Uzbekistan Economic Forum 2022

Uzbekistan Economic Forum 2022

Uzbekistan Economic Forum 2022

UZB

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On November 3-4, the ancient Silk Road city of Samarkand will serve as the spectacular backdrop for the second Uzbekistan Economic Forum, an assembly of the world's leading economists, investors, and international experts.

On the agenda: a frank and in-depth discussion of the development strategy of New Uzbekistan over the next five years, its goals, prospects, opportunities, and challenges. We’ll explore themes including the private sector’s role in fueling economic growth, monetary and macroprudential policies and the necessity of transitioning to a green economy.

Our central theme this year is “People at the Heart of Economic Reforms,” a reminder that a brighter and more stable future for Uzbekistan’s young, ambitious population lies at the heart of all our initiatives. We’ll examine issues such as the importance of macroeconomic stability for people and business and how to move from risks to opportunities in demographic growth, human capital and migration.

We’ll also discuss the practical steps Uzbekistan is taking to build the economy of tomorrow, including the tools and goals of financial market development, trade, connectivity, and industry policy, enabling the business environment and unleashing the potential of infrastructure development.

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MAIN EVENTS

9:00 – 10:00

10:00 – 11:45

Moderator:
Ryan Chilcote

Correspondent, Bloomberg Television and CNN alumnus

Speakers:
Jamshid Kuchkarov

Deputy Prime Minister, Uzbekistan

Tanzila Narbaeva

Chairperson of the Senate of Uzbekistan

Jamshid Khodjaev

Deputy Prime Minister, Uzbekistan

Anna Bjerde

Vice President, World Bank

Vafaev Shukhrat

Director General, Strategic Reforms Agency under the President of the Republic of Uzbekistan

Shixin Chen

Vice President, Asian Development Bank

Konstantin Limitovskiy

Vice President, Asian Infrastructure Investment Bank

Jihad Azour

Director, the Middle East and Central Asia Department, International Monetary Fund

Vakhtang Butkhrikidze

CEO, TBC Group

What a year it’s been since Uzbekistan welcomed the world’s leading business, economic and political experts to its first economic forum in 2021. Over that time, geopolitical turmoil, supply chain disruption, climate-driven disasters, high global inflation, volatile financial markets, and more have presented myriad challenges to even the world’s strongest and most developed economies.  

 

Uzbekistan is confronting these issues in the midst of a comprehensive transformation towards an open, inclusive, sustainable economy driven by private enterprise and governed by the rule of law. The government, businesses, and the people, of Uzbekistan, are here to show that these trials won’t throw them off course. In fact, our changing world only serves to underscore the urgent need to press forward and build on the reforms already underway as per New Uzbekistan’s Development Strategy. 

 

At this opening plenary session of Uzbekistan Economic Forum 2022, we will examine the country’s economic and social progress so far and, more importantly, take a look at the ambitious plans and goals that will take Uzbekistan forward over the next five years. The vital importance of partnerships, whether with international development partners, sovereign states, businesspeople, or investors, will be a key focus of the opening session and indeed the entire two-day event.  

11:45 – 12:00

at Congress Centre Winter Hall

12:00 – 13:15

Moderator:
Charlotte Kan

Journalist, ex–Bloomberg

Speakers:
Jihad Azour

Director, the Middle East and Central Asia Department, International Monetary Fund

Timur Ishmetov

Minister of Finance, Uzbekistan

Galymzhan Pirmatov

Governor, National Bank of Kazakhstan

Koba Gvenetadze

Governor, National Bank of Georgia

Johannes Linn

Senior Fellow, Centre for Sustainable Development, Brookings Institution

In a worsening global environment, economies in our region are being buffeted by a global slowdown, high and volatile food and energy prices, faster and stronger-than-expected tightening of financial conditions and the risk of global fragmentation.

Against this backdrop, the International Monetary Fund’s latest Regional Economic Outlook explores the region’s diverging economic prospects, risks and vulnerabilities as well as policies and reforms needed to tackle near-term challenges while at the same time strengthening resilience and inclusion.

The REO will also include an analytical chapter that focuses on the risks of poverty and inequality rising in the Caucasus and Central Asia, given the negative impacts of the war in Ukraine. The IMF also plans to publish an op-ed, and produce a short video to bolster exposure for this session.

13:15 – 14:45

All guests are cordially invited to enjoy our traditional Uzbek cuisine outside the Congress Centre.

14:45 – 16:00

Moderator:
Lalita Moorty

Regional Director, Europe, and Central Asia, World Bank 

Speakers:
Mamarizo Nurmuratov

Chairman, Central Bank of Uzbekistan

Attilio Zanetti

Alternate Member of the Governing Board, Swiss National Bank

Aliyar Mammadyarov

Deputy Governor of the Central Bank of the Republic of Azerbaijan 

Ron van Rooden

IMF Mission Chief

Nerses Yeritsyan

Deputy Governor, Central Bank of Armenia

Zokhri Idris

CEO, Policy and Economic Affairs Centre, Malaysia

Following the completion of reforms to liberalize the exchange rate and initiatives to liberalize trade and stabilize prices, Uzbekistan is pursuing deeper structural reforms, such as reducing the state ownership of enterprises and banks in order to increase competition, ensure sustainable growth and improve living standards.


