Day: June 11, 2025

President Shavkat Mirziyoyev opened the Fourth Tashkent International Investment Forum on June 3 with a wide-ranging address emphasizing deeper global cooperation, peaceful conflict resolution, and renewed investment in green energy, digital transformation, and regional integration. His remarks underscored Uzbekistan’s economic ambitions and its aspiration to be a constructive global actor, according to the presidential press service.

“We welcome more than 7,500 delegates today, including nearly 3,000 foreign guests from around 100 countries,” Mirziyoyev said. “This is a true expression of respect for our country and a sign of mutual trust.”

Dignitaries included presidents and prime ministers from Bulgaria, Slovakia, Kazakhstan, Kyrgyzstan, Tajikistan, Azerbaijan, and senior officials from Russia and Turkmenistan. Also in attendance were leaders of major financial institutions such as the European Bank for Reconstruction and Development and the New Development Bank.

Addressing Global Challenges

Mirziyoyev painted a sobering picture of current global instability. “The global arms race is intensifying,” he noted, citing a 50% increase in military spending since 2010, now totaling $2.5 trillion.

He criticized the erosion of international law and diplomacy, citing food insecurity, poverty, and climate change as growing threats. He also condemned the humanitarian crisis in Gaza: “In the 21st century, the death of so many innocent people before our eyes cannot be justified,” he said, urging a fair resolution in line with international law. On Ukraine, he reiterated Uzbekistan’s position that the conflict must be resolved through diplomacy.

Mirziyoyev also advocated for continued engagement with Afghanistan, stressing that “stability and economic development in Afghanistan are key factors for long-term progress in the entire region.”

Economic Vision and Sustainability

Turning to economic progress, Mirziyoyev highlighted that Uzbekistan’s GDP has doubled over the past eight years and is on track to reach $200 billion by 2030. In 2023 alone, Uzbekistan attracted $35 billion in investment and exported goods worth $27 billion.

He pointed to major improvements in global rankings: a 48-place rise in the Index of Economic Freedom, a 28-spot climb in Harvard’s Economic Complexity Index, and a recent S&P credit rating upgrade from “stable” to “positive.”

He outlined four strategic priorities for sustainable growth:

1. Green Energy Transition

Uzbekistan has attracted $6 billion in foreign direct investment in renewable energy, with electricity production rising from 59 to 82 billion kilowatt-hours and projected to exceed 120 billion by 2030. Green energy will make up 54% of the total by then.

New measures include privatizing power grids, issuing green certificates and carbon credits, and joining international carbon markets. A new climate investment platform, “Green Uzbekistan”, will be launched this year.

2. Digital Transformation and Artificial Intelligence

Mirziyoyev said IT exports are expected to reach $1 billion in 2025, with plans to increase fivefold by 2030. Uzbekistan has climbed 17 spots in the International AI Readiness Index and is developing a national AI model reflecting its cultural identity.

Infrastructure plans include 20 new data centers and a national cloud platform, alongside the “One Million AI Leaders” initiative to build future digital skills.

3. Financial Sector Modernization

Uzbekistan is reforming its banking, insurance, and fintech sectors with support from the IMF and World Bank. A Financial Stability Council will be created, alongside platforms for digital reinsurance and venture capital.

A draft law on alternative investment funds is in progress, aiming to attract $1 billion over five years. Two local startups surpassed $1 billion in valuation last year.

4. “Metals of the Future”

With subsoil assets valued at $3 trillion, Uzbekistan is prioritizing the development of critical minerals such as lithium, titanium, and graphite. Technoparks in Tashkent and Samarkand will focus on processing these resources. Foreign investors establishing full production cycles will receive 10-year rent tax exemptions.

Investment and Infrastructure Expansion

Mirziyoyev reaffirmed Uzbekistan’s intention to join the World Trade Organization in 2025. A “national regime” will soon guarantee foreign investors equal treatment, supported by a new “one-stop shop” and stronger safeguards against inspections.

Privatization efforts include the creation of a National Investment Fund to manage $2 billion in state assets across 18 companies. International consultants are assisting with the privatization of 29 additional state firms.

Transport infrastructure is expanding, with several international airports transferred to private operators, including South Korea’s Incheon International Airport managing Urgench Airport. Additional tenders are planned for 2026.

He also unveiled plans for “New Tashkent,” a satellite city designed for 2 million residents, complete with a transport hub and business centers. “We invite all international partners to join this major project,” he said.

Regional Cooperation and a Shared Future

Mirziyoyev concluded by noting that trade with neighboring countries has grown 3.5 times in eight years, reaching nearly $13 billion. He proposed the development of a “Concept of an Integrated Region for Investment and Trade” in Central Asia.

“To our international partners, I say: it is time to create new financial tools to support regional projects,” he urged. “Together, we can turn Central Asia into a region of peace and prosperity.”