October 22, 2021
Introduction
This interactive session saw intervention from top government officials from Uzbekistan and Seychelles who showcased how they are dealing with investment policy reforms to achieve the Sustainable Development Goals (SDGs) and their national development objectives. High level policy makers presented their countries’ investment policy reform initiatives, emphasising the key actions undertaken to improve the business climate and highlighting strategic policy decisions to increase potential contribution of domestic and foreign investment to achieve the SDGs and their national development objectives. Policymakers also explored new investment policy perspectives.
Session Highlights
The session was divided into two parts. Dignitaries from the government and private bodies of Seychelles and Uzbekistan were present. The session highlighted the importance of the SDGs and stated that the SDGs should be at the heart of any economic policy. This is even more important in the context of having a robust post pandemic recovery. In doing so, countries also need to diversify their economy in the sustainable development areas. The two countries have taken concrete initiatives to reform the investment climate. The investment policy reforms in the two countries have put SDGs at their core.
Seychelles is a high income country in the sub-Saharan African region whose economy heavily relies on the tourism sector. Other sectors of the economy are also, directly or indirectly, linked to tourism. Due to the COVID-19 pandemic, the Seychelles’ government has realised the vulnerability of its economy and is providing utmost importance to diversification of the economy. For this, it is giving importance to sunrise areas of investment such as the blue economy. It is also focusing on development of new skills to the workforce, promoting investment and enhancing entrepreneurship policies, improving infrastructure and the digital economy. The government is also aligning the National Development Plan with the National Business Plan.
The regulatory environment in Uzbekistan is very supportive for investment. This has prompted many international companies and organisations from various sectors like petrochemicals and banking, among others, to invest in the country. Foreign Direct Investment (FDI) inflows have also been rising in Uzbekistan for many years in the mining, automotive, petrochemical and telecommunications sectors. More than 40 countries have invested in the country like Russia, China, and Turkey etc. It is working on connecting central Asia to southern Europe. It is investing in automobiles, roads, railway systems, international airports, gas pipelines, power grids, among others.
Apart from providing a very supportive investment climate, Uzbekistan is also heavily pushing for a green economy and is pursuing the SDGs. Despite of having abundance in natural resources, the country is investing in renewable energy which shows it’s commitment towards protecting the environment. Due to such investments, Uzbekistan was less affected by COVID-19 pandemic. Uzbekistan has also issued sovereign bonds for the first time.
In improving the investment environment, diversification of economy to new sectors and focusing on achieving the Sustainable Development Goals has been given utmost importance. For Uzbekistan, following this approach has not only improved the investment environment but has also yielded better growth outcomes. Seychelles is looking forward to utilising this diversification approach for getting better growth outcomes.
Opening
- Mr. Joerg Weber, Head, Investment Policies Branch, DIAE, UNCTAD
On the panel were:
- H.E. Ms.DevikaVidot, Minister of Investment, Industry and Entrepreneurship, Seychelles
- Mr.FaouziGsouma, Minister Counsellor, Permanent Delegation of the African Union to the United Nations and other international organisations in Geneva
- Mr. Oliver Bastienne, Chairman, Seychelles Chamber of Commerce and Industry (SCCI)
- Mr.OybekElmuratov, Deputy Director, Uzbekistan Investments Promotion Agency
- Mr. David Melikidze, Deputy Chief Executive Officer, Chief Financial Officer, TBC UZ
- Mr. Prakash Kejriwal, Director, Indorama Group
- Ms.XeniyaKlauzan, Senior Manager, Tax and Legal Services, International Private Clients, PwC
Moderator
- Ms.Maha El Masri, Investment Policy Expert, Investment Policy Review Section, Investment Policies Branch, Division on Investment and Enterprise, UNCTAD