Tashkent International Investment Forum ends with €37.6bn in deals

More than 10,000 participants, including delegates from 102 countries, examined market access, transport links, green power, digital exports and the policies needed to turn commitments into operating projects. The fifth edition of the Tashkent International Investment Forumended with 166 signed agreements worth $43.1bn (€37.6bn), including 139 new projects valued at $31.8bn (€27.7bn), according to figures released after the event. More than 10,000 participants registered for the three-day gathering, including 3,802 foreign delegates from 102 countries. The figures show the forum’s international reach. The next stage is financing and implementation. Uzbek President Shavkat Mirziyoyev said the country’s investment policy was intended to deliver more than an inflow of foreign capital. “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 told participants. Reforms face a market test Investors interviewed by Euronews repeatedly linked future capital flows to the durability of Uzbekistan’s reform programme. “The reform agenda needs 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. One early indication came through the dual listing of Uzbekistan’s National Investment Fund (UzNIF) in London and Tashkent. The fund holds stakes in 13 state-owned companies. Its offer attracted demand of more than $2.8bn (€2.44bn) and raised nearly $700mn (€610mn). Franklin Templeton manages UzNIF and was directly involved in bringing the fund to the London and Tashkent stock exchanges. Marius Dan, the firm’s CEO for Central Asia, said the listing could become an early step in the development of a broader domestic capital market. “Five years from now, we’ll be sitting here looking back and the entire capital market will look completely different,” he said, predicting more listed companies, greater liquidity and increased participation by foreign institutional investors. Further growth will also depend on whether investors can move their capital and profits freely. The government says reforms introduced since 2017 have reduced taxes and removed restrictions on currency conversion and the transfer of profits abroad. “Any investor can come, can invest, and get their revenues out of the country within one day,” said Uzbekistan’s Minister of Investment, Industry and Trade, Laziz Kudratov. Diplomacy and US corporate presence The forum coincided with visits by German President Frank-Walter Steinmeier and Albanian President Bajram Begaj, alongside prime ministers and senior officials from across Central Asia and neighbouring states. A US-Uzbekistan business forum brought together representatives of 193 American companies. Executives from Boeing, Visa, JPMorgan, Meta, Air Products and Franklin Templeton also held talks with the Uzbek government. The meetings placed trade, transport, energy and regional cooperation alongside capital-market reform on the forum’s agenda. From distance to connections For years, many investors viewed Central Asia mainly through its distance from major markets. New railways, energy links and transport corridors are intended to create additional routes towards Europe, Asia and southern seaports. The China–Kyrgyzstan–Uzbekistan railway, the Middle Corridor across the Caspian Sea and the proposed Trans-Afghan route are among the projects intended to improve the landlocked region’s access to international markets. Uzbekistan also expects better connectivity to support tourism. “We aim to increase visitor spending and expand opportunities for higher-value tourism,” said Abdulaziz Akkulov, chairman of the country’s Tourism Committee. Development banks are also reassessing Central Asia’s growth prospects. “Central Asia is nowadays one of the most impressive regions in terms of economic growth,” said Marek Mora, vice-president of the European Investment Bank. “I think it’s only a question of time before people start talking about the Central Asian Tigers.” Digital exports, energy and resources Uzbekistan is seeking to convert faster growth and stronger connections into exports and higher-value industries. Digital Technologies Minister Sherzod Shermatov said annual IT exports had risen from less than $1mn (€871,200) in 2017 to $1bn (€872mn) last year. The government also plans to raise the share of green power to 54% of electricity generation and attract investment in grids, storage, artificial intelligence and data centres. Rajit Nanda, CEO of DataVolt, said capital, energy and talent were all essential to the successful adoption of AI. The Uzbek government estimates the value of the country’s mineral wealth at $3tn (€2.62tn), including gold, copper, uranium and other strategic materials. Mark Robinson, executive director of the Extractive Industries Transparency Initiative, cautioned that resource wealth did not automatically produce broader prosperity. “Countries need to translate that resource wealth into long-term benefits,” he said. Investors enter the policy process Domestic confidence can also influence how international investors assess the country. “The moment your own population starts to believe it’s safe to invest, to expand businesses here, this is the most potent message to the rest of the world,” said EU Special Representative for Central Asia Eduards Stiprais. Foreign investors are also being given a formal channel to propose policy changes. The Foreign Investors Council now includes 85 companies from 19 countries and 23 sectors. Its work has produced 21 initiatives and eight regulatory acts, according to final forum figures. The government says 120 new recommendations covering banking, energy, AI, capital markets and corporate governance will be incorporated into a formal reform roadmap. Implementation will be monitored, with progress reported directly to President Shavkat Mirziyoyev.