President Shavkat Mirziyoyev emphasizes the importance of expanding practical partnership as part of the Foreign Investors Council

On June 11, the International Congress Center held the third plenary session of the Foreign Investors Council under the President of the Republic of Uzbekistan.

The event, chaired by the Head of State, was attended by the President of the European Bank for Reconstruction and Development, Odile Renaud-Basso, along with leaders of major companies and banks such as Masdar, Indorama, ACWA Power, Vision Invest, DataVolt, Veon, Boeing, Air Products, SpaceX, Meta, John Deere, Franklin Templeton, Suez, EDF, TotalEnergies, Voltalia, Orano, Linde, Claas, Sojitz, Bomi, OTP Bank, Goldwind, Çalık, Çengiz, Aksa, JBIC, as well as representatives of international organizations and financial institutions – the Organisation for Economic Co-operation and Development (OECD), the International Finance Corporation (IFC), the Asian Development Bank (ADB), the Islamic Development Bank (IsDB), and the International Islamic Trade Finance Corporation (ITFC).

The Council’s main objectives are to provide consultative support and facilitate open dialogue between the Government of Uzbekistan and foreign investors on key areas of the country’s investment, industrial-technological, and innovation development, drawing on successful international experience and global best practices.

Opening the current session, the Leader of Uzbekistan noted the fruitful outcomes of the Fourth Tashkent Investment Forum held the previous day, and expressed gratitude to the Council members for their contribution and support to the development of New Uzbekistan.

The effectiveness of the Council’s previous meetings was noted with satisfaction. In particular, a transition has been made to an entirely new format of cooperation with international financial institutions, an efficient cooperation system has been introduced, and the sectors of mutually beneficial partnership have expanded.

Thus, the European Bank for Reconstruction and Development invested a record amount of approximately $1 billion in Uzbekistan last year. Our country became the Bank’s largest partner in the region.

Cooperation between international financial institutions and the private sector has also significantly intensified. In particular, the annual volume of joint projects with private companies and banks exceeded $1 billion.

Companies participating in the Council’s current session have launched new projects in green energy, waste processing, energy storage, and green hydrogen production.

In particular, companies such as ACWA Power, Masdar, Linde, Shanghai Renewable Energy, and TotalEnergies, which have invested over $8 billion, are significantly contributing to developing the green economy.

Renowned global companies are also actively entering Uzbekistan’s digital technology sector. DataVolt is implementing projects to establish the largest green data center in the region, while Veon is developing a mobile super app based on artificial intelligence.

“This is, in my view, a vivid reflection of the high level of trust foreign investors place in our reforms and our policy of openness”, the President emphasized.

The International Finance Corporation, along with companies such as Ernst & Young, Dentons, Knauf, and TBC, members of the Council, have made several proposals to improve national legislation in line with international standards. More than 10 laws, decrees, and resolutions have reflected their new initiatives and ideas.

The Head of State announced that the base tax rates for businesses will remain unchanged until 2028.

Overall, due to the improved investment climate, over the past two years, some 5,500 new enterprises with foreign capital participation have been established in Uzbekistan, bringing their total number to 16,000.

It was noted that, in preparation for today’s meeting, more than 40 initiatives from foreign partners were selected. In particular, investors proposed measures to ensure the stability of tax legislation, increase the number of directly applicable laws, and expand private sector participation in infrastructure projects.

This year, public-private partnership projects totaling nearly $4.5 billion have been launched in road construction, transportation, energy, water supply, irrigation, and other sectors. Regulatory and legal documents are being developed to transition to International Financial Reporting Standards and environmental, social, and corporate governance frameworks.

Based on the proposals received, additional working groups will be established to improve legislation on collateral, train professional personnel for foreign companies, enhance local companies’ corporate governance, and improve tax administration.

A proposal was made to increase the Council Secretariat’s self-management and reorganize it into a separate legal entity.

The Council members who spoke highly praised the results of the large-scale reform program in New Uzbekistan. They expressed their gratitude to the Head of State for the strong support of investment activities and the firm commitment to continue mutually beneficial cooperation.

The government has been instructed to review all initiatives thoroughly and to ensure their practical implementation. A separate roadmap will also be adopted for each project.