Foreign Investments Fuel Uzbekistan's Economic Transition

(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, June 11. Last year, the European Bank for Reconstruction and Development (EBRD) made a record investment of nearly $1 billion in Uzbekistan, solidifying the country as the bank's largest partner in the region, Trend reports, citing the Uzbek president's office.

This announcement was made by President Shavkat Mirziyoyev during a meeting with foreign investors.

The president emphasized that Uzbekistan has adopted a completely new approach to cooperation with international financial organizations, focusing on efficient partnerships with concrete results.

He also noted the substantial strengthening of collaboration between international financial institutions and the private sector, with direct investments flowing into several leading enterprises. Notably, the annual volume of joint projects between private companies and banks has exceeded $1 billion.

The president highlighted the launch of new projects in cutting-edge sectors such as green energy, waste recycling, energy storage, and green hydrogen production. Leading companies like Acwa Power, Masdar, Linde, Shanghai Environment, and Total Energies have invested over $8 billion, making a significant contribution to the development of Uzbekistan's green economy.

In addition, the country is actively attracting globally recognized companies in the digital technology sector. Noteworthy developments include DataVolt's initiative to create the largest green data center in the region and Veon's efforts to build an AI-driven mobile super app.

President Mirziyoyev underscored that the growing volume of investment is a testament to the high level of trust international investors place in Uzbekistan's reforms and open-door policy.

The International Finance Corporation, along with major companies like Ernst & Young, Dentons, Knauf, and TBC-all members of Uzbekistan's Foreign Investors Council-have contributed valuable proposals for further improving national legislation in line with international standards. These initiatives have already been incorporated into more than 10 of Uzbekistan's laws, decrees, and regulations.

In aggregate, the influx of foreign capital into Uzbekistan has experienced a significant uptick. Over the preceding biennium, a total of 5,500 foreign direct investment ventures have been initiated, culminating in an aggregate of 16,000 such entities currently operational.

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