Uzbekistan warmly welcomes investors

In today’s turbulent times, as global geopolitical tensions rise and trust in the international trade system diminishes, capital flows are turning toward new, secure, and fast-growing safe havens.

During this period, Uzbekistan has once more attracted the attention of the global business elite.

Speaking to thousands of delegates from over a hundred countries at the Fifth Tashkent International Investment Forum, President Shavkat Mirziyoyev summarized the nation’s economic accomplishments and presented a new economic framework for the Central Asian region in the near future. This speech was more than just an official remark. It served as a strategic declaration of a nation on the brink of significant transformation.

Turning a dream into reality: a four-year journey

During the initial forum, Uzbekistan announced an ambitious goal: reaching a gross domestic product of $100 billion by 2026. However, it is projected that by the end of this year, the GDP will surpass $180 billion, nearly doubling the original target.

In recent years, Uzbekistan has attracted over $150 billion in foreign investment, with $123 billion coming in just the last five years. This demonstrates a strong trust in our nation. Last year’s 7.7 percent economic growth, a rise in international reserves to $70 billion, a better ranking in the Index of Economic Freedom, and accession to the group of moderately free economies all reflect years of consistent efforts.

Ensuring protection: investor rights as an unbreakable value

For the business community, the rule of law and trust in the future remain crucial. 

The Head of State announced a new initiative offering guaranteed assurances to investors. The country is establishing the Tashkent International Financial Center, whose legal framework is established by a Constitutional Law. Residents within the center will benefit from zero rates on profit tax, VAT, property tax, and customs duties. These incentives will be valid for 50 years.

It is noteworthy that the center will implement a system based on English law, and an independent Tashkent International Commercial Court will be set up, featuring foreign judges.

Uzbekistan’s plan to join the UN Singapore Convention on Mediation highlights its dedication to international legal standards. This means investors won’t have to pursue legal protection overseas, as Uzbekistan now offers the necessary guarantees domestically.

A financial milestone that drew attention on the London Stock Exchange

Uzbekistan is expanding its economic options by developing its capital market and introducing new financial instruments. Thirty percent of the National Investment Fund’s shares were listed on both the Tashkent and London stock exchanges. This marked the largest IPO on the London Stock Exchange in the last five years, drawing global financial attention. Building on this achievement, new legislation, “On the Capital Market” and “On Alternative Investment Funds”, will soon be enacted. Additionally, a program to issue sovereign Islamic bonds, sukuk, will be launched to diversify investment sources. 

These measures are projected to generate at least $10 billion in additional capital for local enterprises. This year, auctions will include real estate assets, state holdings in companies, and land plots valued at $6 billion.

From the depths of the earth to advanced technology

Uzbekistan is becoming an industrial center that develops a high-value-added supply chain.

The country has vast natural resources, including gold, copper, uranium, tungsten, gas, and other rare minerals. The estimated value of these strategic underground assets is around $3 trillion.

However, the main goal is to process these resources along a chain from extraction to finished products.

In the coming five years, the volume of high-tech industry products will grow 2.5 times. The Metals of the Future technoparks in Tashkent and Samarkand, along with $20 billion projects in the chemical sector and initiatives worth $30 billion in mechanical engineering and pharmaceuticals, highlight substantial investment opportunities for international businesses.

A digital breakthrough in Karakalpakstan and the shift towards ecological sustainability

Green energy and artificial intelligence are now inseparable from today’s economy.

Uzbekistan has announced an ambitious target to increase the share of green energy in total electricity generation to 54 percent in the coming years.

The AI industry is projected to create a minimum of $10 billion in extra value within the next five years. To facilitate this expansion, the nation has introduced the Five Million Leaders initiative.

A designated zone for AI initiatives and data centers has been established in Karakalpakstan. Investors here are guaranteed tax and duty exemptions until 2040. The government is funding infrastructure development, and a record-low electricity rate of just 5 cents per kilowatt-hour has been introduced.

Central Asia as a common regional area

Uzbekistan has shown it can greatly reshape the geo-economic environment. Through building a key railway with China and Kyrgyzstan, creating the Trans-Afghan Corridor linking to southern ports, and developing the Middle Corridor across the Caspian Sea, it is positioning itself as an important connector between Asia and Europe.

Furthermore, a major international airport is under construction in partnership with Saudi Arabia and is designed to accommodate 20 million passengers annually. Additionally, the establishment of the Regional Alliance of Investment Councils for Central Asia and Caucasus, initiated by the ADB and EBRD, marks the beginning of a shared investment zone.

Cities with populations exceeding one million and markets worth billions of dollars

The rapid demographic growth, with the population nearing 40 million, necessitates new urbanization initiatives. By 2040, housing construction is expected to double, and urbanization levels are projected to reach 65 percent. 

A modern megacity – New Tashkent – planned for 2 million residents – is currently under construction near the capital. Meanwhile, Andijan, Namangan, and Samarkand are transforming into cities with populations exceeding one million. This development guarantees a lucrative market for property investors, with annual construction worth at least $10 billion. 

Additionally, $27 billion worth of PPP projects have been developed to build infrastructure. Uzbekistan could attract 15-20 million foreign tourists each year, generating at least $15 billion in tourism revenue. 

The agro-industrial sector aims to boost fruit and vegetable exports to $10 billion by adopting advanced agribusiness technologies.

All 14 regional leaders are prepared to welcome investors and offer them full assistance and support.

Good-intentioned investors are always welcome with open doors

In his speech, the President redefined “investment” beyond just an economic term, framing it as a collection of human values: “For us, investment includes not only economic resources but also advanced technologies, modern knowledge and experience, new jobs, and development that aligns with current trends”.

These words reflect Uzbekistan’s authentic objective. The country aims not just for financial support, but also for partners committed to co-creating the future.

“The key partners in realizing any great dream or goal are undoubtedly investors with good intentions. Thus, for foreign entrepreneurs entering our country with strong trust and promising ideas, the doors of New Uzbekistan remain consistently open”.

This core message, rooted in genuine hospitality, laid the groundwork for the Tashkent International Investment Forum.

This historic address set Uzbekistan’s development strategy for the next decade and reaffirmed its position as a dependable, attractive, and promising partner in the global economy.

Alovaddin Gafforov, UzA