The III Tashkent International Investment Forum (TIIF) in Uzbekistan has concluded on a high note, with $26.6bn worth of agreements inked. Welcoming over 2,500 attendees from 93 nations, the event solidified its status as a premier global platform for fostering dialogue and exchanging best practices in the realm of investment.
A pivotal moment at the forum was the presentation of regional energy projects, including the construction of the Kambarata HPP-1 and Yavan HPP, which garnered the attention of foreign investors. The presence of the Prime Ministers of Uzbekistan and the Kyrgyz Republic underscored the regional importance of these projects.
The international media spotlight shone brightly on the forum, with coverage from more than 110 foreign publications spanning 30 countries, including esteemed outlets such as CNN, Euronews, London Post, and Associated Press.
The tangible outcome of the TIIF was the signing of agreements totaling $26.6bn, signaling a surge in investment interest compared to the previous edition in 2023, where agreements worth $11bn were inked. Among the major investment projects secured are:
- Saudi Arabian company "Data Volt" committing $4bn towards constructing urban infrastructure in "New Tashkent" and establishing a green technology-based data center.
- Acwa Power from Saudi Arabia investing $6.2bn in building a 5 GW wind farm in the Republic of Karakalpakstan and creating 2 GW of electricity storage capacity.
- UAE-based Amea Power embarking on a $1.1bn project to erect a 1,000 MW wind farm in the Republic of Karakalpakstan.
- Saudi Tabreed will start modernization of the heat supply system in Nukus, Fergana, and Kuvasay for $750mn.
- Egypt's “Nil Shugar” will grow sugar beets and produce sugar in the Jizzak region for $500mn.
- Chinese company "Shanghai Knud International" will implement a project on the production of textile and garment products in the Namangan region for the amount of $205mn.
- Wilmar International company (Singapore) will produce food products and confectionery in the Tashkent region for the amount of $200mn.
In addition to these agreements, partnerships with global giants like Orascom Investment (Egypt), Bonafarm Group (Hungary), and Sayar (USA), among others, were forged for projects totaling $6.6bn.
The forum's agenda was rich and diverse, featuring panel sessions, discussions, business breakfasts, and round-tables. Key topics included the role of government, investors, and entrepreneurs in supporting small and medium-sized enterprises, the fight against corruption, and strategies for sustainable urban development.
During the discussion on combating corruption, specialists underscored the pivotal role of effectively addressing corruption and economic crime in fostering a conducive investment climate. They highlighted the significance of establishing a secure and transparent business environment in this endeavor.
Akmal Burkhanov, Director of the Anti-corruption Agency of Uzbekistan, emphasized the necessity of a holistic approach to combat corruption, including bolstering legislation and enhancing governmental transparency.
“A successful fight against corruption requires a comprehensive approach that includes strengthening legislation and increasing transparency of government actions," Akmal Burkhanov voiced.
Regarding the retail sector, participants outlined key challenges and opportunities, advocating for improvements in tax laws and streamlined import procedures. They also stressed the importance of facilitating the successful integration of new brands into the market.
Ilya Lyapustin, Commercial and Marketing Director of Tashkent City Mall, noted the positive impact of customs duty reduction on setting fair prices, akin to those in the UK and Kazakhstan.
At the women's entrepreneurship-focused business breakfast, the influential role of female entrepreneurs in society was highlighted, along with strategies for balancing profitability and social responsibility. The discussion also delved into attracting foreign investment through residency programs.
Akram Mukhamatkulov, Head of Office at Henley & Partners, praised Uzbekistan's attractiveness to global investors, attributing it to the country's openness to cooperation and promising real estate sector.
“Over the past few years, Uzbekistan has established itself as an attractive destination for global investors due to its openness to cooperation and prospects in the real estate sector," Akram Mukhamatkulov shared.
The round-table on supply chains and sustainability addressed the challenges and strategies for ensuring the resilience of global supply chains, with an emphasis on the potential for enhanced cooperation between Türkiye and Uzbekistan.
Particular emphasis was placed on the integration of digital technologies into investment strategies, with Uzbekistan aiming to become a regional hub for information technology by 2030.
Sherzod Shermatov, Minister of Digital Technologies of Uzbekistan, highlighted the significance of recent investments, especially the groundbreaking ceremony for the $5bn Data Volt green data center, which he deemed as a major foreign direct investment project.
"Yesterday we witnessed an important event - the start of construction of the $5bn Data Volt green data center, which is a major foreign direct investment project. We are creating a favorable environment for IT companies and launching the“Zero Risk” program to cover all risks associated with opening and running offices in Uzbekistan,” Sherzod Shermatov shared.
The forum's success extends beyond mere numbers; it reaffirms Uzbekistan's status as a strategic partner in the international arena, attracting global investors and catalyzing economic growth in the region.
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