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Shariah-compliant finance, digital transformation, textile modernisation, and renewable energy were key focus areas as Uzbekistan outlined its vision for inclusive, green, and tech-driven economic development.

TASHKENT, 10 June 2025 — The IV Tashkent International Investment Forum saw a series of high-level panel sessions spotlighting Uzbekistan’s evolving economic landscape, with a strong focus on sustainable development, ethical finance, and technological advancement.

In a session titled “Shariah-Compliant SME On-Funding via Approved Financial Instruments”, panellists explored how halal and ethical finance can stimulate SME growth. Moderated by Bahrom Numanov, Chairman of the Islamic Finance Association of Uzbekistan, the discussion introduced the Economic Empowerment Fund of Uzbekistan (EEFU)—a $100 million initiative backed by the Islamic Development Bank Group, Saudi Fund for Development, and the Fund for Reconstruction and Development of Uzbekistan. SEAF’s Jan Cherim stressed that SMEs are foundational to economic resilience, while Ali Khan from the Islamic Development Bank underlined the need for rural infrastructure and market access to ensure equitable growth.

The forum also hosted a session on “Creative Economy: From Cultural Heritage to Investment Future,” where international curators such as Diana Campbell and Sara Raza detailed plans to integrate Uzbekistan’s rich cultural legacy with modern economic opportunities. They highlighted upcoming events like the Bukhara Biennale, which is already drawing global attention and tourism.

Digital innovation took centre stage in the panel titled “Catalyzing Innovation: Venture Capital in Central Eurasia’s Digital Transformation.” Led by Sardor Mukhammadaliev of Biz Network, the session highlighted the region’s growing tech ecosystem and a $95 million rise in venture capital in 2024. AloqaVentures’ Davron Parmonov announced expansion plans into the U.S. market, aiming to globalise regional talent.

Uzbekistan’s historic textile industry was the subject of another key discussion, “Textile Production and Investment in the Clothing Industry.” Industry leaders like JaeYong Park of Youngone Corporation and Akmal Primkulov of Wildberries Uzbekistan advocated for digitalisation, branding, and advanced fibre technologies to enhance global competitiveness. Mansurjon Rasulev, Acting Director of the Investment Promotion Agency, outlined the tenfold increase in foreign investment since 2017 and anticipated WTO accession by 2026.

Finally, the panel titled “Green Development Model of New Uzbekistan” underscored the nation’s commitment to environmental sustainability through renewable energy. Moderated by Igor Alekseev of BCG, the discussion featured executives from ACWA Power, Masdar, EDF Renewables, and AMEA Power, all investing heavily in Uzbekistan’s green infrastructure. Abid Malik, President of ACWA Power for Central Asia, announced the launch of the country’s first green hydrogen project, praising Uzbekistan’s investor-friendly reforms as the reason for continued international engagement.

These sessions reflect Uzbekistan’s multidimensional approach to economic reform—anchored in innovation, inclusion, and sustainability—while reinforcing its position as a strategic investment hub in Central Eurasia.

Source: IN Diplomacy Reporters