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Home / Other / Analysis / One Day of the Country’s Chronicle

One Day of the Country’s Chronicle

The passing year is remarkable for dozens completed big investment projects, numerous expert meetings and negotiations, while the International Investment Forum has become the pivotal event to orient economic and financial development for many years to come.

Opened on November 5 in Tashkent, the two-day forum brought together representatives of the global business elite, including 560 foreign participants from among the leaders and executives of more than 300 foreign companies from 33 countries, and representatives of major international financial institutions like Asian Development Bank, World Bank , International Finance Corporation, and others.

At the forum, the Asian Development Bank and the World Bank claimed plans to implement projects totaling over $12 billion jointly with the government of Uzbekistan in 2016-2020. The preparation and approval of new strategies of cooperation with the abovementioned international financial institutions for five years is currently finishing its completion. To date, the portfolio of joint projects of Uzbekistan and ADB has amounted to $13 billion and $6 billion with the World Bank, covering privatization, development of financial sector, upgrade of agriculture, power, infrastructure, health and education.

A total of 104 agreements and memorandums worth $12.4 billion were signed at the Forum. Reached upon the three-day forum, this amount appears huge, because, for example, in the first nine months of 2015 Uzbekistan disbursed $2.4 billion of foreign investments and credits. The number clearly reflects primarily the confidence in the business environment and investment climate in Uzbekistan.

South Korean investors, the longstanding strategic partners of Uzbekistan, were active at the forum. Companies from the Land of the Morning Calm signed 24 agreements and memorandum on the purchase of state assets in the oil and gas, chemical, electrical, mechanical engineering and food industries, construction materials and infrastructure industries totaling more than  $220 million.

For example, South Korea's Daewoo is intending to purchase a state's share in two largest Uzbek exposition grounds - National exhibition Uzexpocentre and at the International Business Center. Another giant, Samsung, intends to take part in the construction of a pyrolysis plant on the basis of Ustyurt Gas Chemical Complex.

Other interesting projects include the establishment of the CIS’s first manufacture of asynchronous traction motors in Tashkent jointly with the French company Alstom. In addition, the national railway carrier of Uzbekistan signed a contract for the purchase of two high-speed trains from a Spanish company Talgo. It is planned that the new trains will run on a high-speed railway line Tashkent-Bukhara, the launch of which is scheduled for next September.

The Finnish company Outotec to build a plant for the production of sulfuric acid for the flagship of the domestic industry - Navoi Mining and Metallurgical Combine. The parties signed a corresponding memorandum in Tashkent. The emergence of the enterprise due to the need to further expand the capacity of the plant, increase production of non-ferrous metals.

Turkish consortium Dal Engineering Group plans to build a new cement plant in Sherabad district of Surkhandarya region. A memorandum was signed with the Almalyk Mining and Metallurgical Combine. The approximate cost of the new facility is estimated at $ 225 million. After commissioning in 2018 the plant will produce up to 1.5 million tons of Portland cement annually.

The Finnish company of Outotec will build a sulfuric acid plant for the domestic industry’s flagship – the Navoi Mining and Smelting Plant. The parties signed a respective memorandum in Tashkent. The establishment of the enterprise was entailed by the need to further expand the capacity of the plant, and increase the production of non-ferrous metals.

The Turkish consortium Dal Engineering Group is intending to build a new cement plant in Sherobod district of Surkhandarya region. A memorandum was signed with the Almalyk Mining and Smelting Plant. The approximate cost of the new facility is estimated at $225 million. After the commissioning in 2018, the plant will produce up to 1.5 million tons of Portland cement annually.

Another important project will be carried out with the involvement of the world's leader of cement industry - the German company Heidelberg Cement. The company signed a memorandum of intent for the purchase of a stake in the leading Uzbek cement plant Kyzylkumcement. 

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