Minister of Investment of Uzbekistan: “The Samarkand Forum has Strategic Importance”

I’m saying straight out: today is the best time to invest in Uzbekistan. Our country has taken great efforts to prepare everything, both economically and politically, so that investments in Uzbekistan are successful. Our President Shavkat Mirziyoyev was elected in 2017, and since then our country has started a series of very important reforms. He had one goal – to open Uzbekistan to the world. This used to be nearly impossible, as we were a closed nation, almost impervious to relations with the outside world. For example, you could not convert currency. Foreign citizens were not allowed to enter the country and by no means get a job. Let’s just say that previously, any entrepreneurial activity was pretty much impossible. So, the main reforms launched in the country were aimed at attracting foreign investors.

I think that everything has been done now to facilitate the presence and investment of foreign companies in our territory. There are no longer any problems with currency conversion. We have reformed the corporate tax regulations: profits are now taxed at a rate of 9%. They used to be taxed at twenty percent. Then this year, we began to carry out the administrative reform in our country, which simplified all kinds of procedures: in total, we reduced the number of various government and ministerial departments from sixty-one to twenty-eight.

Exactly. For all of our citizens, we have launched a major national plan for technology innovations, so citizens could submit all their certification requests and applications online. In addition, for foreign companies that want to work with us, we have created a single window where an investor can come and make all requests for the documents he needs.

Another direction that we have chosen is to strengthen the independence of the judiciary, to include a new law in the Constitution. A foreign investor today has more guarantees and knows that he can always appeal to the International Court of Arbitration located in Paris. Those who come to invest know that they can count on definite and fair judgment. I can also say that Uzbekistan has already applied to join the International Chamber of Commerce (also based in Paris).

This is an irreversible process. President Shavkat Mirziyoyev often repeats that we have done and will do a lot to attract foreign companies, public or private, large and small, to our country. Uzbekistan is a land of great opportunities. Our country is one of the most interesting in Asia, and great prospects lay ahead of us. Today 60 percent of our population is under 30 years old. It has been estimated that after 2030 there will be 40 million of us.

We are at the center of a network of relationships that make us potentially open for exporting to 200 million consumers. This is primarily due to the historical tradition with the countries of the former CIS, with which we have sound trade agreements. But there are also Asian countries bordering us, with which we have excellent relations.

Yes, such as natural gas, but also gold and copper. These materials and minerals are needed, for example, to build photovoltaic panels and other electronic equipment. This is why I believe that Italian technology could use some of our country’s resources to create products that would be exported to other countries in Asia. And not only that there.

I have already mentioned gas and chemistry. But I also think about textiles, pharmaceuticals, cars, the construction sector – there are already various Italian companies that have expressed their interest. Among other things, Uzbekistan has also developed a very interesting plan for the construction of new infrastructure, such as roads, airports, railways…

Within the framework I’ve outlined, in general, this could present a really great opportunity. Our President did everything possible to make foreign investors feel good in our country and develop partnerships. With Italy, there is a strong acceleration of organic cooperation between our economies. We have a lot of good opportunities, and you have a lot of good technology. And a great sense of taste and design. Thus, through Uzbekistan, Italy could strategically reach countries like Pakistan, with its huge population, and other rapidly developing countries.

This is an initiative that interests us very much. As a government, we also support this Forum, because it is a great platform that gives us the opportunity to increase mutual understanding and commercial exchange between Italy and Uzbekistan.