The prospect of Tashkent transforming into a vibrant international financial center (IFC) took center stage at the Tashkent International Investment Forum, as stakeholders convened for a round-table discussion on the creation of the Central Asia International Financial Center. With Uzbekistan embarking on the ambitious endeavor to establish the IFC in its capital, the nation aims to position Tashkent as a leading regional financial hub, drawing in global investors and fostering a competitive environment for international business.
The round-table, moderated by Andrew Hayes, CEO of Hudson Sandler, featured a diverse panel of experts offering insights into Tashkent's competitive advantages, the prerequisites for enhancing Uzbekistan's investment attractiveness, and the critical components necessary for the successful realization of the IFC.
Alena Dolgova, Director of the Analytical Bureau of IFC Digital, emphasized three pillars essential for Tashkent's ascent as an international financial center.
"Firstly, it's the administrative and legal infrastructure," she remarked.
Dolgova highlighted the significance of robust implementation of international law and broad access to conventional financial methods for investors. Furthermore, she underscored the emergence of Islamic banks as a strategic direction for Tashkent, enhancing its appeal to global investors.
"The competitiveness of the economy," Dolgova added, citing Uzbekistan's rapid GDP growth and the capital's conducive environment for global investors, as per IMF projections.
Timur Kurmanbaev, Regional Director of J.P. Morgan, emphasized the importance of political stability and policy certainty in attracting investment.
"Stability of the political climate and certainty of future policy are crucial," he stated, expressing optimism about Uzbekistan's openness to the international economy and its potential to impact the global capital market positively.
Tek Khoan Ong, Director of Private Equity at Franklin Templeton, underscored the significance of a robust capital market in driving the country's development.
"Investors seek confidence before investing in a country," Ong remarked, highlighting the role of stability in the financial sector and the establishment of the IFC in instilling confidence among investors.
Karen Srapionov, Managing Partner at Avesta Investment Group, acknowledged the strides made in privatization but emphasized the need for further development in the financial sector.
"The establishment of the International Financial Centre holds promise in accelerating this process," Srapionov remarked, expressing hope for the IFC to catalyze growth and innovation in Uzbekistan's financial landscape.
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