Transparency of legislation is a key factor in the development of special economic zones

Tashkent hosted the panel session “New perspective on Special Economic Zones” within the framework of TIIF-2024, where experts discussed the role of SEZs in Uzbekistan’s economic development and their potential in attracting private investment, the PR center of MIIT reports.

The event was moderated by Tarik Sahovic, Principal Operations Officer of IFC. The participants discussed international practices of creating and managing SEZs, which become accelerator for foreign direct investment, export development and innovation.

Raj Jit Singh Wallia shared his thoughts on the importance of a clear legislative framework and government support: “Transparency, clear legislation and rules on investment are key to the success of SEZs. It is very important that the government invests in infrastructure and simplifies licensing and visa procedures”.

Ekaterina Makarova, lawyer at Akin Gump, emphasised the legal protection of investors: “It is important that investors can rely on the protection of their property and expect fair compensation. Legal protection and a reliable judicial system in the country are critical to create confidence among investors”.

Participating speakers included:

• Orhan AYDIN, Chairman of the Board,
• Ostim Raj Jit Singh Wallia, CEO & MD – Central Asia Region, DP World
• Indranil Das Gupta, Strategic Adviser, Kanoria Foundation
• Ekaterina Makarova, Lawyer, Akin Gump

The panel session brought together leading experts to discuss the prospects for the development of special economic zones (SEZs) with the involvement of private investors and operators.

The session considered the terms of the new Law of Uzbekistan “On Special Free Zones” aimed at improving the legal framework for attracting private investment in SEZs. 

Experts shared their views on the potential risks and benefits of implementing the new law, as well as the services required for investors in new SEZs.

The session provided a platform for constructive dialogue on creating enabling environment for private sector participation in SEZ development in Uzbekistan.