Foreign Investors Council under the President of the Republic of Uzbekistan.
On May 3, the second plenary session of the Foreign Investors Council under the President of the Republic of Uzbekistan took place at the “Kuksaroy” residence. The event, chaired by the head of our state, was attended by the President of the European Bank for Reconstruction and Development, Odile Rena-Basso, as well as executives from leading companies and banks such as Masdar, Indorama, ACWA Power, Air Products, Çalik, Suez, Orascom, Çengiz, Aksa, HP, Linde, Procter & Gamble, Visa, CAMCE, John Deere, Huawei, Airbus, Orano, Commerzbank, Total, PASHA Holding, along with representatives of international organizations and financial institutions including the Organization for Economic Cooperation and Development, the World Bank, the International Finance Corporation, the Asian Development Bank, the Islamic Development Bank, and the International Islamic Trade Finance Corporation.
The main tasks of the Council include providing advisory assistance and open dialogue between the government of Uzbekistan and foreign investors on the most important directions of investment, industrial-technological, and innovative development of the country, based on successful experience and global practice. The foundation for the effective functioning of this mechanism was laid at the first session held in 2022.
Opening the current session, the leader of our state noted the fruitful results of the previous day’s Third Tashkent Investment Forum and thanked the council members for their contribution to supporting the development of the New Uzbekistan.
It was noted that there is a trend of increasing instability in the global economy, with the consequences of energy, food, and environmental crises becoming increasingly acute.
“In such conditions, only coordinated, harmonized, concrete practical actions will allow us to achieve the set milestones,” said the President.
Particular satisfaction was expressed with the work of the working group that contributed to the preparation of draft laws on investments and special economic zones aimed at improving the investment and business climate in our country.
The practical significance of the analysis of investment policy conducted by the Organization for Economic Cooperation and Development team was emphasized, which will help identify key directions and create effective mechanisms for further improving the investment climate in the country.
Highlighting that interaction and open dialogue between the government and the business community are key to effective economic development, the head of our state proposed the creation of working groups by direction and outlined the priorities for the council’s further activities.
The first is the development of the capital market. In this direction, attention is proposed to be paid to issues of broad attraction of domestic and foreign capital into the development of an international financial center fully meeting the requirements of foreign investors.
Second is responsible business conduct. This entails wide implementation of relevant Organization for Economic Cooperation and Development principles aimed at ensuring the stability, transparency, and openness of the economy.
Third is the stimulation of alternative investments. In order to create favorable conditions for increasing startups, innovative projects, and joint investments, a new law on venture investments will be developed.
Fourth is the digitization of investor relations systems.
“I believe it is time to develop and widely implement into practice a new electronic platform for providing services to foreign investors. This will allow us to timely and systematically address complex issues that concern investors,” emphasized the President.
Confidence was expressed that with the active support of council members, Uzbekistan will continue to demonstrate sustainable growth, elevate the standard of living of its people, and ensure the country’s prosperous future.
The council members who spoke highly praised the results of the extensive reform program in the New Uzbekistan. Gratitude was expressed to the head of our state for comprehensive support of investment activities and the firm intention to continue mutually beneficial cooperation.
At the end of the session, the President assured the participants that no suggestion or recommendation will be left without attention. The government has been instructed to thoroughly consider all initiatives and take practical steps to control their implementation, issuing a separate “roadmap” for each proposal and project.
Source: President.uz