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Experts from the Institute for Macro-Forecasting and Economic Research (IFMR) analyzed measures to stimulate foreign direct investment in Uzbekistan in 2017-2022 and their effectiveness.

In recent years, efforts have been made to increase the country’s investment attractiveness and the inflow of foreign direct investment into the economy.

In particular, to legally protect the rights and interests of investors, a new “Tax Code”, the Law “On Investments and Investment Activities”, and the Law “On Mediation” were adopted.

To create more favourable conditions for investors, the International Tashkent Arbitration Center was created, and new mechanisms were introduced, such as “investment credit”, “investment subsidy”, and “investment visa”.

If by the beginning of 2017, there were only 3 free economic zones (FEZ) operating in the country, by 2022, their number reached 22. Of these, by specialization: 12 FEZs are industrial, 6 are pharmaceutical, 2 are tourism, and 2 are agricultural.

Changes in legislation and created opportunities have a positive impact on the investment climate in the country. For example, in 2019, Uzbekistan was included for the first time in the OECD’s Index of Regulatory Restrictions on Foreign Direct Investment, ranking 43rd in the world by 2020 and 7th in the Asian region.

In 2017-2022, Uzbekistan improved its position in the world ranking of the Index of Economic Freedom by 31 positions, rising from 148th to 117th place.

The volume of foreign direct investment in the republic by the end of 2022 increased by 1.5 times compared to 2017 and reached 3.3 billion US dollars.