Attracting foreign investments into banking sector discussed

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April 22, 2016

Attracting foreign investments into banking sector discussed


Measures to increase foreign investment flow in the banking sector is an important driver of sustainable growth of the economy. This was said at a press conference held in Tashkent. The event was organized by the Central Bank of the Republic of Uzbekistan jointly with Joint-Stock Innovation Commercial Bank “Ipak Yuli”.

In particular, it was noted that at present our Republic has a solid legal framework to attract foreign investments and their effective use. Foreign investment is one of the factors of implementation of the best practices, modern techniques and know-how, modernization and upgrading of production, support of small and private entrepreneurship, increasing incomes by creating new jobs.

Currently, in Uzbekistan, there are five banks operating with equity participation of foreign investors. Such cooperation allows domestic banks to increase competition in the financial market of the country and promotes public confidence in the banking institutions and the increase in the volume of attracted direct foreign investments into the economy of the country.

As was emphasized, the Decree of the head of our state “On additional measures on the attraction of foreign investors into joint-stock companies” dated December 21, 2015, is an important policy document. According to the document, the share of foreign investors in the authorized capital of joint stock companies and commercial banks have to be not less than 15 percent. This allows to increase the range of banking services, improve their quality, and to strengthen investment potential.

Today in Uzbekistan, much attention is paid to modern methods of corporate governance by ensuring the participation of foreign investors in the authorized capital of joint stock companies. Work in this direction is also actively carried out and in the banking sector of our country.