Uzbekistan's economic panorama is experiencing a significant metamorphosis as numerous international enterprises strategically set foot in the Central Asian market. The report done by Spot unveils the intricate tapestry of global companies making a mark in Uzbekistan and delves into the upcoming ventures poised to shape the nation's evolving business landscape.
Successful Entries
Ozon: The Russian E-Commerce Giant
Ozon, a prominent Russian e-commerce platform, has initiated sales operations in Uzbekistan. The platform facilitates orders from any region, offering delivery to partner points or Uzpost branches. Ozon aims to develop its logistics infrastructure in Uzbekistan from 2024, including warehouses and delivery services.
Sportmaster: Russian Retail Excellence
Russian retail giant Sportmaster has entered the Uzbek market with the opening of its first store in Samarkand, focusing on sportswear and accessories. The company has signed a cooperation agreement with Tashkent City Mall for a future outlet.
Costa Coffee: British Brews in Tashkent
Costa Coffee, the British coffee chain, has successfully opened its first outlet in Tashkent through its official franchisee, Best Coffee Chain. Costa Coffee expresses confidence in Uzbekistan's retail sector, emphasizing the nation's continually accelerating retail sales growth.
Uklon: Ukrainian Taxi Service
Ukrainian taxi service Uklon has extended its operations to Uzbekistan, providing dedicated applications for both passengers and drivers.
Yandex Eats: Expanding Culinary Horizons
Yandex Eats, a food and goods delivery service, has expanded its operations to Tashkent, becoming the fifth country in its operational network. Over 250 restaurants in the capital were available on the service at the launch.
OpenAI: ChatGPT for Uzbek Users
OpenAI's ChatGPT neural network has opened registration for users in Uzbekistan, providing access to GPT-4 Turbo with local bank card payments. The move reflects OpenAI's commitment to linguistic inclusivity by allowing users to interact in Uzbek.
Litres: Audiobooks in Uzbek Language
Litres, an electronic and audiobook service, has launched a Uzbek-language version of its website in collaboration with 13 local publishing houses. The service aims to enrich the literary experience for Uzbek speakers, collaborating with key players in the local publishing industry.
Medipol: Turkish Healthcare Expertise
Turkish medical group Medipol has established a representative office in Tashkent, focusing on collaborations with the Ministry of Health, private hospitals, and local universities. Medipol envisions further contributions to the healthcare sector in Uzbekistan, with plans to open a hospital in the republic.
Dyninno: Technology Across Borders
Technology conglomerate Dyninno Group has opened an office in Tashkent, citing Uzbekistan's actively developing economy and high level of education. Dyninno Uzbekistan will support the group's tourism business, contributing to the nation's burgeoning tourism sector.
Sturm: Russian Industrial Solutions
Russian company Sturm has entered the Uzbek market, offering a range of industrial equipment, including machine tools, welding gear, and power units. The company brings high-quality solutions to sectors such as construction, gardening, and electric tools, addressing diverse industrial needs.
Greenwise: Plant-Based Revolution
Russian company Greenwise has commenced supplying alternative meat products to the Uzbek market, tapping into the rising demand for plant-based alternatives. Greenwise stands out as Russia's pioneer in developing plant-based alternatives to meat, fish, and dairy products.
Upcoming Entrants
The following are anticipated entrants into Uzbekistan's market, showcasing the diverse sectors and industries gearing up to establish a presence in the nation.
OMODA: Chinese Automobile Brand. The Chinese automobile brand OMODA is preparing to launch sales in the Uzbekistan market, with the compact crossover OMODA 5 set to debut.
Spar: Dutch Supermarket Chain. The Dutch Spar chain plans to open its first grocery supermarkets in Uzbekistan by mid-2024, focusing on small-format supermarkets.
Papa John's: American Pizzeria Chain. Papa John's, the American pizzeria chain, intends to open six branches in Tashkent, with active recruitment for various positions underway.
Galmart: Kazakh Retailer. Kazakh retailer galmart plans to start operating in the Tashkent City Mall shopping and entertainment center, offering an eco-friendly range of galmart own-brand products.
Whoosh: Kicksharing Service. Whoosh, a kicksharing service, is actively studying the markets of Armenia, Georgia, and Uzbekistan for potential launches, with Uzbekistan identified as a particularly attractive market.
