UK and Uzbekistan forge closer links in financial and related professional services

TheCityUK and the Ministry of Finance of Uzbekistan today signed a landmark Memorandum of Understanding (MoU) to support and increase access and cooperation between the UK and Uzbekistan.

The MoU sets out a framework for a new Uzbek-British Joint Liaison Group to support and encourage the continued development of Uzbekistan’s capital market, and improve opportunities for respective financial and related professional services industries.

Under the MoU, work will be taken forward on the development and improvement of Uzbekistan’s capital markets’ infrastructure and its regulation and oversight. It will also seek to improve the regulatory and administrative environment in which these financial markets operate, with emphasis on corporate governance and asset management.

The MoU also aims to help take forward and facilitate policy dialogue alongside UK Government initiatives designed to mobilise finance to further sustainable development goals in the region.

Finally, the MoU will focus on the exchange of best practices in financial market education, training and qualifications and capacity building - all areas TheCityUK has a strong track record in developing with other international financial centres.

Achieving these objectives will help to develop an attractive business environment for international investment as well as supporting sustainable finance, financial access, and inclusion for macroeconomic growth.

Miles Celic, Chief Executive Officer, TheCityUK, said,

Uzbekistan has made significant strides in developing the potential of its financial and related professional services industry. This new MoU will help the UK industry play a greater role in assisting and shaping the delivery of their ambitious plans, ultimately creating closer ties and opportunities for UK investment into the country and back into the UK and the sharing of insight and experience. As a world-leader in financial and related professional services, the UK is well-placed to help with the development of the framework to support sustainable capital market development and this phase of economic growth in Uzbekistan.”

Odilbek Isakov, Deputy Finance Minister, Ministry of Finance of the Republic of Uzbekistan, said,

We have an ambitious goal to foster capital markets in our country where they are currently underdeveloped. In other large markets of comparable scale, the size of the capital market exceeds that of the banking sector several times over, so there is a tremendous opportunity, both for our domestic economic development, and for foreign investment into Uzbekistan. TheCityUK is a natural partner for us on this journey, who can bring the expertise and experience of the UK industry to help take forward our ambitions and build deeper cross border investment flows between our two countries.”