Tashkent, Uzbekistan (UzDaily.com) -- The British government approved technical assistance to start the second phase of studying the concept of creating an International Financial Center in Tashkent (TIFC).

This was announced by Her Majesty’s Ambassador to the Republic of Uzbekistan, Tim Torlot, at an online conference together with the leadership of the Capital Market Development Agency (ARRK), the Tashkent City Khokimiyat, the Ministry of Investment and Foreign Trade, the Ministry of Justice, the Ministry of Foreign Affairs and the Embassy of the Republic of Uzbekistan in England.

The concept of the project will be prepared by an interagency working group with the participation of TheCityUK, a UK-based organization that brings together leading companies providing financial and legal services. A preliminary feasibility study for this project, prepared with the support of the British Embassy in Tashkent, was completed and made available for review this summer.

The essence of the project is to determine the optimal model for the formation of a unique financial and legal ecosystem, as well as the necessary infrastructure for its full functioning. International rules and standards used in many financial centers around the world (for example, in New York, London, Hong Kong, Singapore, Dubai, as well as the Astana city center (AIFC) are based on the principles of common / English law).

The advantages of this right are flexibility and ease of use, as well as widespread use by the world investment community.