18:23 10.05.2024

Tashkent hosted III International Investment Forum with participation of representatives of Ukraine

6 min read
Tashkent hosted III International Investment Forum with participation of representatives of Ukraine
Photo: gov.uz

The III International Investment Forum (IIIF) 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 Javan HPP) to foreign investors.  The presentation was held with the participation of 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 TMIF, agreements totaling $26.6 billion were signed, which is evidence of Uzbekistan's high investment attractiveness and the success of the forum.  For comparison, 167 documents worth $11 billion were signed at TMIF in 2022, which demonstrates a significant increase in investment interest in 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 is implementing 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 Kuvasai at a cost of $750 million.

- Egypt's Nil Shugar will grow sugar beets and produce sugar in Jizzak oblast at a cost of $500 million.

- The Chinese company Shanghai Knud International is implementing a $205 million project to produce textile and garment products in Namangan region.

- The company “Wilmar International” (Singapore) will produce food products and confectionery in Tashkent region to 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 the Agency for Countering Corruption of the Republic of Uzbekistan.

The session devoted to retail trade outlined the main challenges and opportunities for the industry. The participants expressed their opinion on 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 on 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, Sales 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 Henley&Partners.

The roundtable “Supply Chains and Sustainability: finding a balance in the face 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 Turkish Deputy Trade Minister Sezay Ucarmak.

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 Development Prospects”, 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 a Zero Risk program to cover all risks associated with opening and running offices in Uzbekistan,” he said.

At the round table “Connections: Revival of the Great Silk Road”, international experts and representatives of state bodies explored opportunities to expand ties, economic cooperation and cultural exchange along the ancient routes of the Silk Road.

At the roundtable “Integrated Urban Planning: Quality Investments, Comfort for Environment and 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 Butenko 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. The agreements signed 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 Data Volt director Rajit Nanda took part in the signing ceremony.

The III 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.

The forum was also attended by representatives of Ukraine, including pharmaceutical business and agro-industrial complex.