Samarkand, Republic of Uzbekistan, 3-4 November 2022 - The Islamic Development Bank (IsDB), represented by Mr. Amer Bukvic, Acting Director General of Global Practices and Partnerships, participated at the second Uzbekistan Economic Forum which was held in Samarkand, Uzbekistan between November 3, 2022, and November 4, 2022. The Forum, which was organized by the Government of Uzbekistan is an event that aims to promote dialogue and encourage in-depth discussions of the development strategy of New Uzbekistan over the next five years including its goals, prospects, opportunities, and challenges. The themes that were explored include the private sector’s role in fueling economic growth, monetary and macroprudential policies, and the necessity of transitioning to a green economy.

Under the theme “People at the Heart of Economic Reforms”, the Forum attracted more than 1,500 attendees, which included representatives of international financial institutions, foreign central banks, large investment, and international banks, consulting and legal companies, and research institutes.

Mr. Bukvic represented IsDB in the plenary session “Fueling Economic Growth: Focus on the Private Sector” during which he and the other panelists discussed the possibility of accelerating of the transformation of state-owned enterprises. During these discussions, the panelists identified the privatization and reduction of government participation in the economy as among the priority structural reforms needed in Uzbekistan. They highlighted the importance of attracting investment in infrastructure, and increasing the private sector participation in the energy, healthcare, and education sectors, through an increase of public-private partnerships, the privatization of state-owned enterprises, and legal systems implementing anti-monopoly regulations.

The forum concluded with agreements worth USD 3.8 Billion being approved across 62 projects in the fields of private-sector financing, public-private partnership, budget support, education, and energy. Additionally, complex development of cities and industry were signed within the framework of the Forum.