Uzbek president outlines priority areas for Foreign Investors Council

REGION  04 May 2024 - 16:19

President of Uzbekistan Shavkat Mirziyoyev chaired the second plenary session of the Council of Foreign Investors under the President at the Kuksaroy residence, the presidential press service said.

The main goals of the Council are to provide advisory assistance and provide open dialogue between the government of Uzbekistan and foreign investors in the areas of investment, industrial, technological and innovative development of the country, based on successful experience and world practice, The Tashkent Times reports.

Shavkat Mirziyoyev underscored that there was an increasing trend of instability in the global economy, and the consequences of energy, food and environmental crises were exacerbating.

“In such circumstances, only well-coordinated, mutually agreed upon, concrete actions will allow us to achieve our goals,” said Shavkat Mirziyoyev.

He underscored the efforts of the working group, which contributed to the preparation of draft bills on investments and special free zones aimed at improving Uzbekistan’s investment and business climate.

The analysis of investment policy carried out by the team of the Organization for Economic Cooperation and Development will determine the main areas and create effective mechanisms for further improving the investment climate in the country, he added.

Noting that interaction and open dialogue between the government and the business community were the key to effective economic development, Shavkat Mirziyoyev proposed the creation of working groups in areas and outlined the priorities for the council’s future activities.

First of all is the development of the capital markets. In this direction, it is proposed to pay attention to the issues of broad attraction of domestic and external capital in the development of an international financial center that fully meets the requirements of foreign investors.

Furthermore is responsible business conduct. We are talking about the widespread implementation of the relevant principles of the Organization for Economic Cooperation and Development, aimed at ensuring stability, transparency and openness of the economy.

In addition, stimulating alternative investments. In order to facilitate the creation of startups, innovative projects and joint investments, a new Venture Investment Bill will be developed.

The last - digitalization of the system of working with investors.

He expressed confidence that thanks to the active support of council members, Uzbekistan will continue to demonstrate sustainable growth, will be able to improve the standard of living of the people and ensure a prosperous future for the country.

On May 2, on the first day of the Tashkent International Investment Forum, Shavkat Mirziyoyev outlined the planned measures to strengthen the protection of investor rights in Uzbekistan: the adoption of the Investments Law in a new edition according to WTO standards, the start of work in the country of the International Commercial Court and doubling the lease term lands for foreign investors.

The head of state urged the investors to join international projects with the participation of Uzbekistan.

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