Distinguished participants of the meeting!
Dear Ms. Odile Renaud-Basso!
I am delighted to see you all at the meeting of the Foreign Investors Council.
Yesterday at the International Investment Forum we discussed the further development of our economy and areas of strategic importance.
Today, we will focus on the exchange of best practices and the implementation of your specific projects, new initiatives and proposals.
The practical efficiency and invaluable contribution of our friendly discussions in this format to the implementation of new projects is noteworthy.
Our previous meetings have begun to bear fruit. I would like to mention a few examples.
We have adopted a new approach to working with international financial organizations, introducing an effective system aimed at achieving concrete results. Last year, for instance, the European Bank for Reconstruction and Development invested a record amount of around $1 billion in Uzbekistan. Our country has become this bank’s largest partner in the region.
We are very grateful and highly appreciate the significant contribution of Ms. Renaud-Basso to achieve these results. I express my gratitude to you once again.
Besides, cooperation between international financial institutions and the private sector has increased dramatically, with direct investments being made in a number of cutting-edge enterprises. Notably, these joint projects with private companies and banks exceeded $1 billion in a year.
Yet another direction. I would like to emphasize that the companies present in today’s meeting have launched new projects in cutting-edge areas such as green energy, waste recycling, electricity storage and green hydrogen production.
Leading companies such as ACWA Power, Masdar, Linde, Shanghai Environment and Total Energy are making significant contributions to the green economy by investing more than $8 billion.
World-renowned companies are also entering the digital technology sector at a rapid pace. We are particularly pleased that Data Volt has launched a project to build the region’s largest “green data centre”, and Veon has started a project to develop a “mobile super application” based on artificial intelligence.
These projects will undoubtedly serve as a solid foundation for the future.
There are many more examples like this.
I believe this is a clear example of foreign investors’ high confidence in our reforms and our policy of openness.
Members of our Council, including the International Finance Corporation, Ernst & Young, Dentons, Knauf and TBC, have made a number of proposals to improve national legislation based on international standards. These new initiatives and ideas have been reflected in over 10 laws, decrees and resolutions.
Overall, the activity of foreign investors in our country is rising rapidly. In the past two years alone, 5,500 new enterprises with foreign capital were established – bringing the total number to 16,000.
Dear friends!
We approached today’s meeting with a completely new level of preparation. We held one-on-one discussions with foreign companies and reviewed more than 40 concrete proposals, carefully selecting the most impactful ones. In particular, investors proposed to ensure the stability of tax legislation, increase the number of directly applicable laws, expand the private sector’s share in infrastructure development.
We are taking all of these proposals seriously and working closely with Council members to address each of them. For example, we have announced that the main tax rates for businesses will remain unchanged until 2028. This year alone, we have launched public-private partnership projects worth nearly $4.5 billion in key sectors such as roads, transport, energy, water, and irrigation. We are also developing regulatory documents to transition to international financial reporting standards and implement Environmental, Social, and Governance (ESG) principles.
Many investors raised concerns about grid connectivity for electricity. In this regard, we acknowledge the need to adopt the best international practices. Hence, I propose the formation of a special working group under our Council to develop clear mechanisms for this issue.
Based on your feedback, we will also initiate efforts to improve collateral legislation, train qualified professionals for foreign companies, enhance corporate governance in local enterprises, establish additional working groups on tax administration.
At our last meeting, we created task forces focused on pressing issues such as digitalization, responsible business conduct, and alternative investments. Today, we will review their presentations and progress.
Another important point. Over the past year, the activity of our Investors Council has significantly intensified. Its Secretariat is working directly not only with the Ministry of Investment but also with other ministries, agencies, international organizations, and investors. Therefore, I believe it would be appropriate to enhance the independence of the Secretariat by reorganizing it as a separate legal entity.
I would like to hear your thoughts on this as well.
Dear friends!
I am truly pleased with the productive and sincere dialogue we have had today. To be honest, I was expecting such passionate and thoughtful contributions from all of you.
Each and every proposal and comment shared here will be carefully reviewed, and our government will adopt a dedicated roadmap to follow up on them.
Let me emphasize once again: We are building a New Uzbekistan – a country that is open, free, stable, and reliable for investors.
The reforms we have embarked upon are irreversible, and we will continue to implement them with determination and consistency.
We are not merely inviting you to invest in our country – we are inviting you to become genuine partners in our journey, to become co-creators of our success story, and to be an integral part of the great future we are building.
We firmly believe that every project, born out of our shared vision and joint efforts, will become a shining example of successful cooperation.
I wish you continued success and new achievements on this noble path.