Shavkat Mirziyoyev. Photo: Press Service of the President of Uzbekistan
Uzbek President Shavkat Mirziyoyev announced that the country will not change base tax rates for businesses until 2028. The president made the statement during the third plenary session of the Foreign Investors Council in Tashkent, according to the presidential press service.
Addressing the Council—which includes representatives of major international companies and financial institutions—Mirziyoyev highlighted the success of the fourth Tashkent International Investment Forum and thanked attendees for their contributions to the development of the “New Uzbekistan.”
He outlined significant progress in deepening partnerships with foreign investors. In 2023 alone, the European Bank for Reconstruction and Development (EBRD) invested a record $1 billion in the country’s economy, making Uzbekistan the leading recipient of EBRD funding in Central Asia.
In addition, the portfolio of joint projects with private companies and banks surpassed $1 billion last year. Collaborative initiatives span areas such as green energy, waste recycling, energy storage, green hydrogen production, and more.
Digital technology is another area of active cooperation. For instance, DataVolt is developing the region’s largest green data center, while Veon is working on a mobile app powered by artificial intelligence.
“I see this as a clear sign of the strong trust foreign investors place in our reforms and our policy of openness,” Mirziyoyev said.
He noted that over the past two years, 5,500 new enterprises with foreign capital have been established in Uzbekistan, bringing the total to 16,000. This year’s Council session reviewed more than 40 new proposals, including reforms to tax legislation and greater private-sector involvement in infrastructure development.
So far in 2024, Uzbekistan has launched public-private partnership projects worth nearly $4.5 billion, covering road construction, water supply, and irrigation. The government is also drafting legal frameworks to align with international standards in financial reporting, environmental and social governance, and corporate management.
The president announced that additional working groups will be created to implement new ideas, and instructed the government to review each proposal in detail and approve a roadmap for execution.
“I want to emphasize once again: we are building the New Uzbekistan—an open, free, stable, and reliable country for investors,” Mirziyoyev concluded.
The Foreign Investors Council plenary session, held on June 11 in Tashkent and chaired by Shavkat Mirziyoyev, was attended by representatives from the business and finance sectors. Participants included leaders from 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, along with top executives from the EBRD, OECD, IFC, ADB, Islamic Development Bank, and the International Islamic Trade Finance Corporation.
