India’s key Central Asian partner Uzbekistan launches mega investment forum to attract FDI

The First Tashkent International Investment Forum (TIIF) that aims to attract foreign investments to resource rich Uzbekistan, one of India’s key partners in Central Asia was launched on Friday. President of the Uzbekistan Shavkat Mirziyoyev addressed the plenary session of TIIF.

Mirziyoyev in his address highlighted the reforms and transformations carried out in the country over the past few years and also outlined priority areas of his government.

The Uzbek President noted that for many centuries Uzbekistan, located on the territory of ancient Mawarannahr in the center of the Great Silk Road, attracted the attention of merchants, businessmen and entrepreneurs from different regions of the world, since ancient times famous as the territory where caravan routes intersect across the continents of Asia, Europe and Africa.


Based on the principle of “From the great past to the great future”, intensive work is being carried out in Uzbekistan to continue economic and social development. In this regard, the President listed the key areas of reforms in Uzbekistan.

In particular, a big step was taken in 2017 when restrictions on the conversion of foreign currency and the repatriation of profits by foreign investors were lifted. For the first time, Uzbekistan banks and large enterprises received international ratings and entered the global financial markets.

To ensure openness to the international community, Uzbekistan introduced visa-free access for citizens of 90 foreign countries, while citizens of another 60 countries were allowed to obtain a visa in a simplified manner

Achievements in reforming the economic sphere were also listed by the President — easing the tax burden, reducing customs duties, improving tax administration, systemic measures for the development of entrepreneurship and improving the investment climate.

As a result of the measures, the volume of annual foreign investments to Uzbekistan has tripled. Their total volume over the past five years has amounted to $25 billion

The plenary session was also attended by the President of the European Bank for Reconstruction and Development Odile Renaud-Basso, President of the Asian Development Bank Masatsugu Asakawa, Minister of Investment of the Kingdom of Saudi Arabia Khalid Al-Falih, Deputy Director-General of the World Trade Organization Xiangchen Zhang, Vice President of the Asian Infrastructure Investment Bank Konstantin Limitovsky, Senior Vice President of the International Finance Corporation Stephanie von Friedeburg.