Third Tashkent International Investment Forum Attracts $26.6 Billion in Global Investments

May 8, 2024

The 3rd Tashkent International Investment Forum (TIIF) held recently was a resounding success, attracting global investors and facilitating deals worth $26.6 billion. More than 2,500 participants from 93 countries attended, underscoring Uzbekistan’s growing appeal as an investment destination.

Key Highlights and Agreements

A major focus at TIIF was on regional energy projects, including the construction of Kambarata HPP-1 and Yavan HPP, which saw high-profile attendees like the Prime Ministers of Uzbekistan and Kyrgyzstan. Significant agreements included:

Saudi Arabia’s “Data Volt” committing to an urban infrastructure project in “New Tashkent” and a “data center” based on green technologies, totaling $4 billion.
Acwa Power’s $6.2 billion investment to build a 5 GW wind farm and create 2 GW of electricity storage in Karakalpakstan.
Amea Power from the UAE funding a 1,000 MW wind farm, also in Karakalpakstan, valued at $1.1 billion.

Other notable deals included projects on modernizing heating systems, agricultural production, textile manufacturing, and food production across various regions in Uzbekistan.

Discussions and Future Outlook

A significant focus was on making Uzbekistan a regional IT hub by 2030, highlighted during the “IT-PARK Uzbekistan: new perspectives of development” pitch session. Efforts to revitalise the ancient Silk Road as a corridor for economic and cultural exchange were also discussed, emphasizing connectivity and cooperative development.

About Uzbekistan

Uzbekistan, a Central Asian nation and former Soviet republic, is known for its rich history along the Silk Road, the ancient trade route between China and the Mediterranean. The capital city, Tashkent, houses museums and mosques. Key historical sites include the Registan Square in Samarkand, noted for its intricately decorated mosques and madrasahs (Islamic schools). Bukhara, another major city, features well-preserved Islamic architecture. Uzbekistan is renowned for its cultural contributions including music, dance, and cuisine, with the Uzbek pilaf being a national dish. The country declared independence from the Soviet Union on September 1, 1991, and it has a diverse landscape ranging from arid plains to mountainous regions.

About Great Silk Road

Great Silk Road was an ancient network of trade routes connecting the East and West from China to the Mediterranean Sea. Established during the Han Dynasty of China around 2nd century BC, it facilitated not only the exchange of goods like silk, spices, and precious metals but also the transmission of ideas, culture, and technology. Stretching over 4,000 miles, the Silk Road significantly influenced the development of the civilizations it connected, including those of China, India, Persia, Arabia, and Rome. Its decline began in the late Middle Ages with the rise of maritime trade routes.

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