Three development projects with foreign investors have been approved and the Tashkent City Administration has adopted measures to ensure the implementation of the agreements reached during the Third Tashkent International Investment Forum. The projects collectively worth $458mn are across varied sectors with investors from China, Russia and Azerbaijan.
This follows the Presidential Decree, issued on May 15, 2024, to bolster investment activities and foster international cooperation. The resolution outlines a practical action plan to facilitate the realization of the deals and initiatives made during the forum.
Three projects were highlighted in the resolution covering varied sectors, one in renewable energy, another in logistics and the last in hospitality.
Talks with Guangdong Zomman Energy Technology began in early January 2024. A high-level delegation from Tashkent, met with the Chinese energy company in Shenzhen to discuss establishing a 100 MW solar energy generation project. The project valued at $100mn it set to be completed by March 2025.
The establishment of a logistics center in the "Yangi Avlod" Special Industrial Zone involves a collaboration with the Russian company Stroitel-98, with a project value of $158mn. The project is scheduled for completion by December 2026.
Azerbaijan's Pasha Holding, through its subsidiary PD Estates, plans to build a Ritz-Carlton hotel in Tashkent, estimated at $200mn. Talks of the hotel brand entering the Uzbek market started in 2018 with the deal being approved in February 2024. The project, scheduled for completion in 2026, will see the 5-star hotel boasting 150 rooms, with $7mn in loans to be disbursed by the end of the quarter. The project, designed by Nihon Sekkei and DP Architects, will be constructed by Murad Buildings.
The III Tashkent International Investment Forum (TIIF) concluded successfully, with $26.6bn in agreements signed, surpassing 2023’s $11bn. The forum hosted over 2,500 attendees from 93 countries and highlighted significant regional projects such as the Kambarata HPP-1 and Yavan HPP. Major investments include a $4bn urban infrastructure project by Saudi Arabia's Data Volt, a $6.2bn wind farm by Acwa Power, and a $1.1bn wind farm by UAE's Amea Power, among others.
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