Projects worth $200 bln planned for implementation in New Tashkent

TASHKENT. Oct 12 (Interfax) - Total investment in projects in New Tashkent (the satellite city of the Uzbek capital, currently under construction) will amount to $200 billion, Uzbek President Shavkat Mirziyoyev said at a meeting on Monday with investors and entrepreneurs implementing large projects in New Tashkent.

Over three years of construction of New Tashkent, the state has invested large funds in the new building of the national library, university campuses, a stadium and other large facilities as well as in infrastructure, Mirziyoyev was cited as saying by the president's press secretary, Sherzod Asadov, on Telegram. Investment to date has exceeded $2 billion.

A total of 20,000 hectares of land have been allocated for New Tashkent, of which 6,000 ha will be built up at the first stage. The implementation of facilities worth $50 billion is planned within this framework, and taking into account the future airport, the territory's investment potential reaches $200 billion.

However, the pace of the private sector's involvement in the project does not correspond to its capabilities, Mirziyoyev said. Private business is carrying out construction on only 94 ha of land, whereas state orders cover more than 1,000 ha. At the same time, work has still not begun on 28 lots allocated to investors.

The reasons for the low activity are not related to a lack of funds or desire, Mirziyoyev said. The almost twofold growth of the average price of one hectare in New Tashkent over two years is evidence of high demand for land.

The implementation of projects is hindered by outdated requirements and the slow issuance of permits, Mirziyoyev said. In addition, some state bodies act as overseers rather than partners.

"An investor will not wait. If he does not feel support and guarantees, he will direct his funds to another market," he said.

In this regard, Mirziyoyev emphasized the need to revise all processes - from the allocation of land to the launch of a project.

New Tashkent should become not only a residential area, but also an independent economic center for business, education, medicine and tourism, Mirziyoyev said. Residential complexes will account for around two thirds of the allocated territory.

New Tashkent is a large-scale urban planning project to the east of the current capital of Uzbekistan, initiated by the country's president. The concept was developed by the British company Cross Works. The implementation of the project began in 2023. A total of 19,700 ha have been allocated for the project. The first stage covers 6,000 ha and is designed for infrastructure allowing 600,000 people to live and work. After completion, the city will be able to support 2 million residents.

It is planned that the first 20,000 apartments (designed for at least 70,000 residents) will be commissioned and key social and sports facilities (including a stadium for 55,000 spectators, a national library and a university) will be completed by the end of 2026.