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.
