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

On the fourth day of the Tashkent International Investment Forum, a panel session was held titled “Meeting of the Heads of Investment Promotion Agencies of the Turkic World for Networking and Collaboration” The session was moderated by Ramil Babaev, Director General of the Turkic Investment Fund. Representatives from investment promotion agencies of Turkic countries engaged in a lively discussion on how to enhance economic ties across the region.

The Turkic Investment Fund aims to finance infrastructure, trade, and entrepreneurial projects in the Turkic region. Speakers emphasized that the development of the fund offers vast opportunities to support small and medium-sized enterprises and stimulate trade and entrepreneurship.

Speakers included:

• Farid Mammadov, Project Director of the Organization of Turkic States
• Shokhrukh Gulamov, Deputy Minister of Investment, Industry and Trade of the Republic of Uzbekistan
• Baghdad Amreyev, President of the Turkic Investment Fund
• Yusif Abdullayev, Executive Director of the Export and Investment Promotion Agency of the Republic of Azerbaijan
• Yerzhan Yelekeyev, Chairman of the Management Board of the National Company Kazakh Invest JSC of the Republic of Kazakhstan
• Farkhad Iminov, Director of the National Investment Agency under the President of the Kyrgyz Republic
• Mahmut Muhiddin Keskin, Vice President and Head of Strategy, Investment and Finance Office under the President of the Republic of Türkiye
• Mansurjon Rasulov, Acting Director Investment Promotion Agency under the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

The main topics of discussion were investment prospects, strengthening economic ties, and developing entrepreneurship in the region. Measures to ensure the stability of multilateral trade and economic relations and joint plans for the introduction of innovations and digital technologies into the economy were also considered.

Deputy Minister Shokhrukh Gulamov noted that under President Shavkat Mirziyoyev’s leadership, Uzbekistan continues its ambitious reform agenda. “In 2024, Uzbekistan attracted around USD 35 billion in foreign direct investment, ten times more than in 2017, when the current reform phase began,” he stated.

According to official data, Uzbekistan's GDP has been growing by more than 6% annually in recent years and is projected to reach $200 billion by 2030. At the same time, the total annual investment volume is expected to reach $100 billion.

During the session, the speakers emphasized the high economic potential of the Turkic states and the possibility of further increasing joint indicators through deepening cooperation. The combined GDP of the Turkic countries currently amounts to 1.8 trillion US dollars, and the population exceeds 170 million people.

Experts noted the importance of increasing foreign trade between Turkic-speaking countries and the presence of significant reserves for expanding partnership. “If you exclude energy and gas, none of the top ten trading partners of Türkiye or Hungary are Turkic countries. For Uzbekistan, Kazakhstan, Kyrgyzstan, and Azerbaijan, only one or two appear on those lists. This means we have enormous room for expanding cooperation” said moderator Ramil Babayev.

Mansurjon Rasulev, Acting Director Investment Promotion Agency, spoke on Uzbekistan’s appeal to investors. “Emerging markets often exhibit high liquidity. If you place money in Uzbek sum deposits at banks, you can earn over 20% annually — guaranteed by the state and virtually risk-free. While this benefits citizens, it discourages stock market development: no one wants to buy shares under such conditions. This creates a capital shortage for SMEs — and an opportunity for foreign investors to step in,” he explained.

He also warned foreign investors against expecting European approaches to work the same way in Uzbekistan. “That’s not the case. Success requires integration with local business,” he emphasized.

At the conclusion of the session, participants reached an agreement to jointly assess the level of digitalization of various sectors of the economy, social sphere, and regions. Key criteria and steps for coordinating efforts to implement e-government and digital solutions in governance were defined.