City of London expertise moves closer to Tashkent’s investment reforms

Uzbekistan is developing direct connections between its new international financial hub and the City of London, as it introduces a legal framework modeled on English common-law principles to lure foreign investment. Javlon Vakhabov, Director of the International Institute for Central Asia, told Euronews that the UK could provide valuable investment expertise and English common law to the Tashkent International Financial Centre.

The centre, established in March, will operate under a distinct legal system using English common law and featuring an independent international commercial court and arbitration mechanisms. Uzbekistan approved organizational measures for the centre's launch on September 10. British knowledge and expertise could bolster cooperation with Uzbekistan and the broader Central Asian region.

In May, the National Investment Fund of Uzbekistan, managed by Franklin Templeton, made its London debut as the first Uzbek fund to be listed internationally. Uzbekistan aims to attract private capital while implementing stronger financial reporting and corporate-governance standards. Discussions at the inaugural Central Asia–UK Think Tank Forum focused on turning political interest into investable projects, with potential areas of cooperation including critical minerals, agriculture, education, technology, digitalization, and artificial intelligence.

British expertise in finance, English law, arbitration, and compliance was deemed crucial for meeting the requirements for access to international capital, such as due diligence, anti-money-laundering rules, procurement, transparency, sanctions compliance, and reputational risk.