The visionary leadership of the President of Uzbekistan Shavkat Mirziyoyev has turned the Tashkent International Investment Forum into a major success story that has attracted foreign direct investment (FDI) in the country increasing its industrial base, the pace of modernization, green transformation, and economic liberalization. international cooperation and human capital is possible. TIIF-2024 received 2500 foreign visitors from 93 countries.
In fact, a series of structural reforms turned Uzbekistan into a more export-oriented policy in GDI, joint ventures, industrial cooperation, banking and financial integration, and a more export-oriented policy in Central Asia and abroad, where the head of our country’s diplomacy. play an important role.
As a result, foreign investment in Uzbekistan has reached and exceeded USD 60 billion in recent years, which is actually an extraordinary phenomenon for the macro-economy of Uzbekistan.
Speaking at TIIF-2024, the President of Uzbekistan Mirziyoyev said that he received 14 billion dollars from international financial institutions (IFI) for social and infrastructure development. Reflecting the true meaning of the Uzbek macro-economy almost doubling, the president supports economic diversification, political dynamism, and social and diplomatic redefinition of his country.
The latest data confirmed GDP growth of 6 percent and inflation falling to 9 percent, reflecting rapid economic recovery and extraordinary socio-economic stability and stability. Therefore, the indicators of trade turnover, foreign exchange market and gold exchange reserves were stable and sustainable.
In his speech, the President praised the implementation of more than 300 investments and industrial projects in the energy sector with international multinational companies such as ACWA Power, Masdar, Total Iran, Voltalia, Calik and Aksa; CAMCE in Air Products, Indorama and Chemical Industry; Orano and DANIELI in mining and metallurgy; BYD, Kia and Samsung in automotive and electrical engineering; and in the KOC construction sector, KNAUF clearly reflected the economic vitality, diversification and true strength of the national economy.
This global cooperation and collaboration has created hundreds of thousands of new jobs in the country. He said that in the flagship project TindeF-2024, new large-scale projects will be implemented with Linde, Orascom, DataVolt, Bonafarm, PASHA Holding and other partners.
From this point of view, it will be beneficial for the country to ensure continuous and sustained structural reforms to further liberalize the economy, create a favorable investment climate and comprehensively expand business opportunities.
In pursuit of more FDI flows, the Uzbek government has introduced several dividend tax incentives for foreign investors, strengthened the legal framework and expanded privatization programs, introduced stability measures for entrepreneurs, developed industrial infrastructure, and made the country more FDI zones, joint ventures, and more and introducing a transparent land allocation system geared towards green technology.
The Uzbek government is committed to developing public-private partnerships in developing and maturing countries today. Therefore, the large growth of the private sector and the harmonization of national legislation made the country successful in joining the World Trade Organization.
Due to continuous structural reforms, the coverage of universities has increased from 9 percent to 42 percent in the past 7 years, and the number of educational institutions has exceeded 200, further developing human resources. Uzbekistan has introduced a visa-free regime for traveling to more than 90 countries, and the image of growth and smooth increase is good for culture, economy, tourism and investment cooperation.
The President of Uzbekistan welcomed and expanded the scope of FDI flows in the country by presenting some concrete proposals to strengthen the protection of investors’ rights through the draft Investment Law under the WTO.
It is a good thing that the first international commercial court will open soon. The introduction of a new industrial zone system will create more favorable conditions for high-tech investment projects. In this case, it is proposed to remove all restrictions on the duration of operation of special economic zones and to increase the term of land lease to foreign investors from the current 25 years to 49 years.
