The President of Uzbekistan identified new areas of cooperation with foreign investors

On June 18, the regular plenary session of the Foreign Investors’ Council was held at the International Congress Center, chaired by President of the Republic of Uzbekistan Shavkat Mirziyoyev, the press service of the head of our state reports.

The event was attended by Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, heads of leading international companies, banks, and financial institutions, as well as representatives of reputable international organizations and structures representing investor councils in the countries of Central Asia and the Caucasus.

Speaking at the meeting, the President noted that in recent years, the Presidential Council has strengthened its position as an important platform for practical reforms and interaction between the state and the international business community.

Having received the status of an independent Association, it unites 85 companies representing 23 sectors of the country’s economy. The Executive Committee includes the European Bank for Reconstruction and Development, the Asian Development Bank, and the International Finance Corporation.

The practical result of this cooperation has been the consistent improvement of the regulatory framework.

Based on the Council members’ proposals, amendments were made to the Tax Code, certain financial regulation and accounting procedures were simplified, and a number of mandatory requirements for foreign companies applying international financial reporting standards were waived.

At the same time, work continues to further align national legislation with international practice.

A draft law “On Alternative Investment Funds” has been prepared, a program for implementing responsible business standards has been developed, and technical regulations are being harmonized with international requirements.

Furthermore, Uzbekistan has begun acceding to the OECD Declaration on International Investment and Multinational Enterprises. The next step will be the adoption of a constitutional law on the Tashkent International Financial Center.

The activities of the Council’s specialized working groups have become systematic. Over the past period, more than 50 meetings have been held on financial market development, improving collateral legislation, responsible business conduct, tax administration, energy, land administration, professional training, and other areas of mutual interest to the government and investors.

Preparations for the current meeting allowed us to formulate a new package of initiatives from our foreign partners.

The 120 proposals received are grouped into seven priority areas, covering improvements to the investment climate, tax and cadastral systems, banking and finance, corporate governance, energy, and the development of artificial intelligence and the digital economy.

Particular attention was given to proposals for further liberalization of currency regulation, the introduction of modern financial instruments, including Islamic insurance and green lending mechanisms, the development of the banking asset market, and the widespread application of environmental, social, and corporate governance principles.

Practical solutions have been developed for each area, and responsible executors have been identified.

The President of our country noted that the Council remains an effective platform for open dialogue, where business initiatives are practically implemented in public policy.

In this regard, the importance of maintaining direct interaction with international investors and further improving feedback mechanisms was emphasized.

Following the meeting, it was instructed to consolidate all proposals into a single roadmap, defining specific implementation deadlines and monitoring mechanisms.

It was stated that members of the Uzbek government responsible for the investment sector will submit quarterly reports to the President on the progress of its implementation.

Meeting participants confirmed their interest in further expanding mutually beneficial cooperation and implementing joint initiatives aimed at strengthening investment attractiveness, sustainable economic growth, and the successful continuation of reforms in the New Uzbekistan.

Following this, thematic presentations, speeches by participants, and a question-and-answer session with Council members took place.