BAKU, Azerbaijan, September 7. Uzbekistan and
major Finnish institutional investors have discussed opportunities
to expand cooperation in the country’s domestic financial and
capital markets, with a focus on attracting long-term foreign
investment and increasing financing in the national currency.
This was reflected in the statement by the Ministry of Economy
and Finance of Uzbekistan, following a meeting between Jasur
Karshibayev, adviser to the Minister of Economy and Finance, and
representatives of major international institutional investors,
including Finland’s State Pension Fund, Ilmarinen, Elo and Veritas
pension and insurance companies, SOKA-BAU and Aktia Bank Oyj.
The meeting focused on Uzbekistan’s ongoing economic and
structural reforms, its current macroeconomic conditions and
medium-term development prospects.
Ministry officials presented an overview of reforms being
implemented under President Shavkat Mirziyoyev, highlighting
measures aimed at developing the domestic financial market and
improving the investment environment.
The international investors welcomed the reforms and expressed
particular interest in Uzbekistan’s financial-market development,
including opportunities to invest in government treasury bonds.
“The development of the domestic capital market and expansion of
investment opportunities in the national currency are important
priorities for strengthening Uzbekistan’s financial system and
attracting long-term institutional capital,” the ministry said.
The participants also discussed measures to further improve
Uzbekistan’s sovereign credit rating and achieve investment-grade
status, a milestone that could broaden the country’s access to
international institutional capital.
Effective public debt management was another key topic,
alongside efforts to increase financing opportunities in Uzbek
soums and deepen the domestic capital market.
The government has increasingly focused on developing local
capital markets as part of broader financial-sector reforms,
seeking to diversify sources of funding beyond bank lending and
foreign-currency borrowing.
For institutional investors, a deeper local bond market could
provide additional investment opportunities while helping
Uzbekistan expand domestic-currency financing and reduce exposure
to foreign-exchange risks.
The meeting also provided an opportunity for Uzbek officials and
foreign investors to exchange views on measures needed to further
improve the investment climate and strengthen confidence in the
country’s financial markets.
