On May 3, the second plenary session of the Council of Foreign Investors under the President of the Republic of Uzbekistan was held at the Kuksaroy residence.

The event, chaired by the head of our state, was attended by the President of the European Bank for Reconstruction and Development Odile Renaud-Basso, heads of leading companies and banks such as Masdar, Indorama, ACWA Power, Air Products, Çalik, "Suez", "Orascom", "Çengiz", "Aksa", "HP", "Linde", "Procter&Gamble", "Visa", "CAMCE", "John Deere", "Huawei", "Airbus", " Orano", "Commerzbank", "Total", "PASHA Holding", as well as representatives of international organizations and financial institutions - the Organization for Economic Cooperation and Development, the World Bank, the International Finance Corporation, the Asian Development Bank, the Islamic Development Bank and the International Islamic Trade financial corporation.

The main objectives of the Council are to provide advisory assistance and open dialogue between the government of Uzbekistan and foreign investors in the most important areas of investment, industrial, technological and innovative development of the country, based on successful experience and world practice. The first session, held in 2022, laid the foundation for the effective functioning of this mechanism.

Opening the current session, the leader of our state noted the fruitful results of the third Tashkent Investment Forum that took place the day before, and also thanked the council members for their contribution to supporting the development of New Uzbekistan.

It is noted that there is a trend of increasing instability in the global economy; the consequences of energy, food and environmental crises are becoming increasingly acute.

“In such conditions, only well-coordinated, mutually agreed upon, concrete practical actions will allow us to achieve our goals,” the President said.

The work of the working group, which contributed to the preparation of draft laws on investments and special free zones aimed at improving the investment and business climate in our country, was noted with particular satisfaction.

The practical significance of the analysis of investment policy carried out by the team of the Organization for Economic Cooperation and Development, which will help determine the main directions and create effective mechanisms for further improving the investment climate in the country, is emphasized.

Noting that interaction and open dialogue between the government and the business community are the key to effective economic development, the head of our state proposed the creation of working groups in areas and outlined the priorities for the further activities of the council.

The first is the development of the capital market. In this direction, it is proposed to pay attention to the issues of broad attraction of domestic and external capital in the development of an international financial center that fully meets the requirements of foreign investors.

The second is responsible business conduct. We are talking about the widespread implementation of the relevant principles of the Organization for Economic Cooperation and Development, aimed at ensuring stability, transparency and openness of the economy.

Third, stimulating alternative investments. In order to create favorable conditions for increasing startups, innovative projects and joint investments, a new law “On Venture Investments” will be developed.

Fourth – digitalization of the system of working with investors.

– I think the time has come to develop and widely implement a new electronic platform for providing services to foreign investors. This will make it possible to solve complex problems that concern investors in a timely and systematic manner,” the President emphasized.

Confidence was expressed that thanks to the active support of the council members, Uzbekistan will continue to demonstrate sustainable growth, will be able to improve the standard of living of the people and ensure a prosperous future for the country.

The council members who spoke highly appreciated the results of the large-scale reform program in New Uzbekistan. Gratitude was expressed to the head of our state for his full support of investment activities and his firm intention to continue mutually beneficial cooperation.

At the end of the session, the President assured the participants that not a single proposal or recommendation would be left unattended. The government has been instructed to review all initiatives in detail and take control of their practical implementation.

An instruction was given to adopt a separate “road map” for each proposal made and each project.