Tashkent International Investment Forum ends with €37.6bn in deals

Tashkent International Investment Forum Concludes with €37.6bn in Agreements

Tashkent International Investment Forum ends with 37 - The fifth iteration of the Tashkent International Investment Forum concluded with significant outcomes, as 166 agreements were signed, totaling $43.1 billion (€37.6 billion). These deals encompassed 139 new initiatives, which together amounted to $31.8 billion (€27.7 billion). The figures, disclosed following the event, highlight the forum’s success in fostering international collaboration and economic momentum.

Global Participation and Strategic Importance

Over 10,000 attendees registered for the three-day event, with 3,802 delegates from 102 nations participating. This diverse representation underscores Uzbekistan’s growing role as a regional hub for investment and trade. The international presence reflects the country’s efforts to strengthen its economic ties with global partners, positioning itself as a key player in Central Asia’s development landscape.

The forum’s conclusion coincided with the visit of German President Frank-Walter Steinmeier and Albanian President Bajram Begaj, alongside leaders from across Central Asia and neighboring states. These high-profile engagements emphasized the geopolitical significance of the event and the shared interest in advancing regional partnerships. Discussions centered on trade, infrastructure, and institutional reforms, with a focus on creating sustainable pathways for economic growth.

Investment as a Catalyst for Innovation and Growth

Uzbek President Shavkat Mirziyoyev emphasized that investment is a cornerstone of the nation’s development strategy. “For us, investment is far more than a source of capital. It is a catalyst for advanced technologies, modern knowledge and expertise, new jobs and development that keeps pace with the demands of a rapidly changing world,” he stated to attendees. This perspective aligns with the government’s broader vision of leveraging foreign capital to drive technological advancement and economic diversification.

“The reform agenda needs a track record. You can’t change things overnight. People need the evidence to see it. But we’ve now had many years of evidence,” said Julia Hoggett, chief executive of the London Stock Exchange.

Investors interviewed by Euronews echoed this sentiment, highlighting the importance of Uzbekistan’s long-term reform program in attracting consistent capital flows. The dual listing of the National Investment Fund (UzNIF) in London and Tashkent was cited as a landmark achievement, demonstrating the country’s commitment to financial transparency and market integration.

Market Expansion and Infrastructure Development

The UzNIF, which holds stakes in 13 state-owned enterprises, generated over $2.8 billion (€2.44 billion) in demand during its initial offering. It successfully raised nearly $700 million (€610 million), marking a pivotal step in Uzbekistan’s financial sector evolution. Franklin Templeton, the fund’s manager, played a central role in facilitating the listing, which is expected to catalyze broader domestic market development.

Marius Dan, Franklin Templeton’s CEO for Central Asia, noted that the listing could serve as a foundation for transforming the region’s capital market. “Five years from now, we’ll be sitting here looking back and the entire capital market will look completely different,” he predicted. Dan envisions a future with more publicly traded companies, enhanced liquidity, and increased participation from foreign institutional investors. This transformation, he argued, will require both structural reforms and strategic planning to ensure long-term stability.

The government’s recent reforms, implemented since 2017, have focused on reducing tax burdens and streamlining currency conversion processes. These measures aim to simplify the movement of capital and profits abroad, making Uzbekistan a more attractive destination for foreign investors. Minister of Investment, Industry and Trade Laziz Kudratov confirmed that the policies have enabled swift access to international markets. “Any investor can come, can invest, and get their revenues out of the country within one day,” he said.

Regional Connectivity and Economic Integration

The forum also spotlighted efforts to enhance regional connectivity, with projects like the China–Kyrgyzstan–Uzbekistan railway and the Middle Corridor across the Caspian Sea gaining attention. These initiatives are designed to create new trade routes linking Central Asia to Europe, Asia, and southern seaports, reducing dependency on traditional transit paths. The proposed Trans-Afghan route further aims to diversify the region’s transport networks, offering additional opportunities for economic integration.

Improved connectivity is expected to bolster tourism as well. Abdulaziz Akkulov, chairman of Uzbekistan’s Tourism Committee, stated that the country is targeting increased visitor spending and expanded high-value tourism opportunities. This dual focus on infrastructure and tourism reflects a strategic effort to diversify the economy and create new revenue streams.

Development banks, including the European Investment Bank, have also recognized Central Asia’s growth potential. Marek Mora, vice-president of the EIB, remarked that the region is “nowadays one of the most impressive in terms of economic growth.” He suggested that the term “Central Asian Tigers” could soon apply to the area, given its rapid development and regional influence.

Technology and Green Energy as Pillars of Future Growth

Uzbekistan is positioning itself to capitalize on its expanding connectivity and growing investment base to advance high-value industries. Digital Technologies Minister Sherzod Shermatov provided figures showing the dramatic rise in annual IT exports, which surged from less than $1 million (€871,200) in 2017 to $1 billion (€872 million) last year. This growth highlights the sector’s potential to drive innovation and economic transformation.

Complementing the digital push, the government has outlined plans to increase green energy production to 54% of total electricity generation. Investments in power grids, storage solutions, artificial intelligence, and data centers are central to these goals. Rajit Nanda, CEO of DataVolt, underscored the necessity of capital, energy, and talent for the successful adoption of AI. “All three elements are essential to the future of innovation in this region,” he added.

As the forum’s agenda progressed, the emphasis on institutional reform and market expansion became increasingly evident. The discussions revealed a shared understanding that Uzbekistan’s ability to sustain growth hinges on its capacity to attract and retain investment, while simultaneously improving domestic infrastructure and international linkages. With continued momentum, the nation aims to solidify its position as a dynamic economic player in Central Asia and beyond.