Work has officially commenced on the establishment of the Tashkent International Financial Center in Uzbekistan. According to the Operative Information Center-OMM, the initiative was announced by Uzbek President Shavkat Mirziyoyev during the opening ceremony of the Tashkent International Investment Forum.
President Mirziyoyev stated that the legal framework for the center will be established through constitutional law, ensuring a special legal and tax regime for participants. "An attractive tax regime will be created for participants of the center. Corporate income tax, VAT, property tax, and customs duties will not be applied," the President noted.
The initiative aims to significantly bolster the regional investment climate by facilitating the free movement of capital and enabling settlements in any currency within the center's territory. Furthermore, the center will feature an independent financial regulator, with initial tax incentives guaranteed for a period of 50 years.
To ensure international standards of dispute resolution, an independent international commercial court operating on the basis of English common law will be established within the Tashkent International Financial Center. Additionally, President Mirziyoyev emphasized that Uzbekistan intends to accede to the UN Singapore Convention on Mediation to further develop its investment mediation system.
The creation of such financial hubs is a growing trend in Central Asia, aimed at integrating regional economies into the global financial system. By adopting English common law and offering long-term tax exemptions, Uzbekistan seeks to position Tashkent as a competitive destination for international capital, similar to established financial centers in the Middle East and Southeast Asia.
