Thecityuk Supports Financial Reforms In Uzbekistan To Encourage Investments, Innovation (Exclusive)

6/10/2024 1:09:17 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 10. TheCityUK (an international financial center in the UK) has been actively collaborating with Uzbekistan on capital markets reform to develop financial innovation and attract investments, Managing Director of International Trade and investment at the company Nicola Watkinson, told Trend .

"Uzbekistan policymakers and regulators have taken steps to reform the capital market and banking sectors and create the best environment for innovation and investment, but there are further steps that need to be taken to bring it in line with international standards and instill investor confidence in the market so they can take up opportunities in sectors like ICT, critical minerals, energy, and biopharmaceuticals," she said.

According to the managing director, TheCityUK has led on several projects in the region focused on enhancing regional financial centers, enhancing regulatory and governance frameworks, establishing arbitration centers, and developing roadmaps for crucial emerging technologies such as Fintech. These initiatives have a specific role to play in improving the business environment, fostering economic empowerment, and building investor confidence in Uzbekistan.

Furthermore, Uzbekistan's resumption of WTO negotiations and interest in WTO agreements on digital trade are seen as significant steps forward. TheCityUK is poised to support these efforts, reinforcing the UK-Uzbekistan collaboration in financial and professional services, which promises to drive economic empowerment and sustainable growth in the region.

"Another area of further development is corporate governance and stewardship. TheCityUK and its members can work with Uzbekistan to develop and strengthen their corporate governance and stewardship code," the representative of the company noted.

Nicola Watkinson also added that improving corporate governance strengthens the capacity of the central bank and regulators to develop, monitor, promote, and enforce a governance code based on international best practices, providing a foundation for UK-based and other international firms to access investment opportunities in Uzbekistan.

Meanwhile, earlier, the Uzbek government announced that the UK has approved technical assistance to initiate a second phase of the study of the concept of the Tashkent International Financial Center (TIFC). The concept of the project will be prepared by an interagency working group with the participation of TheCityUK.

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