The Tashkent International Investment Forum, held from May 2-3, showcased Uzbekistan's determined efforts to bolster its chemical industry, attracting both domestic and foreign investment.
Under the theme "Investing in chemical production: the way to a breakthrough," a panel session convened discussions on strategies to accelerate the growth of Uzbekistan's chemical sector and amplify its allure for investors. Lukas Casey of IFC moderated the session, featuring insights from prominent industry leaders, Mathias Kranz, President region Europe-East, Linde, Akbar Kurbanov, Deputy Chairman of the board, UzKimyosanoat, Rahul Singh, Chief Executive, Indorama, Farrukh Samadov, Chairman of the board, Navoiazot, Sergey Radchenko, Principal Consultant, NexantEC.
Mathias Kranz, President of Linde for Europe-East, lauded Uzbekistan's strides in the field, announcing a strategic investment decision:
"We've decided to invest in Uzbekistan on the first day of the forum. Partnering with NavoiAzot, we aim to expand and penetrate the Uzbek markets. The conducive conditions and market potential in the country have prompted this move. The active involvement of the youth is pivotal for our operations. Uzbekistan's market freedom underscores its immense potential. We're fully prepared to embark on this collaboration, which will also enhance exports. With our extensive experience spanning 145 years, we're confident in our capabilities. Our expertise in emissions reduction aligns with Uzbekistan's priorities. We're eager to initiate this partnership."
The burgeoning Uzbek chemical industry, focused on mineral fertilizer production and gas extraction, has emerged as a catalyst for agricultural growth, industrial safety, and economic development. Akbar Kurbanov, Deputy Chairman of UzKimyosanoat, highlighted ongoing projects and collaborations: "We've undertaken several projects in collaboration with foreign partners
. For instance, our collaboration with Indorama since 2018 has led to the establishment of a mineral fertilizer production plant in Kokand. This plant, with an annual output of 1 mn tons, offers competitive pricing and modern equipment, supporting entrepreneurs. We facilitate partnerships with foreign private entities, producing a wide range of products. Our collaboration with Navoiy Azot and HBMC underscores our commitment to fostering private business in Uzbekistan."
The session also saw proposals for accelerating annual growth in the chemical sector, enhancing investment attractiveness, and presenting comprehensive plans for government and private sector cooperation. Speakers advocated for the adoption of advanced technologies, favorable conditions for foreign capital influx, and strengthened collaboration between government and industry to chart a roadmap for sustainable economic growth.
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