Alternative Investment Funds bill is being drafted in Uzbekistan, announced the President in his remarks at the Tashkent International Investment Forum on Tuesday.
"Nowadays, the financial system and technologies are changing dramatically," Shavkat Mirziyoyev said unveiling the reforms.
He emphasized that alternative financial instruments, in particular, venture financing, are rapidly developing in Uzbekistan.
"Last year, the value of two national start-up companies (Uzum and TBC) supassed $1 billion for the first time. We will definitely increase the number of such companies," the president noted.
In this regard, according to him, the bill is being prepared. "In the next five years, we will increase the volume of ventures and other alternative investments to $1 billion," Shavkat Mirziyoyev said.
Reforms are also planned in the banking sector, finance, insurance, and the capital market.
According to him, a Financial Stability Council will be set up in Uzbekistan, and cybersecurity and financial technology platforms will be launched under the Central Bank.
In March, the president Mirziyoyev indicated that the volume of venture investments per capita in India stand at $30, in China - $75, in South Korea - $156. While, in Uzbekistan, over the past five years, 53 startup projects worth $145 million have been implemented through venture funds, but "this is too little," Mirziyoyev said.
Three new venture funds with a total capital of $50 million have been created to further develop this sector. The head of state ordered the first deputy of the economy and finance Ilkhom Norkulov to attract an additional $50 million from abroad.
"Most importantly, such projects bring new technologies, innovations and products with high added value to the economy. High-tech innovative products and services created within the framework of startups will be added to technical regulations and standards. This will pave the way for them to receive government contracts,” the president underscored.
