2024 has ended, making it the perfect time to analyze and summarize the year’s major events. According to President Shavkat Mirziyoyev, Uzbekistan’s economy grew by 6.3% this year. This economic growth continues to attract the world’s major companies to the country. Kursiv discusses the international brands that entered Uzbekistan’s market in 2024.
Automotive Sector
Zeekr
Zeekr, a car brand owned by Geely Holding Group, focuses on innovation and sustainable mobility solutions. Uzbekistan became the second market in Central Asia after Kazakhstan where Zeekr electric cars are available. Currently, the company offers the following models in Uzbekistan: Zeekr 001, Zeekr 001 All New, Zeekr 007, Zeekr X, and Zeekr 7X.
Porsche
On September 26, 2024, Porsche, in collaboration with Kazakhstan’s Orbis Group, began construction of its brand center in Uzbekistan. The Destination Porsche center will be one of the first in the region to feature this design concept. The showroom will cover an area of 38,000 square meters, providing official sales and after-sales services for Porsche vehicles in Uzbekistan. The center is set to fully open in the second half of 2025.
Neta
In October 2024, another Chinese electric car brand, Neta, officially entered Uzbekistan’s market. The brand, a subsidiary of Hozon New Energy Automobile Co. (established in October 2014), focuses on producing and selling electric cars as well as providing software services. The Neto X model was the first to be introduced to the Uzbek market.
Morris Garages (MG)
British car brand Morris Garages (MG) also officially entered Uzbekistan’s market in 2024. The brand’s distributor, Machinery Motors Investment Group, started sales in autumn. According to the company’s website, MG’s MG ZS and MG HS models are currently available in Uzbekistan, with plans to introduce the MG 4 EV, MG 7, and MG Cyberster models in the future.
According to Odil Musayev, managing director of Alkes Research, the arrival of brands like Porsche and Zeekr signifies growing interest in Uzbekistan from premium car and electric vehicle manufacturers.
Clothing Sector
Inditex
Since February 2024, Uzbeks have had access to the stores of Spanish fashion giant Inditex. With the opening of Tashkent City Mall, official stores for Zara, Zara Home, Massimo Dutti, Oysho, Bershka, Stradivarius, and Pull&Bear began operations. These stores aim to meet the demand for modern clothing and home accessories in Uzbekistan.
Boss
German brand Boss entered the Uzbek market on May 2, 2024, opening its first store in Tashkent City Mall. Notably, the company underwent a rebranding last year and now operates two distinct labels: Hugo for Gen Z and Boss for millennials.
With the launch of Tashkent City Mall, other internationally recognized brands such as Calvin Klein, Converse, NewYorker, OVS, Terranova, and Stradivarius also opened stores in the mall.
Tashkent City Mall, one of the largest shopping and entertainment centers in the country, was a significant infrastructure project for the year. Spanning 250,000 square meters and valued at $500 million, it became a catalyst for retail growth, tourism, and attracting foreign investments.
Food and Service Sector
Papa John’s
The American pizza chain Papa John’s, the world’s third-largest pizza network, entered Uzbekistan and expanded rapidly throughout 2024. Initially planning to open 6 outlets, the company now operates 15 branches across Tashkent.
Domino’s Pizza
In May 2024, Domino’s Pizza opened its first branch in Tashkent. As of now, the chain operates six branches in the city.
Wolt
Finnish food delivery service Wolt launched operations in Uzbekistan in September 2024. Established in 2014, Wolt operates in 28 countries and is expected to provide strong competition to local players like Uzum and Yandex.
Yandex Lavka
Yandex Uzbekistan expanded its services by launching Lavka, a quick grocery delivery service offering food, household goods, and ready-made meals. Many of the products are sourced locally. Currently, orders are fulfilled through three dark stores, with plans to open 12 additional dark stores by 2025.
Supermarkets
Galmart
Kazakhstan’s Galmart supermarket chain entered Uzbekistan’s market by opening its first store at Tashkent City Mall. This is the brand’s first store outside Kazakhstan. Notably, one-third of the products offered are private-label items.
Financial Sector
- Citibank announced the opening of a representative office in Uzbekistan.
- The China Export-Import Bank established a regional office in Tashkent.
- The Azerbaijan-Uzbekistan Investment Company and Franklin Templeton made plans to manage a national investment fund.
- Uzbekistan joined the Eurasian Development Bank (EDB) to strengthen regional financial cooperation.
Musayev also emphasized that Uzbekistan’s financial sector is actively developing, noting that the China Export-Import Bank has opened a regional office in Tashkent to manage business operations in the region.
“Citibank announced the opening of a representative office in Uzbekistan, which reflects international financial institutions’ confidence in the country’s potential. In the investment sector, the opening of the Azerbaijan-Uzbekistan Investment Company office, as well as Franklin Templeton’s plans to manage a national investment fund, stand out. Additionally, Uzbekistan’s accession to the Eurasian Development Bank (EDB) is expected to strengthen regional financial cooperation,” the expert said.
Brands Planning to Enter in 2025
- Yandex Market (E-commerce).
- Chinese automaker Geely.
- Telecommunications giant Vodafone.
Written by: Mirjalol Norqobilov, Kursiv Uzbekistan
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