President of Uzbekistan Shavkat Mirziyoyev announced plans for a new international financial centre and outlined six priority areas for attracting foreign investment during the official opening ceremony of the Tashkent International Investment Forum.
This initiative aims at strengthening legal protections for investors, expanding capital markets and accelerating industrial development.
According to the President, the Centre will operate under a dedicated constitutional law and a special legal regime based on English common law principles. Authorities also plan to introduce extensive tax incentives, including exemptions from corporate income tax, value-added tax, property tax and customs duties for an initial period of 50 years.
Laziz Kudratov, Uzbekistan's Minister of Investment, Industry and Trade, said the initiative is designed to create a familiar regulatory environment for international investors.
“All companies, foreign companies in the finance sector who are willing to do business in Uzbekistan, there won't be need for them to understand the local legislation. They will just do operations and business according to international standards, according to common law,” Kudratov said.