This session will focus on policies to ensure macroeconomic stability – including fiscal and monetary policy – as well as initiatives to support stronger private sector-led growth to meet the country’s ambitious development goals.

16:15 – 17:30

Moderator:
Wiebke Schlomer

Regional Director, International Finance Corporation

Speakers:
Omonullo Nasritdinkhodjaev

First Deputy Minister of Finance, Uzbekistan

Akmalkhon Ortikov

Director, State Assets Management Agency, Uzbekistan

Cleo Kawawaki

Head of the Office for PPP, Asian Development Bank

Zsuzsanna Hargitai

Managing Director, Central Asia, European Bank for Reconstruction and Development

Rami Ghandour

Managing Director, Metito

Amer Bukvić

Acting Director General, Global Practice & Partnerships, Islamic Development Bank

Gabriel Miguez

Head of Development, Suez

Acceleration of the transformation of state-owned enterprises, privatisation, and reduction of government participation in the economy were identified as among the priority structural reforms in the country. In this regard in 2021, the Strategy for the Management and Reform of Enterprises with State Participation for 2021-2025 was developed and approved by the Government.

  

It is essential to attract investment in infrastructure, and to increase private sector participation in the energy, healthcare, and education sectors in particular. This session will consider the development of public-private partnerships, anti-monopoly regulation, measures to the privatisation of state-owned enterprises and targets for 2022-2026.

19:00 – 21:00

 

Ballroom, Samarkand Regency Amir Temur 

Ballroom, Silk Road by Minyoun

13:15 – 13:45

Speaker:
Jihad Azour

Director, the Middle East and Central Asia Department, International Monetary Fund

The IMF’s regional director discusses the Regional Economic Outlook and the impact of geopolitical events, higher commodity prices, and global financial tightening on Uzbekistan and Central Asia.

14:45 – 16:00

Moderator:
Matilda Dimovska

United Nations Development Program, Uzbekistan Resident Representative

Speakers:
Tanzila Narbaeva

Chairperson of the Senate of Uzbekistan

Tatiana Proskuryakova

Regional Director, World Bank

Corinne Mitchel

Director, Oxford Poverty and Human Development Initiative, University of Oxford

Malika Sharipova

Founder and Director, CARE CSR LTD

Makhmuda Ziyatova

Founder of “Makhmuda, Zarina, Zarifa”

Zafar Khashimov

CEO, Korzinka.uz

Uzbekistan stands at an important point in its demographic, economic and technological transition. The growing young population theoretically gives it a “demographic dividend” but harnessing this potential requires the creation of an enabling environment, which fosters the significant scope offered by the human capital development, gender equality, poverty reduction, inclusive socio-economic policy, strengthening the education system and ramping-up productive capacities in the economy to meet the demands of the future of Uzbekistan in a broader context.

 

To ensure that Uzbekistan is well-positioned to reap the demographic dividend, the population of the country needs to be equipped with skills for engaging in productive employment. Ensuring the country’s inclusive growth has a deeper strategic connection with economic growth and poverty reduction. For future capabilities development, we must move away from sectoral approaches toward holistic, systems approaches to policymaking and programming. The systems approach can help anticipate and act upon the multiple and interconnected drivers of change and support transformative change for people, economies, and societies.

 

For that, it is important to (i) define the boundaries of the future-proof world of work policy; (ii) understand the world of work ecosystem systems, and their interactions; and (iii) articulate strategic direction and a specific package of investments needed for transformational change in the area of work and connected areas. 

 

In this session, we will discuss gender equality and women empowerment, investments in the future through the lens of inclusive growth, policies, and experience to address poverty, share success stories of women as motivators and leaders, discuss challenges youth face in unprecedented uncertainty and crisis, look at showcases of private sector’s social corporate responsibility and what lies ahead for them in the coming years. We will also discuss the country's educational priorities and hear from young people who are already seizing business opportunities and making the most of the economic reforms already underway.

 

16:15 – 17:30

Moderator:
Cyril Zammit

Design Advisor & Consultant

Speakers:
Gayane Umerova

Executive Director, Art and Culture Development Foundation under the Cabinet of Ministers

Borina Andrieu

Managing Director of Wilmotte & Associés

Benedetta Gion

Executive Director of Art Dubai International Art Fair

Irina Bokova

Former Director-General of UNESCO

Vilma Jurkute

Executive Director of Alserkal Initiatives

The creative economy is a rapidly growing sector of the global economy. Uzbekistan’s cultural institutions are striving to address this shift by raising their profile on the national and international stage. 

 

This panel will examine how the concept and presentation of museums has changed in recent years and how the development of creative industries affects the overall economy, tourism, and the image of a country internationally. We will look at the strategic development and practical implementation of creative economy initiatives and how it relates to museums, fairs, and other cultural events. Special attention will be paid to practice-specific approaches that could be implemented in light of the Central Asian context and the current state of its creative economy. 

