Over 50 international agreements signed at the Uzbekistan Economic Forum 2021, cementing 5 years of irreversible reforms in Central Asia’s most populous country
04/10/2021 - 10:03 4112
Uzbekistan’s first-ever international economic forum concludes in Tashkent, setting the scene for the next phase of reforms and a privatization programme that aims to put more than 50% of the economy into private hands to support the country’s sustainable and inclusive growth.
Tashkent, Uzbekistan, 30 September 2021 - The Uzbekistan Economic Forum 2021 concluded today with a flurry of bold commitments, agreements, and new partnerships – aimed at accelerating the country’s sweeping reforms and privatization programme initiated by President Shavkat Mirziyoyev. More than 1,200 leaders from international financial institutions and the private sector from around the world descended on the capital to exchange views on the path forward, discuss upcoming opportunities and voice their support for the government’s reforms.
“Uzbekistan has done in 5 years what many countries take decades to do.” Anna Bjerde, the World Bank’s Vice President for Europe and Central Asia, said after the event, calling on the government to double down on their commitment to raising living standards and create jobs.
Underscoring the country’s commitment to sell off nearly three quarters of the state’s assets over the next five years, the government announced privatization deals worth $600m, including just over $250m for a 57% stake in Coca-Cola Bottlers Uzbekistan (CCBU) from Turkey-based Coca-Cola Icecek (CCI) and a 75% stake in mortgage lender Ipoteka Bank, the country’s 5th largest bank, to Hungary’s OTP Bank for an undisclosed amount.
Emphasizing that the reforms are irreversible, Uzbekistan’s deputy prime minister Jamshid Kuchkarov also announced the country may sell a 10-15% in Navoi Mining and Metallurgical Combine, one of the world largest uranium and gold producers, through an initial public offering in 2024. In total, 55 agreements were signed in sectors ranging from infrastructure and renewable energy to financial services, including $2.6b in public private partnerships.
Speaking in the last of the event’s more dozen panel discussions, Finance Minister Timur Ishmetov reiterated the government’s commitment to inclusive growth, “We will continue to build the confidence among the local community…and among each and every family and business.” Pres. Mirziyoyev aims to transform Uzbekistan into an upper-middle-income country by 2030 and halve poverty – estimated at 11% of the population – in the next five years.
The final day of the Forum also saw the unveiling of a wide range of commitments from every sector, including:
• Social empowerment and value-creation through equal employment and skills development
• Financial services: improving access to finance and providing better financial opportunity to SMEs and society
• Infrastructure, energy and utilities: providing international investors with the opportunity to support internal growth yielding strong financial returns
Government officials said they expect that these commitments will set the scene for even deeper cooperation and make Uzbekistan’s economy and the country’s forming private sector attractive to international investors.
All information related to the forum can be found at the following links:
Live broadcasts on the forum:
Video about the forum:
