On March 25, President of Uzbekistan Shavkat Mirziyoyev reviewed a presentation on establishing the Tashkent International Finance Center, launching an International Digital Technologies Center, and introducing Islamic finance mechanisms into the banking system. According to the presidential press service, the event highlighted that competition for attracting investments is intensifying amid geopolitical tensions, but Uzbekistan possesses advantages in terms of natural resources and economic potential.
President Shavkat Mirziyoyev stated: “Many international companies have begun assessing regional risks and exploring new markets. This is a historic opportunity for us. In this situation, we must, without missing the chance, attract international finance companies to us more quickly.” The presentation indicated that over $50 billion in investments is targeted to be attracted by 2026, requiring measures to facilitate investor entry into the Uzbek market, create modern infrastructure, a legal regime meeting international standards, additional incentives, and a reliable business environment.
During discussions on the Tashkent International Finance Center, it was emphasized that it would become an effective tool for attracting new types of investments and ensuring sustainable economic growth. Estimates suggest that by 2030, the finance center could attract an additional $20–25 billion to the economy, provide up to 1% in additional annual GDP growth, create up to 15,000 new jobs, and support the professional development of 10,000 specialists. A special legal regime is planned for the center’s operations, incorporating English and Welsh common law, with management bodies authorized to adopt regulatory documents, and the launch of the Tashkent International Commercial Court and an international arbitration center specialized in dispute resolution.
The second direction involves establishing and developing an International Digital Technologies Center under the Enterprise Uzbekistan brand. The presentation noted that a special legal regime valid until 2100 is envisaged for this center. Within it, new solutions can be tested in a regulatory “sandbox,” salaries can be paid in foreign currency, international labor standards can be implemented, and personal data can be processed based on international standards and cloud technologies. Favorable conditions will be created for intellectual property protection, investments, startups, and exports, with customs and tax relief provided. Key activity areas include artificial intelligence technologies, digital transformation, research and development, certification, startups, and data centers.
The third direction focused on introducing Islamic financial services in the country. The plan includes implementing Islamic finance instruments such as Murabaha, Mudaraba, Wakala, Salam and Istisna, Musharaka, and other instruments not contradicting legislation. To ensure systematic management, an Islamic Finance Council will be established within the Central Bank. Separate councils will also be formed in banks providing Islamic financial services. These councils will develop standards, assist in rule-making, provide clarifications on contentious issues, review contracts and internal documents, and ensure compliance monitoring. Plans include launching an Islamic “window” in at least one commercial bank by 2026 and establishing two banks fully engaged in Islamic banking activities in 2026–2030. Overall, it was noted that innovations in this sector could create opportunities to attract an additional $1 billion in investments and deposits during 2026–2030.
The head of state stressed that these three directions will contribute to forming a modern financial and technological ecosystem in the country and ordered acceleration of their implementation. These initiatives are seen as part of a comprehensive strategy aimed at stimulating Uzbekistan’s economic growth and attracting international investments.
Source: www.gazeta.uz