President of Uzbekistan Shavkat Mirziyoyev in his speech at the opening of the III Tashkent International Investment Forum outlined priority areas for expanding cooperation with foreign investors.

As previously reported, these include mining and processing of minerals, including rare-earth metals, as well as banking and finance.

Another focus is green energy. The president noted that the country is currently working on 28 projects in the energy sector.

“By 2030, we aim to create renewable energy capacity exceeding 20 gigawatts and increase its share in the energy balance to 40%,” Shavkat Mirziyoyev shared.

Last year alone, Uzbekistan launched 1.4 gigawatts of large wind and solar power plants with Masdar (UAE), Gezhouba (China), and China Energy (China). The country has launched a green hydrogen project with ACWA Power.

“The most notable aspect is that these significant projects are being implemented based on public-private partnership and directly through foreign investments,” the president said.

Shavkat Mirziyoyev noted that during the forum, investors will be introduced to joint construction projects of hydroelectric power plants in Kyrgyzstan and Tajikistan. He invited leading companies from all countries to engage in dialogue and practical cooperation in this initiative.

In mid-April, it was reported that Uzbekistan, Kazakhstan, and Kyrgyzstan would establish a joint company to build the Kambarata hydroelectric power plant on the Naryn River. Following the project’s implementation, estimated at $ 5−6 billion, shares and assets of the station will be transferred to Kyrgyzstan’s ownership. The construction began in June 2022 for the 140-megawatt Javan hydroelectric power plant on the Zarafshan River in Tajikistan.

Digital transformation of the country is also among the areas of cooperation. The president noted that Uzbekistan’s export of IT services and software products has doubled over the year, with plans to increase this figure to $5 billion in the future.

“The number of IT park residents will increase tenfold, 100,000 new jobs will be created soon. Moreover, on IT park basis the Center for the Development of Digital Technologies is being created for foreign companies,” the head of state mentioned.

Shavkat Mirziyoyev also announced the establishment of a data center operating on green energy in partnership with Saudi Arabia’s Data Volt.

“This will significantly contribute to the digitalization of our economy and the introduction of technologies based on artificial intelligence,” he stated.

Another priority area for Uzbekistan is the development of transportation infrastructure.

Shavkat Mirziyoyev reminded that in collaboration with potential foreign investors, projects are underway to develop international airports in Tashkent, Bukhara, and Urgench, as well as to construct new ones.

The head of state invited investors and international organizations to join Uzbekistan and foreign partners in constructing the China-Kyrgyzstan-Uzbekistan and Uzbekistan-Afghanistan-Pakistan railroads.

“These strategic projects will fundamentally change the geo-economy of the region and will transform Central Asia into the global transit center that connects North and South, East and West,” he noted.

Shavkat Mirziyoyev concluded his speech, saying that “the New Uzbekistan is a rapidly developing, just and secular country with vast opportunities”.

“All members of our team will stand shoulder to shoulder to you to help the implementation of every your initiative, every your project,” he assured.