On the second day of the Tashkent International Investment Forum (TIIF), a panel session "Residence by Investment: Navigating Challenges, Embracing Opportunities" brought together distinguished experts. Their collective wisdom illuminated the effectiveness of residence permit programs in attracting foreign investment. Against the dynamic global backdrop, where nations fiercely compete for foreign capital to fortify their economies, the dialogue was both timely and insightful.
"Over the past few years, Uzbekistan has emerged on the global stage for investors as a destination country," noted Akram Mukhamatkulov, the Head of Henley & Partners office.
Mukhamatkulov emphasized Uzbekistan's burgeoning appeal, attributing it to factors such as an enticing property market, a spirit of cooperation, and promising prospects. Such features position Uzbekistan as an attractive option for high-net-worth individuals in the region seeking investment avenues.
The session shed light on the proliferation of residence permit programmes globally, with more than 85 such initiatives currently in existence. Among the most sought-after programmes are those offered by Portugal, Spain, Italy, Greece, Malta, and the USA, reflecting a diverse array of investment opportunities across continents.
Central to the discussions were the identification of common traits characterizing successful programmes and the exploration of avenues for replicating best practices within Uzbekistan. Experts deliberated on the primary investment instruments that hold sway in attracting private investors, with a keen eye on aligning these mechanisms with Uzbekistan's developmental trajectory.
"Uzbekistan is a country that is growing very fast. There are many young people here who are ready to learn, which is important for every country. This is a great advantage," remarked Michal Pehr, CEO of Honestus Family Office AG, underscoring the nation's demographic dividend and its potential to catalyze economic growth.
The session underscored the imperative for governments to devise strategies that harness foreign investments for the advancement of the real estate and urban development sectors. Participants engaged in a nuanced exploration of how states can stimulate and leverage such investments to foster sustainable development and infrastructural growth.
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