Tashkent, Uzbekistan (UzDaily.com) -- A meeting of the Working Groups on the development of the capital market and the creation of the International Financial Technology Center, as well as on the development of the Law “On Alternative Investments” was held in Tashkent.

The event took place within the framework of the Council of Foreign Investors under the President of the Republic of Uzbekistan. The meeting was organized by the Ministry of Investment, Industry and Trade of Uzbekistan with the support of the EBRD, the Ministry of Digital Technologies and IT-Park.

The meeting was attended by foreign investors, representatives of international financial organizations, heads of ministries and departments, representatives of business and specialized organizations of Uzbekistan, as well as international and local experts.

The main discussions concerned the priority objectives of the Strategic Plan for the creation of an International Financial and Technology Center, attracting technology companies in 2024. The focus was on the development and adoption of a law on the functioning of the Center, creating favorable conditions for investors, promoting the Center and improving the investment attractiveness of Uzbekistan at the international level. The legal aspects of investments in terms of corporate governance and contractual regulation, as well as the modernization of the national financial market were also discussed.

According to experts, the successful implementation of the tasks and the launch of the Center will ensure long-term sustainable investment growth, an increase in GDP by 1% annually and attraction of portfolio investments worth US$7-8 billion by 2028. It is also predicted that 15-20 thousand new highly qualified jobs will be created within 10 years.

At the meeting, draft amendments to the Law of the Republic of Uzbekistan “On Joint Stock Companies and Protection of Investor Rights” and the concept of the law “On the International Financial and Technological Center” were presented and discussed.

A round table was held on the topic “Creating conditions for the development of infrastructure for alternative investments: global practices and tools for adaptation in Uzbekistan,” where experts on investments and capital markets, corporate governance and lawyers exchanged views and proposed a number of constructive ideas.

Constructive proposals developed during the meeting were accepted by the Working Groups for further work.