Management of research and innovation in the financial and economic sector

Arzikulov Nodir Shodiyevich

Head of management of research and innovation in the financial and economic sector

+998 (71) 203-32-23

Internal number: 301


  • development and implementation of innovations in state and public building with consideration of long-term development scenarios of the country, strategic and preventive planning to ensure accelerated economic development, comprehensive analysis and forecast of government agencies and organizations for provision of necessary conditions for sustainable growth of the socio-economic potential of the country;
  • development of international cooperation and improvement of regulatory framework for implementation of innovative ideas for sustainable growth of the country's financial and economic potential.Telephone: +998 71 203 32 23 (Ext. 138)

Division of Monetary Policy and Banking



Division of development of budget and tax system



Division of investment attraction



Division of development of social services and pension provision



Division of Demographic and Employment Studies


Despite the tremendous work done over the past two years to develop a favorable environment for doing business and attracting investments, there are still quite a few problems hindering the accelerated development of start-up projects:

  • limitations in the choice of organizational forms of doing business, including investment;
  • lack of an organizational platform for attracting investors, especially foreign ones;
  • lack of professional investment managers;
  • excessive regulation of the relationship between investors and business project initiators;
  • the absence of definitions in statutory acts that give the meaning of who are qualified investors, investment and management companies.

In order to eliminate these shortcomings, the President of the Republic of Uzbekistan Sh.M. Mirziyoyev On October 24, 2018 signed the Decree of the President of the Republic of Uzbekistan No. UP-5583 “On additional measures to improve the mechanisms of financing projects in the field of entrepreneurship and innovation” which was developed by the Ministry of Innovative Development.

The document gives clear definitions of market participants:

An investment company is a commercial organization that is engaged in the formation and accumulation of money of qualified investors, attracted by the management company for their investment in projects;

The management company is a commercial organization that manages the investment contribution of the investment company in accordance with the contract concluded between them;

A venture fund is an investment company that is managed by a management company and is intended to invest exclusively in high-risk venture projects;

Qualified investors are legal entities and individuals, including foreign ones, who have made deposits of at least 500 million soums in any currency.

In addition, it is determined that the activities of management and investment companies can be created in any legal form, unless otherwise provided by law, their activities are not licensed.

Most importantly, the relationship between investment companies, management companies and qualified investors are regulated solely on the basis of an agreement. However, these provisions act as an experiment until January 1, 2022, to study and evaluate the performance of established investment and management companies, which will result in recommendations for further regulation of investment and management companies.