On May 18, the Foreign Investors Council (FIC) under the President of the Republic of Uzbekistan held an interim meeting with Mr. Jamshid Khodjaev, Deputy Prime Minister of the Republic of Uzbekistan, to review the initiatives put forward by members ahead of the IV Plenary Session.
Within the framework of the FIC’s interim initiatives, a comprehensive set of 116 strategic proposals has been developed to expand investment cooperation across Central Asia and the Caucasus and to fundamentally improve the business environment in Uzbekistan. Leading global corporations, international financial institutions, and top-tier consulting firms participated in this large-scale regulatory drive.
The proposed initiatives cover key economic growth drivers and are structured into several core areas:
-
Green Economy and Energy: Energy giants including ACWA Power, Masdar, Voltalia, EDF, and China Energy are pushing for optimized land and property tax incentives for renewable energy projects. Their proposals also include introducing a Direct Power Purchase Agreement (Direct PPA) system in the electricity market and streamlining generation licensing procedures.
-
Islamic Finance and Sustainable Investment: The Islamic Development Bank (IsDB) has put forward pioneering initiatives to introduce a legal framework for Islamic insurance (Takaful) and establish the institutional foundations for issuing “Green Sukuk” to finance sustainable projects.
-
Digital Technologies and Artificial Intelligence: In collaboration with Uzum, TBC Bank, and Yandex, proposals include drafting the national Law “On Artificial Intelligence,” launching a state program for e-commerce logistics infrastructure, and refining antitrust regulations for digital platform operators.
-
Corporate Governance and Gender Diversity: Leading audit and consulting firms such as Crowe, EY, and KPMG aim to transform corporate governance in state-owned enterprises and banks. A notable proposal is the introduction of a minimum gender standard for boards of public-interest entities (“Minimum 1 Woman Rule”).
-
Land Reform and Agriculture: The Food and Agriculture Organization of the United Nations (FAO) and Kosta Legal are advocating for a unified, transparent procedure for providing land plots to investors. To protect land users, they propose establishing a “Land Ombudsman” and pre-trial appeal commissions for land disputes.
Focus on Takaful Market Development During this meeting, Khusan Khasanov, CEO of Amanah Consulting Group, provided strategic recommendations and emphasized the crucial need to further develop and strengthen Islamic insurance (Takaful) operations in Uzbekistan.
Detailed report: https://www.linkedin.com/company/ficsuz/posts/
Amanah Consulting Group
Your Trusted Partner in Islamic Finance
