Norov proposes to create an investment fund for Central Asia

Director of the International Institute of Central Asia Vladimir Norov, who took part in the event, noted in his speech that the political will and joint efforts of the leaders of the Central Asian countries contributed to the consolidation of efforts on the path to the joint development and prosperity of the region.

“We have begun to strengthen the regional subjectivity of Central Asia in global politics. Today, all over the world, the voice of Central Asia sounds louder: we are heard and listened to. In fact, today we are creating our common future. Today, the Central Asian region is becoming a vast area of ​​partnership and mutually beneficial cooperation.

The mechanism of consultative meetings of the heads of state of Central Asia laid down a fundamentally new paradigm of interstate relations in the region, created the basis for strengthening unity, allowing the return of the former power of Central Asia,” he said.

He also focused on the fact that a stable Central Asia is becoming one of the important centers of economic growth. The last 6-7 years have become a breakthrough period of joint implementation of large investment cooperation projects in the field of industry, transport, energy and infrastructure. Joint investment companies have been set up and we are actively developing interregional ties. There has never been such a dynamic before. The total GDP of the countries of the region today is more than $347 billion, having increased by more than 25% in recent years.

Another area of ​​regional cooperation is the pooling of efforts and resources to attract foreign investment.

The head of IICA noted that in the field of investment, it is necessary to create a single favorable business climate to increase the overall regional investment attractiveness, as well as to consider the possibility of creating an investment fund for Central Asia to finance regional projects, taking into account common interests.

According to the speaker, over the next 10 years, the Central Asian region can potentially attract up to $170 billion in foreign investment, including $40-70 billion in non-primary sectors. 

Along with this, the director of IICA noted the importance of building up cooperation in the field of tourism, which can become an effective factor in the development of the countries’ economies.