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

On June 10-12 of this year, the Tashkent International Investment Forum is taking place at the CAEx Exhibition Palace in Tashkent.

On June 10-12 of this year, the Tashkent International Investment Forum is taking place at the CAEx Exhibition Palace in Tashkent, under the coordination of the Ministry of Investments, Industry and Trade of the Republic of Uzbekistan. On June 10, discussions and panel sessions on a number of important issues were held within the framework of the Forum.

As part of the second day of the Tashkent International Investment Forum, the head of the Ministry of Investments and Foreign Trade, Laziz Kudratov, participated in the signing ceremony of a memorandum of understanding worth $500 million with the OPEC Fund for International Development.

This document aims to support the development of the private sector in Uzbekistan from 2025 to 2030.

Since the beginning of cooperation between Uzbekistan and the OPEC Fund for International Development in 2000, 16 projects totaling $374.95 million have been implemented in the fields of industry, infrastructure, energy, irrigation, and education. Currently, eight more projects with a total value of $292.41 million are being carried out in the areas of water supply, energy, infrastructure, and private sector support.

Moreover, the Minister held a meeting with the delegation led by representatives of the international construction group BESIX. During the meeting, the parties discussed Uzbekistan’s urbanization prospects, including the implementation of infrastructure and construction projects in the context of the Sustainable Urban Development Program. Special attention was given to the introduction of advanced international standards in construction and the modernization of urban infrastructure.

In addition, meetings were organized with the heads of large companies and high-ranking guests who arrived in Tashkent to participate in the forum.

During the panel discussion on the topic “EU–Central Asia Partnership: The Road from the Samarkand Summit", the parties discussed the EU's long-term investment ties with Central Asia, in particular with Uzbekistan, investment initiatives in strategic sectors, and their implementation processes. The business president of REE Linde, Steffen Richter, noted that the environment for foreign direct investment in Uzbekistan has significantly improved.

The event also addressed steps toward further deepening cooperation, which was elevated to a strategic level through agreements made at the first EU–Central Asia Summit, held in Samarkand in April 2025.

David Monguzzi, Senior Credit Officer of the European Investment Bank (EIB) responsible for Central Asia, shared that, as in other countries, a regional office of the bank will be opened in Uzbekistan as the EIB begins to engage more actively with the region. The agreement to open the office was reached at the Samarkand Summit.

“We are witnessing a qualitative shift in relations between the European Union and Central Asia. This has been made possible by internal transformations within the region itself, which are making it increasingly attractive to international partners. In turn, this is drawing greater attention from the EU and the United States to a region of strategic significance,” noted Toivo Klaar, EU Ambassador to Uzbekistan.

Pierre-Paul Antoniessen, CEO of EDF Central Asia, spoke about the structure of the French company EDF and emphasized that they are not merely observers but active participants in the transformations occurring in the European energy market. He also stated that the main goals of the European Union's integrated electricity market are to ensure affordable electricity through increased competition, to provide consumers with the opportunity to choose a supplier of electricity outside their country, and to increase the stability and reliability of energy supply.

“The key word in Europe is connectivity. Connectivity means that all energy networks in Europe are fully integrated. Not a day-nor even an hour-passes without the purchase, sale, or transfer of electricity between European countries. This can serve as a benchmark for Central Asian countries.

We are involved in a hydroelectric power project in Tajikistan with 100% of the generated energy consumed in Uzbekistan. EDF is actively collaborating with the ministries of energy in both countries. A joint venture has already been established in Dushanbe to manage the project. Thus, the EU can serve as a model to inspire Central Asian countries.

This applies not only to energy but also to other forms of connectivity-digital, transport-but especially to the creation of a regional energy market, which will become a strong foundation for strategic planning in the region over the coming years,” added Pierre-Paul Antoniessen.

Paul Burdion, CEO of Suez for Europe and Central Asia, emphasized Uzbekistan’s significant potential in workforce development and stressed the importance of developing local teams according to international standards for water resource management.

Steffen Richter also noted that Uzbekistan is demonstrating large-scale government reforms, experiencing successful transformation, and offering numerous attractive investment opportunities.

At the panel session titled “Next-Generation Pharmaceuticals: Investing in Future Technologies” leading experts, investors, and industry leaders from the global pharmaceutical sector participated. They discussed the prospects of innovative technologies, genetic treatments, and RNA-based therapeutic methods.

The event was moderated by Alireza Haghighi, scientist and Founding Director and Executive Director of the International Center for Genetic Disease at Harvard Medical School. In his speech, he shared:

“We are focused on partnering with governments worldwide to enhance genomic medicine and precision medicine. We firmly believe that these services should be accessible to everyone, not just the wealthy or fortunate few.”

The panel highlighted Uzbekistan’s state strategy for the development of the pharmaceutical sector and reaffirmed the government’s commitment to building a globally competitive pharmaceutical industry.

Experts shared their insights on the development of next-generation medicines, international cooperation in innovative research, and investment opportunities for pharmaceutical startups and scientific research centers.

At the session "Industry: Unlocking New Potential", the prospects of automotive, electrical engineering, and industrial machine building in Uzbekistan were discussed. Participants in the session noted that only in Uzbekistan can one see representatives from the USA, Europe, and Asia constructively discussing what can be done in terms of business within the country and how all states, despite competition, can contribute meaningfully to development on a mutually beneficial basis.

