Cairo: Hani Kamal El-Din
President Shavkat Mirziyoyev announced that foreign investment in Uzbekistan nearly doubled in 2023. The III International Investment Forum (IIIF) commenced in Tashkent on May 2nd. According to President Mirziyoyev, it will serve as a platform for “expanding business relations and implementing new projects in the republic.” The president unveiled plans to exempt foreign investors from certain taxes.
Mirziyoyev stated that over 2,500 foreign guests from 93 countries attended the forum in Tashkent. Alongside investors, heads of states, prime ministers, foreign ministers, and leaders of major companies are participating. The Uzbek president highlighted geopolitical and economic challenges globally, emphasizing the need for collaborative solutions.
In recent years, Uzbekistan attracted over $60 billion in foreign investment, with over $14 billion from international financial institutions allocated to social and infrastructural sectors. Foreign investment nearly doubled in 2023, with the launch of over 300 investment and industrial projects in collaboration with global leaders in energy, mining, automotive, and construction.
The country’s economy has nearly doubled in recent years, with a 6% growth rate in 2023 and a decrease in inflation to 9%. Trade indicators continue to rise, maintaining stability in the currency market and gold reserves.
Foreign investors in Uzbekistan will be exempt from taxes on dividends for three years, announced the president. Mirziyoyev also outlined a recent privatization law, initiating the sale of state shares in 250 large enterprises and approximately 1000 real estate assets, along with IPOs for 12 companies on stock markets.
Discussions at the forum included investor rights protection, with commitments from the state to ensure investor rights in courts. A new judicial body, the International Commercial Court, will be established to resolve disputes, along with administrative courts to interpret legal ambiguities favoring private investors.
Uzbekistan is increasingly becoming a destination for investors in Central Asia, offering a growing market, strategic location, duty-free access to the EU market, rich natural resources, and competitive prices.
Participants at the Tashkent forum exchanged expertise on various global and regional economic and investment agendas, including e-commerce development, green economy, digital banking, regional investment potential, industrialization, corporate governance, energy projects, and water resource management.
