Uzbekistan Deepens Global Financial Partnerships During President Mirziyoyev's New York Visit

President Mirziyoyev Engages Global Financial Leaders in New York

During a working visit to New York in September 2023, coinciding with the 78th session of the United Nations General Assembly, President Shavkat Mirziyoyev of Uzbekistan held a series of high-level meetings with prominent figures from international financial institutions and leading American corporations. These engagements aimed to foster strategic partnerships and attract foreign investment to support Uzbekistan's ongoing economic reforms and development initiatives.

Strengthening Collaboration with Key Financial Institutions

On September 20, 2023, President Mirziyoyev met with Ajay Banga, President of the World Bank Group. The discussions centered on expanding comprehensive cooperation, with a focus on increasing the Bank's expert and technical assistance. Key areas of collaboration included privatization, effective public administration, and attracting private investment, particularly through public-private partnerships, for projects in decarbonization, alternative energy, infrastructure, water supply, and the strategic Trans-Afghan Railway project. Uzbekistan is a significant partner for the World Bank, with a current cooperation program until 2026 valued at $4 billion.

The Uzbek President also held talks with John Dugan, Chair of Citigroup, on the same day. The meeting addressed expanding mutually beneficial cooperation in the banking and financial sector. This included successfully placing bonds from Uzbek banks and enterprises on international stock markets and developing a roadmap to attract foreign investors to Uzbekistan's market. Citigroup also proposed establishing a representative office for its subsidiary bank, Citibank, in Uzbekistan.

Attracting Investment from American Corporations

As part of his intensive business agenda, President Mirziyoyev met with John Tonelli, Managing Director of Oppenheimer Holdings, in New York in September 2023. Oppenheimer, an investment bank with assets totaling $36 billion, discussed attracting private investment for significant projects. These included financing initiatives in textile clusters, the construction materials industry, and infrastructure development in Tashkent, alongside support for small and medium-sized businesses.

The President's visit also encompassed broader engagements with representatives from other leading American companies and financial-investment institutions, including those associated with the NASDAQ stock exchange and BNY Mellon. These meetings were part of a concerted effort to explore new opportunities for economic cooperation and strengthen business ties between Uzbekistan and the international business community.

Uzbekistan's Commitment to Economic Reforms and Openness

These high-level meetings underscore Uzbekistan's commitment to its program of irreversible reforms aimed at modernizing its economy and improving the welfare of its population. The discussions highlighted the country's efforts to enhance its investment climate, protect private property, and provide more opportunities for public-private partnerships. The active engagement with global financial leaders signals Uzbekistan's strategic intent to integrate further into the global economy and attract the necessary capital and expertise for its ambitious development goals.