President Shavkat Mirziyoyev reviewed a presentation on the creation of the Tashkent International Financial Center, the launch of the International Center for Digital Technologies, and the implementation of Islamic finance mechanisms into the Uzbekistan’s banking system Wednesday, the presidential press service said.
The presentation stated that in the bacdrop of global geopolitical tensions, fierce competition for investment. Uzbekistan enjoyed advantages such as abundant natural resources and significant economic potential.
“Many international companies, having assessed regional risks, have already begun exploring new markets. For us, this is a historic opportunity. In such a situation, we must not miss the moment — we must act swiftly to attract international financial companies,” the President stated.
For this year, the goal has been set to attract more than $50 billion in investments. To achieve this, speakers at the presentation emphasized the need to facilitate investors’ entry into Uzbekistan’s market, ensure modern infrastructure, a legal framework consistent with international standards, additional incentives, and most importantly, a reliable and transparent business environment.
In this regard, three priority areas have been identified to enhance Uzbekistan’s investment appeal:
- Establishing international centers for finance and digital technologies
- Implementing Islamic finance services
During discussions of the Tashkent International Financial Center, the presentation noted that it would become an effective tool for attracting new types of investment and ensuring sustainable economic growth. According to projections, by 2030, the center could attract $20–25 billion in additional capital to the economy, provide up to 1% annual additional GDP growth, create up to 15,000 high-skilled jobs, and boost the qualifications of 10,000 specialists.
A special legal regime is planned for the Center’s operations. The principles of English and Welsh common law will be applied where they do not conflict with the Center’s law. The Center’s governing bodies will have authority to adopt their own regulations. The setting up of a Tashkent International Commercial Court and an International Arbitration Center, specializing in dispute resolution, was also proposed in the presentation.
Residents of the Center will enjoy major opportunities, including free movement and repatriation of capital, unrestricted foreign exchange operations, use of modern payment tools (including digital assets), as well as soft tax treatment and a simplified visa regime.
The second area involves the creation and development of the International Center for Digital Technologies under the brand Enterprise Uzbekistan.
According to the presentation, the Center will operate under a special legal framework until the year 2100. Its regulatory sandbox will allow to test new solutions, pay salaries in foreign currencies, implement international labor standards, and process personal data in compliance with international and cloud technology standards. Favorable conditions will be created for the protection of intellectual property, investments, startups, and exports, along with customs and tax incentives.
The third area is the implementation of Islamic banking in Uzbekistan.
The head of state emphasized that these three initiatives would contribute to creating a modern financial and technological ecosystem in the country, and instructed officials to accelerate their implementation.