 

The purpose of the meeting is to provide a platform for active agents of the creative industry to promote the development of creative industries and strategies through the introduction of new interdisciplinary approaches and cooperation between museums and the creative sector.

 

16:00 – 16:15

08:00 – 09:10

09:30 – 10:45

Moderator:
Martin Blum

Head of Capital Markets Strategy, Raiffeisen Bank International

Speakers:
Behzod Hamraev

Deputy Chairman of Central Bank, Uzbekistan

George Paresishvili

CEO, Tashkent Stock Exchange, Uzbekistan

Axel van Nederveen

Managing Director and Treasurer, European Bank for Reconstruction and Development

Jonathan Grosvenor

Assistant Treasurer, Asian Development Bank

Karrim Hajee

Chief Investment Officer, Dunross & Co

Grzegorz Zawada

Managing Director, PKO Bank Polski

Ilias Skamnelos

Lead Financial Sector Economist, World Bank

Uzbekistan's efforts to reform its financial system are multifaceted. The development of a government bond market, as well as money markets in local currency, has been high on the agenda as the country seeks to establish a local currency yield curve and a benchmark for pricing local bonds issued by corporates. Local currency lending helps reduce the usage of foreign currencies and provides a hedge against currency risk faced by local borrowers. 

Further improvements to the capital market are vital for meeting the government’s ambitious goals of privatizing large state-owned enterprises and banks through local IPOs on the Tashkent Stock Exchange. Building the new market infrastructure and developing the insurance, pensions and mutual funds industries requires a concerted effort by all stakeholders and close public-private collaboration. Vibrant capital and money markets enable financial innovation and the launch of new products – from mortgage-backed securities and covered bonds to currency forwards and futures that are essential tools for hedging credit, interest rate and FX risks.

09:30 – 10:45

Moderator:
Laura Altinger

Nature, Climate, Energy Lead, United National Development Programme

Speakers:
Ilkhom Norkulov

First Deputy Minister of Economic Development and Poverty Reduction, Uzbekistan

Cigdem Akin

Principal Public Management Economist, Asian Development Bank

Côme Dechery

Green Economy Specialist, Agence Française de Développement

Weijen Leow

Senior Environmental Finance Specialist, World Bank

Dr Aaron Russell

Country representative, Global Green Growth Institute

Abror Gafurov

Climate Change and Water Resources Expert, German Research Centre for Geosciences

Uzbekistan is one of the most vulnerable countries to climate change, according to the French Development Bank (AFD), a partner in the country’s transition to a green economy. Aware of the urgent need to protect its natural resources, the government has made the rapid shift to a more climate-friendly economy a central pillar of its 2022-2026 development strategy.

Ensuring climate change adaptation and mitigation depends on global and regional cooperation, enabling institutional and regulatory framework, the transfer of green technologies and productivity improvements.

In this session, we will explore the steps already taken to create a more sustainable Uzbekistan, including measures to ensure water and food security, and the targets for 2022-2026.

10:45 – 12:00

Moderator:
Muneer Ferozie

Regional Manager and Head, Transaction Advisory PPPs, International Finance Corporation

Speakers:
Azim Ahmedhodjaev

First Deputy Minister of Energy, Uzbekistan

Khurshed Mustafaev

Department Director, Ministry of Finance, Uzbekistan

Clive Turton

Chief Investment Officer, ACWA Power

Pierre-Paul Antheunissens

Country Director for Uzbekistan, Électricité de France

Anand Rohatgi

Chief Operating Officer, Synergy Consulting Inc

Magauov Asset

Vice-Minister of Energy, Kazakhstan

The aim of this panel is to highlight the successes and challenges of current PPP projects in the energy sector. The government embarked on its PPP program with the goal of attracting private-sector finance, expertise, skills and efficiency to public sector projects. With the support of ADB, IFC and EBRD, PPP investments so far haves centered on the energy generation sector, with the award of 19 projects by the government, with the aim of generating 8.9 GW of electricity with 2.9 GW of the total coming from renewable energy sources such as wind and solar.
The government has a well-established commitment to the transformation of the energy sector, striving for a “Green Economy” by through a transition to renewable energy sources. Uzbekistan aims to increase the capacity of renewable energy sources to 8,000 MW by 2026 and 12,000 MW by 2030 raising its share of total generation to 25%.

10:45 – 12:00

Moderator:
Ben Slay

Senior Economist, United National Development Programme

Speakers:
Nozim Husanov

Minister of Employment and Labour Relations

Sadokat Siddikova

Deputy Minister of Higher Education, Uzbekistan

Temur Komilov

Deputy Minister of Public Education, Uzbekistan

Florence Bauer

Regional Director, United Nations Population Fund

Gabriella Damian-Timoshenko

Project manager Helvetas Swiss Intercooperation

Munir Mammadzade

UNICEF Representative in Uzbekistan

Vesna Dzuteska Bisheva

Inclusive Growth Head, United National Development Programme

Tazeen Fasih

Lead Economist, World Bank

Otabek Fozilkarimov

Deputy Minister of Health, Uzbekistan


The Concept for the Development of the State Education System, approved by the President in 2019, sets the ambitious goal of placing the country among the top 30 in the world for education by expanding educational infrastructure and modernizing teaching methods. 

