Avesta Investment Group spearheaded a breakout session during the III Tashkent International Investment Forum on May 3, drawing over 50 high-profile executives, investment managers, and business owners. Despite running parallel to the main forum, the session proved to be a significant gathering, fostering transparent dialogue on attracting foreign investments to both public and private markets in Uzbekistan.
The panel discussion, moderated by Kodirjon Norov, focused on attracting foreign investments to both public and private markets in Uzbekistan. The session saw active participation from distinguished speakers including Tatyana Budey, CFO of Uzmetkombinat; Eugene Antonov, Deputy CEO of Navoi Mining and Metallurgical Company; Jahan Shamsiev, FI team leader at EBRD; Dmitry Leonov, Head of M&A at Uzum; and Philipp Gorbunov, CEO of Balton Trading Asia.
One of the key highlights of the discussion was the marked improvement in relations with foreign investors in recent years. This positive shift was attributed to strategic initiatives such as obtaining credit ratings and ESG ratings, following a Presidential Decree that outlined the privatization of state-owned companies. The speakers also underscored the favorable market conditions, suggesting the potential issuance of Eurobonds by the year-end, a stark contrast to the low activity observed just a few years prior.
Participants echoed a unanimous call for legislative reforms aimed at streamlining the entry process for international investors into Uzbekistan's capital markets. Emphasis was placed on nurturing a robust capital market ecosystem, buoyed by significant investments from international development funds. Liquidity concerns and market infrastructure deficiencies emerged as key barriers hindering investor participation, prompting discussions on enhancing market liquidity.
Moreover, the rapid evolution of Uzbekistan's fintech sector fueled discussions, with advancements in e-commerce, technology, and digitalization garnering attention. The growing interest from international venture funds was exemplified by the recent milestone achieved by Uzum, becoming the country's first unicorn startup.
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