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

Within the framework of the 5th Anniversary Tashkent International Investment Forum program, an important panel session dedicated to innovative financial ecosystems and the future of the digital economy was held. Titled "Rethinking Jurisdictions for the Global Tech Economy," the event brought together international legal experts, financial market leaders, and venture capitalists on a single dialogue platform.

The following leading representatives of international financial institutions, venture funds, and technological ecosystems participated in this prestigious session:

• Seán McEllin - Partner at Saviday (Moderator)
• Bokhodir Ayupov - Vice President of Enterprise Uzbekistan
• John Kilmartin - Team Leader at Saviday
• Mark Beer - Chairman of the Board of The Metis Institute
• Michael Lints Henricus - Founding Partner at Golden Gate Ventures (GGV)
• Sengul Enginsoy - Head of PR and Marketing at StartupBlink

During the session, an in-depth analysis was conducted on the distinct strengths and strategic advantages of the Tashkent International Financial Centre (TIFC) compared to its regional competitors. Participants compared the country's favorable geostrategic location, rapidly developing digital infrastructure, and attractive investment climate with the capabilities of other leading financial centers in the region. Experts acknowledged that through its rapid economic reforms, Uzbekistan has already established all the fundamental building blocks necessary to become a technological and financial hub.

Opening the discussion, Bokhodir Ayupov, Vice President of Enterprise Uzbekistan, noted that technology companies are operating on an increasingly global scale, while the demand for legal frameworks that meet the needs of the new economy continues to grow. According to him, creating a flexible, reliable, and innovation-friendly business environment is essential to supporting the growth of modern technology companies.

“Today, the success of technology companies depends not only on their products and market strategies but also on creating a business environment that is flexible, stable, and conducive to innovation,” Bokhodir Ayupov noted.

Speaking about Uzbekistan's innovation potential and human capital, Saviday partner Seán McEllin noted that the country possesses the fundamental conditions needed to build a thriving technology ecosystem. Drawing a comparison with Ireland, which experienced a period of rapid economic transformation, he identified Uzbekistan's young, ambitious, and innovation-driven population as one of its greatest competitive advantages.

The discussion also focused on effectively aligning local economic conditions with internationally recognized financial standards. Drawing on practical examples, the experts demonstrated how TIFC is building its unique competitive advantages to attract major capital flows not only to Uzbekistan but across the Central Asian region. They also emphasized the crucial role that modern, flexible jurisdictions play in fostering investment and supporting the sustainable development of the regional financial ecosystem.

Michael Lints Henricus, Founding Partner at Golden Gate Ventures, spoke about the role of international investment, noting that he has visited Uzbekistan several times over the years and has witnessed firsthand the country's rapid transformation, which is increasingly attracting the attention of international investors. He also announced the opening of the company's representative office in Uzbekistan, expressing strong confidence in the long-term potential of the country's technology and investment ecosystem.

“The first question we ask in every new ecosystem is whether we can build a strong team there-engineers, entrepreneurs, and investors. We see that Uzbekistan has tremendous potential in this regard, with the talent and ambition needed to build and rapidly scale successful businesses,” said Michael Lints Henricus.

He emphasized that, for investors entering a new market, clarity, predictability, and transparency throughout the investment process are of paramount importance. According to the speaker, when entry procedures and regulatory requirements are clearly defined from the outset, investors are more willing to enter the market and can integrate into the business environment more quickly.

Summing up the session, Bokhodir Ayupov, Vice President of Enterprise Uzbekistan, noted that he has observed the country’s transformation from within rather than from an external perspective. “While some results can be expressed in figures and data, the most significant changes are reflected in the political will for reforms, the spirit of renewal, and a fundamental shift in people’s perceptions of opportunity,” he said.

He added that in recent years many stereotypes have been broken, and the global perception of the country’s development potential has significantly evolved.

The session highlighted that the opportunities created by the Tashkent International Financial Centre (TIFC) and Enterprise Uzbekistan represent a strategic step toward positioning Uzbekistan as an emerging technological and financial hub in Central Asia. The combination of strong political will, a transparent and open legal environment, a favorable geostrategic location, and, most importantly, young and ambitious human capital is expected to significantly enhance the country’s global investment attractiveness.