Mirziyoyev Reviews Plans for Uzbekistan’s Financial and Digital Hub

Tashkent, Uzbekistan (UzDaily.com) — On 25 March, President Shavkat Mirziyoyev reviewed a presentation on the creation of the Tashkent International Financial Center, the launch of the International Digital Technology Center, and the implementation of Islamic finance mechanisms within the banking system.

Amid global geopolitical tensions, competition for investments is intensifying. Uzbekistan’s economic potential, abundant natural resources, and ongoing reforms provide the country with significant advantages. The President noted that many international companies, assessing regional risks, have already started exploring new markets, creating a historic opportunity for Uzbekistan to attract global financial firms.

To reach the goal of attracting over US$50 billion in investments, the country must ensure investor access to markets, modern infrastructure, international legal standards, additional incentives, and a transparent business environment.

The Tashkent International Financial Center will serve as a key instrument for attracting investments and supporting sustainable economic growth. By 2030, the center is projected to attract an additional US$20–25 billion, contribute up to 1% annual GDP growth, create up to 15,000 high-skilled jobs, and train 10,000 professionals. The center will operate under a special legal regime, incorporating English and Welsh common law, establishing the Tashkent International Commercial Court, and an arbitration center. Residents will benefit from free capital movement, foreign exchange operations, access to digital assets, preferential tax treatment, and simplified visa procedures. Key activities will include investment services, insurance, digital asset operations, securities trading, payment systems, and fintech solutions.

The International Digital Technology Center, operating under the “Enterprise Uzbekistan” brand, will receive a legal framework valid until 2100, including a regulatory sandbox for testing new solutions, payment of salaries in foreign currency, international labor standards, and cloud-based data processing. The center aims to protect intellectual property, support startups, boost exports, and provide tax and customs incentives. Plans include attracting up to 1,000 companies, creating more than 300,000 jobs, and achieving an export potential of US$5 billion by 2030.

The third focus area is Islamic banking, including Murabaha, Mudarabah, Wakala, Salam, Musharakah, Islamic leasing, and other Sharia-compliant instruments. Profits from Islamic operations will be tax-exempt, and Islamic leasing contracts will be equated with financial leasing. A Council for Islamic Finance will be established under the Central Bank, and commercial banks will open dedicated advisory boards. In 2026, one bank will launch an Islamic “window,” with two full-fledged Islamic banks expected by 2030, potentially attracting up to US$1 billion in investments and deposits.

President Mirziyoyev emphasized that implementing these three initiatives will create a modern financial and technological ecosystem in Uzbekistan and instructed accelerated practical execution of all projects.