Meeting of the Foreign Investors Council under the President of the Republic of Uzbekistan
Economy
At the regular plenary session chaired by President Shavkat Mirziyoyev, the outcomes of the structure's activities during the reporting period were reviewed. The Head of State expressed his deep gratitude to the President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, for her support of the reforms and efficient co-chairmanship of the council, and welcomed the executives of leading multinational enterprises.
Over the past year, the council has obtained the status of an independent association, expanding its membership from 54 to 85 major corporations representing 23 key economic sectors. The permanent composition of its Executive Committee now includes the EBRD, the Asian Development Bank (ADB), and the International Finance Corporation (IFC).
The platform has proven its practical efficacy: out of the initiatives previously proposed by investors, 21 initiatives have been successfully implemented. This has resulted in comprehensive amendments to the Tax Code, the exclusion of intra-company debt agreements from financial monitoring, the launch of accelerated depreciation of fixed assets, and the abolition of rigid regulatory barriers for companies reporting under IFRS standards. Critical milestones in integrating the nation into the global capital system included drafting legislation on alternative investment funds, harmonizing 16 technical regulations with international standards, adhering to the OECD Declaration on International Investment, and the upcoming adoption of the Constitutional Law on the Tashkent International Financial Center.
In preparation for the current session, the working groups accumulated 120 new specific proposals categorized into seven strategic areas: investment climate enhancement, tax administration, cadastre, energy, the financial and banking sector, corporate governance, artificial intelligence, and the digital economy. Shavkat Mirziyoyev highlighted a range of priority tasks requiring immediate elaboration by the government in coordination with the working group co-chairs—heads of premier international agencies (Vision Invest, BDO, Crowe, OTP Group, Franklin Templeton, EY, Costa Legal, ACWA):
Optimizing and easing currency circulation monitoring procedures;
Deploying advanced financial mechanisms, including Islamic insurance, the banking assets market, and green lending;
Broadly incentivizing the implementation of environmental, social, and governance (ESG) standards across enterprises.
Concluding the session, the President emphasized that all initiatives voiced by foreign businesses would be consolidated into a unified government "roadmap" for rapid incorporation into the state policy of New Uzbekistan.
The platform has proven its practical efficacy: out of the initiatives previously proposed by investors, 21 initiatives have been successfully implemented. This has resulted in comprehensive amendments to the Tax Code, the exclusion of intra-company debt agreements from financial monitoring, the launch of accelerated depreciation of fixed assets, and the abolition of rigid regulatory barriers for companies reporting under IFRS standards. Critical milestones in integrating the nation into the global capital system included drafting legislation on alternative investment funds, harmonizing 16 technical regulations with international standards, adhering to the OECD Declaration on International Investment, and the upcoming adoption of the Constitutional Law on the Tashkent International Financial Center.
In preparation for the current session, the working groups accumulated 120 new specific proposals categorized into seven strategic areas: investment climate enhancement, tax administration, cadastre, energy, the financial and banking sector, corporate governance, artificial intelligence, and the digital economy. Shavkat Mirziyoyev highlighted a range of priority tasks requiring immediate elaboration by the government in coordination with the working group co-chairs—heads of premier international agencies (Vision Invest, BDO, Crowe, OTP Group, Franklin Templeton, EY, Costa Legal, ACWA):
Optimizing and easing currency circulation monitoring procedures;
Deploying advanced financial mechanisms, including Islamic insurance, the banking assets market, and green lending;
Broadly incentivizing the implementation of environmental, social, and governance (ESG) standards across enterprises.
Concluding the session, the President emphasized that all initiatives voiced by foreign businesses would be consolidated into a unified government "roadmap" for rapid incorporation into the state policy of New Uzbekistan.
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