Nearly 4,000 delegates from more than 100 countries gathered in Tashkent this week as Uzbekistan's President Shavkat Mirziyoyev unveiled plans for a new international financial centre and outlined six priority areas for foreign investment. The Tashkent International Investment Forum (TIIF) served as the platform for these announcements, with government leaders, international financial institutions, and global companies discussing investment opportunities, regional connectivity, and industrial development.
President Mirziyoyev declared that the new financial centre will operate under a dedicated constitutional law and a special legal regime based on English common law principles. Authorities plan to introduce extensive tax incentives, including exemptions from corporate income tax, value-added tax, property tax, and customs duties for an initial period of 50 years. Laziz Kudratov, Uzbekistan's Minister of Investment, Industry and Trade, explained that the initiative aims to create a familiar regulatory environment for international investors. “All companies, foreign companies in the finance sector who are willing to do business in Uzbekistan, there won't be need for them to understand the local legislation. They will just do operations and business according to international standards, according to common law,” Kudratov said. The minister added that authorities are also preparing legislation on alternative investment funds, which will create a framework to protect venture capital, limited partner and general partner investments, and private equity.
Financial Achievements and Economic Growth
Opening the forum, President Mirziyoyev reported that Uzbekistan had attracted more than $150 billion (€130 billion) in foreign investment over recent years, with $123 billion (€107 billion) secured during the past five years alone. “We are always open to investors interested in cooperation with Uzbekistan and ready to build equal and mutually beneficial partnership,” Mirziyoyev said. The president pointed to continued economic growth and improving international ratings as evidence of the country's reform trajectory. Last year, Uzbekistan's economy grew by 7.7%, according to the World Bank, while foreign investment inflows reached $43 billion. International reserves exceeded $70 billion, and the country's GDP is expected to surpass $180 billion this year. Mirziyoyev also highlighted Uzbekistan's recent progress in international rankings: “Uzbekistan's international credit standing continues to strengthen year after year. This year, our country advanced 14 positions in the prestigious Index of Economic Freedom and, for the first time, joined the group of nations recognised as having a ‘moderately free economy’.” He added, “These achievements are tangible evidence that Uzbekistan's economy is gaining new momentum and entering a stage of new opportunities.”
For European investors, the forum underscored growing ties between Central Asia and the EU. A key discussion on the sidelines focused on the EU-Central Asia Strategic Partnership for Investment, Trade and Sustainable Infrastructure Development. Speakers highlighted cooperation in transport, energy, and critical raw materials, with an emphasis on developing new trade corridors and attracting long-term investment. Participants noted that the relationship had entered a new phase following the first EU-Central Asia Summit in Samarkand earlier this year, shifting attention from political commitments to concrete projects. This aligns with broader European efforts to diversify supply chains and secure access to critical resources, as highlighted in recent analyses such as IMF Chief Georgieva's call for collective EU investment.
Six Priorities for Investment
Shavkat Mirziyoyev outlined six priority areas for future cooperation with investors: strengthening legal guarantees for investors, developing capital markets and alternative financing instruments, expanding high value-added manufacturing, deepening cooperation in green energy and artificial intelligence, improving regional transport connectivity, and increasing investment cooperation in regional development. The government also plans to adopt new legislation on capital markets and alternative investment funds, launch sovereign Islamic bonds, and continue a privatisation programme that will put assets worth approximately $6 billion (€5.2 billion) up for auction this year. These measures are designed to build on the momentum of previous forums, such as the Tashkent Investment Forum that opened with a German president visit and US business push.
International cooperation featured prominently throughout the opening day. Among the foreign leaders attending was Albanian President Bajram Begaj, who said the two countries share similar ambitions in regional connectivity and economic development. “Albania and Uzbekistan have more in common than geography might suggest. Both our countries are investing in connectivity. Both seek to extend their role with broader regional networks,” Begaj said. “Both understand that economic success depends not only on domestic resources, but also on the ability to connect markets, attract investment, encourage innovation, and build productive partnerships.” Alongside the plenary session, participants attended discussions on sustainable infrastructure, energy transition, industrial development, and regional trade. The forum also featured the unveiling of a €75 billion investment portfolio, signalling Uzbekistan's ambition to become a key hub for international capital in Central Asia.
