Tashkent, Uzbekistan (UzDaily.com) — On 11 June, the 3rd plenary session of the Foreign Investors Council under the President of the Republic of Uzbekistan was held at the International Congress Center in Tashkent. President Shavkat Mirziyoyev opened and chaired the meeting.

The event gathered high-level participants, including EBRD President Odile Renaud-Basso and top executives from major international companies and banks such as Masdar, Indorama, ACWA Power, Vision Invest, DataVolt, Veon, Boeing, Air Products, SpaceX, Meta, John Deere, Franklin Templeton, Suez, EDF, TotalEnergies, Voltalia, Orano, Linde, Claas, Sojitz, Bomi, OTP Bank, Goldwind, Çalık, Çengiz, Aksa, and JBIC. Also in attendance were representatives of global financial and development institutions such as the OECD, IFC, ADB, IsDB, Coca-Cola and the International Islamic Trade Finance Corporation.

The Council’s primary objective is to provide a robust platform for open dialogue between the Government of Uzbekistan and foreign investors, and to help identify key priorities for the country’s investment, industrial-technological, and innovation development based on global best practices.

In his opening remarks, President Mirziyoyev highlighted the significant outcomes of the 4th Tashkent International Investment Forum and thanked Council members for their contribution to advancing reforms and reinforcing confidence in the “New Uzbekistan’s” open-door policy.

He noted that previous Council sessions had yielded tangible results — new engagement formats with international financial institutions were established, cooperation mechanisms strengthened, and new sectors integrated into investment partnerships.

The President pointed out that the EBRD alone invested a record US$1 billion in Uzbekistan last year, making the country the bank’s largest partner in the region. The collaboration between international financial organizations and the private sector has also intensified, with joint business projects exceeding US$1 billion.

Council member companies are implementing large-scale projects in green energy, waste recycling, energy storage, and hydrogen production. Over US$8 billion has been invested by firms such as ACWA Power, Masdar, Linde, Shanghai Renewable Energy, and TotalEnergies in Uzbekistan’s sustainable energy development.

Progress is also evident in the digital sphere. DataVolt has begun constructing the region’s largest green data center, while Veon is developing AI-powered mobile super apps.

“This is clear evidence of the high level of trust global business places in our ongoing reforms,” said President Mirziyoyev.

Council members such as the IFC, Ernst & Young, Dentons, Knauf, and TBC proposed enhancements to Uzbekistan’s legal framework aligned with international standards. Their input has contributed to the drafting of over ten key legal acts, including laws, presidential decrees, and government resolutions.

The President announced that core tax rates for businesses would remain unchanged until 2028. Thanks to improvements in the investment climate, 5,500 new foreign-invested enterprises have been established in the past two years, bringing the total to over 16,000.

Ahead of the session, more than 40 new proposals were submitted by international partners. These included recommendations to ensure tax system stability, expand the use of directly applicable legislation, and increase private sector involvement in infrastructure projects.

In 2025, Uzbekistan has already launched PPP projects worth nearly US$4.5 billion in transport, road construction, energy, water supply, and irrigation. Work is underway to adopt international financial reporting standards and ESG (Environmental, Social, and Governance) benchmarks.

Based on the feedback received, several working groups will be formed to address improvements in collateral legislation, workforce development for foreign companies, corporate governance at the local level, and tax administration efficiency.

A proposal was also voiced to expand the Secretariat’s authority and convert it into an independent legal entity.

Council members welcomed the progress of reforms and praised President Mirziyoyev for his political will to foster a favorable investment environment and deepen international cooperation.

The government was tasked with carefully reviewing all proposals and ensuring their phased implementation. A dedicated roadmap will be adopted for the execution of each initiative.