Address by the President of the Republic of Uzbekistan Shavkat Mirziyoyev at the Second Plenary Session of the Foreign Investors Council

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May 3, 2024

Address by the President of the Republic of Uzbekistan Shavkat Mirziyoyev at the Second Plenary Session of the Foreign Investors Council

Dear participants of council’s meeting!

Dear Ms. Renaud-Basso!

I sincerely welcome you all at the second plenary session of the Council of Foreign Investors.

I am very pleased to see at our meeting today both our close, established partners, the leaders of the world’s top companies and financial institutions, as well as new participants.

The activities of the Council has clearly proven its important role. Your diligent support and special attention provide great support in implementing our reforms. The ideas and initiatives you are promoting are being actively implemented in all aspects of our life.

The International Investment Forum, that you attended yesterday, was extremely fruitful, a number of important proposals were put forward and many agreements were reached.

I take the opportunity to express my deep gratitude to you – close friends of our country, for your contribution to the development of the New Uzbekistan.

Dear ladies and gentlemen!

As you all know, the instability in global economy is increasing, energy, food and environmental crises are becoming acute.

In such complex conditions we will definitely achieve our great aspirations, if we take clear practical steps based on consultations with you.

In my speech yesterday I spoke in detail about the achievements of our investment policy and future priorities of the New Uzbekistan. Today, I would like to listen to you. Especially, dear Ms. Renaud-Basso, your valuable feedback is incredibly important to me.

Your regular participation in Council’s meetings and active support for its work inspire us and help to develop open, constructive and effective dialogue within the framework of this platform.

I would also like to highlight with pleasure the activities of the Working Group, which contributed to the preparation of the laws on investments and special free zones. I am confident that these important documents will be a huge step in improving favorable investment and business climate in our country.

In addition, the analysis of investment policy initiated by the team of the OECD is very important for us. This project will help to outline the main policy directions and create effective mechanisms to further improve the investment climate of the country. We highly value OECD’s continued support and in-depth analysis, and we are interested in expanding close cooperation further.

The establishment of an open and effective dialogue between the government and investors is the key to sustainable economic development. Of course, we still have huge tasks and goals ahead that we need to implement together. Therefore, in line with the current conditions, I call for setting precise plans and taking synchronized steps.

Within the framework of our Council I invite you to actively participate in the establishment of Working Groups and cooperate in the following areas:

First, the development of the capital market. The focus should be on the wide attraction of domestic and foreign capital for the development of the international financial center that fully meets the demands of the foreign investors.

Second, conducting responsible business. In this regard, wide implementation of the relevant principles of the OECD aimed at ensuring the stability, transparency and openness of the economy is important.

Third, encouragement of alternative investments. To achieve this, it is important to draft and adopt a new law on venture investments in Uzbekistan that creates favorable conditions to increase the number of startups, innovative projects and joint investments.

Fourth, digitalization of the working system with investors. I think it is time to develop and put into practice an efficient electronic platform that covers all services between the foreign investors and state entities. This allows to solve promptly and systematically complex problems that investors faces.

I would like to emphasize once again that your rich knowledge, experience and modern approaches are incredibly important to us. I believe that Uzbekistan will continue to demonstrate rapid growth with your continued support.

I invite you all to take an active part in today’s discussions and development of new initiatives. If we work together by standing shoulder to shoulder, we will increase our people’s living standards and ensure a prosperous future for Uzbekistan.

Dear participants!

Unfortunately, the time limits and protocol do not allow us to discuss in detail all the proposals that you have put forward. We very much appreciate your aspirations and strong intentions to expand long-term cooperation and constructive dialogue with Uzbekistan.

I would like to stress again: we will create all conditions that allow you to run your business in our country successfully, feel comfortable and confident. I assure you that we will fully take into account all the initiatives and recommendations that have been proposed.

Taking this opportunity, I would like to thank once again Ms. Renaud-Basso for continued support for our reforms and changes, effective implementation of joint programs.

Starting from today, we will introduce a completely new system. The government members, ministers and officials of the Administration will meet with you every month and continue the dialogue consistently. The separate “roadmaps” will be adopted on all proposals and projects that have been put forward today.

I will take them under strict personal control.

In conclusion, I wish you good health, all the success in your professional and personal life.

Thank you for your attention!