Uzbekistan intends to attract some $10 bn worth foreign investments by year-end

President Shavkat Mirziyoyev convened a meeting to review the implementation of priority projects and prospects for expanding trade, economic, investment, financial and technical cooperation with Japan, the Republic of Korea and the United Arab Emirates. The President paid particular attention to the timely implementation of existing projects and the current state of new investment proposals.

48 projects worth 5.6 billion dollars are being implemented in connection with Japanese companies in geology, chemistry and petrochemistry as well as the banking, financial sector, healthcare and education. Despite the pandemic, the bilateral government and business relations have intensified, via modern information technologies.

The Republic of Korea has also shown positive dynamics in business cooperation, reaching USD 1 billion of trade turnover. 60 new enterprises with the participation of Korean capital have been created, and their total number has totaled 855. Agriculture, innovation and ICT, chemical, pharmaceutical, light, electrical and jewelry industries are identified as promising areas.

The realization of the agreements between these two countries will create over 50 thousand new jobs, increase output by $ 4.1 billion and export by $ 1.14 billion.

As a result of the state visit to the UAE in 2019, a package of bilateral documents was signed in the trade, economic and investment spheres. The projects in the fields of energy, infrastructure, chemistry and petrochemistry, agriculture, tourism are underway. The prospective projects worth more than $ 4 billion are being thoroughly studied; the total of 141 enterprises with the Emirate capital are in operation. For example, the Masdar company is investing in the construction of a 500 MW wind farm in the Navoi region; the total investment will amount to over $ 500 million.

With the participation of the Abu Dhabi Development Fund, a joint investment company with a capital of $ 1 billion has been founded. The company is involved in the modernization of the Samarkand city infrastructure. Mubadala, a state-owned investment company, is developing projects in the energy sector, as well as increasing production and deep processing of hydrocarbons.