Uzbekistan launches plans for International Financial and Technology Center

The opening meetings of the working groups under the Council for Foreign Investors in Tashkent, organized by the Ministry of Investment, Industry and Trade in cooperation with the European Bank for Reconstruction and Development (EBRD) and the Ministry of Digital Technologies, aimed to promote the economic development of Uzbekistan. capital market and establishment of the International Financial and Technology Center.

The event, distinguished by the participation of foreign investors, leaders of international financial organizations, key government officials, Uzbekistan’s business community and a group of global and local experts, marked a crucial moment in shaping Uzbekistan’s economic future.

At the center of the discussions was the Strategic Plan that outlined the development of the International Financial and Technology Center, with the aim of attracting technology companies by 2024. Key agenda items included formulating and adopting legislation regulating the Center’s activities, promoting a favorable environment for investors, advancing the Center’s capabilities and increasing Uzbekistan’s global investment attractiveness.

The deliberations also include improving corporate governance frameworks, contractual regulations and modernizing the national financial market.

Economic experts predict that successful implementation of these initiatives will deliver sustainable investment growth, allowing GDP to grow by 1% annually and attracting a total of $7 to $8 billion in portfolio investments by 2028. In addition, these efforts are expected to generate 15,000 to 20,000 new highly skilled workers. employment over the next decade, underscoring the transformative impact of the envisaged reforms.

A crucial highlight of the meetings was the presentation and deliberation of a draft amendment to the Law of Uzbekistan on Joint Stock Companies and the Protection of Investors’ Rights, in addition to the conceptual framework for the Law on the International Financial and Technology Center.

During a parallel roundtable discussion on creating conditions for the development of alternative investment infrastructure, experts and legal professionals exchanged insights, culminating in the formulation of constructive proposals.

The outcomes of these agreements have been formally adopted by the working groups, which represents a substantial step towards realizing the intended reforms.

As Uzbekistan strives to deepen its integration into global financial markets, these deliberations underscore a joint effort to promote a robust, transparent and investor-friendly economic environment.

The next phases are expected to involve further refinement of regulatory frameworks and strategic contacts with international investors, strengthening Uzbekistan’s position as a dynamic hub for investment and technological innovation in Central Asia.

Follow Daryo’s official Instagram and Tweet pages to keep up to date with world news.