Tashkent Hosts Interim Meeting of the Foreign Investors Council under the President of the Republic of Uzbekistan

The Council serves as a pivotal institutional platform for direct dialogue between the Government and major international investors operating in the country. This session functioned as a strategic alignment meeting ahead of the IV Plenary Session of the Council, which is scheduled for June 18, 2026.

The meeting was chaired by Jamshid Khodjaev, Deputy Prime Minister of the Republic of Uzbekistan, who coordinated the positions of sectoral ministries and agencies regarding the submitted proposals. The session was attended by Shokhrukh Gulamov, Deputy Minister of Investment, Industry, and Trade, and Aziz Gafurov, Secretary of the FIC. Andi Aranitasi, Head of the European Bank for Reconstruction and Development (EBRD) in Uzbekistan, moderated the meeting.

Discussions centered on a consolidated package of 116 initiatives spanning the regulatory, tax, customs, infrastructure, digital, and financial agendas. These proposals were developed through systematic cooperation within the Council's thematic working groups.

Tax and Customs Administration

EY proposed establishing a statutory tax framework for public-private partnership (PPP) projects and power purchase agreements (PPAs), alongside clarifying tax regulations for additional paid-in capital contributions. Masdar and China Energy initiated a review of the mechanisms for granting land and property tax exemptions to renewable energy and energy storage system projects. Deloitte and Voltalia raised the issue of abolishing the requirement to register a permanent establishment in every region of an investor's presence, while also advocating for a VAT exemption mechanism on imported equipment with no domestic equivalents.

Digital Economy and Artificial Intelligence

Joint initiatives by EY, TBC Bank, and Yandex aimed at establishing a legal framework for artificial intelligence. This includes drafting a dedicated Law "On Artificial Intelligence" and launching regulatory sandboxes. A separate set of proposals addresses personal data protection in AI applications, the creation of a National Big Data Management Platform, and the launch of e-commerce educational programs for the public and small businesses. Additionally, the parties raised the issue of differentiating VAT thresholds for individual entrepreneurs engaged in online versus offline commerce.

Land Relations and Investor Rights Protection

Kosta Legal and the Food and Agriculture Organization of the United Nations (FAO) proposed unifying the legal procedures for land plot preparation and acquisition. They also recommended establishing a Land Ombudsman institution and creating appeals commissions for pre-trial dispute resolution.

Financial Markets, Corporate Governance, and ESG

Vision Invest introduced an initiative to position Uzbekistan as a regional hub for private equity and venture capital. Crowe and EY raised the issue of implementing national Responsible Business Conduct (RBC) standards, including a minimum gender diversity standard for the boards of directors of public companies. The Islamic Development Bank (IsDB) proposed creating a legal framework for the issuance of green sukuk and introducing Islamic insurance (takaful).

Key Outcomes

In his closing remarks, Jamshid Khodjaev emphasized that each presented initiative is viewed as a foundation for accelerating structural reforms. The agreements reached will be formalized in an official protocol of the meeting, which will designate responsible ministries and specify execution deadlines. This document will serve as the primary monitoring tool in preparation for the IV Plenary Session of the Foreign Investors Council on June 18, 2026.