Ministry of Digital Technologies of the Republic of Uzbekistan

Dear participants of the forum!

Ladies and gentlemen!

Dear guests!

At the outset, I would like to extend a warm welcome to all of our distinguished guests, high-ranking representatives from our partner countries, heads of international organizations, and prominent figures from the business world, to the Fourth Tashkent International Investment Forum.

I am also delighted to welcome His Excellency Rumen Radev, President of Bulgaria, His Excellency Robert Fico, Prime Minister of Slovakia, His Excellency Olzhas Bektenov, Prime Minister of Kazakhstan, His Excellency Adylbek Kasymaliev, Chairman of the Kyrgyz Government, His Excellency Kohir Rasulzoda, Prime Minister of Tajikistan, His Excellency Ali Asadov, Prime Minister of Azerbaijan, Deputy Prime-Minister of Russia Mr. Alexander Novak, Deputy Chairman of the Cabinet of Ministers of Turkmenistan Mr. Nokerguli Ataguliev, who are with us today.

I would also like to welcome the distinguished delegations from Russia, China, the United States of America, and the Arab, European, Asian and African countries.

Let me express my special gratitude to the heads of the financial institutions working closely with us: Ms. Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, and Ms. Dilma Rousseff, President of the New Development Bank.

Today's forum is attended by more than 7.5 thousand delegates, including almost 3 thousand foreign guests from around 100 countries. We see this as a true expression of respect for our country, as well as an indication of mutual trust and close cooperation.

Welcome to Uzbekistan, dear friends!

Dear participants!

The world today is facing big challenges. Serious threats to global security and sustainable development are strengthening, while geopolitical processes are changing rapidly before our eyes.

The global arms race is intensifying again. Military spending by major countries has increased by 1.5 times against 2010, reaching $2.5 trillion. Due to the consequences of the economic crisis and a shortage of financial resources global GDP has been declining for three years in a row.

Unfortunately, the norms of international law and the power of diplomacy are weakening. Even more regrettably, attention is waning to the most pressing problems of humanity: food security, poverty and climate change. It is more important than ever to restore peace, justice and a shared belief in human dignity around the world.

We believe that the situation related to Ukraine must be resolved only through diplomatic means, and we welcome the process of direct negotiations taking place in Istanbul.

At the same time, I would like to draw your attention to the ongoing tragedy in Gaza. In the 21st century, the death of so many innocent people before our eyes cannot be justified. The only solution to this problem is a fair settlement of the conflict based on international law and adopted resolutions. The people of Palestine have a right to their own independent state.

Another issue on the global agenda is supporting the peaceful and sustainable development of neighboring Afghanistan. Now more than ever, it is crucial to engage in constructive dialogue with the current government of this country on the international stage and to prevent its isolation. After all, stability and economic development in Afghanistan are key factors for the long-term progress of all surrounding regions.

On the issues I have just outlined, we urge all our partner states to engage in open and broad-based international cooperation. Because the core theme of the forum is investments that guarantee not only economic development, but also peace and stability!

Let us work together to create an investment environment that, alongside generating profit, becomes a strong foundation for upholding human dignity and contributing to societal development!

Dear guests!

In the current challenging environment, we are focusing our primary attention on maintaining economic stability in Uzbekistan.

Our gross domestic product has doubled over the past eight years. We have set a goal to increase it to $200 billion by 2030.

Last year, the volume of investments into national economy reached $35 billion, and exports amounted to $27 billion. This is also a practical result of the Tashkent International Investment Forum, now being held for the fourth consecutive year.

The effectiveness of reforms in New Uzbekistan is duly reflected in international rankings. Our position in the Index of Economic Freedom has risen by 48 places over the past five years. In the Economic Complexity Index of Harvard University, we improved our standing by 28 positions. Last month, the reputable agency S&P upgraded Uzbekistan’s independent credit rating outlook from "stable" to "positive."

We all understand that today, the world economy is on the threshold of a new era and changes. This encourages all countries to work together on the path of sustainable development in the following four areas.

Firstly, transition to green economy.

We are firmly committed to developing green energy to provide our economy with stable energy resources.

Over the past short period, nearly $6 billion worth of foreign direct investment has been attracted to this sector. Electricity production has increased from 59 billion to 82 billion kilowatt-hours. In the next five years, this figure will exceed 120 billion kilowatt-hours, and the share of green energy in the energy mix will reach 54 percent.

We will also attract $4 billion to upgrade the power grids.

In this regard, this year we will transfer the Samarkand power grids, and next year, another 8 regional power grids to private partnership.

In addition, we have launched the sale of green certificates and carbon units for the first time. This year, we will join global carbon markets and create a “Green Uzbekistan” climate investment platform.

Secondly, digital technologies and AI are turning into the “drivers” of the economy.

This year alone, IT exports in our country will reach $1 billion. We have enough potential and opportunities to increase this figure fivefold by 2030.

Our work has been internationally recognized, and over the year, we have risen 17 positions in the International AI Readiness Index.

Next year, “Cloud Technologies” National Platform will be launched. In the next five years, together with private investors, we will build 20 Data Centers with a capacity of more than 500 megawatts.

We will also develop a national model of artificial intelligence that embodies our rich history, values, and new creative ideas. In order to ensure the effectiveness of this system, we have launched the project “One million AI leaders”.

