Saudi Arabia plans major investment in Uzbekistan a Central Asian Hub
- In Reports
- 06:52 PM, May 07, 2024
- Myind Staff
The 3rd Tashkent International Investment Forum (TIIF) held last week garnered considerable attention from global investors, particularly from the Gulf, resulting in the signing of agreements worth $26.6 billion.
According to the Ministry of Investment, Industry and Trade of Uzbekistan, the event attracted over 2.5 thousand participants from 93 countries.
A highlight of the forum was the presentation of regional energy projects, such as the construction of Kambarata HPP-1 and Yavan HPP, to foreign investors. The attendance of the Prime Ministers of Uzbekistan and Kyrgyzstan underscored the significance of these projects for the entire region.
Uzbek officials hailed the success of the forum, citing the signing of agreements amounting to $26.6 billion as evidence of Uzbekistan's high investment attractiveness. This marked a substantial increase compared to the $11 billion worth of agreements signed at TIIF in 2022, indicating growing investment interest in the country.
Saudi Arabian company "Data Volt" will be involved in constructing urban infrastructure in "New Tashkent" for $1 billion and establishing a green technology-based data centre for $3 billion.
Acwa Power from Saudi Arabia is set to undertake projects to construct a 5 GW wind farm in the Republic of Karakalpakstan and develop 2 GW of electricity storage capacity, amounting to $6.2 billion.
Amea Power, based in the UAE, will implement a $1.1 billion project to build a 1,000 MW wind farm in the Republic of Karakalpakstan. "Saudi Tabrid" will initiate the modernisation of the heat supply system in Nukus, Fergana, and Kuvasay at a cost of $750 million.
Egyptian company "Nil Shugar" will cultivate sugar beets and produce sugar in the Jizzak region, investing $500 million. Chinese company "Shanghai Knud International" will carry out a project to produce textile and garment products in the Namangan region, with an investment of $205 million.
Singaporean company "Wilmar International" will manufacture food products and confectionery in the Tashkent region, with an investment of $200 million.
The forum secured agreements with global giants like Orascom Investment (Egypt), Bonafarm Grup (Hungary), and Goldwind (China) for new projects worth $6.6 billion.
Discussions focused on supporting small and medium-sized businesses, improving tax laws, and simplifying import procedures. Experts stressed the role of digital tech in accelerating investments, while plans to make Uzbekistan an IT hub by 2030 were highlighted.
Minister Shermatov highlighted the launch of the $5 billion Data Volt green data centre, signalling a major foreign investment boost. The "Zero Risk" program aims to facilitate IT companies' operations in Uzbekistan.
Meanwhile, discussions at round tables focused on revitalising the Silk Road for economic and cultural exchanges, as well as integrating innovative solutions into urban planning for sustainable development, balancing economic and social aspects.
Image source: The Economic Times
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