On March 24-26, 2022, the First Tashkent International Investment Forum (TIIF) was held.
The 1st Tashkent International Investment Forum (TIIF) has completed its work in the capital. The event has become a large-scale business event that brought together more than 2 thousand participants – major investors and high-ranking guests from 56 countries of the world. The atmosphere of the Forum, as well as its rich business program, favored a confidential dialogue, a constructive exchange of views and the establishment of new contacts and partnerships.
The President of the Republic of Uzbekistan Shavkat Mirziyoyev took part in the opening of the Forum and the plenary session. The session was also attended by President of the European Bank for Reconstruction and Development Odile Renaud-Basso, President of the Asian Development Bank Masatsugu Asakawa, Minister of Investment of the Kingdom of Saudi Arabia Khalid al-Falih, Vice President of the World Trade Organization Xiangchen Zhang, Vice President of the Asian Infrastructure Investment Bank Konstantin Limitovsky, Vice-President of the International Finance Corporation Stephanie von Friederburg. The meeting was moderated by the Director of Communications of the European Bank for Reconstruction and Development, Jonathan Charles, who became famous as a news anchor on the international television channel BBC World News.
The head of state greeted the forum participants and delivered an opening speech, talking about the reforms and transformations carried out in the country over the past few years, and also outlined the priority areas for its further development. The President also listed the achievements in reforming the economic sphere: easing the tax burden, reducing customs duties, improving tax administration, systemic measures to develop entrepreneurship and improve the investment climate. As a result of the measures taken, the volume of annual foreign investment attracted to the country’s economy has tripled.
Their total volume over the past 5 years amounted to 25 billion dollars. At the same time, about 59 thousand investment projects were implemented, due to which more than 2.5 million new jobs were created. During his speech, the Head of State also dwelled on the key priorities of the New Uzbekistan Development Strategy for 2022-2026, including the consistent continuation of measures to ensure economic and political stability, the creation of a compact and highly efficient public administration system focused on supporting business, the reduction share of the state in the economy, further stimulation of entrepreneurial activity, protection of investor rights, accelerated development and modernization of infrastructure, stimulation of the production of high value-added products based on local raw materials, investment in human capital, liberalization of foreign trade and ensuring gender equality. It was announced that as a result of reforms over the next 5 years, the gross domestic product will reach $100 billion, and annual exports will double and exceed $30 billion. At the same time, the share of the private sector in GDP will be increased to 80 percent. By 2030, Uzbekistan promises to become a country with above-average incomes for its citizens.
The President stressed his commitment to further consistent work to create the most comfortable and attractive conditions for investors and to comprehensively deepen mutually beneficial partnerships with foreign partners and international organizations. In conclusion, the President wished the participants productive work at the Forum, active interaction and achievement of new mutually beneficial agreements on the implementation of joint projects. During the meeting, the heads of international financial institutions and financial organizations also spoke, expressing their point of view on the prospects for the development of Uzbekistan. On the sidelines of the panel sessions and discussions of the Forum, the investment, trade, economic and industrial potential of Uzbekistan, prospects for the development of regional and global trade relations, mechanisms for attracting investments, liberalizing trade and increasing the competitiveness of the national economy, further steps to industrialize the country and orient the industry to produce products will be discussed. with high added value, measures to transform the domestic energy sector and switch to alternative energy sources, issues of strengthening the transport interconnectedness of the countries of the region and increasing their transit potential. Special attention will be paid to restoring and stimulating the accelerated development of economic activity in the post-COVID period, poverty reduction, monetary policy regulation, business support, development of the banking sector and the financial market.
Through the Forum, the government of the country outlined for the international business community a vector for consistent work to create the most comfortable and attractive conditions for investors and to comprehensively deepen mutually beneficial partnerships with foreign partners and international organizations. Within the framework of the panel sessions and events of the Forum, the investment and economic opportunities of various industries and regions of the country were revealed, the results achieved in the socio-economic reform of Uzbekistan, as well as priority areas for its further development, prospects for the development of regional and global trade relations, mechanisms for attracting investments, liberalization of trade and increasing the competitiveness of the national economy, further steps to industrialize the country and orient the industry towards the production of goods with high added value, measures to transform the domestic energy sector and switch to alternative energy sources, issues of strengthening the transport interconnectedness of the countries of the region and increasing their transit potential. Representatives of government, business and expert groups discussed mechanisms for restoring and stimulating the accelerated development of economic activity in the post-COVID period, reducing poverty, regulating monetary policy, supporting business, developing the banking sector and the financial market.
The 5th meeting of the Intergovernmental Commission in the field of trade, economy, science and technology, culture, sports and youth between the Republic of Uzbekistan and the Kingdom of Saudi Arabia, the Uzbek-Chinese investment forum “Industrial cooperation. New Opportunities” was held on the sites of the Forum, as well as the Uzbekistan Country Platform, which was attended by the heads of international financial institutions, foreign government financial institutions and development partners.
Also, the Forum participants actively exchanged views and discussed the prospects for cooperation during bilateral meetings and negotiations. It is also worth noting the practical significance of the event – as a result of the Forum, a package of determined contracts and investment agreements worth $7.8 billion was signed. Preliminary agreements were also reached on the implementation of projects worth $3.5 billion. TIIF, having declared itself as a large-scale communication platform for strengthening and developing interregional and international relations, has simultaneously become a powerful catalyst for intercountry and interregional investment and foreign economic cooperation.
The Forum is expected to become a permanent platform for attracting foreign investment and modern technologies to the economy of both Uzbekistan and the entire Central Asian region, as well as identifying areas of mutual interest to establish direct links between entrepreneurs in the region and foreign business groups.