I am confident that together with you, we will turn Uzbekistan into a prestigious IT and Fintech “hub”.

Third, the financial system and technologies are drastically changing in modern world.

Recently, together with the International Monetary Fund and the World Bank, we conducted a comprehensive assessment of Uzbekistan's financial sector for the first time. They fully supported our reforms in banking, finance, insurance, and the capital market.

In order to take these sectors to the next stage of development a Financial Stability Council will be established in Uzbekistan, as well as cybersecurity and financial technology platforms at the Central Bank.

We have also launched major reforms in the insurance system. A National Reinsurance Company and Global Digital Reinsurance Platform have been established.

We are witnessing rapid growth of venture capital as an alternative tool for startups. Notably, last year, two local startup companies’ capitalization surpassed $1 billion. We are committed to increasing the number of such companies.

In this regard, a draft law "On Alternative Investment Funds" has been developed. Our goal is to increase the volume of venture and other alternatives investments to $1 billion over the next five years.

There is another significant direction. The Fourth Industrial Revolution is sharply increasing global demand for so-called "technological minerals".

Uzbekistan is home to substantial reserves of minerals, including tungsten, molybdenum, magnesium, lithium, graphite, vanadium, titanium, and others. In total, the potential of our subsoil resources is valued at $ 3 trillion.

We have all necessary capabilities to transform our region into a hub for the production of high value-added goods from minerals. In this regard, we are constructing "Metals of the Future" techno parks in the Tashkent and Samarkand regions.

In this context, I would like to put forward an initiative: investors implementing a full-cycle operation – from geological exploration to the production of finished goods – will be granted rent tax refund for 10 years.

I am confident that our long-term productive relations will bring win-win business cooperation in all key areas.

Distinguished investors!

We are taking all necessary measures to turn the principle of "New Uzbekistan – a country of vast opportunities for investments" into practical accomplishments.

First and foremost, I would like to draw your  attention to one important point: it is essential to ensure level playing field for each state within global production chains.

Undoubtedly, the World Trade Organization plays a key role in this regard. Therefore, we have set the goal to become a member of this organization next year and we are actively working with our partners. To this end we have harmonized dozens of laws and hundreds of standards to international requirements, and this year we will complete this process in full.

Second, in order to create a more favorable environment for foreign investors in our country a “national regime” will be introduced, guaranteeing the same conditions as those enjoyed by local companies, the “one-stop-shop” principle will be implemented in relations with government bodies,  a system of guaranteed protection of investment activities from excessive inspections will also be created.

These measures are intended to raise Uzbekistan's credit rating to the "investment" level by 2030.

Third, in privatization of state-owned companies, we have opted to transform them into valuable assets that serve the prosperity of our country.

To this end, we have established the National Investment Fund that unites state shares in 18 major companies and banks worth almost $2 billion. A world-renowned Franklin Templeton company has been invited to manage the Fund. Next year, the Fund will launch its international IPO.

Moreover, professional consultants will be invited to privatize 29 large state-owned companies within two years.

Fourth, we recognize the vital role of transport and logistics in our economy.

Therefore, we are actively attracting private capital to this sector. For instance, Samarkand, Namangan, Bukhara and Urganch international airports have been handed over to sophisticated investors on the basis of a public-private partnership.

The world's leading company, Incheon, has been involved in the management of Urgench Airport. Next year, tenders will also be held for Nukus, Termez, Fergana and Navoi airports.

Another significant development is that the population of our capital city has exceeded 5 million. In order to accommodate this growth, we are planning to build the city of "New Tashkent" to house 2 million people, transforming the capital into a metropolis.

A "multimodal hub" will be created that covers railway, road transport and airport, serving 20 million passengers in a year. Large shopping and financial centres will also be built.

We invite investors, international financial institutions and foreign banks to collaborate with us on this major project.

Fifth, as a result of our open and friendly policy towards our neighbours in recent years a new environment for cooperation has been created in Central Asia.

The participation of the heads of governments of these countries in today’s forum is clear proof of this.

Please note that the volume of trade with our neighbors has increased by more than 3.5 times in eight years, reaching almost $13 billion.

Large investment projects are being implemented. In particular, construction of China-Kyrgyzstan-Uzbekistan railway has begun, significant progress has been made on preparing major energy and infrastructure projects.

More broadly, we propose promoting the “Concept of an Integrated Region for Investment and Trade” in Central Asia.

In this regard, I would like to reach out to international organizations with a following message: the time has come to establish new financial mechanisms to support regional projects. By working together, we can transform Central Asia into a place of peace and prosperity.

Dear participants of the forum!

We are hosting today's event in a new, expanded format. For the first time, a specialized exhibition is taking place as part of the forum, with Uzbek companies presenting their projects and joint initiatives.

I would like to underscore one issue: for us, investment is not just a financial resource. It also encompasses technology, knowledge, qualified personnel and integration into the international production chain – in other words, real development.

Uzbekistan will create all conditions necessary for foreign investors with such noble ideas, provide its support and guarantee.

All doors are open to you in our country.

The most important thing is that there are laws that protect your activity. We have an open state and hardworking people ready for cooperation.

I would like to express my sincere gratitude once again to all investors, representatives of foreign governments and international organizations who are participating in today's forum and visiting our country.

I wish you all success and great achievements.