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We have identified the
liberalization of the economy, the creation of a favorable investment climate,
and the broadening of opportunities for entrepreneurs as our main objectives
Address by
President of the Republic of Uzbekistan Shavkat Mirziyoyev at the Third
Tashkent International Investment Forum
Dear participants of the forum!
Ladies and gentlemen!
At the
outset, let me sincerely welcome you at the third Tashkent International
Investment Forum.
I would
like to note with pleasure that within the framework of this format, which is
becoming a great annual tradition, new and reliable partners from all
continents of the world are gathering in our country.
Over the
past three years, this Forum has provided a broad platform for enhancing
collaboration, discussing pressing issues, and generating fruitful ideas and
solutions to tackle the most urgent challenges.
The fact
that more than two and a half thousand foreign guests from 93 countries are
attending the event today clearly confirms the growing importance of the Forum.
This is a sign of a huge interest in reforms that have become irreversible in
our country, in establishing mutually beneficial cooperation.
Dear forum participants!
Our
conference is taking place in period of increasing global geopolitical and
economic problems, challenges and threats to the sustainable development. The
world order is undergoing deep transformation.
Disruptions
of supply chains of goods and services, decrease in international trade and
investment flows, an exacerbation of climate disasters clearly demonstrate how
unstable the situation is becoming.
The growth
rates of the world economy have been declining for the past three years. The
trends related to the foreign direct investments are not meeting expectations
either. In 2023, the total volume of investments in developing countries
decreased by 9%.
Of course,
we understand perfectly well that today there is an unparalleled struggle for
investors in the world. However, one immutable fact is becoming ever more
clear: no country can solve such problems alone. The spirit of mutual trust and
respect, and the principle of mutual support remain solid pillars of long-term
cooperation.
Ladies and gentlemen!
In our
country, we have taken decisive steps to fundamentally improve the investment
and business environment, and to eliminate obstacles step by step. In this
regard, we are implementing comprehensive reforms to ensure that every
entrepreneur feels free and confident.
You may
well know that seven years ago we embarked on uneasy, but systemic reforms with
big aims. We have identified the liberalization of the economy, the creation of
a favorable investment climate, and the broadening of opportunities for
entrepreneurs as our main objectives.
In recent
years, our economy has nearly doubled. Last year alone, growth rates reached 6
percent, while inflation remained below 9 percent. The trade turnover is
steadily increasing. The stability of the national currency and foreign
exchange reserves are being maintained.
In the past
few years, we have attracted over 60 billion dollars in foreign investments.
More than 14 billion dollars from international financial institutions have
been directed to social and infrastructure projects. The volume of foreign
investments nearly doubled last year.
Notable
increases are clear in the fields of energy with companies like "Acwa
Power," "Masdar," "Total Eren," "Voltalia,"
"Calik," and "Aksa"; in the chemical industry with
"Air Products," "Indorama," and "Kamse"; in
construction and metallurgy with "Orano" and "Danieli"; in
automotive and electrical engineering with "BYD," "KIA,"
and "Samsung"; and in construction with "Koch" and
"Knauf" along with other leading global companies. Together, we have
initiated over 300 investment and industrial projects, and created hundreds of
thousands of new jobs, which I highlight with great gratitude.
Today,
during this forum, we will launch new large-scale projects with world-renowned
companies, such as "Linde," "Orascom,"
"DataVolt," "Bonafarm," "Pasha Holding" and
others. I express my deep and sincere gratitude to foreign investors and all
our partners who contribute to this work.
We have
developed specific measures in other priority areas to support entrepreneurship
and business. Foreign investors will be exempted from taxes on dividends
received from shares for a period of three years.
We have
adopted a law on privatization. A new program was adopted, which includes the
sale of state shares in 250 major companies, the privatization of 1,000 real
estates and listing via IPO the shares of 12 companies.
We have
established a stability rating for entrepreneurs. High-rated entrepreneurial
subjects will not undergo tax audits.
