Uzbekistan President outlines priorities of the country’s investment policy and main areas of cooperation with foreign partners

The event was attended by over two and a half thousand foreign guests arrived from 93 countries, including Turkey's Vice President Cevdet Yılmaz, Speaker of the Parliament of Singapore Seah Kian Peng, Kyrgyzstan Prime Minister Akylbek Japarov, Minister of Energy of Saudi Arabia Abdulaziz bin Salman Al Saud, President of the European Bank for Reconstruction and Development Odile Renaud-Basso, Executive Secretary of the United Nations Economic Commission for Europe Tatiana Molcean, and President of the OPEC Fund for International Development Abdulhamid Alkhalifa.

Over the past three years, the international forum, organized on the initiative of the Uzbekistan President, has become an effective platform for enhancing bilateral and multilateral investment cooperation, discussing the most pressing problems, and developing advanced ideas and approaches for solving them.

At the beginning of his speech, the Uzbekistan President welcomed the session participants and noted that the growing authority and demand for this format indicate great interest in the irreversible reforms being carried out in the country and in the establishment of mutually beneficial cooperation.

The conference is taking place during a period of increasing global geopolitical and economic problems, challenges, and threats to sustainable development.

The world order is undergoing a profound transformation.

Disruptions of supply chains of goods and services, a decrease in international trade and investment flows, and exacerbations of climate disasters demonstrate the instability of the situation.

The Uzbekistan President emphasized that the growth rate of the world economy has been declining for the past three years, and the trends related to foreign direct investments are not meeting expectations either.

In 2023, the total volume of investments in developing countries decreased by 9 percent.

Image courtesy: Facebook/Uzbekistan President Shavkat Mirziyoyev

Uzbekistan President Shavkat Mirziyoyev said, "We understand perfectly well that there is an unparalleled struggle for investors worldwide today."

"However, one immutable fact is becoming clearer that no country can solve such problems alone, and the spirit of mutual trust and respect and the principle of mutual support remain solid pillars of long-term cooperation," Mirziyoyev added.

He listed the decisive steps being taken in the country to improve the investment and business environment fundamentally and to eliminate obstacles step by step.

In this regard, comprehensive reforms are being implemented to ensure every entrepreneur feels free and confident.

As a result, the country’s economy has nearly doubled in recent years, and last year alone, growth rates reached 6 percent, while inflation remained below 9 percent.

Trade turnover is steadily increasing, and the stability of the national currency and foreign exchange reserves is being maintained.

In the past few years, Uzbekistan has attracted over 60 billion dollars in foreign investments, and more than 14 billion dollars from international financial institutions have been directed to social and infrastructure projects.

The volume of foreign investments nearly doubled last year, according to reports.

Notable increases are apparent in the fields of energy with companies like ACWA Power, Masdar, Total Eren, Voltalia, Ҫalɩk, and Aksa; in the chemical industry with Air Products, Indorama, and CAMCE; in mining and metallurgical industry with Orano and Danieli; in automotive and electrical engineering with BYD, KIA, and Samsung; and construction with Коҫ and Knauf along with other leading global companies.

The Uzbekistan President said that the country has initiated over 300 investment and industrial projects and created hundreds of thousands of new jobs.

"Today, during this forum, new large-scale projects with world-renowned companies, such as Linde, Orascom, DataVolt, Bonafarm, Pasha Holding, and others, will be launched," the President said.

He said that the decisions were taken and implemented to further liberalize the economy, create a favorable investment climate, and comprehensively expand business opportunities.

"In particular, we are talking about preferences for foreign investors on dividend taxes, strengthening the legal framework and expanding the privatization programme, introducing an entrepreneur sustainability rating, developing the infrastructure of industrial zones, and introducing a transparent system for allocating land," the President said.

"In addition, the conditions for implementing projects through public-private partnerships are planned to extend to the social sphere and infrastructure," said the President, adding that work on harmonizing national legislation is gaining momentum as part of the country's efforts to join the World Trade Organization.

Meanwhile, the Tashkent International Arbitration Centre has been successfully operating to resolve disputes fairly, and the National Anti-Corruption Strategy until 2030 is being developed.

Another important indicator for investors is that over the past seven years, the enrollment rate in higher education has increased from 9 percent to 42 percent, and the number of higher education institutions has exceeded 200.

A visa-free travel regime has been introduced for more than 90 countries.

"Our main goal is to make Uzbekistan a reliable and long-term partner for foreign investors," the President said.

"The country is committed to developing a market economy, ensuring reliable protection of investors’ rights, further improving the favorable investment and business environment, creating more comfortable conditions for fair competition, and ensuring the safety of private property and the judicial system’s independence," he added.

In his speech, the President specifically focused on priority areas for expanding mutually beneficial cooperation with foreign investors.