Education reform is at the top of the agenda for Uzbekistan as it strives to give a young and growing population the tools they need to compete and thrive in a global 21st-century economy. In this session, we look at how Uzbekistan is seeking to increase its demographic dividend through improvements in the quality of education and vocational training, professional development, healthcare and enhanced social protection for the most vulnerable.

12:00 – 12:15

12:15 – 13:30

Moderator:
Alexey Prazdnichnykh

Executive Director, Eurasia Competitiveness Institute

Speakers:
Alisher Karimov

Deputy Minister of Justice, Uzbekistan

Dominique Favre

Executive Director, World Bank

Alkis Drakinos

Director, Head for Uzbekistan, European Bank for Reconstruction and Development

Priyanka Sood

Principal Private Sector Development Specialist, Asian Development Bank

Muzaffar Razakov

CEO, Global Textile Group of companies 

Hikmat Abdurahmanov

Сo-founder, TEAM University

Begzod Ashurov

CEO, ABN-MB Bon Group

Extensive work has already been carried out to create a favorable environment for doing business including, eliminating unnecessary barriers and regulations, strengthening the property rights of business entities, increasing access to financial resources and improving infrastructure.

In this session, we look at reducing time and financial costs for doing business, fighting corruption and reforming tax rules to support the growth of small- and medium-sized enterprises. We’ll also look at how the government can pitch in with direct financial support and improvements in communication systems to enable businesses.

13:30 – 14:45

 

Changal Hall

Silkroad by Minyoun

14:45 – 16:00

Moderator:
Alexander Tatianin

Infrastructure Eurasia Principal Banker, European Bank for Reconstruction and Development

Speakers:
Omonullo Nasritdinkhodjaev

First Deputy Minister of Finance, Uzbekistan

Badriddin Abidov

Deputy Minister for Investments and Foreign Trade, Uzbekistan

Kuvandik Sanakulov

 Chairman, Director General of “Navoi Mining and Metallurgical Company” JSC

Antonio Nucifora

Practice Manager, Trade and Regional Integration, World Bank 

Ivan Cao

Deputy managing director, BYD Auto Co., Ltd.

Firuza Tatybaeva

Regional Manager, Agrico

Tarik Sakhovich

Senior Operations Officer, International Finance Corporation

Like almost every country, Uzbekistan has confronted a long stretch of trade turmoil brought on by the global pandemic and ongoing geopolitical conflicts. Promoting growth and stability, diversifying export markets and taking a growing role in the digital economy have been major priorities under the government’s development plan.

Steps have been taken to expand the list of exported goods with higher added value; the foreign currency market has been liberalized, import customs duty rates have been significantly reduced, and procedures for preparing and implementing export contracts have been simplified.

Liberalizing trade and strengthening ties with global development organizations, investors and international groups will be key to achieving greater economic stability and growth over the coming years. In this session we discuss the issues of integration into regional and multilateral trade frameworks, understanding the challenges and opportunities of regional connectivity, and implementing trade-friendly industrial policies.

16:15 – 17:30

Moderator:
Matthew Jordan-Tank

Director, Sustainable Infrastructure Policy & Project Preparation, European Bank for Reconstruction and Development

Speakers:
Jasur Choriev

Deputy Minister of Transport, Uzbekistan

Odilbek Isakov

Deputy Minister of Finance, Uzbekistan

Huseyin Arslan

Chairman, YDA Group

Xeniya Rogan

Senior investment specialist, Asian Development Bank

Alexander Rogachevsky

Associate Director, Infrastructure Eurasia, European Bank for Reconstruction and Development

Hayat Agathe Ouchenir

Regional Infra Upstream Lead, International Finance Corporation

Rémy Hassendorfer

Eurasia Director, Meridiam

Since 2017, Uzbekistan has taken significant steps to modernize and expand the country's existing infrastructure, from stabilizing energy supplies to investing in transport and telecommunications. The improvements achieved so far provide a solid foundation for further initiatives to unlock the country’s full economic potential and make it one of the best places to do business.

In this panel, we will discuss projects and targets for the next five years as well as the opportunities and challenges that lie ahead. We also will focus on how private sector investment in Uzbekistan’s infrastructure can complement the ongoing assistance from international institutions such as the World Bank and the Organisation for Economic Co-Operation and Development.

17:30 – 18:00

Moderator:
Ryan Chilcote

Correspondent, Bloomberg Television and CNN alumnus

Panellists:
Jamshid Kuchkarov

Deputy Prime Minister, Uzbekistan

Hela Cheikhrouhou

Regional Vice President, International Finance Corporation

Irina Bokova

Former Director-General of UNESCO

Nazeem Noordali

COO, International Islamic Trade Finance Corporation

Philippe Guitard

Senior Executive Vice President, Veolia Group

At this closing session, we bring together the key partners and stakeholders driving Uzbekistan’s journey towards a transparent, secure, sustainable, inclusive and private sector-driven economy: important achievements and lessons learned so far and where the Development Strategy 2022-2026 will take us. 

