It is more profitable for Central Asia to attract investment as a single region – Timur Ishmetov
Central Asian countries would benefit from promoting the region as a unified market rather than competing for the status of a separate investment hub, according to Timur Ishmetov, head of the Central Bank of Uzbekistan. He claims the region's population is expected to reach 100 million, and its combined economy will reach $1 trillion.
Central Asia benefits from attracting investment as a single region, says Timur Ishmetov
Uzbekistan is striving to diversify its sources of foreign direct investment, avoiding concentration on a single region or country. Central Bank Chairman Timur Ishmetov stated this in an interview with the Financial Times.
Responding to a question about China's significant role in investment inflows, Ishmetov noted that China is a major trade and investment partner for Uzbekistan, owing to its geographic location and historical cooperation.
"But we are diversifying our sources. We currently have very good relations; trade and investment are growing with both Europe and the United States, and we are constantly diversifying our ties," the Central Bank Chairman emphasized.
Ishmetov stated that Uzbekistan does not intend to choose between individual partners.
"Our goal is to constantly diversify, develop new markets, and maintain good relations with a large number of countries in both trade and investment." "We don't have a preference for focusing on any one region or country," he said.
When asked by the Financial Times whether Uzbekistan could become a regional investment hub for Central Asia, the Central Bank Governor proposed considering the entire region as a whole.
"It was this first step—improving relations with our neighbors—that gave a powerful impetus to economic growth in both Uzbekistan and the region. We now have very good relations with all our neighbors, and I believe this is a win-win situation," Ishmetov said.
The Central Bank Governor believes that it would be more beneficial for countries in the region to collaborate in forming a larger market rather than compete for the status of a separate investment hub. This could be more attractive for international investors.
"Instead of looking at each country individually and comparing which is better, it would be more beneficial for all of us if investors viewed the region as a whole." "There are currently over 80 million people here, in a few years there will be 100 million, and at some point the region will become a $1 trillion economy," the Central Bank Governor stated.
To achieve this, he believes, the countries of the region need to more closely coordinate their economic policies and "create a kind of open market between neighbors."