Tashkent, Uzbekistan (UzDaily.com) -- On 27 April, President of the Republic of Uzbekistan Shavkat Mirziyoyev took part in the plenary session of the second Tashkent International Investment Forum.

The forum, which has already become a good tradition, was held for the first time last year and was highly appreciated by business circles. The current event is attended by Chairman of the Cabinet of Ministers - Head of the Presidential Administration of the Kyrgyz Republic Akylbek Japarov, President of the Islamic Development Bank Muhammad Suleiman al-Jassir, UN Deputy Secretary General Olga Algaerova, Minister of Energy and Infrastructure of the United Arab Emirates Suheil al-Mazrui, Minister of Economic Development of Hungary Marton Nagy, Chairman of the Board of ACWA Power Muhammad Abdullah Abunayan. In general, the event is attended by about 2.5 thousand representatives of business and the banking and financial sector from 70 countries.

At the beginning of his speech, the head of our state greeted all the participants and noted that today’s meeting will serve to strengthen bilateral and multilateral cooperation, open up new business opportunities. The work carried out in our country to further liberalize the economy, create broad conditions for business, strengthen the rule of law and legal guarantees is listed.

In particular, a favorable fiscal system has been created. The value added tax rate was reduced to 12 percent. The income of foreign investors in the form of dividends on shares is exempt from income tax for a period of three years. A strict ban on the introduction of new or more stringent liability measures into the tax and customs legislation has been established.

Foreign trade is also being liberalized. In particular, customs duties on raw materials and goods of more than 7,000 items have been canceled for investors. A simplified procedure for processing in the customs territory has been introduced. Work is accelerating on accession to the World Trade Organization in order to develop new markets.

The system of executive power is being reformed, the bureaucracy is being reduced. 500 functions of the state to regulate business have been cancelled. Another 70 functions have been transferred to the private sector through public-private partnerships and outsourcing.

To date, 132 license and permit documents have already been canceled, 33 have been transferred to a notification form.

Most importantly, an integrated system of work with investors has been introduced. The Ministry of Investments, Industry and Trade has established a system to assist investors at all stages - from the initiation of a project to its launch on the "one window" principle.

In order to promptly resolve issues of investment activity, establish a direct dialogue between investors and the head of state, the Council of Foreign Investors under the President began its work.

Strengthened protection of the rights of business people. For foreign investors, the conditions for acquiring real estate, entry-exit and residence in Uzbekistan have been radically simplified.

Administrative courts are endowed with great powers in the field of judicial protection of the rights of investors. From now on, entrepreneurs and investors will not need to prove the legitimacy of their claims in court, on the contrary, now government agencies will be required to prove the legitimacy of their decisions. Any ambiguities that arise will be interpreted in favor of investors. This year, for the first time in the history of Uzbekistan, the activities of the International Commercial Court will be established.

Created opportunities and guarantees gave their result. In just one year, more than 40,000 new industrial enterprises were created in the country, the volume of attracted foreign investment reached US$10 billion, an increase of 3 times compared to 2017.

The President noted that this work will be continued at an accelerated pace. Its legal foundations are further strengthened in the updated Constitution, which has been submitted to a nationwide referendum in the coming days. In particular, the state assumes obligations to ensure a favorable investment and business climate, the inviolability of property, the development of market relations, the creation of conditions for fair competition, and the independence of the judiciary.

The head of our state in his speech focused on new opportunities for expanding cooperation between Uzbekistan and foreign investors.

The first is the green economy. In our country, with the participation of prestigious international companies, projects for the construction of solar and wind power plants are being implemented. This year alone, more than 2,000 megawatts of capacity will be commissioned, and next year - 8,000 megawatts.

"Green economy" opens up new areas of industry. This means that investors will have the opportunity to invest US$8 billion.

The second direction is public-private partnership. In the process of reforms, private investments began to be actively attracted to previously “closed” areas. For example, there are ample opportunities for the private sector in the aviation industry, which was previously considered 100 percent state-owned. Along with this, in such rapidly developing areas as IT, tourism, education, medicine, Uzbekistan is becoming a regional hub, which also opens up a wide road for investment.

This year, with the assistance of international financial institutions, separate programs have been developed in the field of public-private partnerships totaling US$14 billion. They cover such important areas for the state as transport, utilities and water management, and healthcare.

The third direction is the privatization of state property. This year, the program “1 thousand +1 thousand + 40” was adopted. This means that state shares in 1,000 enterprises and another 1,000 state-owned objects will be put up for auction, 40 enterprises will be put up for IPO.

The fourth is industrial development. At present, the textile, leather and footwear industries, the production of building materials, electrical engineering, mechanical engineering have a sufficient raw material base and qualified personnel. In these areas, there are all prerequisites for increasing production and exports by 2 times. To do this, it is necessary to establish cooperation with large brands, to develop foreign markets, innovations and modern technologies.

The fifth possibility is cooperation with neighboring countries. Joint investment funds are being created for the purpose, large regional projects are being implemented in industry, energy, transport and water management. We should continue to establish cooperative ties in industry and the agricultural sector on the principle of complementarity of our economies.

The President of our country expressed Uzbekistan’s readiness to create the necessary legal guarantees for investors, separate technology parks and industrial zones, and provide additional benefits.

- I am convinced that the upcoming negotiations and meetings will allow you to see the endless opportunities for business in New Uzbekistan. In our country you will find everything you need for business - peace, stability, a favorable investment climate and reliable guarantees. I am sure that New Uzbekistan will become the best country for your business activities and leave a bright mark on it,” said Shavkat Mirziyoyev.

During the session, high-level speakers spoke, they shared their vision of the prospects for investing in Uzbekistan.

The panel discussions of the forum will cover such topics as the risks of a global economic recession, modern monetary policy, trade finance, infrastructure development, digitalization of the economy, investment in transport and alternative energy. Special attention will be paid to studying the experience of creating international financial centers, transforming state-owned enterprises, developing agriculture, healthcare, education, tourism and e-commerce.

Within the framework of the forum, foreign partners will be presented with the investment potential of the regions of Uzbekistan and over 160 large projects. Investment and trade agreements will be signed.

The Tashkent International Investment Forum will end its work on 28 April.