Translated with AI
On the second day of the Tashkent International Investment Forum 2025, key panel sessions were held on Islamic financing of small and medium-sized businesses, as well as the prospects for industrial development in Uzbekistan, the event organizers reported.
One of the central discussions was the session entitled “Financing small and medium-sized businesses through Sharia financial instruments: the path to accelerated growth.” The event was moderated by the Chairman of the Council of the Islamic Finance Association of Uzbekistan Bakhrom Numanov.
A new initiative was presented at the session: the Economic Empowerment Fund of Uzbekistan (EEFU) platform with a capital of $100 million. The fund is managed by the investment company SEAF, and financing is provided by the Islamic Development Bank Group, the Saudi Fund for Development and the Fund for Reconstruction and Development of Uzbekistan.
According to SEAF Managing Director Ian Cherim, small and medium businesses play a key role in the country’s sustainable economic growth. He emphasized the growing interest of Uzbek businesses in Islamic financial products, as well as the need to further develop the relevant infrastructure.
Islamic Development Bank Manager Ali Khan noted the importance of a comprehensive approach to supporting entrepreneurs, especially in rural areas.
"Economic opportunities are not just about access to finance. It is necessary to develop logistics, sales markets and infrastructure in remote areas," he said.
The head of ACWA Power in Uzbekistan, Sumendra Raut, said that the organization has already invested over $5 billion in the republic in 19 projects and plans to sign an agreement with the government of Uzbekistan for a similar amount. He noted that Islamic finance provides a “sustainable and ethical alternative” to traditional financial instruments.
The session was also attended by SEAF Managing Director Gary Dodge, CEED Founder Nikolay Yarmov, Vision Invest Development Director Kapil Lalwani and Deputy Director of the Fund for Reconstruction and Development of Uzbekistan Olim Yusupov. The participants discussed the benefits of Shariah finance in creating an inclusive financial environment and its potential for SMEs.
Industrial development: focus on the automotive industry and green technologies
The second key panel of the forum, entitled “Industry: Unlocking New Potential,” focused on the development of the automotive, electrical engineering and mechanical engineering industries in Uzbekistan.
According to Giuseppe Collino, Managing Director of Boston Consulting Group, the forum platform brought together business representatives from the US, Europe and Asia, which allows for constructive discussions of development prospects even between competitors.
BYD Managing Director for Central Asia Ivan Cao said that the company has completed three key stages of the project in Uzbekistan – launching sales, preparing for localization, and opening a plant in the Jizzakh region in December 2024.
"Since its launch, the company has produced over 10,000 electric vehicles. We have already presented seven models and plan to bring new developments to the market in 2025," he noted.
The company has created more than 1,500 highly skilled jobs and is actively developing its production and distribution chain within the country.
General Manager of CNH Industrial Oybek Burkhanov emphasized that changes in global supply chains open up opportunities for Uzbekistan to rethink its industrial strategy and create added value through localization of production.
Another interesting international project was presented by the Chairman of the Global Neighbours organization, Giovanka Porche. He announced an international research expedition from China to Europe by train, which will pass through Central Asia. The project plans to hold conferences with the participation of politicians, entrepreneurs and representatives of the cultural sphere.
“This will be a mobile World Economic Forum, bringing together technology, politics and culture,” he stressed.
Following the session, participants noted Uzbekistan’s readiness to form new industrial clusters, especially using “green” technologies, and also emphasized the importance of creating a favorable environment for international investors.
The Tashkent International Investment Forum is held annually and is one of the leading platforms in the region for presenting the economic potential of Uzbekistan, as well as establishing international partnerships.
