The role of TIFC in improving the investment climate of Uzbekistan

One of the tasks of the agency for Strategic Development of the Republic of Uzbekistan is the establishment of the Tashkent International Financial Center. Deputy Director General of the agency for Strategic Development of the Republic of Uzbekistan Aziz Gafurov spoke about the role of the Tashkent International Financial Center in the Republic.

One of the areas of activity of the agency is the issues of improving the investment climate of the Republic of Uzbekistan. Therefore, the president of the Republic of Uzbekistan Shavkat Mirziyoyev set the task of establishing the Tashkent International Financial Center (TIFC). The agency for Strategic Development pays great attention to the creation of a platform for attracting capital, talents and technologies to Uzbekistan through the creation of an international financial center in Tashkent.

It should be noted that TIFC helps to attract direct and portfolio investments to the country in which it is located, increase tax revenues, create new high-income jobs and develop the financial market.

The International Financial Center, which is being established in the Capital, serves to solve two tasks of the national development of Uzbekistan. Firstly, while TIFC becomes the main instrument of investment policy, and secondly, TIFC is seen as a “positive coefficient” of the process of implementing a large-scale economic and social reform program in Uzbekistan.

According to preliminary estimates, the TIFC in Tashkent annually leads to the emergence of new resources aimed at socio-economic development of Uzbekistan in the amount of an additional 1% in relation to gross domestic product, while these resources can help to solve the urgent problems of the social sphere, infrastructure development in Uzbekistan.

At the moment, the International Expert Advisory Group is working on the development of model and development plan, specialization and strategic directions of TIFC.