Foreign Investors Council under the President of the Republic of Uzbekistan

​​🏦 Uzbekistan marks an ambitious stride towards economic prosperity and growth today with the pilot initiative of “Establishing the Tashkent International Financial Centre (TIFC).” 📌A crucial working group meeting was convened by the Ministry of Investment, Industry and Trade (MIIT) and the Foreign Investors Council (FIC) under the President of Uzbekistan on July 27, 2023. 🎤 Mr. G. Kholjigitov, Head of the FIC Secretariat, and Mr. A. Sim, Head of the MIIT Investment Climate and Ratings Department, spearheaded the session. 🌐 With its strategic location and rapidly growing economy, Uzbekistan has always been a nexus of international trade. The establishment of the TIFC represents a significant milestone for the nation, fortifying its global standing as a pivotal finance and investment hub. 💼 The meeting delved into the complex details of this initiative and offered the opportunity to listen to esteemed speakers and leading experts instrumental in shaping the TIFC’s concept. 🖥 The session commenced with presentations and detailed reports from respected experts. Please follow the link to read more 👉: https://investorscouncil.uz/meeting-of-the-working-group-on-tifc/ #uzbekistan#investment#tifc#growth#trade#finance#workinggroups#ficuzbekistan @fic_uz

​​✅ On April 7, the FIC held a meeting of the 6th Working Group on Priority Sectors to discuss issues and opportunities in agribusiness, mining and metallurgy, textiles and apparel, tourism and hospitality. 📊 During the meeting, the FIC Secretariat presented its new product, Investor Regional Update🆕, the first one in a series of regional updates that will provide investors with a comprehensive overview of developments across key sectors in the regions of Uzbekistan. The first issue describes the economic situation in Namangan and covers lead indicators and information about regional agriculture, industry, services, trade and investments. 🗣The next presentation was made by Dan Patterson, CEO/General Director of JV Silverleafe, who spoke about major challenges and obstacles for investors in the agribusiness clusters. 👥The WG meeting was attended by representatives of Zeppelin/Caterpillar, Coca Cola, Silverleafe, Mitsubishi Corporation, White & Case, Calik Holding, AUCC, CNH Industrial, Veolia, Abbott , BAT, as well as MIIT and EBRD. #workinggroups#pswg#investors @fic_uz

​​✅ On March 30, the FIC held a meeting of the Working Group onInvesting Across Borders to discuss the issues of cross-border investment and trade. ⚖ In particular, the meeting participants were presented with the new draft Law of the Republic of Uzbekistan “On Special Economic Zones”, developed by IFC experts in line with international standards and best practices. The draft Law introduces such provisions as: ✔️Allowing a wide range of SEZ activities; ✔️Ensuring effective protection of private property rights; ✔️Creation of an autonomous administrative authority; ✔️Establishment of effective and efficient One Stop Shops/Business Service Centers of SEZ; ✔️Transparency and predictability; ✔️Transparent criteria for selection/appointment of SEZ land plots; ✔️Transparent selection criteria for developers/operators; ✔️Market-oriented licensing procedures – rules for conducting competitive bidding in SEZ; ✔️Establishment of the right to land ownership; ✔️Allowing multiple forms of public-private partnerships; ✔️Development of effective mechanisms to combat land speculation. 🖥 Also, the participants were provided with information on the activities and accomplishments of the FIC Secretariat. 💬 “Since the beginning of this year, the Secretariat has established 6 working groups and subgroups to identify and discuss the most pressing issues and proposals related to improvements in different business areas and sectors of economy. At the same time, one-to-one meetings with some 25 foreign companies/ FIC members were arranged and 85 proposals and recommendations were received”, - said Golib Kholjigitov, Head of FIC Secretariat. 💼 The meeting was attended by representatives of Zeppelin/Caterpillar, Coca Cola, Silverleafe, Mitsubishi Corporation, Suez, White & Case, Mitsui & Co, as well as representatives of government bodies and international financial institutions. #workinggroups#iabwg#investors#ficmembers @fic_uz

​​🔹 On March 3, 2023, the FIC’s Working Group onDigitalization and ICT held its first meeting. 🔸The meeting was organized with the support of the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan (MIIT), and EBRD, and attended by representatives of Coca Cola, Dentons, Fintech Association, PwC, Siemens, Suez, Silverleafe, TBC, Tenge Bank, White & Case, Younghoon Chang, and international financial institutions such as ADB and World Bank. ✅ The working group aims at facilitating the exchange of ideas, best practices and knowledge in the field of digital transformation, and to focus on topics relating to the promotion of digitalization in Uzbekistan, including in various sectors of economy and public services for businesses, development of digital infrastructure, creation of conducive environment for ICT sector, and enhancing cybersecurity. #workinggroups#dictwg @fic_uz

​​🔸On February 17, 2023, the FIC convened a working group on Privatization and Private Public Partnership. 👤Mr. Golib Kholjigitov, Head of the FIC Secretariat, chaired the meeting, attended by representatives of foreign companies, IFIs, experts and officials from the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan. 🔎The purpose of the meeting was to better understand the current situation around privatization and PPP and the challenges foreign companies have to face, as well as to identify actions FIC can take to help address those issues in support of foreign investors. 🙋‍♂️Participants were asked to make input on the following topics: 🔖 Ensuring stable regulatory environment for privatization and PPP 🔖 Implementation of international best practices in corporate governance 🔖 Strengthening capacity of PPP professionals etc. 📝The meeting concluded with each participant sharing their views and suggestions. 📍The second series of PPPPWG meetings will focus on the discussion of the investors' proposals on the improvement of investment climate and business environment in Uzbekistan. #workinggroups#ppppwg @fic_uz