Uzbekistan is preparing to translate 120 recommendations from international investors into a formal government reform roadmap, following discussions held alongside the Tashkent International Investment Forum. The proposals, presented during a meeting of the Foreign Investors Council, cover sectors including banking, energy, artificial intelligence, capital markets, and corporate governance.
The government will monitor implementation of the recommendations and report progress directly to President Shavkat Mirziyoyev, officials said. The Foreign Investors Council has expanded from 54 to 85 member companies over the past year, representing businesses across 23 sectors of the economy. Its executive committee includes the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank, and the International Finance Corporation.
Investor Proposals Enter Policymaking
Speaking at the meeting, Mirziyoyev said recommendations from foreign investors had already contributed to changes in tax legislation, financial regulation, and reporting requirements for international companies operating in the country. “The investors' proposals are being translated into practical government policies,” he told participants.
Among the reforms under discussion are plans to establish the Tashkent International Financial Centre and adopt a constitutional law governing its operation. Uzbekistan has also begun the process of joining the OECD Declaration on International Investment and Multinational Enterprises, a move aimed at aligning its investment framework with international standards.
During talks with EBRD President Odile Renaud-Basso, the two sides reviewed a partnership portfolio worth more than $7 billion (€6.1bn), making Uzbekistan the bank's largest partner in Central Asia. New agreements were signed covering sustainable transport, railway digitalisation, entrepreneurship, housing finance, and support for the country's startup ecosystem. Mirziyoyev also met Dilma Rousseff, President of the New Development Bank, to discuss future cooperation in energy, water management, transport infrastructure, and private-sector development. The bank expressed interest in supporting environmentally focused projects and regional transport corridors.
Rule of Law Remains a Priority
While investors acknowledged progress in economic reforms, legal certainty remained one of the most frequently discussed issues. Eduards Stiprais, the European Union's Special Representative for Central Asia, said international companies continue to raise concerns about regulatory predictability and the stability of legal frameworks. “Most complaints which are coming [are about] the often-changing legislation,” he said. “The second extremely important issue is the rule of law.” Stiprais highlighted the importance of independent courts and effective legal protections for investors, adding that discussions surrounding the proposed Tashkent International Financial Centre could help address some of those concerns.
Investor confidence was also a recurring theme during discussions on privatisation and capital market development. Julia Hoggett, Chief Executive Officer of the London Stock Exchange, said international investors tend to evaluate emerging markets through the lens of economic stability, regulatory consistency, and legal protections. “The thing investors really want to know is that they'll put their money in and that they'll get their money back,” she said. Hoggett said Uzbekistan's reform programme and recent market developments had helped strengthen investor confidence, adding that international investors are paying growing attention to Central Asia as a region with significant long-term growth potential.
Artificial intelligence was among the sectors highlighted in the recommendations submitted by investors and featured in discussions about future economic growth. Benedict Macon-Cooney said countries seeking to benefit from the AI economy must focus not only on adopting new technologies but also on building the infrastructure needed to support them. “Companies need to think about data as their competitive asset, and nations need to think of data as their strategic asset,” he said.
The roadmap is expected to be finalised in the coming months, with the government aiming to maintain momentum from the Tashkent forum. For European investors, the developments signal a continued push by Uzbekistan to integrate more closely with global markets, though the persistent concerns over legal predictability underscore the challenges ahead. The Rome Summit earlier this year highlighted similar calls for regulatory clarity across Europe, a theme that resonates in Central Asia as well.
