Mirziyoyev participates in the plenary session of the Council of Foreign Investors

Today, on May 3, the second plenary meeting of the Council of Foreign Investors under the President of the Republic of Uzbekistan convened at the Koksaroy residence, chaired by Shavkat Mirziyoev. This information was relayed by the President's press service.

Participating in the meeting were Odil Reno-Basso, President of the European Bank for Reconstruction and Development, along with representatives from prominent companies and banks such as "Masdar," "Indorama," "ACWA Power," "Air Products," "Çalik," "Suez," "Orascom," "Chengiz," "Aksa," "HP," "Linde," "Procter&Gamble," "Visa," "CAMCE," "John Deere," "Huawei," "Airbus," "Orano," "Sommerzbank," "Total," and "PASHA Holding," as well as delegates from international organizations and financial institutions like the Organization for Economic Cooperation and Development, World Bank, International Finance Corporation, Asian Development Bank, Islamic Development Bank, and International Islamic Trade and Finance Corporation.

The Council's primary objectives include providing counsel on key investment, trade, technological, and innovative development areas in Uzbekistan, drawing from successful experiences and international best practices, and fostering transparent communication between the Uzbekistan government and foreign investors. It was emphasized that the inaugural session in 2022 established the groundwork for the efficient operation of this mechanism.

Before commencing the meeting, the President acknowledged the successful outcomes of yesterday's third Tashkent investment forum and expressed gratitude to council members for their contributions to the advancement of New Uzbekistan.

Furthermore, attention was drawn to the escalating instability in the global economy, with crises intensifying notably in the energy, food, and environmental sectors.

Mirziyoyev emphasized, "By consulting with you and implementing concrete measures in such challenging times, we can undoubtedly reach our high goals."

The productive efforts of the working group, instrumental in crafting legislation on investments and special economic zones to enhance the favorable investment climate and business environment, were recognized.

Highlighting the significance of the ongoing analysis of investment policy by the Organization for Economic Cooperation and Development team, it was underscored that this initiative will play a pivotal role in delineating key directions and devising effective mechanisms for further enhancing the investment landscape in our nation.

The cornerstone of sustainable economic progress lies in fostering open and efficient communication between the government and investors. To achieve this, the proposal suggests establishing task forces in several key areas:

• Advancing the capital market: Prioritize attracting both domestic and foreign investment to cultivate an international financial hub that meets the needs of global investors.
• Promoting responsible business practices: A pressing objective is to integrate OECD principles that promote economic stability, transparency, and openness into business conduct.
• Stimulating alternative investments: Drafting a new "Venture Investments Act" aims to create favorable conditions for fostering startups, innovative ventures, and collaborative investments.
• Digitizing investor relations: There's a call for modernizing the investor engagement system through digitalization.

“The need for an advanced electronic platform to facilitate seamless interactions between foreign investors and governmental bodies. Such a platform would enable prompt and systematic resolution of the myriad challenges faced by investors,” the head of state reported.