Chinese companies are set to invest $825 mn into Uzbekistan's eastern Namangan region. These plans were unveiled during President Shavkat Mirziyoyev's trip to the region on March 25. Cnood Asia, a Chinese firm, aims to construct a textile complex in the Namangan region with an investment of $325 mn. This project, which was presented to the Uzbek leader on March 25, is expected to create 2,800 jobs in the Turakurgan and Kasansai districts.
Another domestic enterprise, “Iftihor kiyim sanoat” is set to invest $197 mn in the production of clothing for the Pierre Cardin and Baldessarini brands.
CITIC Construction, another Chinese company, has plans to widen and reconstruct a motorway between Pungan village in Pap district and Namangan. The project, which is set to commence on April 25, is scheduled for completion in Q4 2025. Meanwhile, China Mining Energy Group is planning to invest $200 mn in copper mining and processing.
Tai Chang Special Steel joint venture is set to invest $50 mn in metal processing and the production of self-tapping screws in the Chust district. An additional $30 mn is planned to be invested in the second phase, creating a total of 1,200 jobs. Guangdong Zomman Energy Technology is planning to install 300 solar panels with a capacity of 200 MW on industrial rooftops for $220 mn in the Turakurgan district.
Merrymed Farm is set to manufacture pharmaceutical products worth UZS 312 bn ($24.7 mn) in Turakurgan district. “Asror Tekstil Sanoat” plans to produce textile products for UZS 55 bn in the Namangan district. Diamond Group of Industries is planning to produce chemical pigments and textile products, as well as printing and dyeing of fabrics for $72 mn in Turakurgan district.
In total, the president was familiarised with 17 investment projects worth $2.3 bn in the Namangan region, marking a significant boost to the region’s economy.
China replaced Russia as Uzbekistan’s primary trading partner in 2023. The trade turnover with China experienced a 1.5-fold increase from $9.06 bn to $13.7 bn. Although the volume of Uzbek exports to the Chinese market saw a 6.4% decrease to $2.5 bn, imports from China surged by 1.7 times, reaching $11.3 bn.
Russia slid to the second position among trading partners, with trade registering a growth of 5.3% (compared to 22.9% in 2022), from $9.38 bn to $9.88 bn.
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