The forum, which has already become a good tradition, was held for the first time last year and was highly appreciated by business circles. The current event is attended by the Chairman of the Cabinet of Ministers – Head of the Presidential Administration of the Kyrgyz Republic Akylbek Zhaparov, President of the Islamic Development Bank Muhammad Sulaiman Al Jasser, Executive Secretary of the United Nations Economic Commission for Europe Olga Algayerova, Minister of Energy and Infrastructure of the United Arab Emirates Suhail Al Mazrouei, Minister for Economic Development of Hungary Márton Nagy, Chairman of the Board of Directors of ACWA Power Mohammad A. Abunayyan. In general, the event is attended by about 2.5 thousand representatives of business, banking and financial sector from 70 countries.

The Head of state welcomed all the participants and noted that the meeting today shall promote bilateral and multilateral cooperation, open new business opportunities for all. Reforms being carried out to further liberalize the country’s economy, open a wide path for businesses, and strengthen the rule of law and legal guarantees were noted.

The most favorable fiscal system was created in the region. The value-added tax rate has been reduced to 12 percent. The dividends received from shares of foreign investors were exempted from taxation for three years. It has been strictly specified that no new or aggravating liability measures can be introduced into tax and customs legislation.

Foreign trade is being liberalized. Customs duties have been abolished on more than 7 thousand types of raw materials and goods needed by investors. A simplified processing procedure has been introduced in the customs territory. To access new markets, efforts have been intensified in acceding the World Trade Organization.

The system of executive authority is being reformed, the bureaucracy is being reduced. 500 functions of the state in business regulation were abolished, and 70 were transferred to the private sector based on public-private partnership and outsourcing.

So far, 132 licenses and permits have been withdrawn, and notification procedures have been introduced for 33 of them.

Most importantly, an integrated investor engagement system has been introduced as part of the reform. The Ministry of Investment, Industry and Trade has set up a “Single Window” to assist investors in all processes from project initiation to its launch.

The Foreign Investors’ Council under the President began its work to promptly address investors’ issues and establish direct communication with the Head of State.

Protection of the rights of investors has strengthened. The conditions for foreign investors to buy real estate, enter and leave Uzbekistan, as well as residence permit procedures have been greatly simplified.

Administrative courts were given significant powers in terms of judicial protection of investors’ rights. From now on, entrepreneurs and investors do not need to prove their claims in court. Now, the state agency will need to prove the legality of its decision. Any arising uncertainties will be resolved in favor of investors. The International Commercial Court will start its activities for the first time in the history of Uzbekistan.

Created opportunities and guarantees yield their result. In one year alone, nearly 100 thousand new enterprises were created. The attracted foreign investments reached $10 billion, in other words, it has tripled against 2017.

The President noted that this work will be continued at an accelerated pace. Its legal foundations are further strengthened in the renewed Constitution, which has been submitted to a nationwide referendum in the coming days. In particular, the state assumes obligations to ensure a favorable investment and business climate, the inviolability of property, the development of market relations, the creation of conditions for fair competition, and the independence of the judiciary.

The Head of State in his address focused on new opportunities for enhancing cooperation between Uzbekistan and foreign investors.

First – “Green economy”. The world’s most prestigious companies are implementing large-scale solar and wind power plant projects in Uzbekistan. This year alone more than 2 thousand megawatts of capacity will be commissioned, and next year – it will reach 8 thousand megawatts.

“Green economy” is inviting new industrial sectors to the country. This means $8 billion worth of opportunities for investors.

The second direction is a public-private partnership. In the process of reforms, private investments began to be actively attracted to previously “closed” areas. For example, there are ample opportunities for the private sector in the aviation industry, which was previously considered 100 percent state-owned. At the same time, the fact that Uzbekistan is becoming a “regional hub” in the rapidly growing fields of IT, tourism, education, and healthcare is a great opportunity in this direction.

In general, this year, $14 billion worth of programs in the field of public-private partnership have been developed with the support of international financial institutions. They cover such important areas for the state as transport, utilities and water management, and public health.

The third direction is the privatization of state assets. A “one thousand, one thousand, forty” program was adopted this year. This means that one thousand enterprises with a state share and one thousand properties owned by the state will be put up for a public auction, and 40 enterprises will hold an IPO.

Fourth – industrial development. Today textile, leather and footwear, construction materials, electrical, mechanical engineering industries have a sufficient base of raw materials and qualified personnel. There are enough capacities to make a “big leap” in these areas and increase the volume of their production and exports by 2 times. In this regard, we need to cooperate with major brands, gain access to foreign markets, innovations and modern technologies.

The fifth possibility is cooperation with neighboring countries. Joint investment funds are being created, large regional projects are being implemented in industry, energy, transport and water management. We should continue to establish cooperative ties in industry and the agricultural sector on the principle of complementarity of our economies.

The President of Uzbekistan expressed the country’s readiness to create the necessary legal guarantees for investors, separate technology parks and industrial zones, and provide additional benefits.

– I am convinced that the upcoming negotiations and meetings will allow you to see the endless opportunities for business in New Uzbekistan. In our country you will find everything you need for business – peace, stability, a favorable investment climate and reliable guarantees. I am confident that New Uzbekistan will be a place that will leave a bright mark on your business activities”, Shavkat Mirziyoyev said.

During the session, high-level speakers shared their vision of the prospects for investing in Uzbekistan.

The panel discussions of the forum will cover such topics as the risks of a global economic recession, modern monetary policy, trade finance, infrastructure development, digitalization of the economy, investment in transport and alternative energy. The main attention will be paid to studying the experience of creating international financial centers, transforming state-owned enterprises, developing agriculture, healthcare, education, tourism and e-commerce.

As part of the forum, foreign partners will be presented with the investment potential of the regions of Uzbekistan and over 160 large projects. Investment and trade agreements will be signed.

The Tashkent International Investment Forum will run until April 28.