The inaugural day of the Tashkent International Investment Forum concluded with resounding success, marking the beginning of a dynamic exchange between prominent international and local investors, government officials, and business community representatives.
The forum delineated the nation's investment policy priorities and key areas of collaboration with foreign partners. Noteworthy was the emphasis on decisive measures aimed at enhancing the investment climate and gradually dismantling impediments to progress. Recent years have seen over $60bn in foreign investments utilized, with more than $14bn secured from international financial institutions for social welfare and infrastructure development. Remarkably, investment volumes nearly doubled in the previous year alone.
A highlight of the day was the inauguration of the Tashkent International Commercial Court (TICC), introducing an innovative mechanism for resolving commercial disputes. TICC, designed to uphold the rights and interests of international investors, garnered praise for providing robust legal support based on international standards.
International lawyer Marie-Anne Birken underscored the importance of TICC in aligning with global norms, emphasizing the need for a board of directors meeting international standards.
Islambek Rustambekov, the interim rector of Tashkent State Law University, highlighted the synergistic potential between TICC and local courts, foreseeing enhanced legal practices and heightened appeal to foreign investors.
In a dedicated panel session on the fintech industry, participants explored Uzbekistan's potential to emerge as a Central Asian fintech hub, propelled by the widespread adoption of digital technologies in financial services. Discussions centered on the "Digital Uzbekistan 2030" strategy, aimed at fostering financial inclusion and digital transformation.
Nargis Dustmatova, Director of the Fintech Association of Uzbekistan, underscored the nation's robust mobile and internet penetration rates as critical infrastructure for tech development.
Another session spotlighted the enduring partnership between Uzbekistan and Azerbaijan, promoting trade, investment, and energy sector development. Minister of Economy Mikail Jabbarov hailed the historical ties between the two nations, acknowledging the challenges and opportunities inherent in their cooperation.
The forum also showcased Uzbekistan's unique investment landscape, highlighting its strategic location and burgeoning market. Mehmet Arif Ozozan, CEO of UCC Holding Cluster, commended Uzbekistan's remarkable progress and investor-friendly environment, predicting increased international attention and investment influx.
Discussions on water resource management and renewable energy underscored Uzbekistan's commitment to sustainable development. Dilshod Azimov of "Uzsuvtaminot" outlined efforts to improve water supply methods and environmental safety, while Deputy Minister of Energy Umid Mamadaminov outlined ambitious plans for renewable energy capacity by 2030.
The day concluded with the signing of approximately 10 contracts across various sectors, affirming Tashkent's stature as a burgeoning hub for international investment. As the forum progresses, expectations are high for further fruitful dialogue and tangible outcomes.
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