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

“Uzbekistan has made impressive progress in recent years. The country has attracted significant investment, created thousands of new jobs, and built an open, fast-growing economy”. With these words, Alena Dolgova, an International Financial Centres Advisor at UNDP, and moderator of the panel session, opened the final day of the Tashkent International Investment Forum. The session focused on the topic “Tashkent International Financial Centre: What Key Investor Needs Can Be Addressed Through This Project?”

Speaking on the success of international financial centres, Hubertus Vaeth, Managing Director of Frankfurt Main Finance, emphasized that trust is the most important factor.

“When you invest, the most important thing you want to know is whether you can get your money back, ideally with interest and dividends. Trust in the legal framework and its predictability is the foundation of any financial centre,” he explained.

Several speakers emphasized the importance of Uzbekistan’s young and highly skilled workforce, noting it as a key factor in the successful development of the Tashkent International Financial Centre. Among them, Marius Dan, CEO of Central Asia - Templeton Global Investments, Franklin Templeton pointed out that many experienced Uzbek professionals with international backgrounds are now returning home, where they can contribute significant value to local companies.

Dan also announced that work is underway to prepare the IPO of Uzbekistan’s National Investment Fund, which is expected to be completed in the first half of 2026.

“In my view, the fund’s structure is extremely attractive. It includes 18 companies with state participation in sectors such as banking, energy, and logistics. Last week, we held a presentation in London about Uzbekistan as a country and about its National Investment Fund. I personally witnessed great interest from a variety of investors, which speaks to strong global demand for Uzbekistan’s projects,” he added.

Arielle Malard de Rothschild, Partner of the globally recognized Rothschild financial dynasty, remarked that Uzbekistan’s pace of reform and development is comparable to that of Poland, which became one of Europe’s most attractive investment destinations.

“We have been working in Uzbekistan since 2020. Our first involvement was in the privatization of Coca-Cola Uzbekistan, which was a very wise decision by the government. We are now involved in the privatization of SQB, the country’s second-largest state-owned bank, as well as the IPO of the Navoi Mining and Metallurgical Combine. In addition, we are working on the modernization of Uztransgaz and the privatization of Mobiuz,” Malard de Rothschild shared.

She also noted that Uzbekistan’s economic indicators, including annual GDP growth above 6 percent, are rare in today’s global context, and that the active development of small and medium-sized enterprises plays a central role in this growth.

Other speakers at the session included:

      •        Denis Spirin, Corporate Governance Director, Prosperity Capital Management

The event paid special attention to the competitive advantages of the Tashkent International Financial Centre, as well as Uzbekistan’s global role in the financial sector and the country’s future development prospects.

Participants presented their strategies and visions for strengthening Uzbekistan’s investment potential, highlighting the new opportunities that such financial centres offer to international investors.

Projects such as the Tashkent International Financial Centre and Enterprise Uzbekistan received positive feedback from attendees as important initiatives aimed at improving the country’s investment climate and creating favorable conditions for attracting global capital.