Taras Shevchenko St. 21A, Office 505, Tashkent, Uzbekistan 100060

Monthly Meeting on May 17, 2019

Mr. Akram Mukhamatkulov, Deputy Director, Investment Promotion Agency under the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan was honorable speaker of the May monthly meeting. Held in the Wyndham Hotel, the meeting hosted over 40 members of AmCham Uzbekistan.
Recently created agency is multi targeted tool to promote positive image of the country, attract potential investment projects and serve as an intermediary between the investor of related governmental structure, provide feedback and extensive consultations for investors. In order to achieve this, the agency is working on the creating of functional web-site that should include relative legislation, reliable statistics and serve as a functional tool for existing and potential investors.
“ Since inception of the reforms, a lot has been done that make the country more attractive for investors”, said Mukhamatkulov.
Of the main achievement is successful issuance of the euro bonds, significant improvement in the “: Doing Business” rating of the World Bank and obtaining of the country’s rating by main rating agencies such as Standars and Poor’s ( BB-), Moody’s ( B1), FitchRatrings ( BB-), OECD and others.
“However, there are number of issues to be resolved both with the legislation and implementation. When resolved, this will enforce investors’ confidence and convince them to invest in Uzbekistan”
Indeed, the main issues that restrict investment are uncertainty and lack of a predictability of the reforms, ownership of land, protection of private property, state monopolies and unequal competitions, necessity of privatization and predictability of tax reform.
Following the presentation, Akram Mukhamatkulov answered questions from the audience such as what is planned to do to improve governance and institutional capacity rating; reliability of statistics and coordinated work of state agencies and others.
The evening continued by informal cocktail where members socialized.