Uzbek Business Forum Coincides with Investment Drive

Uzbek Business Forum Coincides with Investment Drive

Tuesday, 14 April, 2009
An investment forum scheduled for May 27 comes at a time when Uzbekistan is seeking external funding to revive its economy.

Last autumn, the Uzbek government launched a strategy under which it hopes to attract 23 billion US dollars in investment to modernise the country’s industrial sector by the year 2014.

The investment forum, the fourth of its kind, will focus on attracting funds for tourism, real estate and media, as well as for a free economic zone located in Navoi, in the northwest of Uzbekistan.

The event is generally attended by firms from around 20 different countries, and the Russians, Germans and Indians are expected to play a prominent role this year.

The Uzbek economy is in poor shape, in part because of the years of isolation resulting from the sanctions imposed following the Andijan violence of 2005.

NBCentral Asia commentators say that before investors start flocking to Uzbekistan, the banking sector would need to be reformed to remove the restrictions that apply to capital flows, the general business environment would have to become more friendly, and steps would have to be taken to tackle corruption.

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