The event, chaired by the President of Uzbekistan, was attended by the President of the European Bank for Reconstruction and Development Odile Renaud-Basso, and 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 Co-operation and Development, the World Bank, the International Finance Corporation, the Asian Development Bank, the Islamic Development Bank and the International Islamic Trade Finance 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 Uzbekistan noted the fruitful results of the third Tashkent Investment Forum, which took place the day before and also thanked the Council members for their contribution to supporting the development of New Uzbekistan.

It was noted that the instability in the global economy is increasing, and energy, food, and environmental crises are becoming acute.

– In such complex conditions we will definitely achieve our great aspirations, if we take clear practical steps based on consultations with you, – the President said.

The activities of the Working Group, which contributed to the preparation of the laws on investments and special free zones to improve favorable investment and business climate in the country, were highlighted.

The practical significance of the analysis of investment policy initiated by the OECD team was emphasized. This project will help outline the main policy directions and create effective mechanisms to improve the country’s investment climate.

Noting that the establishment of an open and effective dialogue between the government and investors is the key to sustainable economic development, the Head of state proposed the creation of working groups in areas and outlined the priorities for the further activities of the council.

First is the development of the capital market. The focus should be on attracting a wide range of domestic and foreign capital to develop an international financial center that fully meets the demands of foreign investors.

Second, conducting responsible business. In this regard, comprehensive implementation of the relevant principles of the OECD to ensure the stability, transparency, and openness of the economy is essential.

Third, encourage alternative investments. To achieve this, it is essential to draft and adopt a new law on venture investments in Uzbekistan that creates favorable conditions for increasing the number of startups, innovative projects, and joint investments.

Fourth, digitalization of the working system with investors.

– I think it is time to develop and implement an efficient electronic platform that covers all services between foreign investors and state entities. This allows the prompt and systematic solving of complex problems that investors face, – the President noted.

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 addressed the event highly appreciated the results of the large-scale reform program in New Uzbekistan. Gratitude was expressed to the President of Uzbekistan for his full support of investment activities and his firm intention to continue mutually beneficial cooperation.

Following the session, the President assured the participants that no 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 roadmap for each proposal made and each project.