 

We remind ourselves that the private sector-driven strong economic growth with targeted social policy and infrastructure upgrade is necessary to achieve Uzbekistan’s national SDG goals. Finally, this ambitious reform program will only be successful if people are both the drivers and the beneficiaries of everything we do. 

16:00 – 16:15

Partner Events

12:00 – 13:15

Moderator:
Syed Afsor Uddin

PPP Advisor to the Ministry of Finance, Uzbekistan

Speakers:
Odilbek Isakov

Deputy Minister of Finance, Uzbekistan

Peter Marro

Advisor and Head, Client Solutions Team, Office of the Director General, Central and West Asia Department

Sanjar Nosirov

Head of Credit Institutions regulation methodology department,  Central Bank

Cassandra Colbert

Regional Manager for Central Asia, IFC

Dilnavoz Kuldashova

Head of the Unit for the analysis of the PPP projects in healthcare, defence and law enforcement sectors, PPP Development Agency

 

Uzbekistan, with the support of the World Bank and ADB, is establishing an IFDC to develop infrastructure PPP projects. The company will support projects in line with Uzbekistan's Development Strategy for 2022-2026, including the creation of the necessary infrastructure in the sectors of energy, utilities, transport, ecology, healthcare and education.

 

This session will examine the international experience of developing similar financial institutions in other emerging markets and will focus on the rationale for creating the IFDC in Uzbekistan. The Asian Development Bank will set out the proposed organizational, financial and governance structure for the proposed IFDC and highlight the business investment opportunities for private sector investors.

13:15 – 14:45

All guests are cordially invited to enjoy our traditional Uzbek cuisine

14:45 – 16:00

 

 

 

Moderator: Nargiza Alimukhamedova – Economist, Course Leader, Westminster International University in Tashkent

 

Panellists:

  • Akhadbek Khaydarov – Deputy Minister of Finance, Uzbekistan
  • Yves Cabannes – Emeritus Professor, Bartlett Development Planning Unit at the University College London
  • Giovanni Allegretti – Dr Architect, Senior Researcher, Centre for Social Studies at the University of Coimbra
  • Zhuang Ming – Executive Coordinator, HuiZhi Centre Chengdu
  • Vladimir Vagin – Head of the Centre for Initiative Budgeting, Financial Research Institute, Ministry of Finance
  • Roberto Herrera – Expert, Knowledge and Innovation UN-HABITAT Global Headquarters in Kenya
  • Khushnudbek Khudoyberdiev – Journalist and Lawyer   

 

Participatory budgeting, where citizens play a direct role in local public spending decisions, leads to more fair and transparent decisions about public resource distribution and supports regions' sustainable development. In participatory mechanisms, public control is key to more efficient and effective use of public funds.

 

In this session, we will discuss the opportunities for citizen engagement in the budget process as a resource for regional development.

14:45 – 16:00

 

Moderator: Andrew McCartney – Senior Financial Sector Economist, Asian Development Bank

 

Speakers:

 

  • Shukhrat Atabaev – Chairman of the Management Board, Xalq Bank
  • Andrew McCartney – Senior Financial Sector Economist, Asian Development Bank
  • Dilshod Kutliyev – Deputy Chairman of the Management Board, Xalq Bank
  • Roger Thomson – Independent Member of the Supervisory board, Xalq Bank
  • Taron Ganjalyan Independent Member of the Supervisory board, Xalq Bank
  • Kaiser Naseem – Independent Member of the Supervisory board, Xalq Bank
  • Sirojiddin Zaynutdinov – Independent Member of the Supervisory board, Xalq Bank

Xalq Banki has been undergoing a transformation supported by the Asian Development Bank since the five-year state strategy was announced in May 2020.


This presentation will outline the current status of the bank, its relationship with the government and the role of the bank in financial inclusion. The event will primarily focus on potential growth areas and transformation toward self-sustainability.


Xalq Banki runs Uzbekistan’s largest branch network, serving 38.4% of the country’s population aged 18 and above, and focuses on lending to family entrepreneurs. Xalq Banki’s broad retail footprint partly stems from the fact that it is the only bank responsible for pension distribution in the country.

16:15 - 17:30

 

Moderator:  David Knight – Lead Country Economist & Program Leader, Central Asia

 

Speakers:

  • Tanzila Narbaeva – Chairperson of the Senate, Uzbekistan
  • Timur Ishmetov – Minister of Finance, Uzbekistan
  • Ibrokhim Abdurakhmonov – Minister of Innovative Development, Uzbekistan
  • Irina Bokova – Director, Whiteshield
  • Antonio Somma – Partner and Director, Whiteshield
  • Ilias Skamnelos – Practice Manager - Finance, Competitiveness and Innovation, World Bank

 

Uzbekistan’s performance in international ratings and indices serves as a useful tool for policymakers to measure economic and social progress, understand gaps in capabilities, and design targeted policy reforms.

 

This session will focus on findings regarding Uzbekistan’s rating performance, with a panel discussion on policy gaps and future initiatives that can accelerate the achievement of objectives in line with Uzbekistan's Development Strategy for 2022-2026.

