Foreign Investors Council under the President of the Republic of Uzbekistan

The second plenary session of the Foreign Investors Council (#FIC) of #Uzbekistan chaired by the President of Uzbekistan and co-chaired by EBRD President Odile Renaud-Basso gathered more than 80 CEOs and representatives of foreign companies, IFIs and other officials. In his inaugural speech President Mirzyoyev thanked EBRD President Odile Renaud-Basso for the bank’s support: “Your regular participation in Council’s meetings and active support for its work inspire us and help to develop open, constructive and effective dialogue within the framework of this platform.” He also announced that the main priorities for the Council going forward will be (i) #capitalmarkets development, (ii) introduction of #responsiblebusiness practices, (iii) encouraging #alternativeinvestments, and (iv) #digitalization of investors' activities in Uzbekistan. #investmentclimate #ebrd #investments #businessclimate #reforms #structuralreforms #mncs

Very grateful to Foreign Investors Council under the President of the Republic of Uzbekistan and personally to its Head, Mr.Rustamkhon Azizov for this recognition. Outstanding efforts of the Council significantly accelerated since Mr. Azizov took over the leadership of this institution. Beeline Uzbekistan will continue supporting any institution working for prosperity and better future of #Uzbekistan. Humbled to play a role in improving investment climat in the country. #FDI #investmentclimat

On October 15th the Secretariat of the Foreign Investors Council, the Ministry of Agriculture, and Center for International Private Enterprise hosted a working group meeting on improving investment climate in the agribusiness sector. The event was supported by Westminster International University in Tashkent. Inaugural meeting of the working group served to facilitate public-private dialogue among foreign investors, the government of Uzbekistan, and other stakeholders including international organizations, academia and business associations. Representatives of the Ministry of Agriculture presented key achievements in the implementation of the Strategy for the Development of Agriculture for 2020-2030 with emphasis on recently adopted changes to the agriculture land management legislation, allowing for direct transfer of land use rights and improvement of tenure security against seizure. FIC members Indorama (Singapore) and Silverleafe (USA) welcomed recent changes in the national legislation and highlighted significant improvements in doing business in the sector. Foreign companies also shared their recommendations on further improving investment climate by reducing time required for transfer of subsidy funds, mainstreaming land plot consolidation, introducing carbon credits system for businesses in the sector, and scaling traceability solutions in the cotton-textile industry. The FIC Secretariat will collect and submit to the government of Uzbekistan policy recommendations produced by the working group. FIC Secretariat is supported by the European Bank for Reconstruction and Development

Initial Meeting of the Working Group on Capital Market Development and International Financial Center Creation was Held in Tashkent An initial meeting of the Working Group on #Capital #Market Development and the creation of an International #Financial Center, as well as the drafting of the Law "On Alternative Investments," took place in Tashkent on June 13. #finance The event was held within the Foreign Investors Council under the President of the Republic of #Uzbekistan and was organized by the Ministry of Investment, Industry, and Trade, with the support of the European Bank for Reconstruction and Development (#EBRD), jointly with the Ministry of Digital Technologies and IT-Park. During the meeting, the priority tasks of the Strategic Plan for the creation of the International Financial Center for 2024 were discussed, focusing on attracting technology companies. Key topics included the development and adoption of a law on the functioning of the Center, creating favorable conditions for investors, promoting the Center, and enhancing Uzbekistan's #investment appeal on a global scale. Additionally, discussions covered the #development of the legal environment for investors regarding #corporategovernance and #contract #regulation, as well as the #modernization of the national #financialmarket. Constructive proposals generated during the meeting were adopted by the Working Group for further implementation.

Key economic indicators for #Uzbekistan (based on reports by #EBRD) - #GDP #Growth: Uzbekistan's real GDP increased by 6% in 2023 and 6.2% year-on-year in Q1 2024. - #Consumer Spending: Soared due to a 17.2% rise in nominal wages, rapid credit expansion (loans up nearly 50%), and rising remittances and international arrivals. - #Export Revenues: Rose by 23.5%, driven by high #gold exports, strong #tourism receipts, and growing shipments of #foodstuffs and manufactured products. - Sectoral Growth: Services, #construction, and industry grew by 6.8%, 6.4%, and 6.0%, respectively. - Investment: Fixed #capital investment grew by 74.5% year-on-year, supported by Uzbekistan’s Fund for Reconstruction and Development (UFRD). - #Fiscal #Deficit: The budget deficit was 5.5% of GDP in 2023, higher than the planned 4%, with #CPI #inflation around 9% since June 2023 despite a 14% policy rate. - #Future #Projections: The economy is expected to #grow by 6.5% in 2024 and 6% in 2025, driven by #fixedcapital investment and net exports. - Reforms and Challenges: Privatization and market-oriented reforms could attract foreign direct investment. EBRD Regional Economic Prospects 2024: https://lnkd.in/dsBe3KGw

Congratulations, Madame President! Wishing you success in future endeavors.

Great insights from the EBRD president on the reforms and growth prospects in Uzbekistan.

The second plenary session of Uzbekistan's Foreign Investors Council (FIC), co-chaired by President Shavkat Mirziyoyev and EBRD President Odile Renaud-Basso, took place on May 3rd in Tashkent. The FIC, one of 11 Investment Councils supported by the EBRD’s Competitiveness, Governance & Political Affairs (CGPA) team in VP3, serves as a platform for high-level dialogue between the government and private sector to facilitate business-friendly reforms. #uzbekistan #ebrd #investments #tashkent #capitalmarkets #goodgovernance #digitization

On April 17, 2024, President Shavkat Mirziyoyev was briefed on the 2024 #privatization #program and initiatives aimed at its effective implementation. Specifically, the program includes plans to #reduce state involvement in the economy by listing approximately 250 state-owned shares for public #auction, nearly a thousand real estate objects of state-participated enterprises, and 12 enterprises for public #stock offerings on the local stock market. #uzbekistan #soereform #soe #investments #stockmarket https://lnkd.in/dynjPkEy