Government Ministers, global business leaders and foreign investors convene for the flagship Tashkent International Investment Forum (May 2-3 2024)

–  Over 2,500 delegates from 84 countries around the world registered to attend

–  Among them will be representatives of governments, heads of large companies, as well as representatives of international organizations such as the UN, EBRD, OPEC, and SCO

–  This year’s programme is focused on New Uzbekistan: the big country with big opportunities

–  Uzbekistan to attract more than $70 billion in FDI over the next five years

TASHKENT, Uzbekistan, May 1, 2024 /PRNewswire/ — The Government of Uzbekistan is delighted to announce the event programme and key partners for the third annual Tashkent International Investment Forum, launching tomorrow.

Led by the Ministry of Investment, Industry and Trade (MIIT), The Forum aims to accelerate Uzbekistan’s growth and development, aligned with the “Uzbekistan 2030” strategy, which includes increasing Uzbekistan’s GDP to $160 billion and attracting $250 billion investment into the country.

Taking place at the Tashkent City Congress Hall, The Forum will be opened by President of Uzbekistan Shavkat Mirziyoyev. Dignitaries from across the world are due to attend, with keynote speakers including Mikayil Jabbarov, Minister of Economy of Azerbaijan; Serik Zhumangarin, Deputy Prime Minister of Kazakhstan; Minister of Finance and Economy of Turkmenistan; Minister of Energy of the Kyrgyz Republic; Minister of Energy of the Republic Kazakhstan; Minister of Energy and Water Resources of the Republic of Tajikistan; Qais bin Mohammed Al Yousef; Minister of Commerce., Industry and Investment Promotion of Oman; Minister of Economy, UAE, Minister of Finance, Hungary; Abdulhamid Alkhalifa, Director-General, OPEC Fund for International Development.

The two-day event includes a series of round tables and panel sessions, as a platform to exchange ideas and plans to support Uzbekistan’s foreign direct investment success.  Topics for discussion include the investment opportunities available in specific sectors such as energy, infrastructure, agriculture, tourism, mining and the digital economy.

A discussion on the development of fintech in Uzbekistan, one of the fastest growing and most innovative segments of the Uzbek economy, features guest speakers Djasur Djumaev, CEO, Uzum – the first tech unicorn from Uzbekistan, Nicolas Kurdiani, CEO, TBC Bank and others. Another debate on investing in green energy will include contributions from Marco Arcelli, CEO, ACWA Power; Seifi Ghasemi, CEO, Air Products; Mohamed Jameel Al Ramahi, CEO, Masdar.

In addition, The Forum will address themes such as investing in women’s entrepreneurship, inspiring young people in business, scaling up of SMEs and new approaches to sustainable investment. The event will close with a prestigious signing ceremony of investment and trade agreements, underscoring the role of The Forum in transforming Uzbekistan’s economic prospects and progress.

Minister of Investments, Industry and Trade of the Republic of Uzbekistan, Laziz Kudratov:

“The agenda for this year’s Tashkent International Investment Forum reflects the significant and diverse investment opportunities that Uzbekistan offers, and we are pleased to welcome an esteemed list of investors, officials and dignitaries from all over the world to share ideas and create new partnerships. We are looking to build on the success and momentum generated by the 2023 Forum, securing further deals and foreign investment, and propelling ‘New Uzbekistan’ forward.”

A wide-reaching and radical reform programme, matched with an ongoing process of managed economic liberalisation, is transforming Uzbekistan’s economy, and global investors and multinationals are taking note – so concludes a new report, commissioned by the Ministry of Investment, Industry and Trade (MIIT) of the Republic of Uzbekistan.

Coinciding with the opening of the Tashkent Investment Forum, the New Uzbekistan report details the expansive and radical economic reforms which have seen Uzbekistan’s economy pivot from traditional sectors such as cotton and grain production to IT outsourcing, green energy and e-commerce.

As well as reflecting the impressive economic metrics Uzbekistan has recorded in recent years – from 6% GDP growth and a 25% increase in foreign trade in 2023 to 2x growth in average monthly wages (US $) over the past five years – the report charts the government’s 2030 Strategy, which include securing membership of the World Trade Organisation and an increase in the private sector’s share of the economy to 85%.

Moreover, the report gauges international investor perceptions of Uzbekistan and its market reform program, drawing commentary from leading Emerging Market specialists including Franklin Templeton, Rothschild & Co, the International Islamic Trade Finance Corporation, the European Bank for Reconstruction and Development, the Asian Development Bank, and the London Stock Exchange, among others.

The Tashkent International Investment Forum is supported by International Islamic Trade Finance Corporation (ITFC) and ACWA Power the leading investor in Uzbekistan’s energy sector as platinum sponsors, and Uzum the first unicorn from the country as bronze sponsor. One of the major announcements at The Forum concerns the launch of Trade Connect Central Asia+ (TCCA+), a pioneering regional economic cooperation initiative and a flagship program introduced by ITFC.  The launch will bring together ministers and policymakers in the region along with heads of selected international organizations and International Financial Institutions (IFIs) to discuss ways and means to unleash intra-regional trade and investment potential, particularly within the context of TCCA+ Program launch.

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