We have
streamlined the implementation of public-private partnership projects in energy
sector and plan to expand this experience to other social and infrastructure sectors
as well.
Particularly,
irrigation and road projects with the Chinese companies "CITIC" and
"Camce," drinking water supply projects with French companies
"Suez" and "Veolia," and the establishment of modern
medical facilities with the Arab companies "InterHealth" and
"Pure Health" are in progress.
We attach
great importance to the development of the infrastructure of industrial zones
through budgetary allocations.
We have
introduced modern transparent mechanisms for allocating land to entrepreneurs,
namely through auctions.
In order to
improve legislation and join the World Trade Organization, we have adopted more
than 60 regulatory documents. An agency to combat corruption has been
established, and the National Strategy for 2030 is being developed. Last year,
we held in Tashkent international events on combating corruption.
The
Tashkent International Arbitration Centre has been successfully operating with
the aim of fairly resolving disputes. It includes more than 90 reputable
arbitrators from countries such as the United States, United Kingdom, Italy,
Sweden, China, and the United Arab Emirates.
Another
important indicator for investors: over the past seven years the enrollment
rate in higher education has increased from 9 percent to 42 percent, and the
number of higher education institutions has reached 200.
A visa-free
travel regime has been introduced for more than 90 countries.
Dear forum participants!
Our main
goal is to make Uzbekistan a reliable and long-term partner for foreign
investors.
Our country
is committed to developing market economy, ensuring reliable protection of
investors' rights, further improving the favorable investment and business
environment, creating more comfortable conditions for fair competition,
ensuring the protection of private property and the independence of the
judicial system. We have firmly enshrined these initiatives in the new
Constitution adopted by the referendum last year.
In order to
strengthen the protection of investors' rights, I would like to present a
number of specific proposals today.
Firstly, we
will adopt the new Law "On Investments." This document has been
developed in accordance with the regulations and standards of the World Trade
Organization. I would like to express special gratitude to the EBRD, World
Bank, IMF, and OECD for their close cooperation in this.
Secondly,
the International Commercial Court will start operating in the near future
under the auspices of the Center for the Development of Digital Technologies.
This court will have a special place in Uzbekistan's legal system. Therefore,
we will adopt special legislation in the near future. We will also include
standards for the execution of decisions of international commercial courts in
procedural codes.
Thirdly, we
will soon introduce significant changes in the system of industrial zones. More
favorable conditions will be created for investors to implement high-tech
projects.
The
activities of operators in managing industrial zones, especially attracting
highly qualified foreign companies, will be expanded. The restrictions for the
operation of special economic zones will also be eliminated. The term for
leasing the land to foreign investors will be doubled (from 25 to 49 years).
The benefits and preferences guaranteed by law will fully remain. All of these
issues will be discussed in detail at the upcoming meeting of the Foreign
Investors Council.
Dear participants!
We have
adopted “Uzbekistan-2030” strategy in order to continue systemic reforms, build
strong and welfare state.
In this
important document we have outlined 100 specific tasks to achieve sustainable
economic growth, provide social protection, preserve health, improve education
system, as well as to ensure the rule of law.
By 2030,
our goal is to double the people’s income and join the ranks of the
upper-middle income countries. We will continue with deep transformation
processes in the economy, creating favorable investment and business
environments, and increasing value-added production in industry.
In this
regard, we are keen to pursue comprehensive cooperation in Strategic Directions
to enhance mutual benefits.
Firstly.
"Green" energy. Expanding the energy sector is crucial for the
prosperity of our entire region. In this regard, work is underway on 28
projects in our country. By 2030, we aim to create renewable energy capacity
exceeding 20 gigawatts and increase its share in the energy balance to 40 percent.
Last year
alone, we launched large wind and solar power plants with a capacity of 1.4
gigawatts in partnership with our strategic partners “MASDAR”, “GEZHOUBA",
and “CHINA ENERGY”. Additionally, we initiated a project to produce "green
hydrogen" with "ACWA POWER."
