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An interim session of the Foreign Investors Council under the President of the Republic of Uzbekistan was held in the capital

2023-08-30 | Economics

On August 29 this year, the International Hotel Tashkent hosted a regular Interim Session of the Foreign Investors Council under the President of the Republic of Uzbekistan, which was attended by over 150 heads of leading foreign investment companies, diplomatic missions, ministries and departments, representatives of international financial institutions (IFIs).

Within the framework of the session, the practical aspects of investment activities in Uzbekistan were discussed, questions and proposals voiced during meetings held by the FIC Working Group with leading investors operating in Uzbekistan were considered. In addition, global investment trends and main tendencies were taken into account in addition to an assessment of Uzbekistan's comprehensive efforts to improve the business climate in the country.

Among the speakers were  Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan, Alkis Drakinos, Head of the EBRD Representative Office in Uzbekistanrepresentatives of the International Finance Corporation (IFC), PwC Uzbekistan and others. 

In his welcoming speech, Laziz Kudratov noted Uzbekistan's commitment to consistently improving the investment climate, systematic analysis and implementation of new benefits and preferences for investors based on its results, strengthening measures of their targeted support, changing the culture of relations in society, where the interests of investors and entrepreneurs are put at the forefront. In the context of an expanding investment deficit in many developing countries, the importance of Uzbekistan's current reforms, its investment climate and progressive trade policy have only strengthened its status as an attractive destination for promising investors.

Thus, the attention of the participants was focused on Uzbekistan's active efforts to revise investment legislation, activate privatization processes, promote public-private partnership and stimulate initiatives in the field of green economy.

Separately, the intensification of work on joining the World Trade Organization (WTO) was noted, which also indicates commitment to global standards and ethics of international cooperation. The openness of Uzbekistan's foreign policy and the active introduction of trade preferences are reflected in the growth of the image of the country implementing a diversified and sustainable economic concept.

During the session, practical aspects of the Investment Law, positive innovations in tax administration, the introduction of a Single Electronic Window platform for working with investors were discussed, and a project of the Tashkent International Financial Center was presented.

Following the results of the event, the Protocol of the Interim Session of the Foreign Investors Council was signed, which incorporated systemic proposals to improve the investment environment in Uzbekistan. In addition, an Agreement on cooperation with the International Finance Corporation was adopted, aimed at providing technical and consulting support for improving national legislation. 

Source: Ministry of Investments, Industry and Trade of the Republic of Uzbekistan