Uzbekistan turns investor proposals into economic reform roadmap
Uzbekistan plans to prepare a formal roadmap based on 120 recommendations from foreign investors submitted during the Tashkent International Investment Forum.
Uzbekistan is set to transform 120 proposals from foreign investors into a government roadmap for economic reforms, following discussions held during the final day of the Tashkent International Investment Forum. The proposals were presented at a meeting of the Foreign Investors Council, which brought together international investors, development banks and financial institutions.
President Shavkat Mirziyoyev noted that investor recommendations have already influenced tax legislation, financial regulation, and reporting requirements for international companies. He emphasized that these proposals are being converted into practical government policies.
The Foreign Investors Council has expanded from 54 to 85 member companies over the past year, now representing businesses across 23 sectors. The council's executive committee includes the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank, and the International Finance Corporation.
Among the reforms under discussion are plans to establish the Tashkent International Financial Centre and adopt a constitutional law for its operation. Uzbekistan has also begun the process of joining the OECD Declaration on International Investment and Multinational Enterprises, aiming to align its investment framework with international standards.
During talks with EBRD President Odile Renaud-Basso, the sides reviewed a partnership portfolio worth over $7 billion, making Uzbekistan the bank's largest partner in Central Asia. New agreements were signed covering sustainable transport, railway digitalization, entrepreneurship, housing finance and support for the startup ecosystem.
President Mirziyoyev also met with Dilma Rousseff, President of the New Development Bank, to discuss cooperation in energy, water management, transport infrastructure, and private-sector development. The bank expressed interest in supporting environmentally focused projects and regional transport corridors.
While investors acknowledged progress, legal certainty remains a key concern. Eduards Stiprais, the European Union's Special Representative for Central Asia, said frequent changes in legislation and rule of law issues are common complaints. He highlighted the need for independent courts and effective investor protections.
London Stock Exchange CEO Julia Hoggett noted that international investors evaluate emerging markets based on economic stability, regulatory consistency, and legal protections. She stated that Uzbekistan's reform program and recent market developments have strengthened investor confidence, and that Central Asia is gaining attention for its long-term growth potential.
Artificial intelligence was highlighted among the investor recommendations. Benedict Macon-Cooney stressed that countries aiming to benefit from the AI economy must build supporting infrastructure, not just adopt new technologies. He emphasized that companies should view data as a competitive asset and nations as a strategic asset.
