Some international investors are willing to invest in Uzbekistan’s economy without direct physical presence in the country, according to Mansurjon Rasulov, Director of the Foreign Investment Promotion Agency of Uzbekistan. He shared these insights at the Scaling Up: Getting Uzbek Companies Ready for IPO conference.
Rasulov highlighted Uzbekistan’s active efforts to promote its investment opportunities on global platforms. A recent event in Malaysia focused on the ongoing economic reforms in the country.
Foreign Investors’ Perspective on Reforms
International investors closely monitor Uzbekistan’s stable macroeconomic indicators and the high profitability of its financial instruments, Rasulov noted.
“For instance, when we present the interest rates on deposits in our country, many investors are genuinely surprised,” he said.
Despite this growing interest, not all investors are ready to establish a full-scale presence in Uzbekistan. The country offers special economic zones and state assets available for privatisation, but not every investor seeks direct market entry.
“They want to capitalise on Uzbekistan’s economic momentum without fully entering the market. Our task is to develop a minimal set of investment instruments tailored to their needs,” Rasulov explained.
Creating a Favourable Investment Climate
Rasulov emphasised that a country’s investment attractiveness is not solely defined by international rankings.
“There are nations with strong positions in global investment rankings that still struggle to attract significant capital. At the same time, some countries with less-than-ideal business environments successfully secure substantial foreign investment,” he observed.
According to Rasulov, investor appeal is largely driven by government responsiveness, regulatory adaptability, and engagement with businesses.
“What truly defines a country’s attractiveness to investors? In my view, it is the state’s ability to listen, adapt regulations, and collaborate with businesses. When foreign investors examine Uzbekistan and witness the profound transformation of the past five or six years, they see a government that listens,” he said.
Uzbekistan has undergone significant reforms in recent years. In 2019, the country introduced a Public-Private Partnership (PPP) Law, launching its first PPP project within the same year. Today, the total PPP project portfolio exceeds $30 bn.
“The government’s primary role is to ensure a favourable investment climate,” Rasulov concluded.
Digital Infrastructure for Investors
To further enhance investor convenience, Uzbekistan is developing digital investment tools.
“The Foreign Investment Promotion Agency primarily works with small and medium-sized businesses. Companies from various countries visit Uzbekistan, seeking investment opportunities. We function as a Single Window, providing a comprehensive overview of the country’s investment landscape,” Rasulov explained.
In collaboration with the European Bank for Reconstruction and Development (EBRD), Uzbekistan is launching an online Single Window. This digital platform will enable foreign companies to remotely access essential services, including business registration, licensing, and certification.
Currently, Uzbek residents already benefit from a wide range of electronic services via MyGov, but foreign businesses still face limitations in fully utilising these digital tools. Rasulov stressed that expanding digital access for international investors remains a key priority.