16:15 - 17:30

 

Moderators: 

  • Kagan Karamanoglu – Partner, Strategy & Europe
  • Natalya Lim – PwC Eurasia Advisory Leader 

 

Panellists: 

  • Peter Gassmann – Global ESG PwC & Strategy & Leader
  • Ilkhom Norkulov – First Deputy Minister of Economic Development and Poverty Reduction, Uzbekistan 
  • Nazrullo Oblomurodov – Chairman, State Committee on Ecology and Environmental Protection, Uzbekistan
  • Timur Rahmanov – Director General, Abu Dhabi Uzbekistan Investment 
  • Maslov Andrey – Chief Executive Officer, Orient Group of Companies

Recent global trends are leading SOEs and corporations to align themselves with environmental, social and governance (ESG) principles to ensure a sustainable business going forward.

 

In this session, we discuss global and local practices and the importance of transformation and ESG on SOEs and the private enterprise.

17:30 – 19:00

 

As a chair of the CCAMTAC Steering Committee for FY 2022, Uzbekistan is hosting hybrid update meetings for its committee partners – Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan and Turkmenistan as well as development partners. 

 

During the update meeting, SC members and Development Partners will be informed about CCAMTAC’s latest activities and the work plan for the rest of FY 2023. It will also be an occasion to discuss capacity development issues more broadly. Those who are not able to attend can join remotely.

16:00 – 16:15

9:30 – 13:30

 

One-on-one meetings between Uzbek corporations and international investors hosted by Wood & Company (by invitation)

 

The potential size and growth opportunities offered by the Uzbek capital market make it an attractive target for global and regional funds in search of new potential investments.

 

The Uzbekistan Investor Day conference will give some of the country’s largest and most attractive companies a chance to hold a one-on-one meeting with seasoned emerging markets and frontier investors from the UK, USA and the rest of the world. 

09:30 – 10:45

 

Moderator: Bokhodir Ayupov – Advisor to the Director of IT Park on International Affairs

Speakers:

  • Sherzod Shermatov – Minister for the ICT Development, Uzbekistan
  • H.E. Manish Prabhat – Ambassador of India to Uzbekistan
  • Nodir Turdimatov – CEO, Revotech
  • Mikhail Bunchuk – Senior Digital Development Specialist, The World Bank in Uzbekistan
  • Daniel E Hall – Commercial Officer, U.S. Embassy in Uzbekistan

 

The IT and Business Process Outsourcing industries are growing exponentially year after year, bolstering the global economy. 

 

Cost-effective services, a large pool of English-speaking skilled manpower and a well-developed IT infrastructure are some of the reasons that make Uzbekistan the new preferred outsourcing destination.

 

The Government of Uzbekistan is implementing consistent measures to strengthen the IT outsourcing and BPO industry in Uzbekistan: legislation that meets international requirements, the availability of a large number of young talents, the necessary modern infrastructure, tax and customs benefits, the availability of quality education in the field of information technology and much more.

10:45 – 12:00

Speakers:
Odilbek Isakov

Deputy Minister of Finance, Uzbekistan

Behzod Hamraev

Deputy Chairman of Central Bank, Uzbekistan

Axel van Nederveen

Managing Director and Treasurer, European Bank for Reconstruction and Development

Jonathan Grosvenor

Assistant Treasurer, Asian Development Bank

Ron van Rooden

IMF Mission Chief

 

This will be the second closed-door working-level discussion between Uzbek officials and international donors. 

 

The meeting will focus on Uzbekistan’s progress in the development of the money market and local currency bond market under efficient Sovereign Asset Liability Management with the support of IFIs.

12:15 – 13:30

 

Moderator: Nargiza Alimukhamedova – Economist, Course Leader, Westminster International University in Tashkent  

 

Panellists:

  • Akmal Khamidov – First Deputy Chairman, Microcreditbank
  • Brian Kuwik – Senior Vice President, Accion International
  • Ainur Zhanturina - An independent consultant for the Strive Central Asia project
  • Andrew McCartney – Senior Financial Sector Economist, Asian Development Bank
  • Ulugbek Tilyaev – Lead, Banking Advisory Service, Central Asia Financial Institutions Group, International Finance Corporation

 

In recent years, Uzbekistan has made progress in improving financial inclusion, with an increase in both account access and digital payment usage. 

 

However, there is a huge unsatisfied demand for microfinance services in Uzbekistan and SMEs are hampered by limited access. The share of microfinance organizations in loan portfolios is only about 1%.

 

To help resolve this issue Microcreditbank in cooperation with “Accion International” is working on establishing a microfinance organization. The organization will be open to foreign equity and debt investors, who are especially active in the microfinance sector. 

