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ADB Co-Hosts the Navoi Investment Forum in Uzbekistan

TASHKENT, THE REPUBLIC OF UZBEKISTAN (23 October 2009) - The Asian Development Bank (ADB) co-hosted the Navoi Free Industrial Economic Zone Investment Forum together with the Government of Uzbekistan and the Islamic Corporation for the Development of Private Sector, a member of the Islamic Development Bank (IDB) Group, from 21 to 23 October 2009 in Tashkent, Uzbekistan.

The Navoi FIEZ Investment Forum brought together over 500 participants from diverse international private sector groups and their representatives to discover investment opportunities in Uzbekistan, with the focus on the Navoi industrial and economic zone (Navoi FIEZ) established in the center of Uzbekistan and Central Asia region.

The 546-hectare Navoi FEIZ comprises four hubs: (i) industrial, (ii) transport and logistics, (iii) innovation, and (iv) tourist, cultural and recreational. The Government is inviting foreign investors in high-tech and export-oriented sectors such as electronics, pharmaceuticals, and machinery.

Located on the ancient Great Silk Road, Uzbekistan has been a leading trade and cultural center, with its strategic location as a hub connecting Europe and Asia, along with large reserves of natural gas, precious metals, raw materials, and a well-educated workforce, providing a strong competitive advantage.

"The establishment of the country's first free industrial and economic zone in Navoi is an important step in Uzbekistan's ongoing development," said ADB Vice President Xiaoyu Zhao. "ADB will continue to do its part to ensure the successful implementation of measures to build a robust economy and an environment in which the private sector can thrive. We stand ready to assist in private sector development through our lending operations and policy advice. We hope this forum will encourage investors to take advantage of all Uzbekistan has to offer and help build a brighter future for all."

Rajat Nag, ADB Managing Director General, said, "A continuing effort in private sector development led by the Government of Uzbekistan, in concert with its development partners, which include ADB, IDB Group and other bilateral agencies, will inevitably result in economic growth and development for the country and the whole region in years to come."

At the end of the Forum, more than 20 bilateral investment agreements were signed between the Government of Uzbekistan and private sector investors.

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