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    Uzbekistan Technology

    Uzbekistan launches plans for International Financial and Technology Center

    Uzbekistan launches plans for International Financial and Technology Center

    The inaugural meetings of the Working Groups under the Foreign Investors Council in Tashkent, organized by the Ministry of Investment, Industry, and Trade with collaboration from the European Bank for Reconstruction and Development (EBRD) and the Ministry of Digital Technologies, centered on advancing Uzbekistan's capital market and establishing the International Financial and Technology Center.

    Photo: Foreign investors and government officials gather in Tashkent for inaugural Working Groups meeting
    Source: Ministry of Investments and Foreign Trade of the Republic of Uzbekistan

     

    Distinguished by the participation of foreign investors, leaders from international financial organizations, key governmental officials, Uzbekistan's business community, and a cohort of global and local experts, the event marked a pivotal moment in shaping Uzbekistan's economic future.

    Central to the discussions was the Strategic Plan outlining the development of the International Financial and Technology Center, targeting the attraction of technology firms by 2024. Key agenda items encompassed the formulation and adoption of legislation governing the Center's operations, fostering an enabling environment for investors, promoting the Center's capabilities, and elevating Uzbekistan's global investment appeal. 

    Photo: Strategic Plan for International Financial and Technology Center discussed at Tashkent meetings
    Source: Ministry of Investments and Foreign Trade of the Republic of Uzbekistan

     

    Deliberations also encompassed enhancing corporate governance frameworks, contractual regulations, and the modernization of the national financial market.

    Economic experts foresee that successful implementation of these initiatives will yield sustainable investment growth, potentially boosting the GDP by 1% annually and drawing portfolio investments totaling $7bn-8bn by 2028. Additionally, these efforts are anticipated to generate 15,000-20,000 new high-skilled jobs over the next decade, underscoring the transformative impact of the envisioned reforms.

    A pivotal highlight of the meetings included the presentation and deliberation of a draft amendment to the law of Uzbekistan on joint stock companies and the protection of investors' rights, alongside the conceptual framework for the law on the international financial and technology center. 

    Photo: Uzbekistan aims to boost GDP and create thousands of new jobs through financial market reforms
    Source: Ministry of Investments and Foreign Trade of the Republic of Uzbekistan

     

    A parallel roundtable discussion on Creating Conditions for the Development of Alternative Investment Infrastructure saw experts and legal professionals exchange insights, culminating in the formulation of constructive proposals.

    The outcomes of these engagements were formally adopted by the Working Groups, marking a substantive step towards realizing the envisioned reforms. 

    As Uzbekistan strives to deepen its integration into global financial markets, these deliberations underscore a concerted effort toward fostering a robust, transparent, and investor-friendly economic environment.

    The next phases are expected to involve further refinement of regulatory frameworks and strategic outreach to international investors, reinforcing Uzbekistan's position as a dynamic hub for investment and technological innovation in Central Asia.

     

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    15.06.2024, 09:00   Comments (0)   3091
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