The Tashkent International Investment Forum held a "round table" discussion on " Potential of Tashkent as an International Financial Center: Opportunities and Priority Steps".

The event’s moderator, an International Expert of the IFC Digital analytical office Alena Dolgova said that Uzbekistan is a tourist center. Cities such as Bukhara, Samarkand, Khiva are known as destinations for travelers from all over the world. In addition, the speakers had an opportunity to discuss the prospects of Tashkent as an international financial center. Uzbekistan's capital city has significant potential to become one, thanks to its unique geographical location, economic growth, and political stability.

Charles Hirsch, chief investment adviser of Eurostep Limited, admitted that this is his first time in Uzbekistan. However, the country is interesting in terms of investment potential. He also shared some recommendations on using cooperation in business more efficiently and avoiding risks.

Creating a comfortable business environment, including lowering barriers to market entry, simplifying procedures, and increasing transparency, plays an important role. The roundtable participants discussed trends in the development of financial institutions and the importance of investing in human capital.

- The historic cities of Bukhara and Samarkand were trading centers during the Silk Road era," said Alfredo de Angelis (Dino), Senior Managing Director of the Gapstone Group. - However, it's important to understand the opportunities created for investors nowadays. There are real prospects and good opportunities in Tashkent to increase capital and attract potential partners. There is a need to increase the capital market. Private holdings within the country can also provide financial inflows. Similarly, the financial infrastructure is also important. The political commitment is very strong in Uzbekistan, creating conditions for investors.

Ilhom Norkulov, Deputy Minister of Economy and Finance of Uzbekistan, said the international investment forum helps to share experiences and discuss relevant problems.

The specialist said that in the last 6-7 years, the country has been reducing the state's presence in the economy through privatization. Regarding monetary policy, Norkulov said that Uzbekistan is a developing economy with a very good macroeconomic framework.

Experts agree that for development, it is necessary to attract local and foreign investments. This could be investments in infrastructure, technology, and the capital market. Encouraging foreign direct investment will increase business activity and economic growth.

Chief Executive Officer of the Tashkent Stock Exchange George Paresishvili and Managing Partner of Mosaic Financial Robert Jensen noted that the capital has prospects for developing and establishing the international financial center. However, some issues still need to be solved, particularly in the direction of harmonizing legislation in this area.

- As the market gets assurances, it will continue to grow,- Avesta Investment Group partner Karen Srapionov said. - The idea of making Tashkent an international financial center is good, but long-term goals also will be required. It will take dozens of years to develop the existing market. In my opinion, a financial center is a concentration of resources, ideas, and legislation in one direction. Uzbekistan has the necessary resources and human capital but needs good management and a clear focus on long-term goals.

Atabek Nazirov, the advisor to the Minister of Investments, Industry, and Trade, said that to achieve the goals, a council of investors who can also help develop the economy will be required. Tashkent can act as an international financial center on equal terms with its global counterparts, but it won't be a one-year job. In addition, the country needs professional managers, which means training new personnel and creating the conditions for them to realize their potential in Uzbekistan. Additionally, strategic planning of the financial sector is also a priority. These factors could make our nation's capital a platform for attracting investment and new categories of foreign investors to Uzbekistan.