12:15 – 13:30

 

Moderator:  Ludmila Kiktenko – Environment Program Manager, CAREC 

 

Panellists:

  • Ilkhom Norkulov – First Deputy Minister of Economic Development and Poverty Reduction, Uzbekistan
  • Marco Mantovanelli – Country Manager for Uzbekistan, World Bank
  • Matilda Dimovoska – Resident Representative of the United Nations Development Programme Uzbekistan
  •  Weijen Leow – Senior Environmental Finance specialist, World Bank
  • Come Dechery – Public Finance Specialist, Agence française de Développement (AFD)
  • Bektemir Murodov – CFO, Artel Electronics
  • Bobur Bekmurodov – Chairman, Yuksalish Nationwide Movement 
     

 

Uzbekistan is poised for a remarkable transition to a market-based economy by building on the success of initial reforms. There is an opportunity to enhance the ongoing transition with a green approach to achieve a more sustainable and inclusive economy. Green policies support better resource allocation, more competitive enterprises, and reduce the vulnerability of population. The Government of Uzbekistan recognizes the synergies between economic development and green principles and has embraced this with its “Strategy for the Transition to a Green Economy.” 

 

The launch of the World Bank report, “Towards a Greener Economy in Uzbekistan” highlights opportunities for greening the economic transition, including resource efficiency and landscape restoration; low-carbon energy, resilience against natural disasters and climate change; urban air quality and sustainable cities;, green employment and public institutions as well as green finance. 

 

The panel discussion will include representatives of MEDPR, World Bank, UNDP, Nationwide Movement Yuksalish, Private Sector, and Central Asia Regional Economic Cooperation Program. A brief overview of the report’s key findings and recommendations will set the stage for the panel.

13:30 – 14:45

 

Samarkand Regency Amir Temur 

Silk Road by Minyoun

14:45 – 18:30

 

TBC Bank’s senior management will provide a comprehensive review of the company’s strategic priorities as well as its financial and operating performance to investors and analysts.

 

The event will showcase TBC PLC’s highly successful investment into a leading local payments provider, Payme and establishment of the TBC UZ, a fully-digital bank. Among other topics, the event will focus on how its Uzbek business supports the Group’s growth and diversification strategy.

14:45 – 16:00

 

    14:45 - 15:20 Uzmetkombinat presentation

  • Tatiana Budei – Deputy Chairman – CFO, Uzmetkombinat
  • Wesley Davis – Senior Managing Director, Delphos International
  • Karen Srapionov – Director, Avesta Investment Group 

 

    15:20 - 16:00 Qishloq Qurilish Bank 

  • Аlisher Muratov – Chairman, Board of Qishloq Qurilish Bank
  • Cigdem Akin – Principal Public Management Economist, Asian Development Bank
  • Roman Lesnikov – Head of Financial Institutions Service, Ernst & Young
  • Mantas Shekevicius – CEO, Victory Funds – a member of the Board of Qishloq Qurilish Bank 
  • Karen Srapionov – Director, Avesta Investment Group  

 

In Uzbekistan the capital market initiatives already underway include efforts to diversify the investor base, attract foreign investors, diversify financial instruments, stimulate a secondary market and introduce international standards and principles. 


Special attention is given to transforming the governance and financial reporting of state-owned enterprises (SOEs) and state-owned banks. As such, measures are being taken to implement IFRS, as well as appoint independent members with international experience to the supervisory boards and executive management.


Another important factor is attracting reputable international consultants to participate in this transformation process. Ultimately, SOEs and SOBs must be efficient, transparent, and accountable, to help drive private sector growth, as well as sustained and inclusive economic growth.


Under President Mirziyoyev’s multifaceted reform agenda, the development of Uzbekistan’s capital markets is accelerating in tandem with the economic liberalisation of the country and transformation of its SOEs and SOBs. The country is on a sustainable path to achieve its aim of developing the capital markets as part of a modern, efficient and stable financial system.


This session is dedicated to another two of Uzbekistan`s IPO pioneers – Qishloq Qurilish Bank JSCB and Uzmetkombinat JSC. Qishloq Qurilish Bank JSCB will outline the current status of its transformation under the government’s long-term strategy for state-owned banks and discuss its future plans. The bank will also present its aim to become the first state-owned bank to move towards the privatisation through a local IPO on the Tashkent Stock Exchange, and the details about bank’s historic performance, development goals and the IPO process.


Uzmetkombinat JSC, the only producer of ferrous metal in Central Asia, will provide details on one of the most ambitious expansion plans among industrial companies in Uzbekistan, aiming to increase capacity by 2.5 times. Being one of the most liquid and actively traded blue chips Tashkent Stock Exchange, the company is moving toward the FPO process to significantly increase the free-float volume and provide larger groups of investors an opportunity to purchase its shares via the exclusive arranger Avesta Investment Group.

 

14:45 – 16:00

Moderator:
Farrukh Abdullakhanov

Partner, Head of consulting KPMG in Uzbekistan

Panellists:
Nodirbek Vakhidov

Partner of KPMG, Managing Partner in Uzbekistan

Adamas Ilkevicius

Expert on transformation of state companies, Ministry of Finance  of the Republic of Uzbekistan

Oksana Borisova

Partner, KPMG Information Technology Advisory Group in Uzbekistan

Almira Bekreneva

Partner, Head of Accounting, Reporting and Automation services group, ACCA

Bolat Mynbayev

Partner, Head of Strategy and Operations Group KPMG Caspian

Saltanat Sandykbayeva

Director of Deal Advisory KPMG in Uzbekistan

Vladimir Polyakov

Director of Deal Advisory KPMG Caspian

At the current dynamic development stage, organisations need to embrace transformation or run the risk of becoming irrelevant to the marketplace. Enterprise-wide transformation is driven by external triggers, such as threats of economic shocks affecting financial, business, and operational models; or internal motives, such as ensuring synergies and efficiencies within and across business units and aligning stakeholder interests. 

