Tashkent, 27 July 2023 – 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. 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.

A developed financial sector, replete with robust legal and regulatory frameworks, extensive and innovative financial instruments, and a high-skilled workforce, can invigorate economic growth and heighten competitiveness. However, current high-interest rates, underdeveloped financial markets, and limited access to finance are constraining the economic potential.

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, including:

– Dolgova, Head of the working sub-group on TIFC and an International Expert on Financial Centre Development;

– Spirin, Expert on Legal Environment Development, and Director of Corporate Governance at Prosperity Capital Management;

– Golub, Expert on Financial Market Modernization and Executive Director of the Non-Profit Fund “Analytical Center Forum”.

Each of these individuals brought a wealth of knowledge and experience, illuminating the project’s significance and its potential impact on our nation’s economic development. The meeting also gleaned insights from leaders of top financial centers regarding the initiative’s importance.

Following the presentations was a Q&A session that provided an opportunity to clarify any queries or concerns and fostered fruitful discussion.

The proposed benefits could significantly bolster the attractiveness of Tashkent’s International Financial Center. However, the initiative should consider strengthening provisions related to local capacity building and accommodating the flexibility to adapt to the dynamic global financial landscape. The plan’s success will also hinge on the effective enforcement of the outlined measures.

The initiative aims to attract both external and internal resources for investment, a proven strategy to boost the economy. Successful examples include Dubai and Singapore, which have leveraged their financial centers to attract significant foreign investment. However, attracting foreign investment would require Uzbekistan to address potential concerns regarding regulatory clarity and transparency.

The proposal to create a globally competitive infrastructure offering diverse financial products and services could be a potent driver for growth. It can also support local financial products and services in penetrating international markets. This aspect may require significant upfront investment and several years to fully materialize.

This meeting served not just as a platform for knowledge exchange and strategy discussion but also marked the start of an exciting journey towards a vibrant and sustainable economic future for Uzbekistan.