Tashkent as a future financial hub: creation of an international financial center and investment attraction strategies discussed at TIEF

TIEF hosted a panel session on the topic " International Financial Center in Tashkent: what are the main needs of investors that these projects can meet?". The moderator was Alena Dolgova, Consultant on international financial centers. During the discussion, the participants discussed mechanisms for creating a financial ecosystem that is attractive to global investors, as well as specific steps taken to launch key structures such as the Tashkent International Financial Center (TIFC) and Enterprise Uzbekistan.

Hubertus Wetz, CEO of Frankfurt Main Finance, emphasized the key condition for successful operation of any financial center — trust. According to him, it is the predictability of legislation, protection of investors ' rights and an effective regulatory environment that form the basis for sustainable capital inflows. "It is important for investors to understand that they can not only save, but also increase their invested funds," Vetz stressed.

Marius Dan announced the preparation of the IPO of the National Investment Fund of Uzbekistan, scheduled for the first half of 2026. The fund's structure includes 18 companies with a state share in strategic sectors: banking, energy, logistics. The fund's presentation in London attracted strong interest from international investors. According to Dan, this confirms the steady demand for Uzbek assets and demonstrates a high level of confidence in the country's macroeconomic policy.

The session participants paid special attention to human capital. It was noted that Uzbekistan has a young and educated population, and the return of qualified specialists with international experience creates the basis for the sustainable development of business infrastructure and financial institutions.

Ariel Malard de Rothschild, a representative of the financial dynasty and one of the key international partners of Uzbekistan, gave examples of specific projects in which her team is involved. Among them are the privatization of Coca-Cola Uzbekistan, the transformation of the state bank SQB, the preparation of the IPO of Navoi MMC, the modernization of the gas transmission company Uztransgaz and the privatization of the mobile operator Mobiuz. She noted that the current economic growth rate in Uzbekistan-over 6% per year-is rare on the global stage and is especially valuable in conditions of instability in world markets.
Other speakers at the session included:

• Saif Malik, CEO of Standard Chartered;
• Hugh Morshed, Vice President, Henley & Partners Holdings;
• Denis Spirin, Director of Corporate Governance, Prosperity Capital Management;
• Abdulakhad Kuchkorov, CEO OF IT Park.

The discussion focused on the competitive advantages of the financial jurisdiction of Tashkent, including institutional reforms, the introduction of digital solutions, the creation of a system for protecting the rights of investors and tax incentives. It was emphasized that the projects of the Tashkent International Financial Center and Enterprise Uzbekistan are strategic steps in building a new architecture of the national financial system integrated into international capital markets.

Participants noted that the development of the TMFC opens up opportunities for launching new financial instruments, increasing the number of listings, introducing ESG standards, as well as attracting venture capital and technology startups. This will make it possible to turn Tashkent into a point of attraction not only for capital, but also for intellectual and entrepreneurial resources of the region.