On June 10, the President of the Republic of Uzbekistan, Shavkat Mirziyoyev, took part in the plenary session of the Fourth Tashkent International Investment Forum, held at the International Congress Center in the capital.

The event was also attended by the President of Bulgaria Rumen Radev, Prime Minister of Slovakia Robert Fico, Prime Minister of Kazakhstan Olzhas Bektenov, Chairman of the Cabinet of Ministers of Kyrgyzstan Adylbek Kasymaliev, Prime Minister of Tajikistan Qohir Rasulzoda, Prime Minister of Azerbaijan Ali Asadov, Deputy Prime Minister of Russia Alexander Novak, Deputy Chairman of the Cabinet of Ministers of Turkmenistan Nokerguly Atagulyyev, as well as President of the European Bank for Reconstruction and Development Odile Renaud-Basso and President of the New Development Bank Dilma Rousseff.

More than 7,500 delegates attended the forum, including over 3,000 international guests from 100 countries. This year’s event is being held in a new, expanded format. A specialized exhibition has been organized as part of the forum for the first time, with Uzbekistan companies presenting their projects and joint initiatives.

The President of Uzbekistan began his speech at the forum with a brief analysis of the current global situation. He noted that geopolitical processes are changing rapidly, while threats to international security and sustainable development are increasing.

For the third consecutive year, global GDP growth has been declining due to the worsening economic crisis and a shortage of financial resources.

The President of Uzbekistan emphasized the importance of resolving regional conflicts and issues exclusively through diplomatic means, in accordance with the norms and principles of international law and relevant UN resolutions.

“We call on all our partner states to engage in open and large-scale international cooperation on these pressing issues. Investment, the forum’s main theme, is a guarantee not only of economic development but also of peace and stability”, the President of Uzbekistan stated.

The Leader of Uzbekistan urged the creation of an investment environment that not only generates profit but also serves as a solid foundation for elevating human dignity, safeguarding vital interests, and advancing societal development.

He highlighted Uzbekistan’s achievements in promoting economic growth. Over the past eight years, the country’s GDP has doubled. The goal is to increase this figure to $200 billion by 2030. In 2024, the investment volume reached $35 billion, while exports amounted to $27 billion.

Over the past five years, Uzbekistan has risen by 48 positions in the Index of Economic Freedom and by 28 in the Harvard Economic Complexity Index.

Last month, the reputable agency S&P upgraded Uzbekistan’s sovereign credit rating outlook from “stable” to “positive”.

Emphasizing that the global economy stands on the threshold of a new era of transformation, the President of Uzbekistan highlighted the importance of cooperation in four key areas.

The first is the transition to a green economy.

“To ensure stable energy resources for the economy, we are firmly committed to developing green energy”, the country’s Leader stated.

In recent years, nearly $6 billion in direct foreign investment has been attracted to this sector. Electricity production has increased from 59 billion to 82 billion kilowatt-hours. Over the next five years, this figure is expected to exceed 120 billion kilowatt-hours, with green energy accounting for 54 percent of the total.

An additional $4 billion will be invested in the modernization of the power grid. This year, the electric networks in Samarkand will be transferred to private partnership, followed by eight more regions next year.

For the first time, the sale of green certificates and carbon credits is planned to be launched. Uzbekistan will join global carbon markets, and a platform for climate investment “Green Uzbekistan”, will be established.

The second priority is the emergence of digital technologies and artificial intelligence as new drivers of economic growth.

“This year alone, our country’s export of IT services will reach $1 billion. We have sufficient potential to increase this figure fivefold by 2030”, the President stated.

Uzbekistan’s achievements in this field are gaining international recognition. Notably, the country has climbed 17 positions in the International AI Readiness Index within a year.

Next year, a national cloud technology platform will be launched. Over the next five years, in partnership with private investors, 20 data centers with a combined capacity of more than 500 megawatts will be constructed.

A national artificial intelligence model is planned to reflect Uzbekistan’s rich history, cultural values, and innovative ideas. To ensure the effectiveness of this system, the “One Million AI Users” project has been launched.

The Head of State expressed confidence that, through joint efforts, Uzbekistan will become a prominent IT and fintech hub.

The third priority is the profound transformation of the financial system and technologies.

“Recently, in cooperation with the IMF and the World Bank, we conducted a comprehensive assessment of Uzbekistan’s financial sector for the first time. They fully supported our reforms in banking, finance, insurance, and the capital market”, the Head of State stated.

