The III International Investment Forum (IIIF) successfully completed its work in Uzbekistan. The event gathered more than 2.5 thousand participants from 93 countries, providing a platform for global dialog and exchange of best practices in the investment sphere.
One of the key events of the forum was the presentation of regional energy projects (construction of Kambarata HPP-1 and Javan HPP) to foreign investors. The presentation was held with the participation of the Prime Ministers of the Republic of Uzbekistan and the Kyrgyz Republic, which emphasized the importance of these projects for the entire region.
The forum attracted the attention of international media and was covered by more than 110 foreign publications from 30 countries, including the world’s leading media: “CNN”, “Euronews”, “London Post” and “Associated Press”.
As a result of TMIF, agreements totaling $26.6 billion were signed, which is evidence of Uzbekistan’s high investment attractiveness and the success of the forum. For comparison, 167 documents worth $11 billion were signed at TMIF in 2022, which demonstrates a significant increase in investment interest in the country.
In particular, agreements were reached on the realization of the following major investment projects:
– “Data Volt” from Saudi Arabia will be engaged in the construction of urban infrastructure in “New Tashkent” for the amount of $1 billion, as well as create a “data center” based on green technologies for the amount of $3 billion.
– Saudi Arabia’s Acwa Power is implementing projects to build a 5 GW wind farm in the Republic of Karakalpakstan and create 2 GW of electricity storage capacity for a total of $6.2 billion.
– UAE-based Amea Power will implement a $1.1 billion project to build a 1,000 MW wind farm in the Republic of Karakalpakstan.
– Saudi Tabrid will start modernization of the heat supply system in Nukus, Fergana and Kuvasai at a cost of $750 million.
– Egypt’s Nil Shugar will grow sugar beets and produce sugar in Jizzak oblast at a cost of $500 million.
– The Chinese company Shanghai Knud International is implementing a $205 million project to produce textile and garment products in Namangan region.
– The company “Wilmar International” (Singapore) will produce food products and confectionery in Tashkent region to the amount of $200 million dollars.
In addition, the forum reached agreements with a number of the world’s largest companies, such as “Orascom Investment” (Egypt), “Bonafarm Grup” (Hungary), “Sayar” (USA), “Goldwind”, “Sinoma” (China), “Sam Yapi” (Turkey), “Pasha Development” (Azerbaijan), “Lasselsberger” (Austria), “Petrosat Chexelsoton” (Iran) on realization of new investment projects worth $6.6 billion.
The event included a rich program of panel sessions, discussions, business breakfasts and round tables where the most important aspects of economic development were discussed. The central topic was the role of the government, investors and entrepreneurs in supporting small and medium-sized businesses.
At the session devoted to anti-corruption, experts emphasized that the effective fight against corruption and crime in the economy is a key factor for improving the investment climate. They noted that creating a safe and transparent business environment plays an important role in this process.
“A successful fight against corruption requires a comprehensive approach that includes strengthening legislation and increasing transparency of government actions,” said Akmal Burkhanov, director of the Agency for Countering Corruption of the Republic of Uzbekistan.
The session devoted to retail trade outlined the main challenges and opportunities for the industry. The participants expressed their opinion on the need to improve tax legislation and simplify import procedures. They also noted that it is important to create conditions for successful adaptation of new brands on the market.
“Thanks to the decree on the reduction of customs duties, we managed to set fair prices like in the UK and Kazakhstan,” shared Ilya Lyapustin, Sales and Marketing Director of Tashkent City Mall.
The business breakfast dedicated to women’s entrepreneurship emphasized the significant impact of businesswomen on society. Speakers presented inspiring examples and strategies for striking a balance between profitability and social responsibility.
The focus was on attracting foreign investment through residence permit programs.
“Over the past few years, Uzbekistan has established itself as an attractive destination for global investors due to its openness to cooperation and prospects in the real estate sector,” said Akram Mukhamatkulov of Henley&Partners.
The roundtable “Supply Chains and Sustainability: finding a balance in the face of uncertainty” discussed the challenges and strategies to ensure the sustainability of global supply chains.
