Uzbekistan’s Investment Surge: Reforms Drive Major International Interest

Copyright euronews

Published on 10/05/2024 - 12:13

In recent years, Uzbekistan has experienced a surge in foreign investment, driven by extensive government reforms initiated in 2017. The 3rd Tashkent International Investment Forum showcased the country's appeal to investors, with participants from over 90 countries discussing business opportunities

In recent years, Uzbekistan has become a focal point for foreign investment, thanks to significant governmental reforms initiated in 2017. The Third Tashkent International Investment Forum showcased the country's burgeoning appeal to global investors. Participants from over 90 countries convened to discuss business prospects and inked contracts valued at billions of dollars.

Notable figures such as Marco Arcelli, CEO of ACWA Power, lauded Uzbekistan's rapid embrace of decarbonization, citing the nation's ambitious agenda as a catalyst for investment.

ACWA Power further solidified its commitment with a $4.85 billion power purchase agreement (PPA) for Central Asia's largest wind farm. Sabrina Soussan, CEO of SUEZ, highlighted the company's early investment in Uzbekistan, underscoring the country's potential for water resource projects.

The liberalization of market access since 2017 has spurred interest from multinational corporations like EDF, as mentioned by Marc Girard, Senior Vice President for Europe and Central Asia. Girard emphasized Uzbekistan's capacity for private investment and identified hydro projects as a strategic focus.

Sherzod Asadov, Press Secretary to the President of Uzbekistan, emphasized the diverse geography of foreign investments in the country, stressing the government's interest in attracting knowledge-based investments, particularly from the EU. As Uzbekistan continues its march towards WTO accession, European companies are increasingly eyeing opportunities within its borders.

Tatiana Proskuryakova, Regional Director for Central Asia at the World Bank, commended Uzbekistan's stable government and commitment to reform. She outlined the country's potential for growth and highlighted forthcoming opportunities in privatization, particularly within the state-owned enterprise sector.

With its dynamic reforms, commitment to sustainability, and strategic geographic location, Uzbekistan emerges as a beacon for global investors seeking new frontiers for growth and development.

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