 

KPMG helps organisations determine the feasibility and scope of transformation. With their strategic thinking and set of practical transformation skills, KPMG experts underpin the transformation process, not by simply proposing or planning and facilitating change across the enterprise, but by providing a range of development directions that are relevant to most organisations. This workshop is exactly where the experts share their experience.

16:15 – 17:30

 

Moderator: Ben Slay – Senior Economist, United Nations Development Programme

 

Panellists:

  • Akhadbek Khaydarov – Deputy Minister, Ministry of Finance
  • Matilda Dimovska – Resident Representative United Nations Development Programme Uzbekistan
  • Charlotte Adriaen – Ambassador of the EU to Republic of Uzbekistan
  • Nelson Stratta – United Nations Development Programme Expert
  • Marco Mantovanelli – World Bank Country Manager for Uzbekistan
  • Ahtesham Khan – Head of Tax for SDGs, United Nations Development Programme
  • Jose Francisco Pacheco Jiminez – Expert on Social Protection Financing, International Labour Organisation
  • Mr. Sherzod Komilov – Deputy Head of Division, Ministry of Finance, Uzbekistan 
     

 

Implementing an ambitious reform agenda and achieving Sustainable Development Goals in Uzbekistan requires substantial financial resources. According to recent estimates, the SDG financing gap in Uzbekistan is around $6 billion annually.

 

An Integrated Financing Strategy has been developed to build a more holistic approach for managing the public and private financing flows needed to achieve national development priorities and SDGs, mobilise more financing from domestic and external sources and make existing policies more coherent.

 

This session presents with the Financing Strategy, and opens a discussion on how the development partners can support its implementation.

10:45 – 12:00

 

10:45 - 11:10 UzAuto Motors

  • Aziz Shukurov – Deputy Chairman, Uzavtosanoat
  • Yevgeniy Mojeyko – Executive Director, Freedom Finance
     

11:35 - 12:00 Uzbekneftegaz

  • Begzod Usmanov – Deputy Chairman, Uzbekneftegaz 
  • Oleg Pushkarev – Head of Russia and CIS, Rothschild & Co

 

Uzbekistan has entered the next phase of its market reforms, paving the way for further liberalization. A key to this process is creating a more competitive and efficient corporate sector by transforming state-owned companies and banks, as well as pushing forward on privatization and capital markets development.


One of the most promising initiatives is the push to expand the capital markets footprint. With a strong commitment to strengthen both debt and equity markets and attract more foreign investors to the country, the government is initiating local and international IPOs and SPOs for 23 national champions over the next two years. Pioneers of this approach include Uzauto Motors JSC, Uzmetkombinat JSC, Uzbekneftegaz JSC, and Qishloq Qurilish Bank JSCB.


In this session, state-owned companies and banks will share with investors their financial results and achievements, development strategies, potential investment opportunities, and IPO announcements. 


One of Uzbekistan`s IPO pioneers and the largest car manufacturer in Central Asia, UzAuto Motors JSC will present its development strategy and short-term plans to increase the production volume and showcase the new car models under its GEM strategy, and discuss its aim to become a public company through a local IPO on the Tashkent Stock Exchange, as well as an international IPO. 


UzAuto Motors JSC will also present its current production capacity and financial details, as well as financial and production projections to the investors and media.


Another Uzbekistan IPO pioneer, Uzbekneftegaz JSC will outline its equity story, the current status of transformation and discuss its strategy. The company, with its century of experience of processing of hydrocarbon raw materials also will discuss its future plans regarding methods of the privatisation including IPO, and provide information about the business-processes to foreign participants, investors and the media.
 

12:00 – 12:15

16:00 – 16:15

Speakers

Tanzila Narbaeva

Chairperson of the Senate of Uzbekistan

Ravshan Gulyamov

Advisor to the President, Uzbekistan

Jamshid Kuchkarov

Deputy Prime Minister, Uzbekistan

Anna Bjerde

Vice President, World Bank

Jamshid Khodjaev

Deputy Prime Minister, Uzbekistan

Shixin Chen

Vice President, Asian Development Bank

Konstantin Limitovskiy

Vice President, Asian Infrastructure Investment Bank

Jurabek Mirzamahmudov

Deputy Prime Minister, Minister of Energy, Uzbekistan

Timur Ishmetov

Minister of Finance, Uzbekistan

Mamarizo Nurmuratov

Chairman, Central Bank of Uzbekistan

Ilkhom Makhkamov

Minister of Transport

Behzod Musaev

Minister of Health, Uzbekistan

Bahtiyor Saidov

Minister of Public Education, Uzbekistan

Dominique Favre

Executive Director, World Bank

Hela Cheikhrouhou

Regional Vice President, International Finance Corporation

Vakhtang Butkhrikidze

CEO, TBC Group

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