To elevate these sectors to the next stage of development, a Financial Stability Council will be established, along with the launch of cybersecurity and fintech platforms under the Central Bank.

Reforms have begun in the insurance sector, including establishing the National Reinsurance Company and a Global Digital Reinsurance Platform.

As an alternative financial instrument for startups, venture capital is developing rapidly. Last year, for the first time, the valuation of two national startup companies exceeded $1 billion.

A draft law “On Alternative Investment Funds” has been developed to increase the number of such companies. Over the next five years, the volume of venture and other alternative investments is expected to reach $1 billion.

Another priority is the sharp increase in demand for technological minerals amid the Fourth Industrial Revolution.

Uzbekistan possesses significant reserves of tungsten, molybdenum, magnesium, lithium, graphite, vanadium, titanium, and other minerals. The overall potential of the country’s subsoil resources is estimated at $3 trillion.

“We have every opportunity to transform the region into a hub for producing high-value-added mineral-based products. We are establishing ‘Metals of the Future’ technoparks in Tashkent and Samarkand regions”, the country’s Leader stated.

In this context, the Head of State proposed introducing a ten-year refund of the rental tax for investors who establish a complete production cycle, from geological exploration to manufacturing finished products.

In his address, the President of Uzbekistan emphasized the practical implementation of the principle: “New Uzbekistan – a land of great investment opportunities”.

First, Uzbekistan has set the goal of becoming a member of the World Trade Organization next year. In pursuit of this objective, dozens of laws and hundreds of standards have been aligned with international requirements. This process will be fully completed by the end of this year.

Second, a “national regime” will be introduced to create even more favorable conditions for foreign investors, guaranteeing equal conditions with local companies. A “one-stop shop” principle will be implemented for interactions with government agencies, and a system of guaranteed protection for investment activities will be established.

As a result of these measures, Uzbekistan aims to achieve an investment-grade credit rating by 2030.

Third, in privatizing state-owned enterprises, the chosen path is to transform them into significant assets that will contribute to the country’s prosperity.

A National Investment Fund has been established, consolidating state shares in 18 major companies and banks, amounting to approximately $2 billion. The fund is managed by the reputable international firm Franklin Templeton. Next year, a portion of the fund’s shares is expected to be offered through an international IPO.

In addition, professional advisors will be engaged, and 29 central state-owned enterprises will be privatized within two years.

Fourth, significant attention is being given to the development of transport and logistics with the involvement of private capital. For example, Samarkand, Namangan, Bukhara, and Urgench international airports have been transferred to potential investors under public-private partnership arrangements.

The management of Urgench Airport has been entrusted to the leading global company, Incheon. Next year, tenders will be held for Nukus, Termez, Fergana, and Navoi airports.

In addition, given that the capital’s population has surpassed 5 million, a new city, New Tashkent, will be built to accommodate 2 million residents. A multimodal hub will be constructed there, serving up to 20 million passengers annually, integrating airport, railway, and road transport services.

Fifth, a completely new atmosphere of cooperation has emerged in Central Asia. Over the past eight years, trade turnover with neighboring countries has increased more than 3.5 times, reaching nearly $13 billion.

Large-scale investment projects are being implemented. Construction has begun on the China – Kyrgyzstan – Uzbekistan railway, and preparations are underway for significant energy and infrastructure projects.

In this regard, the Leader of Uzbekistan proposed advancing the Concept of an Integrated Region for Investment and Trade in Central Asia.

“I would like to address international organizations: the time has come to establish new financial mechanisms to support regional projects. By joining efforts, we can transform Central Asia into a space of peace and sustainable development”, the President stated.

In conclusion to his address, the Head of State emphasized that for Uzbekistan, investment is not merely a financial resource, but also a means of acquiring technologies, knowledge, skilled professionals, and integration into global production chains.

“Uzbekistan is creating all the necessary conditions for foreign investors who come to us with such noble intentions, and we fully support and guarantee their activities”, the country’s Leader underscored.

Speakers at the plenary session praised the reforms’ outcomes in New Uzbekistan. They shared their proposals and initiatives for further expanding investment cooperation with the country in key sectors.

The Tashkent International Investment Forum will conclude on June 12.

Tomorrow, a plenary session of the Foreign Investors Council will be held with the participation of the President of the Republic of Uzbekistan.

UzA