Tashkent, Uzbekistan (UzDaily.com) -- On 19 March, the European-Uzbek Association for Economic Cooperation (EUROUZ), in collaboration with the Ministry of Economy and Finance of the Republic of Uzbekistan, think tanks, international financial institutions, and European Chambers of Commerce and Business Associations, held the annual online webinar “Uzbekistan 2024: Economic Update”. The event attracted business leaders from across Europe and Uzbekistan and retained an audience exceeding 200 people throughout the event. 

The two hour webinar featured a number of esteemed speakers, each contributing their perspective on Uzbekistan’s economic environment: Gairat Fazilov, Ambassador of Uzbekistan to the European Union; Ilhom Norqulov, First Deputy Minister of Economy and Finance of Uzbekistan; Odilbek Isakov, CEO of Infrasia Capital; Eric Livny, Regional Lead Economist, Central Asia at the European Bank for Reconstruction and Development (EBRD); Mirshohid Aslanov, CEO and Co-Founder of the Center for Progressive Reforms (CPR); Ludmila Dyakonova, Partner at Mazars Central Asia; Tadzio Schilling, CEO of the Association of European Businesses (AEB); Karen Srapionov, Managing Partner at Avesta Investment Group; Eric Bletard, Economic and Commercial Counselor at Wallonia Export and Investment Agency (AWEX); Joanna Golas, Chairwoman at the France-Uzbekistan Economic Chamber(CEFO); Dorit Sallis, Managing Director of the Joint Chamber of Commerce Switzerland-Eastern Europe, Central Asia, South Caucasus (JCC); Oybek Shaykhov, Secretary-General at the EUROUZ, who also served as the webinar’s moderator. These speakers provided valuable insights into Uzbekistan’s economic landscape, investment opportunities, and the role of international cooperation in fostering economic growth. 

Following the Ambassador, the First Deputy Minister of Economics and Finance Ilhom Norqulov reiterated that reforms are not just happening but have also accelerated. Mr. Norqulov also shared that Uzbekistan is looking to double the size of its economy with a focus on ten priority areas, including climate change.

 Partners from Europe also shared similar confidence in the Uzbek Market. Ms. Sallis from the Joint Chamber Of Commerce Switzerland-Eastern Europe, Central Asia, South Caucasus (JCC), recognised that Uzbekistan has become a key market of focus in Europe, including in Switzerland. Ms. Golas, from the CEFO, also reverberated similar views when talking about the opinions from France on Uzbekistan. Mr. Eric Bletard and Mr. Tadzio Schilling also focused on fostering deeper relations between Europe and Uzbekistan, where Mr. Bletard spoke about how Belgian businesses are showing more interest in investing in the region and mentioning the upcoming Belgian trade delegation’s visit to Uzbekistan.

The discussion also hosted a key international financial institution’s economist closely following the Central Asian market, Mr. Eric Livny from the European Bank For Reconstruction And Development (EBRD), who provided the listeners with a macro view of Central Asia and how Uzbekistan’s progress compares to other counties in the region as well as presenting some critical data relevant to better understanding the country’s current macroeconomic position. Additionally, in a panel discussion by experts, Ms. Dyakonova from Mazars Central Asia, Mr. Srapionov from Avesta Investment Group and Mr. Isakov from Infrasia Capital provided invaluable insights on the details of the reforms taking place within the country that has allowed it to show such unprecedented growth.

The final remarks were given by Mr. Mirshohid Aslanov, CEO and Co-Founder of The Center for Progressive Reforms, emphasising that all Central Asian States, especially Uzbekistan, have a unique opportunity to re-position themselves. Mr. Aslanov pointed out that various factors, geopolitical shifts, and tensions naturally position Uzbekistan and other Central Asian countries as the most attractive destinations, and this will only make the success story of Uzbekistan more convincing. 

In conclusion, the "Uzbekistan 2024: Economic Update" webinar, hosted by EUROUZ in partnership with the Government of Uzbekistan, EUROUZ members, international financial institutions and European Chambers of Commerce, marked a significant milestone in highlighting Uzbekistan’s economic transformation and investment potential. The event showcased the profound economic reforms underway in Uzbekistan and emphasised the nation’s growing importance as a key market in Central Asia for European businesses.