“Turkey and Uzbekistan have a strategic partnership, and we can significantly strengthen cooperation by working together,” said Turkish Deputy Trade Minister Sezay Ucarmak.
The experts also emphasized the importance of integrating digital technologies into investment strategies. They noted that digitalization is not the future, but already today, and plays a key role in accelerating investment processes and increasing transparency.
At the pitch session “IT-PARK Uzbekistan: New Development Prospects”, plans to turn Uzbekistan into a regional center of information technologies by 2030 were presented.
Sherzod Shermatov, Minister of Digital Technologies of Uzbekistan, spoke about the significance of recent investments. “Yesterday we witnessed an important event – the start of construction of the $5 billion Data Volt green data center, which is a major foreign direct investment project. We are creating a favorable environment for IT companies and launching a Zero Risk program to cover all risks associated with opening and running offices in Uzbekistan,” he said.
At the round table “Connections: Revival of the Great Silk Road”, international experts and representatives of state bodies explored opportunities to expand ties, economic cooperation and cultural exchange along the ancient routes of the Silk Road.
At the roundtable “Integrated Urban Planning: Quality Investments, Comfort for Environment and People”, leading urbanists, architects and representatives of the business community discussed approaches to the development of the city of Tashkent. In particular, BCG Managing Director and Senior Partner Vladislav Butenko emphasized the importance of integrating innovative solutions into urban planning to achieve sustainable urban development. He emphasized that both economic and social aspects should be taken into account in integrated planning, ensuring a balance between them.
The Forum has played an important role in attracting investments for various ministries and regions of Uzbekistan. The agreements signed demonstrate the development of key sectors such as industry, energy, pharmaceuticals and automobile manufacturing.
One of the main achievements of the forum was the agreement between the Ministry of Digital Technologies, the Ministry of Energy and IT company Data Volt on the construction of a data center based on “green” technologies. Experts noted the importance of such projects for Uzbekistan. Minister of Investment, Industry and Trade Laziz Kudratov and Data Volt director Rajit Nanda took part in the signing ceremony.
The III International Investment Forum in Tashkent has come to an end, but the planned initiatives and signed agreements promise active work on attracting investments and ensuring sustainable development. Uzbekistan has reaffirmed its role as a strategic partner in the international arena, attracting the attention of global investors and contributing to the economic growth of the region.
The forum was also attended by representatives of Ukraine, including pharmaceutical business and agro-industrial complex.
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The United States Agency for International Development (USAID) is allocating 60 million dollars to support Ukrainian agriculture, USAID Deputy Administrator Isobel Coleman has said, Radio Liberty has reported.
According to Coleman, the aid package is aimed at implementing a new Harvest program to mitigate the impact of Russian aggression on agricultural production in Ukraine.
“The program aims to help Ukrainian agrarians improve production efficiency, make it more resilient and competitive in times of war, and along with that lay the groundwork for long-term sustainable development of the Ukrainian agribusiness sector. Under Harvest, USAID will help create a regulatory and business environment in Ukraine that unlocks the potential for innovation and helps leverage private business resources to help Ukrainian agribusinesses continue to feed their country and many other countries around the world,” USAID said.
Coleman noted that the Ukrainian agricultural sector remains one of the main drivers of the Ukrainian economy – in particular, it contributed more than 60 percent of export revenues in 2023. USAID adds that the Harvest program will be part of the Agriculture Sustainability Initiative in Ukraine (AGRI-Ukraine). Since July 2022, the Agency has invested more than $350 million in it, attracting another more than $370 million from other donors.
The Italian embassy in Ukraine has held a ceremony of handing over three ambulances with humanitarian aid, which was the result of the mission of the La Memoria Viva association.
According to the embassy’s press service, employees of the diplomatic institution met Italian volunteers who brought three cars for their symbolic handover to Ukrainians.
