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.
From February 29 to March 1, Tashkent will host the Hotel Business Forum-2024, which will discuss key issues of tourism and hospitality development in Uzbekistan with the participation of world experts, investors and leading industry players.
The event, organized with the support of the Tourism Committee and the Hoteliers Association of Uzbekistan, will become a significant event in the hospitality industry, a platform for business meetings, dialogue and exchange of experience for company representatives and leading experts on new trends in the industry.
The forum focuses on the development and implementation of innovative concepts, turning them into successful enterprises from design to market entry.
It is planned to cover various issues, including green technologies, return on investment in franchises, the role of information technology, environmental aspects, and the digitalization of services in the hotel business.
The event will also feature the National Hospitality Award of Uzbekistan, designed to identify the best companies in the hospitality industry and increase the country’s tourist attractiveness.
The Institute of Advanced International Studies has opened at the University of World Economy and Diplomacy in Tashkent.
The main activities of the Institute are interdisciplinary study of topical issues of international relations, world economy, international law, regional and country studies, preparation of information and analytical documents, forecasts and recommendations on current issues of modern world politics and economy.
The Institute will organize fundamental and applied research on Afghanistan and South Asia, the Asia-Pacific region, European and American directions, contemporary global development, sustainable development, energy geopolitics, economic diplomacy, international law, as well as the study of anthropology and conflict studies.
This “think tank”, consisting of 8 research centers and laboratories, is composed of experienced and highly qualified specialists and experts in international relations, including diplomats, 3 doctors of sciences and 5 candidates of sciences, including those with experience in international organizations, including UN structures, universities of the United States, Great Britain, Japan and others.
State-owned enterprise Antonov (Kyiv) and JSC Tashkent Mechanical Plant (TMZ), following the results of the recent negotiations and visits by the Ukrainian side of the production facilities of TMZ, agreed on a “road map” and on creation of a working group for studying the technological potential of TMZ and the possibility of organizing the production of aircraft parts and assemblies by order of Antonov.
According to the TMZ website, the start of the dialogue was preceded by a meeting in Kyiv of the founder of the investment company Welfare Investment Alliance (Uzbekistan), Alisher Abdualiev, with Director General of Antonov state-owned enterprise Serhiy Bychkov.
During negotiations between Head of the board – TMZ Director General Zafar Isokov and Antonov General Designer Oleksandr Dveyrin with the participation of the Welfare Investment Alliance leaders, the prospects for exporting previously manufactured products and the possibility of expanding the production of parts and assemblies for modern aircraft of SOE Antonov and its subcontractors were discussed.
TMZ said that it continues to produce individual parts and assemblies for the aviation industry, carries out systematic work to restore the production of components for aircraft on the basis of direct contracts with aircraft manufacturers.
SkyUp (Kyiv) will operate two nonscheduled flights on the Kyiv- Tashkent (Uzbekistan)-Kyiv route on October 15 and October 29, 2020.
The airline’s press service said on Friday that tickets are available for a price of UAH 8,400 one way. People can buy them on the official website of the company in the All Flights – Special Flights section.
The airline said that from October 1, 2020, to enter Uzbekistan, it is necessary to have a negative PCR test done no later than 72 hours before arrival in the country.
SkyUp Airlines (Kyiv) will perform an irregular flight to Tashkent (Uzbekistan) on October 1, ticket prices start at UAH 9,031 one way.
According to the press service of the company, the PQ7979 aircraft will depart from Kyiv on October 1 at 04:10 and arrive in Tashkent at 11:20. Flight PQ7980 will return to Ukraine from Tashkent on the same day at 12:20 and arrive in Kyiv at 16:00.
Tickets can be purchased on the airline’s website in the All Flights – Special Flights section.
SkyUp notes that from October 1, to enter Uzbekistan, one needs to have a negative PCR test done no later than 72 hours before arriving in the country.
According to the Ministry of Health of Ukraine’s data of September 25, Uzbekistan is included in the “green” zone, therefore, after entering Ukraine, self-isolation or taking a PCR test is not required.
