Shavkat Mirziyoyev chairs first plenary session of the Council of Foreign Investors 

The event was attended by President of the European Bank for Reconstruction and Development Odile Renaud-Basso, heads of such leading companies and banks as Suez, Calik Holding, Cengiz Enerji, Halyk Bank, VEON Group, TBC Bank , Abu Dhabi Development Fund, ACWA Power, Zeppelin International AG, EDF, AME International, CNH Industrial, Youngone Corporation, Procter & Gamble, Mitsui, Sojitz Generation DMCC, KIA Motors, General Electric, John Deere, Silverleafe, Knauf, White & Case, as well as representatives of international financial institutions – the World Bank, the International Finance Corporation, the Asian Development Bank and the Islamic development bank.

The Council of Foreign Investors was established in accordance with the decree of the President of the Republic of Uzbekistan dated November 13, 2019, its main task is to advise the government of Uzbekistan in the most important areas of investment, industrial, technological and innovative development of the country based on the most successful experience and achievements of world practice.

At the first session of this consultative and advisory body, issues of further expansion of long-term and mutually beneficial investment cooperation, implementation of specific cooperation projects in our country in priority areas of cooperation were discussed.

In his speech, the head of our state noted the special significance of today’s meeting against the backdrop of serious crisis phenomena at the global level, in the face of a growing demand for close cooperation based on mutual trust and respect.

It was emphasized that in recent years Uzbekistan has been implementing large-scale reforms, one of the priorities of which is to ensure the openness of the national economy and create the necessary conditions for its integration into the international market.

Thus, the foreign exchange market was liberalized, the opportunities for the activities of private investors in the fields of energy, geological exploration, chemistry and petrochemistry, medicine, education and others were expanded.

Revolutionary decisions have been made to support private entrepreneurship. More than 200 types of licenses and permits have been canceled in this area. The tax burden on business has been reduced, and the most comfortable conditions for foreign investment are being created.

As a result, despite the pandemic and the difficult situation on world markets, we managed to maintain and continue the positive dynamics of economic growth. Over the past five years, the inflow of foreign investment into our country has increased 10 times, its volume has reached almost $40 billion.

The President noted the existence of specific projects and programs that provide for a further increase in investment in the economy, primarily in the modernization and transformation of industries, the accelerated development of production, utilities and transport infrastructure.

The leader of Uzbekistan outlined the main guidelines within the framework of the Council's activities and priority areas for further expanding partnerships with foreign investors.

First of all, we are talking about strengthening guarantees for ensuring and protecting the rights and interests of investors. In this context, the head of our state proposed to form a committee for the protection of investors’ rights under the Council.

It was emphasized that Uzbekistan intends to deepen reforms in the banking and financial sector and is open to investor initiatives aimed at further improving the banking sector.

An important direction of the economic policy of our country is the further reduction of state participation and the expansion of privatization. Public-private partnership mechanisms are being introduced in all sectors.

The colossal natural resource potential of Uzbekistan was also pointed out, as well as wide conditions created for foreign investors to participate in their development.

The strategy “Digital Uzbekistan – 2030” has been adopted and is being implemented, within the framework of which special attention is paid to the active attraction of foreign capital and technologies in the process of digitalization in our country.

Particular attention is paid to the development of the “green” economy, effective measures are being taken to develop scientific and technical potential and train specialists in the field of renewable energy.

The President of Uzbekistan invited all present investors and partners to actively participate in these projects and programs.

The members of the Council who spoke at the meeting especially noted the high achievements of the reform program of recent years in New Uzbekistan, the results of which were the creation of truly favorable conditions for doing business and implementing promising projects. Deep gratitude was expressed to the head of our state for all-round support for the activities of investors, as well as readiness to further expand the mutually beneficial investment partnership.

Following the meeting, the President of the Republic of Uzbekistan gave a number of instructions to responsible persons on organizing systematic interaction with foreign investors, developing a “roadmap” based on the proposals made at the meeting, indicating specific deadlines and executors.