Tashkent, Uzbekistan 27^th April 2023 - Islamic Development Bank (IsDB) President and Group Chairman, H.E. Dr. Muhammad Al Jasser, participated in a high-level panel on "Supporting Economic Transformation and Facilitating Investments in Growing Uzbekistan" at the 2nd Tashkent International Investment Forum. IsDB President’s participation at the Forum came at the official invitation of His Excellency Mr. Shavkat Mirziyoyev, the Hon. President of the Republic of Uzbekistan.

During his intervention, H.E. Dr. Muhammad Al Jasser highlighted the importance of investment in boosting growth and enhancing economic development and emphasized that productivity gains resulting from investments are crucial for sustainable economic transformation. He stressed that such gains are only possible if investments are stable, and stability depends on investors' ability to predict the future.

"Investor confidence decreases when the direction of policymaking is unclear or unpredictable," H.E. Dr. Muhammad Al Jasser stated, citing a report by the World Bank in 2020. He added that productivity and stability depend on predictability, and investors generally stay away from unpredictable and unstable environments. Confidence can be garnered by ensuring macroeconomic stability as well as a transparent system of corporate governance.

The IsDB President noted that the Central Asian region needs to attract more investments to recover, rebuild, and transform, and considers Uzbekistan a strategic partner that can play an essential role in the region. He emphasized that the IsDB Group has been collaborating with Uzbekistan for two decades, with a total financing envelope of US$ 3.4 billion, out of which more than US$ 1 billion has been dedicated to the private sector and trade financing.

At the Forum, H.E. President Shavkat Mirziyoyev of Uzbekistan appreciated the unwavering support by the IsDB Group and its commitment to the country’s economic transformation and growth through the various strategic partnerships and investments.

The IsDB President highlighted the Member Country Partnership Strategy for the Republic of Uzbekistan for 2022-2026, which has two pillars: Supporting Economic Transformation and Enhancing Human Capital & Enabling Environment, and three cross-cutting areas: Supporting climate change mitigation and adaptation, integrating perspectives of women and youth, and focusing on long-term holistic engagements for capacity development.

H.E. Dr. Muhammad Al Jasser emphasized that given Uzbekistan's landlocked geography, it is essential to boost regional integration and harmonize relevant legislation to enhance intraregional trade and investments. He underlined that the IsDB Group will strive to leverage technological tools to help build a future promoting connectivity, competitiveness, and innovation in the country, in line with the “New Uzbekistan” Vision.

The IsDB President's participation in the 2nd Tashkent International Investment Forum reaffirms the Bank's commitment to supporting Uzbekistan's economic transformation and facilitating investments in the country. The IsDB Group is determined to work closely with Uzbekistan to achieve its development goals and promote sustainable economic growth in the country and the region.