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

Transparency, predictability, and above all, effective governance are essential for the successful implementation of privatization programs, the attraction of foreign direct investment, and the mobilization of private and borrowed capital. Uzbek companies have made significant progress in improving corporate governance. But what further steps are needed to reach global best practices?

These pressing questions, which play a key role in improving the investment climate, were the focus of the panel session “Enhancing Corporate Governance as a Key Condition for Attracting Foreign Investors”, held on the final day of the Tashkent International Investment Forum, coordinated by the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan.

The session was moderated by Ayuna Nechaeva, Head of Europe, Primary Markets, London Stock Exchange Group. In her opening remarks, she emphasized that having an effective governance system is a fundamental requirement for any business.

Speaking about the role of corporate governance in attracting foreign investment, Murat Koshenov, Deputy CEO of Halyk Bank (Kazakhstan), noted that capitalization is one of the most important factors.

“Why is capitalization so critical? First and foremost, it enables the attraction of funds at the early stages. But beyond that, it is essential to build real engagement with investors and establish the foundations of corporate governance,” he said.

In response to the moderator’s question about the importance of improving governance structures before a company launches an IPO, Darina Kogan Bellamy, Partner at Squire Patton Boggs, commented:

“There is no doubt that this is one of the key requirements. State-owned companies must be ready to meet high standards of corporate governance before entering the public market. Corporate governance means transparent, accountable, and professional leadership. However, it is important that the transition happens in a phased and systematic way.”

Ravshanbek Kadirov, First Deputy Chairman of the Management Board of JSCB “InFinBank,” who has extensive experience in both public and private banking, shared his view on the role of corporate governance in the transformation of Uzbekistan’s banking sector.

“I believe that during times of change, corporate governance is at the heart of reform. Uzbekistan currently has 36 banks and more than 100 microfinance institutions. With increasing competition and the emergence of new players, banks are trying to develop rapidly. However, practice shows that consistency and resilience are crucial. Moreover, the implementation of corporate governance should go hand in hand with other reforms. It should not be treated as the sole priority at the expense of broader transformation,” Kadirov stated.

He also emphasized that government-led reforms play a significant role in shaping and advancing corporate governance in Uzbekistan.

Session speakers included:

• Ahmet Atay, Senior Director of Public Policy, Eurasia and Middle East, The Coca-Cola Company
• Philip Gudgeon, Senior Associate, Independent Audit Ltd
• Darina Kogan Bellamy, Partner, Squire Patton Boggs
• Dmitry Zelentsov, Sales & Solution Director, Nasdaq
• Murat Koshenov, Deputy CEO, Halyk Bank
• Ravshanbek Kadirov, First Deputy Chairman of the Management Board, JSCB “InFinBank”

During the session, it was emphasized that the issues discussed are vital for strengthening the effectiveness of investor engagement within the country.