The most
notable aspect is that these significant projects are being implemented based
on public-private partnership and directly through foreign investments.
Today,
during the Forum, we are presenting joint projects to build hydroelectric power
stations in Kyrgyzstan and Tajikistan for our investors. We invite the leading
companies from all countries to open dialogue and practical cooperation in this
direction.
Secondly.
Banking sector. In recent years, numerous private banks have been established
in our country. Leading European banks have entered our market. Several digital
banks are now operational.
During this
Forum the agreement was signed with the EBRD
to
privatize one of Uzbekistan's leading banks, "Asakabank". Similarly,
the transformation and privatization processes of our leading banks continue in
cooperation with the IMF, ADB and other major international financial
institutions.
The
approaches to the development of the capital market are being reviewed to meet
the demand for financial resources.
Work is
underway to modernize international financial instruments in Uzbekistan. We
eagerly anticipate increased foreign investments, improvement of corporate
governance, and the entry of new financial institutions into the country.
Thirdly.
Critical minerals. Uzbekistan is rich in mineral resources and critical raw
materials. Our country has large reserves of gold, copper, tungsten, silver,
and uranium.
We are
particularly interested in paying attention to the reserves of rare and
rare-earth metals, including lithium, magnesium, molybdenum, germanium,
vanadium, and indium, among others.
Last month,
strategic cooperation in critical minerals was established with the European
Union. We are also actively working with the United States and the United
Kingdom to sign documents in this area.
A new Law
on Subsoil will be adopted. It will be based on modern international practice.
We express our gratitude to the EBRD for its assistance in this matter.
We invite
the leading companies to Uzbekistan to implement projects on deep processing of
strategic raw materials and creating high value-added chains.
Fourthly.
Digital transformation of the country. The export of IT services and software
products has doubled within a year. We aim to increase this indicator to $5
billion in the future. The number of IT park residents will increase tenfold,
100,000 new jobs will be created soon.
Moreover,
on IT park basis the Center for the Development of Digital Technologies is
being created for foreign companies. In collaboration with Saudi Arabia's
"Data Volt" we are working on establishing Data Centre that works on
"green" energy. This will significantly contribute to the
digitalization of our economy and the introduction of technologies based on
artificial intelligence.
Fifthly.
Development of transport infrastructure. We pay special attention to creating
convenient and modern transport systems.
Substantial
reforms are being made in the railway sector with opening wide opportunities
for private investors. The joint projects are being developed to build toll
roads and high-speed railways.
Efforts are
being made to modernize Tashkent, Bukhara and Urgench international airports,
and build new ones with the participation of qualified foreign investors.
We have
started initial work on the construction of railways
China-Kyrgyzstan-Uzbekistan and Uzbekistan-Afghanistan-Pakistan with our
foreign partners. These strategic projects will fundamentally change the
geo-economy of the region and will transform Central Asia into the global
transit center that connects North and South, East and West.
We invite
investors and international organizations to participate in these major
regional projects to revive the Great Silk Road on modern foundations.
Dear friends!
The New
Uzbekistan is a rapidly developing, just and secular country with vast
opportunities. Our hardworking and talented people are the main source of
inspiration for us to pursue every day our ideas and dreams.
It is
important to emphasize that the investors gathered here today with their most
innovative technologies and practices, new proposals and initiatives stimulate
us to move forward.
Here what I
want to stress: all members of our team will stand shoulder to shoulder to you
to help the implementation of every your initiative, every your project. Would
you support this?!
Investments
are the engine of our country's transformation and the strongest driver of our
economic development.
I am
confident that today’s International Investment Forum and its fruitful
discussions will lead our practical cooperation to a completely new, even
higher level, in terms of quality and content.
Once again,
I express my sincere gratitude to all of you for participating in our
conference.
Thank you for your attention.