Tashkent (TDI): Uzbek President, Shavkat Mirziyoyev, in the opening remarks of the fourth Tashkent International Investment Forum said that Uzbekistan is taking all necessary measures to ensure that the principle New Uzbekistan is a land of great opportunity for investment is also realized in practice.
Tashkent International Investment Forum took place from June 10-12 at the Central Asian Exhibition Centre (CAEx Centre) Tashkent. A twenty-member delegation from Pakistan also participated in the Forum.
The opening day also featured a first-ever National Exhibition displaying the investment potential of Uzbekistan. President Mirziyoyev’s opening remarks also largely complimented the spirit of the Exhibition.
He extended a warm welcome to the distinguished guests including high-ranking representatives from partner countries, heads of international organizations, and prominent figures from the business world. He noted that the participation of more than 7.5 thousand delegates, including almost three thousand foreign guests from around 100 countries is a true expression of respect for Uzbekistan.
The President grimly observed that the norms of international law and the power of diplomacy are weakening by the day, and stressed that now it is more important than ever to restore peace, justice and a shared belief in human dignity around the world.
Mentioning Gaza, Ukraine, and Afghanistan, he urged all partner states to engage in open and broad-based international cooperation.
He said that internally, Uzbekistan is focused on maintaining economic stability. “Our gross domestic product has doubled over the past eight years. We have set a goal to increase it to $200 billion by 2030.”
“The effectiveness of reforms in New Uzbekistan is duly reflected in international rankings. Our position in the Index of Economic Freedom has risen by 48 places over the past five years. In the Economic Complexity Index of Harvard University, we improved our standing by 28 positions,” he added.
Talking about green energy and how Uzbekistan has mainstreamed it, President Mirziyoyev said, “Over the past short period, nearly $6 billion worth of foreign direct investment has been attracted to this sector. Electricity production has increased from 59 billion to 82 billion kilowatt-hours.”
He also shared his vision of turning Uzbekistan into “a prestigious IT and Fintech hub.” To catch the attention of investors, the President also outlined how the insurance sector has been upgraded.
“We are witnessing rapid growth of venture capital as an alternative tool for startups. Notably, last year, two local startup companies’ capitalization surpassed $1 billion. We are committed to increasing the number of such companies,” he said.
Read More: Small Steps, Big Impact: Uzbekistan’s Unspoken Rules of Energy Efficiency
The President further highlighted Uzbekistan’s reserves of minerals, its efforts to become a member of World Trade Organization, a “one-stop-shop” initiative for investors, the establishment of National Investment Fund, and public-private partnerships in transport.
“These measures are intended to raise Uzbekistan’s credit rating to the “investment” level by 2030.
Third, in privatization of state-owned companies, we have opted to transform them into valuable assets that serve the prosperity of our country,” he told the audience.
President Mirziyoyev also specifically stressed on the promotion of the “Concept of an Integrated Region for Investment and Trade” in Central Asia.
Sohail Majeed
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
