The importance of transparent legislation in fostering the growth of Special Economic Zones (SEZs) was underscored at a panel session held in Tashkent as part of the TIIF-2024 conference. Experts convened to explore the pivotal role of SEZs in Uzbekistan's economic advancement and their potential to attract private investment.
Moderated by Tarik Sahovic, Principal Operations Officer of the International Finance Corporation (IFC), the session delved into global best practices in establishing and managing SEZs, highlighting their efficacy in driving foreign direct investment, facilitating export growth, and fostering innovation.
Raj Jit Singh Wallia, CEO & MD – Central Asia Region at DP World, emphasized the indispensability of a transparent legislative framework and government support, stating;
"Transparency, clear legislation, and rules on investment are key to the success of SEZs. It is very important that the government invests in infrastructure and simplifies licensing and visa procedures."
Ekaterina Makarova, a lawyer at Akin Gump, stressed the significance of legal protection for investors.
"It is important that investors can rely on the protection of their property and expect fair compensation. Legal protection and a reliable judicial system in the country are critical to creating confidence among investors," she noted.
Distinguished speakers at the event included Orhan AYDIN, Chairman of the Board; Ostim Raj Jit Singh Wallia; Indranil Das Gupta, Strategic Adviser at Kanoria Foundation; and Ekaterina Makarova from Akin Gump.
The panel session served as a platform for leading experts to deliberate on the future prospects of SEZ development, particularly with private sector engagement. Participants evaluated the provisions of Uzbekistan's new Law "On Special Free Zones," aimed at enhancing the legal framework to attract private investment in SEZs.
In addition to discussing the potential risks and benefits associated with the implementation of the new law, experts examined the requisite services for investors in emerging SEZs. The session fostered constructive dialogue aimed at creating an enabling environment for private sector participation in SEZ development in Uzbekistan.
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