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

The event was headed by Andrzej Schafernaker, Senior Advisor at Saviday.

The session was attended by the following speakers:

- Azamat Oteuliev, Minister of Investment and Foreign Trade of the Republic of Karakalpakstan

- Olimkhon Rustamov, Deputy Mayor of Kashkadarya region

- Oybek Khamraev, Deputy Mayor of Samarkand region

- Sherali Zhuraev, Deputy Mayor of Surkhandarya region

- Najmiddinhuja Sharipov, Deputy Mayor of Tashkent region

- Alisher Dushanov, representative of the Khakimiyat of Khorezm region

- Bekmurod Akbarov, Deputy Head of the department of investment and foreign trade in Syrdarya region.

Over the past six years, Uzbekistan has attracted more than 50 billion dollars of foreign investment. Its favorable geographical location, rich natural resources and large domestic market with a population of 37 million people testify to its huge investment potential.

The necessary measures of state support for successful implementation of investment projects in the regions were discussed, as well as factors affecting the effectiveness of formation of a favorable investment climate.

The speakers emphasized that the government pays great attention to increasing the inflow of foreign direct investment and creating optimal conditions for doing business throughout the country.

At the session, representatives of 6 regions - Kashkadarya, Samarkand, Tashkent, Syrdarya and Khorezm regions, as well as the Republic of Karakalpakstan - spoke in detail about the opportunities created in their territories for investors.

Deputy Mayor of Kashkadarya region Olimkhon Rustamov started the presentation of the regions' potential. He revealed the attractive sides of the territory for investors.

"Kashkadarya is considered a region with a very favorable geographical position. Transportation infrastructure has been developed in the region, which is a huge plus for business representatives, particularly investors. The level of urbanization of the territory is 42%. And the coverage of the population with higher education has increased from 9% to 47% in recent years," Rustamov said.

In 2023 alone, the region received $704 million in foreign investment, Olimkhon Rustamov said. In 2024, the volume of attracted investment is planned to increase to $1 billion. The main part of foreign investments for 2023 falls on China - 330.3 million.

In addition, it was emphasized that the population of Kashkadarya is growing, 100 thousand children are born annually, followed by a great demand for construction projects. The Deputy Mayor of the region stated the need to build 20,000 houses annually, urging investors to focus on this sector.

Afterwards, Samarkand Deputy Mayor Oybek Khamrayev, while making a presentation, noted that Samarkand has a rich history, many investors who want to invest in Uzbekistan know about Samarkand.

"The population of Samarkand exceeds 4.2 million people, and the region is ahead of the capital, Tashkent, on this indicator. The gross domestic product of the region, rich in mineral resources, has been growing in recent years at such a good pace as Uzbekistan as a whole," he said.

Azamat Oteuliev, a representative of the Republic of Karakalpakstan, said the area is the closest to the Western market and listed opportunities for investors that are not available in other parts of Uzbekistan:

"The Republic of Karakalpakstan is a completely free economic zone. This means that any project implemented in this area will have tax benefits. Also, full infrastructure for investors will be provided here at the expense of the state budget. Not only for foreign trade relations, but also Uzbekistan will be reimbursed up to 70% of transportation costs".

At the end of the event, speakers also noted that Uzbekistan is a country with a fast-growing economy and it is time for investors to invest. It was mentioned that the country is becoming a territory connecting West and East, with the largest population in the region, with the government seeking to create an attractive environment for investors.