“Uzbekistan’s market is open, and we are witnessing an influx of new participants from around the world. It is truly interesting to see what new players are doing. They are breaking familiar patterns: changing perceptions about time-to-market, about the role of software in vehicles. These companies offer high-quality and technologically advanced solutions at affordable prices”, shared Giuseppe Collino, Managing Director and Partner of Boston Consulting Group.

During the session, important information was presented on the opportunities opening up new industrial directions in Uzbekistan, mechanisms for attracting investment, and institutional support measures provided by the state.

At the panel session on the topic “Shariah-Compliant SME On-Funding via Approved Financial Instruments: Catalyzing Growth in Uzbekistan”, participants widely discussed the role of honest, ethical, and innovative financial mechanisms in the development of small and medium-sized businesses.

The session also featured the presentation of the Economic Empowerment Fund of Uzbekistan (EEFU), a $100 million initiative financed by major international financial institutions such as the Islamic Development Bank Group, the Saudi Fund for Development, and Uzbekistan’s Fund for Reconstruction and Development. The project aims to expand opportunities for small businesses through Shariah-compliant financial instruments.

Jan Cherim, Managing Director at SEAF and GIC Member, emphasized that SMEs are the backbone of any economy, noting that “Small and medium enterprises are the foundation of every economy. Jobs, new ideas, and innovations come from these smaller entrepreneurs. This is particularly true for Uzbekistan, where we see great potential for SMEs to grow through strategic investment in people and technology.”

The participants of the event shared their views on the investment attractiveness of Sharia-compliant financing, its advantages in providing sustainable support for businesses, and the prospects for the broader implementation of this model in Uzbekistan. This dialogue platform marked another important step toward the development of a fair and inclusive financial system in the country.

The panel session titled “Creative Economy: From Cultural Heritage to Investment Future” focused on the significance of the creative industries in the global economy and their role in diversifying income, creating new jobs, and contributing to sustainable development.

Discussions highlighted Uzbekistan’s rich cultural heritage, its emerging creative ecosystem, and the growing investment opportunities in areas such as handicrafts, cultural tourism, contemporary art centers, and projects within international festivals. The event also addressed topics such as building a global brand for the country, creating opportunities for young creators and creative entrepreneurs, and positioning culture and the arts as key drivers of economic growth.

The session was regarded as an important step toward developing the creative economy as a strategic direction in Uzbekistan and establishing a new, attractive platform for foreign investors.

At the panel session titled “Textile Production and Investment in the Clothing Industry and Supply Chain”, participants discussed Uzbekistan’s rich textile heritage and new opportunities in the sector.

The session focused on enhancing the global competitiveness of Uzbekistan’s textile industry, optimizing supply chains, and achieving environmental sustainability. Participants exchanged views on improving product quality through foreign investment and the adoption of advanced technologies, expanding export markets, and supporting local manufacturers.

Akmal Primqulov, CEO of “Wildberries Uzbekistan,” emphasized the transformation of retail through e-commerce:

“Retail is undergoing a dramatic shift, and at Wildberries, we have created a borderless digital ecosystem that connects producers directly with millions of customers worldwide. For Uzbek manufacturers, this represents a tremendous opportunity. The COVID-19 pandemic accelerated the growth of the e-commerce market, and we now have a real chance to integrate into the digital economy. This is not just about selling products, it’s about transforming your entire business model into a digital one.

Uzbekistan is a land of great talent and rich heritage. We can show the world that products made in Uzbekistan deserve a place on the global stage, just like international brands. We are constantly working to engage Uzbek sellers in exporting their goods across the globe, and I believe those who adapt early to digital commerce will lead the market in the next five years.”

These insights underscored the critical importance of technological modernization and consistent long-term reforms in transforming Uzbekistan’s textile and apparel sector into a globally competitive industry.

In the session titled “Green Development Model of New Uzbekistan: The Role of Renewable Energy in Addressing Environmental Challenges”,” participants explored how renewable energy can contribute to solving global and regional environmental issues.

It was noted that New Uzbekistan aims to implement a green development model based on the efficient use of resources, environmental sustainability, and economic growth. The country remains open to foreign investments and partnerships to introduce innovative solutions.

Experts highlighted that by 2035, Uzbekistan’s energy sector will require nearly 50,000 engineers, technicians, operators, and digital IT specialists. They discussed strategies to rapidly build such a skilled workforce in a short period.

Over the past five years, Uzbekistan has attracted nearly $20 billion in foreign investment in the energy sector and launched modern energy facilities with a total capacity of 9.6 GW, including solar and wind power plants and energy storage systems. These developments mark a foundational step toward a sustainable future for the country.

At the panel session on the topic “Catalyzing Innovation: Venture Capital in Central Eurasia’s Digital Transformation”, new opportunities for artificial intelligence, the startup ecosystem, and cross-border investments were widely discussed.

Session participants reported that venture capital deal volume in Central Asia reached $95 million in 2024, marking a 7% increase from 2023. They noted that the regional startup ecosystem is on the verge of rapid growth and emphasized the role of venture investments as a catalyst for the development of artificial intelligence and technological entrepreneurship.

“When I arrived in Uzbekistan in 2018, we saw the government’s openness to international investment and reform, including currency market liberalization. Back then, technology often just meant hardware. Now, thanks to the organizations like AloqaVentures and IT Park, the landscape has changed dramatically”, said Robin Butler, Partner at Sturgeon Capital.

The session also highlighted the importance of cross-border collaboration, the growing involvement of angel investors, and strategies for commercializing technology through regional funds and scaling innovative solutions for global markets.

The forum will continue its proceedings on June 11-12.