The following article and pictures were provided by the Embassy of Uzbekistan in Seoul for publication by The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985.—Ed.
The First Tashkent International Investment Forum will be held in Tashkent on March 24-26. The forum will focus on issues ranging from green energy to innovative industries, from agriculture to the digitization of sectors of the economy.
The first Tashkent International Investment Forum is a new platform for the Central Asian region, in the format of which the investment potential of Uzbekistan will be presented to the international investment and business communities.
The Forum is aimed at attracting the leaders of major foreign investment, financial and economic organizations and companies interested in integrating into the dynamically developing market of Uzbekistan.
The Tashkent International Investment Forum provides an opportunity to:
- Explore new developments in the country’s business environment and help shape and actively participate in development of next generation of Uzbekistan’s entrepreneurs;
- Identify and execute specific projects capitalizing on the massive logistics infrastructure build-out germinating from regional initiatives, including Eurasian trade route infrastructure projects;
- Gain a comprehensive understanding of the government’s economic liberalization program;
- Deepen understanding of major FDI projects and privatization measures;
- Network with the country’s and neighboring region’s business, finance and government leadership;
- Serve as a spring-board for access to the Central Asian markets.
The agenda of the international forum is extremely rich, and for two days the participants will take part in a series of sessions and roundtables.
The event will cover a wide range of topics, from green energy to innovative industries, from agriculture to the digitization of sectors of the economy.
In particular, are expected sessions, roundtables and panel discussions on topics such as «Development of Favorable Business Environment and Economic Diversification in Uzbekistan», «Transformations in Trade Flows in Central Asia and Capitalization on this Transformation», «Digitalization of Transport Systems», «Green Energy for Next Generations», «Targets for Attracting Investments in Tourism», «Development of Value-added Products Manufacturing», «Financial Market Digitalization» and other.
Dialog with government representatives and expert group will give the guests an overview of next steps under reform and liberalization program, government’s priorities, including intensives for private sector, challenges and vision for integration with regional and international markets.
Uzbekistan has abandoned the policy of isolation and selected the course towards modernization. Opportunities for regional and global trade development are expanding, it becomes possible to deliver goods and services for the growing middle class in Asia. However, it is important to take appropriate measures for increasing trade competitiveness in order to realize the total potential of the country.
Investment attractiveness plays a fundamental role in the development of Central Asian (CA) countries. Macroeconomic stability, mineral resources, a large domestic market, a skilled labor force, high growth rates of economic sectors, and a positive business environment of the countries of the region are key indicators of attractiveness to investors.
For instance, foreign direct investment (FDI) in CA was over $30 billion in 2019; due to the pandemic, FDI declined to $20 billion in 2020. CA countries managed to achieve positive FDI dynamics in 2021 thanks to anti-crisis and stabilization measures by the CA governments, and it is expected that in 2022 the FDI inflows to the CA economies will fully recover the pre-pandemic scales.
Fundamental changes have been implemented in the power sector of Uzbekistan over the past few years.
Priority focus has been given to development of renewable energy sources, as evidenced by the adoption of the Law on Use of Renewable Energy Sources in May 2019. In April 2020, the government approved the Concept of Power Supply in Uzbekistan for 2020-2030. Large solar power plants are commissioned in the country, partners have been identified for implementation of new investment projects on construction of photovoltaic and wind power stations. At the same time, Uzbekistan aims to halve energy consumption over the next decade through energy efficiency measures. Although investments play the main role in implementing this strategy, further cooperation in the field of technology is of similar importance.
The government of Uzbekistan continues to implement structural and economic reforms, which contribute to the improvement of the business. New enterprises in construction materials, agriculture, chemical, food, electrical, textile, and pharmaceutical industries, etc., are being created in the country. There are 22 Free Economic Zones (FEZ), 18 of which specialize in an industry, 2 in agriculture, and 2 in tourism. Large investment projects with foreign partners, who are granted privileges and preferences, are implemented in free economic zones.
To study the activities, bilateral meetings, reaching agreements on the implementation of joint investment, and trade agreements for the Forum participants will be organized visits to leading industrial enterprises of Uzbekistan.
Most importantly, a great opportunity for Forum participants to learn about the history and culture of Uzbekistan – the cradle of Eastern civilization, to see the world-famous ancient monuments of Samarkand, Bukhara, and Khiva. Samarkand was the capital of the Timur’s Empire, Bukhara is located in the center of the Karakum desert, the Eastern center of the Islamic world, which is famous for its multitude of mosques and madrassas, and Khiva is an ancient and noble, these all cities of which are now included in the UNESCO World Heritage List.
The forum will be held in the Congress Hall of the Tashkent City International Business Center.
The Congress Hall is a unique facility in terms of its characteristics and capabilities with a total area of 43,000 sq. meters, where conditions are created for holding major international events and top-level negotiations. On the ground floor there is a conference hall for 3500 people, which, if necessary, can be divided into two to four zones. There are also meeting rooms, a restaurant, a concert hall and waiting rooms with additional rooms on the second floor. The Congress Hall building is connected by a bridge to the Hilton Hotel.
The Congress Hall is part of the Tashkent City International Business Center, one of the largest urban development projects in the Republic of Uzbekistan. The implementation of the project is under the constant control of the country’s leadership and is supported at the highest level.
IBC Tashkent City involves the construction of modern business centers, hotels, shopping and entertainment centers, a park area and a high-rise residential building of increased comfort, unique for the capital, on the territory of 80 hectares. All these objects will be united by a common architectural concept, functionally complemented by modern technological solutions and implemented in harmony with the traditions of national architecture.