Tashkent, Uzbekistan (UzDaily.com) -- On 27 July this year, a meeting of the working group of the Council of Foreign Investors under the President of the Republic of Uzbekistan was held at the Ministry of Investments, Industry and Trade. This was reported by the press service of the MIPT.

During the meeting, which was attended by representatives of government departments, national and international businesses, international experts in the development of the IFC, the project for the creation and development of the Tashkent International Financial Center was considered.

According to experts, the Republic of Uzbekistan has the necessary potential for the development of the national economy and the capital market to create a financial center of this level. According to the forecasts of the International Monetary Fund, Uzbekistan will enter the top 10 countries in terms of nominal GDP dynamics in 2021-2026. It was emphasized that foreign financial investors consider Uzbekistan as a territory favorable for investment - about 2.5% of the share capital of the republic belongs to foreign investors.

Uzbekistan has already formed a financial cluster of banks, securities market organizations and financial infrastructure. More than 850,000 people are shareholders, over 5,000 of them regularly trade on the stock market.

At the meeting, it was noted that the TIFC was conceived as a comprehensive ecosystem to support the activities of investors in the Republic of Uzbekistan and the region as a whole. The conceptual model for the development of the financial center being created, proposed by international experts, involves the organization of a special regime, including the formation of preferential tax, currency, visa conditions for activities, guarantees for the protection of property rights and the unhindered movement of capital, for residents of the TIFC.

The concept of the Center is based on the formation of a special infrastructure and financial products for investors from all over the world, based on the integrated development of the national financial market and the existing legal environment. This includes improving corporate governance and contractual regulation in the Republic of Uzbekistan for both foreign and national businesses.

According to experts, the activities of the TIFC will provide an additional 1 percent point of GDP growth annually - about US$600 million, which will increase annual state budget revenues by an average amount equivalent to budget financing of science spending in the Republic of Uzbekistan. The Center’s platform will allow Uzbekistan to attract an additional amount of foreign investment for development in the amount of US$7-8 billion by increasing portfolio investment by 2026.

As a result of the meeting, an agreement was reached on the systemic interaction of departments, representatives of the financial market, national and international business on the creation of the TIFC. A plan of relevant measures was adopted, including the development of a Roadmap, as well as improving the regulatory framework for the functioning of the Center and stimulating the development of priority products in the financial market.