On March 6 this year, Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov took part in the launching ceremony of the project "Roadmap for Sustainable Reform of Investment Policy in Uzbekistan" held in Tashkent. The project is being implemented with the participation of the Asian Development Bank (ADB), the European Union, the Organization for Economic Cooperation and Development (OECD).
The event was also attended by Charlotte Adrian, Ambassador of the European Union to the Republic of Uzbekistan, Kanokpan Lao-Araya, Director of the ADB office in Uzbekistan, experts from OECD, IFC (International Finance Corporation), ADB, Foreign Investors Council under the President of the Republic of Uzbekistan.

Background: At the request of the Government of Uzbekistan and with financial support from the European Union and ADB, the OECD, together with ADB, is implementing a project to assess and analyze the investment climate, the effectiveness of foreign direct investment (FDI) and its impact on sustainable development, and the trade-investment nexus. It will also analyze the impact of FDI on value chains, infrastructure development, explore opportunities to expand investment flows in green development and digitalization, the effectiveness of incentives and preferences, and other areas.

Delivering a welcoming speech, Laziz Kudratov noted the results of large-scale work carried out in Uzbekistan in the framework of improving the investment climate and ensuring the protection of investors' interests.

As expected, the results of the research will be a scientifically based analysis and individual recommendations on improving the investment climate, supporting the implementation of reforms and maximizing the impact of foreign direct investment on the country's economic development in the long term.

In particular, the project will allow our country to improve its position in the investment attractiveness index, join the OECD declaration "On International Investments and Multinational Enterprises" and harmonize the legal framework in the field of investments with the implementation of the best practices of the OECD countries.

A working group of responsible ministries and agencies, including the Ministry of Investment, Industry and Trade, the Ministry of Economy and Finance, the Ministry of Energy, the Ministry of Environment, the Ministry of Agriculture and the Statistics Agency, will be organized to implement the project.

The Ministry of Investment, Industry and Trade has launched a series of round tables devoted to topical issues of export activities. In essence, this is a format of open dialog between the government and the export community in order to effectively overcome the barriers facing domestic exporters. Each issue raised is considered on an individual basis and effective solutions are found.

Within the framework of the initiative, weekly meetings of the Ministry's representatives are held with different groups of exporters - depending on the sphere of their activity. For the convenience of the participants, specialized telegram channels, chats and groups have been created where they can get up-to-date information and ask their questions.

We invite all interested exporters and entrepreneurs to join the following groups to discuss export issues in key areas:

Agriculture and Food Processing
Construction materials
Textile industry
Chemical industry
Leather and footwear industry
Automobile industry
The Ministry of Investment, Industry and Trade is ready to provide the necessary support and assistance to all interested parties in the development and promotion of their export activities.

On June 13, 2024, in Tashkent, an inaugural meeting of the Working Groups on the development of the capital market and the creation of the International Financial and Technology Center, as well as on the development of the "Law on Alternative Investments," was held. The event was conducted within the framework of the Foreign Investors Council under the President of the Republic of Uzbekistan and was organized by the Ministry of Investment, Industry and Trade with the support of the EBRD, in cooperation with the Ministry of Digital Technologies and IT-Park. 

Foreign investors, representatives of international financial organizations, leaders of ministries and departments, representatives of the business community and relevant organizations of Uzbekistan, as well as international and local experts and the media, participated in the meeting. 

During the meeting, the priority tasks of the Strategic Plan for the creation of the International Financial and Technology Center, with a focus on attracting technology companies by the year 2024, were discussed. The main focus was on the development and adoption of the law governing the Center's operations, creating conditions for investor activities, promoting the Center, and enhancing Uzbekistan's investment attractiveness on a global level. Issues related to the development of the legal environment for investors in terms of corporate governance and contractual regulation, as well as the modernization of the national financial market, were also discussed. 

According to experts, the successful completion of all tasks and the launch of the Center will ensure long-term sustainable investment growth, increase GDP by 1% annually, and attract portfolio investments amounting to $7-8 billion by 2028. Additionally, the creation of 15-20 thousand new highly skilled jobs is expected over the next 10 years. 

During the meeting, a draft amendment to the Law of the Republic of Uzbekistan "On Joint Stock Companies and Protection of Investors' Rights" and the concept of the law "On the International Financial and Technology Center" were presented and discussed. A roundtable on the topic "Creating Conditions for the Development of Alternative Investment Infrastructure: Global Practices and Tools for Adaptation in Uzbekistan" was also held, where investment and capital market experts, corporate governance specialists, and lawyers exchanged opinions and developed a number of constructive proposals. 

The constructive proposals developed during the meeting were adopted by the Working Groups for further work.