FEB

10

The 3rd Tashkent International Investment Forum: successful completion and promising results

The 3rd Tashkent International Investment Forum (TIIF) has successfully completed its work in Uzbekistan. The event gathered more than 2.5 thousand participants from 93 countries, providing a platform for global dialog and exchange of best practices in the investment sphere. One of the key events of the forum was the presentation of regional energy projects (construction of Kambarata HPP-1 and Yavan HPP) to foreign investors. The presentation was attended by the Prime Ministers of the Republic of Uzbekistan and the Kyrgyz Republic, which emphasized the importance of these projects for the entire region. The forum attracted the attention of international media and was covered by more than 110 foreign publications from 30 countries, including the world's leading media: "CNN", "Euronews", "London Post" and "Associated Press". As a result of the TIIF, agreements totaling $26.6 billion were signed, which testifies to the high investment attractiveness of Uzbekistan and the success of the forum. For comparison, 167 documents worth $11 billion were signed at TIIF in 2022, which demonstrates a significant increase in investment interest to the country. In particular, agreements were reached on the realization of the following major investment projects: - "Data Volt" from Saudi Arabia will be engaged in the construction of urban infrastructure in "New Tashkent" for the amount of $1 billion, as well as create a "data center" based on green technologies for the amount of $3 billion. - Saudi Arabia's Acwa Power will implement projects to build a 5 GW wind farm in the Republic of Karakalpakstan and create 2 GW of electricity storage capacity for a total of $6.2 billion. - UAE-based Amea Power will implement a $1.1 billion project to build a 1,000 MW wind farm in the Republic of Karakalpakstan. - “Saudi Tabrid” will start modernization of the heat supply system in Nukus, Fergana and Kuvasay at a cost of $750 million. - Egypt's “Nil Shugar” will grow sugar beets and produce sugar in Jizzak region at a cost of $500 million. - Chinese company "Shanghai Knud International" will implement a project on production of textile and garment products in Namangan region for the amount of $205 million. - “Wilmar International" company (Singapore) will produce food products and confectionery in Tashkent region for the amount of $200 million dollars. In addition, the forum reached agreements with a number of the world's largest companies, such as "Orascom Investment" (Egypt), "Bonafarm Grup" (Hungary), "Sayar" (USA), "Goldwind", "Sinoma" (China), "Sam Yapi" (Turkey), "Pasha Development" (Azerbaijan), "Lasselsberger" (Austria), "Petrosat Chexelsoton" (Iran) on realization of new investment projects worth $6.6 billion. The event included a rich program of panel sessions, discussions, business breakfasts and round-tables, where the most important aspects of economic development were discussed. The central topic was the role of the government, investors and entrepreneurs in supporting small and medium-sized businesses. At the session devoted to anti-corruption, experts emphasized that the effective fight against corruption and crime in the economy is a key factor for improving the investment climate. They noted that creating a safe and transparent business environment plays an important role in this process. "A successful fight against corruption requires a comprehensive approach that includes strengthening legislation and increasing transparency of government actions," said Akmal Burkhanov, Director of Anti-corruption Agency of Uzbekistan. The session devoted to retail trade outlined the main problems and opportunities of the industry. Participants expressed the need to improve tax legislation and simplify import procedures. They also noted that it is important to create conditions for successful adaptation of new brands in the market. "Thanks to the decree on the reduction of customs duties, we managed to set fair prices like in the UK and Kazakhstan," shared Ilya Lyapustin, Commercial and Marketing Director of Tashkent City Mall. The business breakfast dedicated to women's entrepreneurship emphasized the significant impact of businesswomen on society. Speakers presented inspiring examples and strategies for striking a balance between profitability and social responsibility. The focus was on attracting foreign investment through residence permit programs. "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," said Akram Mukhamatkulov of Head of Office Henley & Partners. The round-table "Supply Chains and Sustainability: finding a balance in times of uncertainty" discussed the challenges and strategies to ensure the sustainability of global supply chains. "Turkey and Uzbekistan have a strategic partnership, and we can significantly strengthen cooperation by working together," said Deputy Minister of Trade of Türkiye Sezai Uçarmak. The experts also emphasized the importance of integrating digital technologies into investment strategies. They noted that digitalization is not the future, but already today, and plays a key role in accelerating investment processes and increasing transparency. At the pitch session " IT-PARK Uzbekistan: new perspectives of development", plans to turn Uzbekistan into a regional center of information technologies by 2030 were presented. Sherzod Shermatov, Minister of Digital Technologies of Uzbekistan, spoke about the significance of recent investments. "Yesterday we witnessed an important event - the start of construction of the $5 billion 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," he said. At the round-table "Connectivity: revitalization of the Great Silk Road", international experts and representatives of government agencies explored opportunities to expand ties, economic cooperation and cultural exchange along the ancient routes of the Silk Road. At the round-table "Integrated urban planning: quality investments, environment and comfort for people", leading urbanists, architects and representatives of the business community discussed approaches to the development of the city of Tashkent. In particular, BCG Managing Director and Senior Partner Vladislav Boutenko emphasized the importance of integrating innovative solutions into urban planning to achieve sustainable urban development. He emphasized that both economic and social aspects should be taken into account in integrated planning, ensuring a balance between them. The Forum has played an important role in attracting investments for various ministries and regions of Uzbekistan. Signed agreements demonstrate the development of key sectors such as industry, energy, pharmaceuticals and automobile manufacturing. One of the main achievements of the forum was the agreement between the Ministry of Digital Technologies, the Ministry of Energy and IT company “Data Volt” on the construction of a data center based on "green" technologies. Experts noted the importance of such projects for Uzbekistan. Minister of Investment, Industry and Trade Laziz Kudratov and CEO of Data Volt Rajit Nanda took part in the signing ceremony. The 3rd International Investment Forum in Tashkent has come to an end, but the planned initiatives and signed agreements promise active work on attracting investments and ensuring sustainable development. Uzbekistan has reaffirmed its role as a strategic partner in the international arena, attracting the attention of global investors and contributing to the economic growth of the region.