Uzbekistan has set a goal to increase the volume of venture and alternative investments to $1bn over the next five years, President Shavkat Mirziyoyev announced during his address at the Fourth Tashkent International Investment Forum.

Speaking before over 7,500 delegates, including 3,000 foreign guests from nearly 100 countries, President Mirziyoyev highlighted Uzbekistan's economic achievements, outlined future priorities, and reaffirmed the country’s commitment to creating an investor-friendly environment amid global uncertainty.

“We are taking all necessary measures to turn the principle of ‘New Uzbekistan – a country of vast opportunities for investments’ into practical accomplishments,” Mirziyoyev stated.

Financial Reforms and Investment Climate

Mirziyoyev emphasized that Uzbekistan, in collaboration with the International Monetary Fund and the World Bank, has conducted a full assessment of its financial sector for the first time. Based on the findings, the country will establish a Financial Stability Council and develop cybersecurity and financial technology platforms at the Central Bank.

To support startups and expand investment tools, Uzbekistan has also developed a draft law on alternative investment funds. The country is witnessing the rapid growth of venture capital, with two local startups surpassing $1bn in capitalization last year.

A new National Reinsurance Company and a Global Digital Reinsurance Platform have also been launched to support the insurance sector, part of broader reforms aimed at enhancing capital markets.

Uzbekistan is positioning itself as a future hub for “technological minerals.” The president announced the construction of "Metals of the Future" technoparks in Tashkent and Samarkand regions to develop high-value-added products from local mineral resources, including lithium, tungsten, vanadium, and others.

To encourage full-cycle investment projects from exploration to end-product manufacturing, the government will offer rent tax refunds for up to 10 years.

Green Economy, Digital Future and AI Initiatives

Mirziyoyev also reaffirmed Uzbekistan’s commitment to green energy. With $6bn in foreign direct investment already attracted, electricity production has increased significantly, and green energy is set to make up 54% of the total mix by 2030.

Samarkand's power grids are being transferred to private partnerships this year, with eight more regions to follow. Uzbekistan also plans to join global carbon markets and has launched the “Green Uzbekistan” climate investment platform.

Digitalization and artificial intelligence are key pillars of the government’s development strategy. This year, IT exports are expected to reach $1bn, with the goal of increasing them fivefold by 2030.

The country is also preparing to launch a national “Cloud Technologies” platform and build 20 data centers with a capacity exceeding 500 megawatts. A national AI model reflecting Uzbekistan’s history and culture is under development, supported by the “One Million AI Leaders” initiative.

WTO, Legal Reforms, Privatization & PPP

To integrate more deeply into the global economy, Uzbekistan is preparing for WTO accession by 2026. Dozens of laws and hundreds of technical standards are being harmonized with international norms. 

A “national regime” for foreign investors will be introduced, ensuring equal conditions with local companies, along with a single-window system for government services.

Mirziyoyev noted that Uzbekistan is shifting toward converting state assets into value-generating entities. A new National Investment Fund, which consolidates $2bn in state shares from 18 major companies and banks, is preparing for an international IPO. Leading firm Franklin Templeton will manage the fund.

In the next two years, 29 large state-owned companies will be privatized with the help of international consultants.

Infrastructure, Urban Expansion, and Regional Trade

With Tashkent’s population surpassing 5mn, the president unveiled plans for the construction of “New Tashkent,” a city designed for 2mn people. The project includes a multimodal hub linking road, rail, and air transport, and will host major shopping and financial centers.

Uzbekistan is also enhancing regional connectivity. International airports in Samarkand, Namangan, Bukhara, and Urgench have been transferred to private partners under public-private partnership agreements. The Incheon company now manages Urgench Airport, and tenders for four more airports will take place next year.

Mirziyoyev also emphasized that trade with neighboring Central Asian countries has increased 3.5 times over the past eight years, reaching nearly $13bn. He proposed the development of a “Concept of an Integrated Region for Investment and Trade” and called for new financial mechanisms from international institutions to support regional infrastructure and energy projects.

The president also touched on international issues, calling for diplomatic solutions to conflicts in Ukraine and Gaza. He advocated for inclusive dialogue with Afghanistan’s current government, underscoring that peace and stability in that country are crucial for the wider region.

“The core theme of this forum is investment that guarantees not only economic growth but also peace and stability,” Mirziyoyev concluded. “We invite all partners to work with us to build a better, more prosperous future – not just for Uzbekistan, but for the whole region.”

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