TheCityUK and the Capital Markets Development Agency of the Republic of Uzbekistan today signed a landmark Memorandum of Understanding (MoU) to support increased access and co-operation between the UK and Uzbekistan.
The MoU aims to bring mutual benefit to both countries’ financial and related professional services industries by enhancing cross-border collaboration and encouraging joint initiatives. It will help to deepen cooperation on key areas such as the creation of an International Financial Centre in Tashkent, investing in financial market infrastructure, developing FinTech and strengthening corporate governance.
“Uzbekistan is still in the early stages of developing its financial and related professional services industry potential, and the MoU presents a great opportunity for the UK to help shape the delivery of their ambitious plans. As a world-leader in financial and related professional services, the UK is well-placed to help with the development of the framework to support sustainable capital market development and this phase of economic growth in Uzbekistan”, Gary Campkin, Managing Director, External Relations & Strategic Issues, TheCityUK, said.
“We have an ambitious goal to develop capital markets in our country where capital markets are currently non-existent. In other large markets of comparable scale, the size of the capital market exceeds the that of the banking sector several times over, so there is a tremendous opportunity, both for our domestic economic development, and for foreign investment into Uzbekistan. TheCityUK is a natural partner for us on this journey, who can bring the expertise and experience of the UK to help take forward our ambitions,” Atabek Nazirov, Director of the Capital Market Development Agency of the Republic of Uzbekistan, said.
“The UK and Uzbekistan have a strong and flourishing trade and investment relationship, and this new agreement is a tangible demonstration of the opportunities for collaboration to further increase this relationship and our mutual prosperity. Uzbekistan is in a tremendously exciting transition phase. As the most populous country in Central Asia, its political, economic and social reform has the potential to be a driver of prosperity and integration across the region,” Tim Torlot, UK Ambassador to the Republic of Uzbekistan, said.