Uzbekistan advances plans for Tashkent International Financial Centre

Photo: Uzbekistan's Ministry of Investment, Industry and Trade.

BAKU, Azerbaijan, October 24. Uzbekistan is advancing plans to establish the Tashkent International Financial Centre (TIFC), with representatives of international financial institutions, investment firms and legal organizations discussing the project’s development, potential investment barriers and regulatory infrastructure at a meeting in Tashkent on October 23.

According to a statement by the country’s Ministry of Investment, Industry and Trade, the meeting was held by the Interagency Working Group of the Council of Foreign Investors under the President of Uzbekistan.

Representatives of the Asian Development Bank (ADB), JPMorgan, the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), BlackRock, Sullivan & Cromwell, Dentons and other organizations attended the meeting.

Nodirjon Juraev, project coordinator at the Presidential Administration, provided an update on efforts to establish the center. Participants examined potential barriers to investment and identified priorities for developing its financial, legal and professional infrastructure, including opportunities for foreign partners to contribute to the center’s ecosystem.

Hubertus Väth, the Managing Director of Frankfurt Main Finance and Vice Chair (Deputy Chairman) of the World Alliance of International Financial Centers (WAIFC), presented recommendations for launching the TIFC.

The meeting also noted that the center had joined the WAIFC, an international association of financial centers.

Participants exchanged views on international experience and put forward proposals for implementing the project, highlighting the TIFC’s potential to attract foreign investment and expand financial products, services and infrastructure in Uzbekistan.