Its purpose is to bring the investment legislation in force in Uzbekistan in line with the best international practices and thereby stimulate the inflow of foreign investment. In this regard, IFC, in partnership with the Government of Japan, will assist the Government of Uzbekistan in preparing new investment legislation that clearly defines the rules for entering the market, ensuring equal treatment of foreign investors and their investments, providing investors with access to international dispute resolution mechanisms and focused only on FDI and private investment.
In addition, the IFC will help the Government of Uzbekistan to introduce regulations that allow the private sector to participate in the creation and operation of special economic zones (SEZs), as well as to ensure the selection of sites based on a proper feasibility study and analysis of environmental safety and sustainability. The current regulations provide for the management of zones by the State, which constrains the participation of the private sector and prevents the inflow of FDI.
"Attracting potential strategic private investors to introduce new technologies and create new highly qualified jobs is one of the priorities of the government today," said Oybek Khamraev, Deputy Minister of Investment, Industry and Trade of the Republic of Uzbekistan.
"Uzbekistan has a huge potential for attracting FDI. These reforms are the key basic foundations for realizing the country's potential and attracting international investors who are ready to offer investment capital, advanced solutions and technologies to support the government's goals of economic transformation and sustainable economic growth," said Wim Dou, Acting Manager of the Consulting Department for creating markets in the Middle East, Central Asia, Turkey, Pakistan and Afghanistan.
For reference: Uzbekistan, the most populous country in Central Asia, is currently undergoing significant economic transformations. As of August 1, 2023, IFC's portfolio of investment obligations in the country amounted to 500 million US dollars.
