Atabek Nazirov, head of Uzbekistan’s Direct Investment Fund (UzDIF), has emphasised key aspects Uzbekistan can boast of in terms of investment attractiveness.

During the 26th session of the Uzbek-British Trade and Industry Council (UBTIC) held on November 30, Nazirov stressed that Uzbekistan was not only the most dynamically developing economy of the macroregion, but one of the few truly stable countries—a key factor for investors in this era of global geopolitical turbulence.

“Why is UzDIF a natural choice for foreign partners? It's simple: we know our country, and moreover, we are ready to share risks with you, which in itself is critically important during a period of capital appreciation. We are not a bureaucratic agency and can make decisions quickly, while taking into account the best international practices and high standards," Nazirov said.

The annual forum to discuss opportunities for promoting and growing bilateral trade and investment was established by the governments of Uzbekistan and the UK in 1994, but UBTIC has gained special importance and weight only in recent years with the growth of trade turnover between the two countries, which doubled in 2021, amounting to about $500mn.

“The turning point in relations between our countries was 2016, when President Shavkat Mirziyoyev initiated the reform process. Since then, Uzbekistan has been actively and effectively developing relations both with its neighbours and with other states. We very much hope for the preservation of this political climate and strive to support Uzbekistan in this," said Timothy Thorlott, UK Ambassador to Tashkent, while opening the UBTIC plenary session.

The main topic of the forum this year was Uzbekistan’s large-scale programme of privatisation.

Nazirov compared Uzbekistan’s privatisation path with elements of the Thatcher era.

“At one time, Margaret Thatcher gave British citizens a chance to become co-owners of privatised state-owned companies almost overnight, allowing them to participate in stock trading and in IPOs. Personally, I am very inspired by this example, because we can also provide an opportunity for our citizens to invest in shares of the largest national companies as part of IPOs on the local and foreign stock markets. UZDIF is ready to participate in this process together with both local and foreign investors. I am sure that this will significantly strengthen our financial ecosystem," he noted.