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

As part of the Tashkent International Investment Forum 2025, organized under the coordination of the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan, a panel session was held on the topic: “Investor Targeting and Proactive Investment Attraction Strategies to Increase FDI into Central Asia and beyond.” During the session, it was emphasized that the countries of the region are moving away from a passive investment approach toward a proactive and strategic model of capital attraction.

Participants discussed advanced practices for attracting high-quality foreign direct investment (FDI) through the use of digital technologies, analytical tools, and customized strategies tailored to actual investor needs. Particular attention was paid to the role of regional cooperation in enhancing the efficiency of these processes, as well as how data-driven approaches are transforming the investment landscape.

Acting Director of the Agency for Foreign Investment Attraction of Uzbekistan, Mansurjon Rasulev, shared that in 2016–2017, before doubling down on traditional investment promotion tools, the team began by asking a key question: what is the main barrier preventing foreign investment in Uzbekistan? At that time, the answer was restrictions on currency exchange.

Participants focused in detail on the tools and approaches that countries are using to increase FDI inflows, emphasizing the importance of direct engagement with investors, ensuring a transparent information environment, and implementing sustainable strategies.

Mariam Koyava, Managing Partner at SavvY, noted that countries are striving to attract investors who create added value, not just those who come in, build houses, take the money, and leave. The current goal is for the value created to remain in the country for as long as possible..

To briefly outline what investors are looking for in new markets today: of course, everything starts with political stability and guarantees for investment protection. Everyone mentions this, and I won’t go into detail. But there are three additional key factors.

First — the availability of quality data within the country. When an investor is seriously interested, the first thing they do is conduct market research or a feasibility study.

Second — the labor force. It’s crucial to understand the actual talent pool in specific sectors. Successful investment agencies around the world now offer special talent development programs.

And third — access to long-term financial resources at competitive rates, both debt and equity. Why is this important? Because today’s investors are all trying to maximize return on equity, and this is only achievable with smart financial leverage, Mariam Koyava added.

Dilshod Jurazoda, Director of Tajinvest, emphasized that Central Asia is an emerging investment destination for the entire world.

This is not just about Kazakhstan, Uzbekistan, or Tajikistan — it’s about Central Asia as a whole. It’s something new and attractive, a region with a population of 80 million people. So the issue is not about competition, but about integration, Jurazoda mentioned.

Erzhan Elekeev, Chairman of the Board at Kazakh Invest, highlighted that platforms such as the Tashkent International Investment Forum help to exchange ideas, build trust, and promote Central Asia as a unified investment space.

We decided to conduct a study to answer one specific question: is now the right time to invest in Central Asia? How competitive is the region compared to others? I personally led this research, which is not yet published. In addition to numbers, I had the opportunity to speak with a large number of investors globally, and the results were quite interesting. We are not comparing countries within the region directly — although we clearly understand that levels of ambition, maturity, economic resilience, and institutional development vary. Why invest in one country, when you could think about the region as a whole? Where exactly should investments be directed then? To speak in numbers: the region’s population is comparable to Turkey, GDP is comparable to Malaysia, and in terms of FDI and trade — to Thailand, shared Konstantin Polunin, Partner and Director at The Boston Consulting Group.

Juan Pablo, Senior Analyst for Emerging Markets at StoneX, described how the region currently looks: stable and confident economic growth. External economic indicators benefit from high volumes of remittances and favorable commodity market conditions. Public debt remains in an attractive range — there are no borrowing constraints, debt levels are low, and currency reserves are high. The region’s fundamentals are very strong.

But the key question we must ask ourselves is: how can the region outperform others globally? Global competition is fierce right now. My advice is to focus on two things — institutional strength and transparency, Juan Pablo concluded.

The session demonstrated the commitment of Central Asian countries to enhance their competitiveness in the global investment market and confirmed their readiness to build a transparent, predictable, and effective environment for foreign partners.