Potential of Uzbekistan's subsoil resources estimated at \$3 trillion – Mirziyoyev

In the current challenging conditions, Uzbekistan is placing primary emphasis on maintaining economic stability. Over the past eight years, the gross domestic product has doubled. The goal is to increase this figure to \$200 billion by 2030. This was stated on June 10 by the President of the Republic of Uzbekistan, Shavkat Mirziyoyev, during the Fourth Tashkent International Investment Forum.

“Last year, investment volume reached \$35 billion and our exports totaled \$27 billion—this is also a practical outcome of the Tashkent International Investment Forum, which has been held for four years now.

The results of reforms in the New Uzbekistan are also being recognized in international rankings. Over the past five years, Uzbekistan’s position in the Index of Economic Freedom has improved by 48 places. In Harvard’s Economic Complexity Index, the country has climbed 28 places. Last month, the reputable S\&P agency upgraded Uzbekistan’s sovereign rating outlook from “stable” to “positive,” Mirziyoyev noted.

According to the President, it is widely understood that the global economy is on the threshold of a new era of transformation. This motivates countries pursuing sustainable development to collaborate in the following four key areas.

First, the transition to a green economic model.

Uzbekistan is firmly committed to developing green energy to provide its economy with sustainable energy sources. In a relatively short period, nearly \$6 billion in foreign direct investment has flowed into this sector. Electricity production has increased from 59 billion to 82 billion kilowatt-hours. Within the next five years, this figure is projected to surpass 120 billion kilowatt-hours, with green energy accounting for 54 percent of the total.

Additionally, \$4 billion will be invested in modernizing the electricity grid. This year, electricity networks in Samarkand will be transferred to private partnerships, with eight more regions following suit next year.

Furthermore, for the first time, trading in green certificates and carbon units has begun. This year, Uzbekistan will join global carbon markets through the launch of the Green Uzbekistan climate investment platform.

Second, digital technologies and artificial intelligence are becoming key drivers of the economy. This year alone, IT exports from Uzbekistan will reach \$1 billion. By 2030, the country has the potential and capacity to increase this figure fivefold. These efforts have been recognized internationally, with Uzbekistan rising 17 places in the International AI Readiness Index within a year.

Next year, the national platform “Cloud Technologies” will be launched. Over the next five years, 20 data centers with a combined capacity of more than 500 megawatts will be constructed in partnership with private investors.

A national model of artificial intelligence will also be developed, incorporating rich historical heritage, traditional values, and modern creative ideas. To ensure the effectiveness of this system, the “One Million Artificial Intelligence Leaders” project has been launched.

“I am confident that, together with you, we will turn Uzbekistan into a prestigious IT and fintech hub,” the President stated.

Third, the financial system and technologies are undergoing rapid transformation.

Recently, in cooperation with the International Monetary Fund and the World Bank, Uzbekistan’s financial sector underwent its first comprehensive assessment. The reforms in banking, finance, insurance, and capital markets were fully supported. To advance these sectors further, a Financial Stability Council will be established in Uzbekistan, and cybersecurity and fintech platforms will be launched at the Central Bank.

“We have also begun major reforms in the insurance system. The National Reinsurance Company and the Global Reinsurance Digital Platform have been established.

Alternative financial instruments for startups—such as venture capital—are also developing rapidly in our country. For instance, last year, two of our startup companies surpassed the \$1 billion valuation mark for the first time. We will certainly increase the number of such companies,” said Shavkat Mirziyoyev.

It was noted that, for this purpose, a draft law “On Alternative Investment Funds” has been developed. Over the next five years, the volume of venture and other alternative investments will reach \$1 billion.

Another important direction is the growing demand for technological minerals driven by the Fourth Industrial Revolution.

“Uzbekistan has discovered large reserves of tungsten, molybdenum, magnesium, lithium, graphite, vanadium, titanium, and other minerals. In general, the potential of our subsoil resources is estimated at \$3 trillion,” Mirziyoyev stated.

It was emphasized that the region has all the necessary conditions to become a hub for producing high-value-added mineral products. In this regard, a Technopark of Future Metals is being established in the Tashkent and Samarkand regions.

“I would like to propose the following initiative: investors who establish a complete value chain in this field, starting from geological exploration to finished products, will receive a ten-year tax refund.

I am confident that our long-term productive relationships will evolve into mutually beneficial business partnerships in all the areas mentioned,” the President concluded.

For reference, more than 7,500 delegates—including nearly 3,000 foreign guests from around 100 countries—are participating in today’s forum. Among the attendees are Bulgarian President Rumen Radev, Slovak Prime Minister Robert Fico, Kazakh Prime Minister Olzhas Bektenov, Kyrgyz Prime Minister Adilbek Kasimaliev, Tajik Prime Minister Kohir Rasulzoda, Azerbaijani Prime Minister Ali Asadov, Deputy Prime Minister of the Russian Federation Alexander Novak, Deputy Chairman of the Cabinet of Ministers of Turkmenistan Nokerguli Ataguliyev, President of the European Bank for Reconstruction and Development Odile Renou-Basso, President of the New Development Bank Dilma Rousseff, as well as high-level delegations from Russia, China, the United States, Arab states, and regions of Europe, Asia, and Africa.