Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

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.