President of Uzbekistan Shavkat Mirziyoyev announced plans for a new international financial centre and outlined six priority areas for attracting foreign investment during the official opening ceremony of the Tashkent International Investment Forum.
This initiative aims at strengthening legal protections for investors, expanding capital markets and accelerating industrial development.
According to the President, the Centre will operate under a dedicated constitutional law and a special legal regime based on English common law principles. Authorities also plan to introduce extensive tax incentives, including exemptions from corporate income tax, value-added tax, property tax and customs duties for an initial period of 50 years.
Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry and Trade, said the initiative is designed to create a familiar regulatory environment for international investors.
“All companies, foreign companies in the finance sector who are willing to do business in Uzbekistan, there won’t be need for them to understand the local legislation. They will just do operations and business according to international standards, according to common law,” Kudratov said.
The minister added that authorities are also preparing legislation on alternative investment funds.
“Then we are also coming up with a new law on alternative investments. So, it will create a framework to protect venture capital, to protect Limited Partner and General Partner investment, private equity investment in Uzbekistan.”
Financial achievements
Opening the forum, President Mirziyoyev said Uzbekistan had attracted more than $150 bn (€130 bn) in foreign investment over recent years, with $123 bn (€107 bn) secured during the past five years alone.
“We are always open to investors interested in cooperation with Uzbekistan and ready to build equal and mutually beneficial partnership,” Mirziyoyev said.
The president pointed to continued economic growth and improving international ratings as evidence of the country’s reform trajectory.
Last year Uzbekistan’s economy grew by 7.7%, according to World Bank, while foreign investment inflows reached $43 bn (euros?). International reserves exceeded $70 bn (euros), according to figures presented during the forum. The country’s GDP is expected to surpass $180 bn (euros) this year.
Mirziyoyev also highlighted Uzbekistan’s recent progress in international rankings.
“Uzbekistan’s international credit standing continues to strengthen year after year. This year, our country advanced 14 positions in the prestigious Index of Economic Freedom and, for the first time, joined the group of nations recognised as having a ‘moderately free economy’,” he said.