The Organisation for Economic Co-operation and Development (OECD), the European Union (EU), and the Asian Development Bank (ADB) have joined hands with the Government of Uzbekistan to launch the “Roadmap for Sustainable Investment Policy Reforms (RSIPR)” Project, EEAS reported.
The initiative, funded by the EU and ADB, aims to overhaul Uzbekistan's investment framework, fostering a conducive environment for sustainable foreign direct investment (FDI) and maximizing its developmental impact.
At the inauguration ceremony, Laziz Kudratov, Minister of Investments, Industry, and Trade of Uzbekistan, extended his gratitude to the EU, ADB, and OECD for their collaborative effort. He underscored the importance of the project, aligning with Uzbekistan's strategic objective of attracting FDI, and highlighted the establishment of an inter-ministerial taskforce as a testament to the government's commitment.
Charlotte Adriaen, Ambassador of the European Union to Uzbekistan, commended the partnership between the EU, OECD, ADB, and Uzbekistan. She emphasized the strategic importance of Central Asia for the EU and lauded Uzbekistan's reform efforts, expressing anticipation for the upcoming EU-Central Asia Summit in 2024.
Kanokpan Lao-Araya, ADB Country Director for Uzbekistan, hailed the project as a model of collaboration, reaffirming ADB's commitment to supporting Uzbekistan's structural reforms, particularly in state-owned enterprises (SOEs), financial markets, and infrastructure investments.
Stephen Thomsen, Deputy Head of the OECD Investment Division, emphasized the project's sustainability focus and expressed optimism regarding Uzbekistan's enthusiastic participation.
Fares Al Hussami, RSIPR Project Lead, and Head of the FDI Qualities Team at the OECD, outlined the project's scope, highlighting the integration of ADB and OECD tools to provide tailored recommendations for Uzbekistan.
Golib Kholdjigitov, Head of the Secretariat at the Foreign Investors Council, stressed the importance of a thorough review process for the new investment law, emphasizing the involvement of stakeholders to ensure inclusivity.
Timur Abdulazizov, a Legal Expert from the International Finance Corporation (IFC), elaborated on the revisions to the investment law, aiming to address uncertainties in investment regimes, particularly regarding public-private partnerships (PPPs) and production sharing agreements (PSAs).
Pramila Crivelli, Economist at the ADB, highlighted ADB's strategic priorities in Uzbekistan, focusing on structural challenges such as climate change and human capital shortages, and emphasized the synergy between sustainable trade and investment.
Looking ahead, the OECD and ADB will kickstart task force and fact-finding meetings with the government and stakeholders in March 2024, with the final report and conclusions slated for a high-level launch in mid-2025.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)