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How reforms and innovation have turned Uzbekistan into a global investment opportunity

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How reforms and innovation have turned Uzbekistan into a global investment opportunity

By Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan.

Placed in the heart of Central Asia, Uzbekistan is overseeing impressive transformation and evolving into a promising investment destination. Over the past seven years, we have embarked on ambitious reforms, revitalising the economy and attracting global attention. Now, Uzbekistan is set to captivate investors at the upcoming Tashkent International Investment Forum on May 2 and 3.

The region’s change into a modern economic powerhouse is testament to its resilience and forward-thinking policies. Despite global challenges, we have maintained positive growth rates, sensible fiscal management and strategic reforms.

By loosening controls within certain markets and prioritising private sector participation, Uzbekistan aims to achieve upper-middle-income status by 2030. International recognition from institutions like the International Monetary Fund (IMF) and the World Bank underscores Uzbekistan’s potential for sustained success.

The diversification of the economy is reshaping the industrial landscape, blending traditional strengths with cutting-edge innovation. While maintaining our status as a major exporter of commodities like cotton and gold, we are further embracing technology and renewable energy. The emergence of Uzbekistan’s first unicorn Uzum signals the nation’s growth in tech.

Since 2017, Uzbekistan has embarked on a sweeping reform agenda aimed at modernising governance and infrastructure. Investments in critical infrastructure projects, such as railway expansions and airport upgrades, demonstrate readiness to attract foreign capital and encourage economic growth.

The allure extends far beyond our borders, drawing foreign investors to explore opportunities across multiple sectors. From Chinese IT consultancies to energy conglomerates from Abu Dhabi, foreign enterprises are making substantial investments into the economy. As the country positions itself as a regional economic hub, partnerships with global players underscore Uzbekistan’s emergence as a preferred destination for investment.

The progress the region is seeing is impressive, and while we celebrate our achievements, it’s important to recognise the opportunities for growth, and showcase the potential that we have. As we continue our journey towards economic strength, the upcoming Tashkent International Investment Forum offers a platform to take advantage of these opportunities and pave the way for an even brighter future.

Uzbekistan’s investment story allows for undeniable opportunity and growth in Central Asia. With a steady economy, a commitment to innovation, and a welcoming environment for foreign investment, we stand poised to realise Uzbekistan’s full potential on the global stage. As investors converge in Tashkent to explore the opportunities that Uzbekistan offers, the country’s trajectory towards economic prominence is set to accelerate, unlocking new possibilities for growth and development in the years to come.

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