The President of Uzbekistan outlined key areas of investment cooperation with foreign partners

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 in the capital’s International Congress Center, the press service of the head of our state reports.

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

In total, more than 7.5 thousand delegates arrived at the forum, including over 3 thousand foreign guests from 100 countries. At the same time, the current event is being held in a new, expanded format. For the first time, a specialized exhibition has been organized within its framework, where Uzbek companies participate with their projects and joint initiatives.

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

For the third year in a row, the growth rate of global GDP has been declining as a result of the aggravation of the economic crisis and the shortage of financial resources.

The head of Uzbekistan emphasized the importance of resolving regional conflicts and problems exclusively by diplomatic means, based on the norms and principles of international law in accordance with UN resolutions.

“We call for open and large-scale international cooperation on the above-mentioned problems of all our partner states. Investments, which are the main topic of the forum, are a guarantor of not only economic development, but also peace and stability,” the head of our state said.

The leader of Uzbekistan called for the creation of an investment environment that will not only make a profit, but will also serve as a solid foundation that elevates the value of a person, ensures his vital interests and the development of society.

He specifically focused on Uzbekistan’s achievements in ensuring economic development. Over the past 8 years, the country’s GDP has doubled. The goal is to bring this figure to $200 billion by 2030. In 2024, investment volume reached $35 billion, and exports – $27 billion.

Over the past 5 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 authoritative agency S&P raised Uzbekistan’s sovereign rating forecast from “stable” to “positive”.

Emphasizing that today the global economy is on the threshold of a new era of change, the President of Uzbekistan pointed out the importance of cooperation in four key areas.

The first is the transition to a “green” economy model.

– In order to provide the economy with stable energy resources, we are determined to develop “green” energy, – the country’s leader noted.

In recent years, almost $6 billion in foreign direct investment has been attracted to this area. The volume of electricity production increased from 59 billion to 82 billion kilowatt-hours. In the next 5 years, this figure will exceed 120 billion kilowatt-hours, the share of “green” energy will be 54 percent.

$4 billion will also be attracted to upgrade power grids. This year, power grids in Samarkand will be transferred to private partnership, and next year – in 8 more regions.

For the first time, it is planned to launch the sale of “green certificates” and carbon units. Uzbekistan will join global carbon markets, and a platform for climate investments “Green Uzbekistan” will be created.

Secondly, digital technologies and artificial intelligence are becoming new “drivers” of the economy.

– This year alone, the export of IT services in our country will reach $1 billion. We have sufficient potential to increase this figure 5 times by 2030, – the leader of our country noted.

Uzbekistan’s achievements in this area are receiving international recognition. In particular, in the International Artificial Intelligence Readiness Index, the country has risen by 17 positions in one year.

Next year, the national platform “Cloud Technologies” will be launched. In the next 5 years, 20 data centers with a capacity of more than 500 megawatts will be built together with private investors.

It is planned to develop a national model of artificial intelligence that will embody our rich history, values ​​and new creative ideas. To ensure the effectiveness of this system, the project “One Million Users of Artificial Intelligence” has been launched.

The head of state expressed confidence that through joint efforts, Uzbekistan will become an influential IT and fintech hub.

Third, the financial system and technologies are changing dramatically.

“Recently, together with the IMF and the World Bank, we conducted a comprehensive assessment of the financial sector of Uzbekistan for the first time. They fully supported our reforms in the banking sector, finance, insurance, and the capital market,” the head of state noted.

To bring these areas to the next stage of development, a Financial Stability Council will be created, and cybersecurity and financial technology platforms will be launched under the Central Bank.

Reforms have begun in the insurance system, the National Reinsurance Company and the Global Digital Reinsurance Platform have been created.

An alternative financial instrument for startups, ventures, is developing rapidly. Thus, last year the value of two national startup companies exceeded $1 billion for the first time.

A draft law “On Alternative Investment Funds” has been developed to increase the number of such companies. In the next 5 years, the volume of ventures and other alternative investments will be increased to $1 billion.

Another area is a multiple increase in demand for technological minerals in the context of the “Fourth Industrial Revolution”.

Large reserves of tungsten, molybdenum, magnesium, lithium, graphite, vanadium, titanium and other minerals have been discovered in Uzbekistan. The potential of our mineral resources is estimated at $3 trillion.

– We have every opportunity to turn the region into a hub for the production of high-value-added products from minerals. In the Tashkent and Samarkand regions, we are creating “Metals of the Future” technology parks, the country’s leader said.

In this regard, the Head of State proposed introducing a 10-year rental tax refund for investors who have established a full cycle – from geological exploration to the release of finished products.

In his speech, the President of Uzbekistan drew special attention to the practical implementation of the principle “New Uzbekistan – a country of great investment opportunities”.

First, Uzbekistan has set itself the goal of becoming a member of the World Trade Organization next year. In this area, dozens of laws and hundreds of standards have been adapted to international requirements. This process will be fully completed this year.

Secondly, in order to create even more favorable conditions for foreign investors, a “national regime” will be introduced, guaranteeing conditions equal to those of local companies, a “single window” principle will be introduced in interactions with government agencies, and a system of guaranteed protection of investment activities will be created.

Due to such measures, it is planned to raise Uzbekistan’s credit rating to investment level by 2030.

Thirdly, during the privatization of state-owned companies, the path of turning them into large assets that will serve to increase the welfare of the country has been chosen.

The National Investment Fund has been created, combining state shares in 18 large companies and banks worth about 2 billion dollars. The authoritative international company Franklin Templeton has been brought in to manage the fund. Next year, it is planned to put the fund’s shares up for international IPO.

In addition, professional consultants will be brought in, and within two years, 29 large state-owned companies will be privatized.

Fourthly, great attention is paid to the development of transport and logistics with the involvement of private capital. For example, the international airports of Samarkand, Namangan, Bukhara and Urgench have been transferred to potential investors for management on the basis of public-private partnership.

The leading global company Incheon has been brought in to manage the Urgench airport. Next year, tenders will be held for the airports of Nukus, Termez, Fergana and Navoi.

In addition, given that the capital’s population has exceeded the 5 million mark, the city of New Tashkent, designed for 2 million residents, will be built. A multimodal hub with the capacity to service up to 20 million passengers per year will be built here, combining the airport, rail and road transport.

Fifth, a completely new atmosphere of cooperation has formed in Central Asia. Over the past 8 years, trade with neighboring countries has grown more than 3.5 times and amounted to almost 13 billion dollars.

Large investment projects are being implemented. The construction of the China-Kyrgyzstan-Uzbekistan railway has begun, and work is underway to prepare major energy and infrastructure projects.

In this regard, the Leader of Uzbekistan proposed promoting the concept of the “Single Space for Investment and Trade” in Central Asia.

“Here I would like to address international organizations: the time has come to create new financial mechanisms to support regional projects. By joining forces, we will turn Central Asia into a space of peace and sustainable development,” the President said.

In conclusion of his speech, the head of Uzbekistan drew the attention of the participants to the fact that for our country, investments mean not just financial resources, but technologies, knowledge, qualified personnel, as well as integration into international production chains.

“Uzbekistan creates all the necessary conditions for foreign investors who come to us with such noble ideas, and we fully support and fully guarantee their activities,” the leader of our country emphasized.

The speakers who spoke at the plenary session highly praised the results of reforms in New Uzbekistan, voiced their proposals and initiatives for further expansion of investment cooperation with our country in priority sectors.