y Raza Syed
In the heart of Central Asia, a remarkable event unfolded that has set the economic compass pointing firmly towards Uzbekistan. The Tashkent International Investment Forum 2024, a symposium of economic discourse and strategic deal-making, has concluded with unprecedented success. This year, the forum not only surpassed its previous achievements but also laid down a marker for the future of international investment in the region.
The Tashkent Forum: A Vision Spanning Two Centuries
The Tashkent Forum, a two-day (May 2-3) symposium, transcends the confines of its temporal duration, embodying the strong vision of the President of Uzbekistan Shavkat Mirziyoyev—A vision that stretches forward into the next two centuries. The President’s address to the assembly resonated with profound significance, delivering a message of unwavering resolve and forward momentum.
“Reforms are irreversible, Opportunities are unlimited”
In his speech, the President of Uzbekistan articulated a clear principle: changes, once set in motion, shall not be retracted. This declaration underscores a commitment to progressive reforms and steadfast advancements, ensuring that the strides made today will be preserved for future generations.
The President also emphasised that opportunities are not mere happenstance—they are to be actively seized and utilised. This perspective shifts the focus from chance to choice, from passivity to action, reinforcing the notion that the future of Uzbekistan is being shaped by deliberate and strategic decisions.
In essence, the Tashkent Forum is not merely an event; it is a manifestation of a long-term strategy designed to propel Uzbekistan into a future of prosperity and influence. The President’s message is a clarion call to action, inviting all to partake in the nation’s ambitious journey through the centuries.
A Leap in Agreements:
The forum witnessed a staggering increase in the total value of agreements signed, soaring by 141.8% from the previous year to reach an impressive $26.5 billion. This surge is not just a number—it is a resounding endorsement of the burgeoning confidence in Uzbekistan’s economy. The diversity of sectors represented at the forum, spanning renewable energy, digital technologies, textiles, and agriculture, mirrors the multifaceted nature of the country’s economic landscape.
Wind Power Plants:
Harnessing the Winds of Change ACWA Power’s commitment to constructing wind power plants stands as a testament to the forum’s focus on sustainable development. These plants have the potential to revolutionize the energy sector in Uzbekistan, with the capacity to supply power to an estimated 4.5 million households. This project, emblematic of the substantial agreements in infrastructure, energy, and production, signals a robust influx of foreign investment into the country.
Trade Connect Central Asia+:Forging New Economic Alliances
The “Trade Connect Central Asia+” program, backed by a $2.5 billion mandate, is poised to redefine trade relations and diversify exports across Central Asia and Azerbaijan. This initiative is expected to have a profound impact on the economic fabric of the region, fostering new alliances and opening doors to untapped markets.
A Strategic Vision for Growth
The success of the forum was encapsulated in the words of Minister Laziz Kudratov, who highlighted the positive trajectory for foreign investment in Uzbekistan. The government’s commitment to creating an investor-friendly climate is in perfect harmony with the strategic vision for sustained economic growth and development.
Uzbekistan: The Investment Destination of Tomorrow
It is evident that Uzbekistan is carving out a niche for itself as a prime destination for international investment. With a keen eye on sustainable and diversified projects, the country is not just promising returns to investors but also ensuring that these ventures yield long-term benefits for the local populace. The outcomes of the Tashkent International Investment Forum are a clear indicator of Uzbekistan’s potential and the wealth of opportunities it presents. As the forum closes its curtains, the message is clear: Uzbekistan is open for business, and the world is taking notice. In conclusion, the Tashkent International Investment Forum has set a new benchmark for investment forums worldwide. The significant increase in agreements and the diversity of sectors involved reflect a strong interest in Uzbekistan’s growing economy. The construction of wind power plants and the “Trade Connect Central Asia+” program are just a few examples of the substantial agreements that indicate a robust influx of foreign investment into the country.
Minister Laziz Kudratov’s statement underscores the success of the Forum and the positive outlook for foreign investment in Uzbekistan. With its strategic vision for economic growth and development, Uzbekistan is positioning itself as a key destination for international investment, promising to benefit both investors and the local population. The results of the Forum are a testament to the country’s potential and the opportunities it offers.
Opinion
The Forum was a remarkable display of international cooperation, the Tashkent Investment Forum this year has seen a record-breaking turnout, with over 2,500 delegates from 93 nations converging on Uzbekistan, signalling the country’s rising status as a leading destination for investment. The forum was further dignified by the attendance of the Prime Ministers of both Uzbekistan and the Kyrgyz Republic, underscoring the importance of the regional energy initiatives on the agenda, notably the development of the Kambarata HPP-1 and Yavan HPP projects. This gathering serves as a testament to Uzbekistan’s growing economic influence and its pivotal role in regional development.
