Uzbekistan has set a goal to diversify sources of attracting direct foreign investment and avoid dependence on a single region or country. This was stated by Central Bank Chairman Timur Ishmetov in an interview with the Financial Times.

When asked about China's significant share in investment flows, he acknowledged China as a major trade and investment partner, given Uzbekistan's geographical location and historical cooperation. "However, we are diversifying investment sources. Currently, our relations with European countries and the US are very good, and trade and investment volumes are growing. We are constantly diversifying our partnerships," said the Central Bank chief.

Ishmetov emphasized that Uzbekistan does not aim to choose a single partner country. "Our goal is to constantly diversify investment sources, develop new markets, and maintain good relations with many countries in trade and investment. We have no priority to focus on a particular region or country," he said.

When asked by the Financial Times whether Uzbekistan could become a regional investment hub for Central Asia, the Central Bank chief suggested a broader approach — viewing the entire region as a single territory. "It was the first step — improving relations with neighboring countries — that gave a strong impetus to the economic growth of Uzbekistan and the entire region. Now we have very good relations with all our neighbors, and I think this is beneficial for everyone," said Ishmetov.

The Central Bank chief stressed that it is more beneficial for regional countries to jointly form a large market than to compete for the status of a separate investment hub. This could make the region more attractive to international investors. "Rather than looking at each country separately and comparing which is better, it is in our interest for investors to perceive the region as a whole. The region currently has a population of over 80 million, and in a few years this will reach 100 million. Eventually, the region's economy will reach $1 trillion," said the Central Bank chief.

In his opinion, this requires regional countries to coordinate economic policies more closely and "create a kind of open market between neighboring countries."

Source: www.gazeta.uz