The ceremony was attended by people’s deputy Oleksiy Krasov, deputy chairman of Kharkiv region Eugene Ivanov and two representatives of local authorities from the same region – chairman of Bogodukhov district Anatoliy Rystsov and mayor of Krasnokutsk Irina Karabut.
“‘La Memoria Viva’ has launched its 45th humanitarian mission in Ukraine, which continues unabated after more than two years of invasion, and which makes us proud,” said Ambassador Pier Francesco Zazzo.
This aid, made possible thanks to the community of Osegna (Turin) and the Lions Club Turati del Canavese, dedicated to the memory of Senator Eugenio Bozzello. Two medical ambulances will be donated to Kharkiv region and a veterinary ambulance will be donated to the animal shelter “Italia KJ2”, which is run by Italian Andrea Cisternino.
The head of the Office of the President of Ukraine, Andriy Yermak, has met with a delegation of the international group of companies CRH, which is the largest producer of construction materials in North America and Europe, the press service of the Office of the President said on Tuesday evening.
It is noted that the delegation was headed by the group’s chief operating officer Randy Lake, and also included Peter Buckley, president of CRH in Europe, and Guillaume Cavalier, director of CRH in Southern and Eastern Europe.
During the meeting Yermak emphasized that Ukraine is ready to facilitate investments from such powerful global players in every possible way and to discuss all necessary issues with foreign and domestic businesses. According to him, today it is important to understand what exactly needs to be changed to improve the business climate. Strong institutions are needed, and Ukraine even during the war continues reforms, heading towards full membership in the EU.
“For our part – the President, the Office, and the Government of Ukraine – we are ready to fully support you. We are interested that such large investors work in our country and have comfortable conditions. It is very important that despite all the circumstances, the war, you are here and ready to continue to work,” – said Yermak.
As reported, the Antimonopoly Committee of Ukraine AMCU on January 23 reported on the beginning of consideration of the case on concerted actions in the form of implementation of provisions on refraining from competition, enshrined in the concentration agreement between the Irish group CRH and Dyckerhoff GmbH, owning assets in Ukraine.
In June 2023, Italian cement producer Buzzi, listed by the National Agency for the Prevention of Corruption (NAPC) as an international sponsor of war, through its subsidiary Dyckerhoff GmbH, reached an agreement to sell part of its business in Eastern Europe to Irish group CRH, including Ukrainian assets in the form of two cement plants. The transaction is expected to close in 2024.
Later, in September 2023, the AMCU returned CRH’s application for concentration without consideration due to non-compliance with the requirements, and also noted that the group occupies about one-third of the Ukrainian cement market. In October of the same year, the agency reopened the case.
CRH has been operating in Ukraine since 1999. Since November 2021, its cement enterprises in Ukraine have been operating under the Cemark brand: Podolsk Cement JSC (Khmelnytskyi oblast), Cement LLC (Odessa) and Mykolaivcement PJSC (Lviv oblast).
A separate line of CRH business in Ukraine is production of concrete and reinforced concrete products. PoliBeton Energo’s Bila Tserkva Reinforced Concrete Plant is a specialized enterprise that produces supports for power transmission lines. PoliBeton’s concrete unit in the north of Odessa joined CRH in 2020.
CRH is the world’s leading manufacturer of construction materials. The company employs about 71,000 people at its 3,200 plants in 28 countries. It is the largest producer of building materials in North America and Europe. The company is also present in Asia. CRH’s American depositary shares are listed on the New York Stock Exchange.
The prime ministers of Croatia and Greece may run for the presidency of the European Commission, German newspaper Bild reports, citing EU sources. “As an EU insider told BILD, two possible alternatives have already been proposed. Greek Prime Minister Kyriakos Mitsotakis (56, a powerful and influential member of the European People’s Party) and Croatian Prime Minister Andrej Plenkovic (54, won the internal elections this week) have expressed interest,” the Bild article says.
In March of this year, the European People’s Party voted to support European Commission President Ursula von der Leyen as a candidate for the post of European Commission President.
The President of the European Commission is appointed by the European Parliament, the elections to which will be held on June 6-9 this year.
