The visionary leadership of Uzbekistan President Shavkat Mirziyev has made the Tashkent International Investment Forum a major success story in attracting foreign direct investment (FDI) to the country, which has increased the industrial base, the pace of modernization, green transformation and economic liberalization. . international cooperation and human capital is possible. TIIF-2024 received 2500 foreign visitors from 93 countries.
In fact, some reforms have made Uzbekistan more export-oriented in terms of GDP, joint ventures, industrial cooperation, banking and financial integration, and more export-oriented policies in Central Asia and abroad, where the country is a leader. Diplomacy. plays an important role.
As a result, foreign investment in Uzbekistan has exceeded 60 billion dollars in recent years, which is an extraordinary phenomenon for the macro-economy of Uzbekistan.
Speaking at TIIF-2024, the President of Uzbekistan Mirziyoyev said that he received 14 billion dollars from international financial institutions (IFI) for social and infrastructure development. Reflecting the true dual meaning of Uzbek macroeconomics, the president supports economic diversification, political dynamism, and the social and diplomatic meaning of his country.
The latest data confirmed GDP growth of 6 percent and inflation down to 9 percent, reflecting rapid economic recovery and extraordinary socio-economic stability and stability. Therefore, indicators of trade turnover, foreign exchange market and gold exchange reserves were stable and sustainable.
In his speech, the President praised the implementation of more than 300 investments and industrial projects in the energy sector with international multinational companies such as ACWA Power, Masdar, Total Iran, Voltalia, Calik and Aksa; CAMCE in Air Products, Indorama and Chemical Industry; Orano and DANIELI in mining and metallurgy; BYD, Kia and Samsung in automotive and electrical engineering; and KOC in the KNAUF construction sector clearly shows the economic vitality, diversification and true strength of the national economy.
This global cooperation and collaboration has created hundreds of thousands of new jobs in the country. The flagship project TindeF-2024 will see the implementation of new large-scale projects with Linde, Orascom, DataVolt, Bonafarm, PASHA Holding and other partners.
In this case, it will be beneficial for the country to ensure continuous and consistent structural reforms to further liberalize the economy, create a favorable investment climate, and comprehensively expand business opportunities.
To attract more GDI flows, the Uzbek government introduced several dividend tax cuts for foreign investors, strengthened the legal framework and expanded privatization programs, introduced stability measures for entrepreneurs, developed industrial infrastructure, and made the country more GDI territories, joint ventures, and more . Green technology applies a transparent target land allocation system.
The Uzbek government is now committed to developing public-private partnerships in developing and developing countries. Therefore, the great growth of the private sector and the harmonization of national legislation have made the country successful in joining the World Trade Organization.
Due to continuous structural reforms, university coverage has increased from 9 percent to 42 percent in the past 7 years, and the number of educational institutions has exceeded 200, and human resources have been developed. Uzbekistan has introduced a visa-free regime for traveling to more than 90 countries, and the image of development and peaceful development is beneficial for culture, economy, tourism and investment cooperation.
The President of Uzbekistan welcomed and expanded the scope of FDI flows in the country by presenting several specific proposals to strengthen the protection of investors’ rights through the draft investment law within the framework of the WTO.
It is good that the first international commercial court is about to open. The introduction of a new industrial zone system will create more favorable conditions for high-tech investment projects. In this case, it is proposed to remove all restrictions on the duration of operation of the special economic zone and increase the term of land lease to foreign investors from the current 25 years to 49 years.
