Tashkent, Uzbekistan (UzDaily.com) — On 10 June, President of the Republic of Uzbekistan Shavkat Mirziyoyev addressed the plenary session of the 4th Tashkent International Investment Forum, held at the International Congress Center in the capital.

The forum welcomed high-level guests including President of Bulgaria Rumen Radev, Prime Minister of Slovakia Robert Fico, Prime Minister of Kazakhstan Olzhas Bektenov, Chairman of the Cabinet of Ministers of Kyrgyzstan Adylbek Kasymaliev, Prime Minister of Tajikistan Kohir Rasulzoda, Prime Minister of Azerbaijan Ali Asadov, Deputy Prime Minister of Russia Alexander Novak, and Deputy Chairman of the Cabinet of Ministers of Turkmenistan Nokerguly Atagulyyev. The event also featured the participation of Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, and Dilma Rousseff, Chair of the New Development Bank.

In total, the forum gathered more than 7,500 participants, including over 3,000 foreign delegates from 100 countries. This year’s event was held in an expanded format for the first time, featuring a dedicated exhibition where Uzbek companies showcased their projects and cooperative initiatives.

Opening the plenary session, President Mirziyoyev addressed the rapidly shifting global geopolitical landscape, the growing challenges to international security, and threats to sustainable development. He noted that for the third consecutive year, global GDP growth has slowed due to a deepening economic crisis and a shortage of financial resources.

The President emphasized the importance of resolving regional conflicts solely through diplomatic means, in full accordance with international law and United Nations resolutions. He underlined that investment — the central theme of the forum — is not only a driver of economic growth but also a foundation for stability and peace.

President Mirziyoyev stressed the need to create an investment environment that, while profitable, also ensures sustainable development, strengthens human capital, and promotes social well-being.

Among Uzbekistan’s economic achievements over the past eight years, he highlighted the doubling of GDP, with a target of reaching US$200 billion by 2030. In 2024, investment volume reached US$35 billion, and exports US$27 billion. The country has risen 48 places in the Index of Economic Freedom and 28 positions in the Harvard Economic Complexity Index. In May, S&P Global Ratings upgraded Uzbekistan’s sovereign credit outlook from “stable” to “positive.”

The President identified four strategic areas to guide Uzbekistan’s economic transformation.

The first is the transition to a green economy. Uzbekistan is committed to developing renewable energy, having attracted around US$6 billion in direct foreign investment. Electricity generation has increased from 59 to 82 billion kWh, and over the next five years, is projected to exceed 120 billion kWh, with green energy accounting for 54% of total output. A US$4 billion investment is planned to modernize the power grid. The electricity networks of Samarkand and eight other regions will be transferred to private management. In addition, Uzbekistan is launching the sale of green certificates and carbon credits, alongside the creation of a climate platform titled “Green Uzbekistan.”

The second priority is digitalization and the development of artificial intelligence. In 2025, IT service exports are expected to reach US$1 billion, with a goal of US$5 billion by 2030. Uzbekistan has risen 17 positions in the global AI index. A national cloud platform will be launched, alongside the construction of 20 data centers. A national AI model reflecting the country’s historical and cultural identity is under development. The "One Million AI Users" initiative is underway to broaden adoption.

The third focus is on transforming the financial system. For the first time, Uzbekistan conducted a comprehensive assessment of its financial sector in partnership with the IMF and World Bank. Reforms are progressing in the banking, insurance, and capital markets. A Financial Stability Council has been established, and fintech and cybersecurity platforms are being launched under the Central Bank. Venture capital is growing rapidly, with two Uzbek startups surpassing the US$1 billion mark in 2023. A law on alternative investment funds is currently being drafted.

The fourth strategic area is the rising global demand for critical minerals. Uzbekistan holds substantial reserves of lithium, molybdenum, graphite, tungsten, and other so-called "minerals of the future," with a combined potential value estimated at US$3 trillion. Technoparks dedicated to these resources — the “Metals of the Future” — are being established in Tashkent and Samarkand regions. Investors who implement full-cycle production will benefit from a ten-year exemption on rent tax.

President Mirziyoyev reiterated Uzbekistan’s firm commitment to the principle: “New Uzbekistan — a land of vast opportunities for investment.”

One of the country’s foremost goals is accession to the World Trade Organization (WTO) by next year. To that end, dozens of regulatory acts and hundreds of technical standards have already been harmonized.

A “national treatment” regime will be introduced to grant foreign investors the same rights as domestic companies, along with a “single window” system for interaction with government agencies.

To further expand private sector participation, Uzbekistan has established a US$2 billion National Investment Fund, managed by Franklin Templeton. An IPO for the fund is planned on international markets in 2026. Additionally, 29 major state-owned enterprises will be privatized over the next two years, with the involvement of international advisors.

Special focus is also being placed on transport and logistics. Airports in Samarkand, Bukhara, Namangan, and Urgench have already been transferred to private management. Tenders for the airports in Nukus, Termez, Fergana, and Navoi will be held next year. The South Korean company Incheon has been brought in to manage Urgench airport.

In light of the capital’s growing population, a new city — “New Tashkent” — will be built to accommodate two million residents. It will include a multimodal transport hub with an annual passenger capacity of up to 20 million.

The President also highlighted the strengthening of regional cooperation. Over the past eight years, trade with neighboring countries has more than tripled to US$13 billion. Large-scale infrastructure projects are underway, including the construction of the China–Kyrgyzstan–Uzbekistan railway. He proposed the creation of a “Central Asian Common Investment and Trade Space” and called on international organizations to develop new financial instruments to support regional collaboration.

In conclusion, President Mirziyoyev emphasized that for Uzbekistan, investment means not only capital but also access to technology, knowledge, skilled human resources, and integration into global value chains. He assured that Uzbekistan is creating all the necessary conditions for investors and expressed full readiness to support their activities.

Other speakers at the plenary session praised Uzbekistan’s reform agenda and offered concrete proposals for expanding cooperation in key sectors.

The forum will conclude on 12 June, followed the next day by a plenary session of the Foreign Investors Council chaired by the President of Uzbekistan.