Uzbekistan Hosts Fourth Tashkent International Investment Forum, Seals $26.6 Billion in New Investment

From June 9-12, the Uzbek capital hosted the Fourth Tashkent International Investment Forum (TIIF), attracting more than 2,500 participants from 93 countries. Among the attendees were ministers, global corporate leaders, financial institutions, and economic experts. The forum served as a strategic platform for promoting Uzbekistan’s investment climate, advancing its reform agenda, and strengthening global partnerships. Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry and Trade, underscored the country’s progress as an emerging regional investment hub. “Over the last seven years, major reforms have been carried out to liberalize the economy, improve the business climate, and create favorable conditions for investors,” he stated. Uzbekistan has drawn more than $90 billion in foreign direct investment in recent years, contributing to a 6.5% GDP growth in 2024. A Vision for 2030 The government’s “Uzbekistan 2030” development strategy aims to raise national GDP to $200 billion by the end of the decade. Foreign investment is central to achieving this target, and forums like TIIF are integral in showcasing Uzbekistan as a stable and attractive investment destination. This year’s forum concluded with the signing of investment agreements worth $26.6 billion. Since TIIF’s inception in 2022, it has facilitated 357 investment deals valued at $44 billion. Of these, 57 projects have been completed, with 263 others in development. Saudi Arabia led new investment commitments with $10.7 billion, followed by China ($7 billion), Russia ($5.5 billion), the UAE ($4.6 billion), Turkey ($3.6 billion), Germany ($3.4 billion), and France ($2 billion). Rising Global Interest Coinciding with the forum was the release of a new Investor Perception Report by Montfort Eurasia. The report highlights a threefold increase in interest from U.S. and UK investors in Central Asia and the Caucasus since 2023. Improved investor awareness and sectoral potential were cited as key drivers of this surge. John Mann, Director at Montfort Eurasia, emphasized Uzbekistan’s potential: “One opportunity that stood out to me was mining. A new mining law passed earlier this year has created a solid framework for foreign companies, particularly those interested in critical minerals.” Mann also identified pharmaceuticals, agriculture, and urban development as promising sectors, and stated that Uzbekistan’s geographic position is ideal for regional manufacturing hubs. According to Montfort’s data, U.S. and UK investors now rate their understanding of the region at 7.36 out of 10, up from 4.92 in 2023. “There’s definitely been progress,” Mann noted. “More executives are showing interest in emerging markets, and there’s a better understanding of this region. However, concerns remain around investment security and political stability.” Despite such concerns, 47% of surveyed investors expressed strong interest in Central Asia, up sharply from 15.5% last year. Leading sectors included industrial and manufacturing (63.5%), oil and gas (57.9%), and mining and natural resources (49.2%). Regional Integration and Vision In his address to the forum, President Shavkat Mirziyoyev highlighted that trade with neighboring countries has increased 3.5 times over the past eight years, reaching nearly $13 billion. To accelerate regional economic integration, he proposed developing a “Concept of an Integrated Region for Investment and...

Mirziyoyev Proposes Regional Investment Concept as Trade Hits $13 Billion

President Shavkat Mirziyoyev opened the Fourth Tashkent International Investment Forum on June 10 with a wide-ranging address emphasizing deeper global cooperation, peaceful conflict resolution, and renewed investment in green energy, digital transformation, and regional integration. His remarks underscored Uzbekistan’s economic ambitions and its aspiration to be a constructive global actor, according to the presidential press service. “We welcome more than 7,500 delegates today, including nearly 3,000 foreign guests from around 100 countries,” Mirziyoyev said. “This is a true expression of respect for our country and a sign of mutual trust.” Dignitaries included presidents and prime ministers from Bulgaria, Slovakia, Kazakhstan, Kyrgyzstan, Tajikistan, Azerbaijan, and senior officials from Russia and Turkmenistan. Also in attendance were leaders of major financial institutions such as the European Bank for Reconstruction and Development and the New Development Bank. Addressing Global Challenges Mirziyoyev painted a sobering picture of current global instability. “The global arms race is intensifying,” he noted, citing a 50% increase in military spending since 2010, now totaling $2.5 trillion. He criticized the erosion of international law and diplomacy, citing food insecurity, poverty, and climate change as growing threats. He also condemned the humanitarian crisis in Gaza: “In the 21st century, the death of so many innocent people before our eyes cannot be justified,” he said, urging a fair resolution in line with international law. On Ukraine, he reiterated Uzbekistan’s position that the conflict must be resolved through diplomacy. Mirziyoyev also advocated for continued engagement with Afghanistan, stressing that “stability and economic development in Afghanistan are key factors for long-term progress in the entire region.” Economic Vision and Sustainability Turning to economic progress, Mirziyoyev highlighted that Uzbekistan’s GDP has doubled over the past eight years and is on track to reach $200 billion by 2030. In 2023 alone, Uzbekistan attracted $35 billion in investment and exported goods worth $27 billion. He pointed to major improvements in global rankings: a 48-place rise in the Index of Economic Freedom, a 28-spot climb in Harvard’s Economic Complexity Index, and a recent S&P credit rating upgrade from “stable” to “positive.” He outlined four strategic priorities for sustainable growth: 1. Green Energy Transition Uzbekistan has attracted $6 billion in foreign direct investment in renewable energy, with electricity production rising from 59 to 82 billion kilowatt-hours and projected to exceed 120 billion by 2030. Green energy will make up 54% of the total by then. New measures include privatizing power grids, issuing green certificates and carbon credits, and joining international carbon markets. A new climate investment platform, “Green Uzbekistan”, will be launched this year. 2. Digital Transformation and Artificial Intelligence Mirziyoyev said IT exports are expected to reach $1 billion in 2025, with plans to increase fivefold by 2030. Uzbekistan has climbed 17 spots in the International AI Readiness Index and is developing a national AI model reflecting its cultural identity. Infrastructure plans include 20 new data centers and a national cloud platform, alongside the “One Million AI Leaders” initiative to build future digital skills. 3. Financial Sector Modernization Uzbekistan...