Letual: Perfume Company's Retail Chain. The Letual perfume company plans to develop its own retail chain of stores in Uzbekistan, capitalizing on the sizable young consumer base and Russian relocants.
MED365: Kazakh Startup. Kazakh startup MED365 is preparing to receive necessary certificates to enter the Uzbek market, navigating bureaucratic obstacles with the assistance of partners.
Slava: Russian Department Stores. Russian department stores Slava intend to open their stores in Uzbekistan, with the goal of opening four department stores by the end of 2023.
Service-Telecom: Communication Infrastructure Cooperation. Gazprombank and the Service-Telecom group of companies have agreed to cooperate in the field of mobile communication towers in Uzbekistan, with the aim of creating the first independent infrastructure communications operator.
Medsi: Russian Healthcare Network's Expansion Plans. The Russian network of clinics "Medsi" has registered two brands for medical services, with intentions to operate in Uzbekistan and other CIS countries.
Solar Turbines: American Energy Solutions. The American company Solar Turbines, a part of the Caterpillar group, is considering plans to produce gas turbine engines for energy, hydrogen production, and open a service center for equipment in Uzbekistan.
ChemAgro: Russian Fertilizer Innovation. The Russian company KhimAgro has registered its trademark in Uzbekistan, working towards opening a subsidiary in the country and promoting innovative fertilizers for foliar feeding.
Tadweer: Emirati Waste-to-Energy Project. Emirati Tadweer has signed a memorandum with the Ministry of Environment for a waste-to-energy plant project, potentially launching in Navoi and Bukhara regions, as well as the Fergana Valley.
Alabuga: Special Economic Zone Plans. The special economic zone "Alabuga" aims to create a special economic zone in the Bukhara region, with construction possibly starting next year, pending regulatory documents.
Helix: Russian Diagnostic Services. The Russian laboratory service Helix plans to open the first diagnostic centers in Uzbekistan, establishing about 350 points of the laboratory network.
Orion Tobacco Poland: Investment Plans. Orion Tobacco Poland plans to invest up to 6 million euros in joint production in Uzbekistan, including tobacco production in the Surkhandarya region, a coffee packaging enterprise, and the production of chocolate with nuts in the Samarkand region.
Power International Holding: Qatari Infrastructure Plans. The Qatari national holding Power International plans to open an office in Uzbekistan, considering participation in various projects, including roads, a multi-network hospital complex, hotels in Bukhara, Samarkand, and Tashkent, green energy initiatives, and ammonia and urea production in the Navoi region.
Pronar: Polish Agricultural Machinery Production. The Polish company Pronar intends to invest in the phased creation of agricultural machinery production in Uzbekistan, leveraging the country's available raw materials.
ICBC Standard: Chinese Bank in Uzbekistan. The Chinese transnational bank ICBC Standard intends to begin conducting settlements in Uzbek soums and transactions with government securities.
Total Energies: French Interest in Electric Filling Stations. The French Total Energies is interested in participating in projects related to the development of electric filling station networks in Uzbekistan, with plans to open a representative office in Tashkent covering Central Asia.
PTC Holding: Kazakh Transport and Logistics Center. Kazakhstan's PTC Holding plans to build a multimodal transport and logistics center near Tashkent no later than 2024, citing the market size, cultural proximity, and absence of significant language barriers as reasons for launching the initiative.
Bork: Russian Appliance Brand's Uzbek Stores. The Russian brand of household appliances Bork aims to launch branded stores in Uzbekistan, with new locations expected to open in late 2023 or early 2024.
Siroya Jewelers: Indian Jewelry Venture. The Indian company Siroya Jewelers intends to invest in a joint jewelry venture in Uzbekistan and organize the supply of its products for sale in retail stores.
Uzbekistan sees a surge in global enterprises. Russian giants like Ozon and Sportmaster pioneer diverse sectors, while European players, Costa Coffee and Spar, diversify retail. Ukrainian Uklon and Russian Yandex Eats lead in technology and transport. Upcoming entrants include China's OMODA and ICBC Standard.
Earlier Daryo reported during the initial nine months of this year, Uzbekistan experienced a notable increase in investments, with a total of UZS 226.6 trillion ($18.3bn) in fixed capital. Foreign investments and loans played a substantial role, amounting to UZS 104.4 trillion ($8.4bn). This substantial capital influx underscores Uzbekistan's growing appeal as an investment hub, drawing contributions from diverse countries and fostering economic development.
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