TASHKENT, Uzbekistan — Significant investment prospects for South Korean companies and investors are emerging from Uzbekistan’s ambitious “New Tashkent” project, which aims to thoroughly transform the nation’s capital, according to Uzbek officials.
During the recent Korea-Uzbekistan Business Forum held in Tashkent on Tuesday, Sharaf Radjabov, deputy director of the New Tashkent City Development Project, unveiled the initiative, describing New Tashkent as “one of the most ambitious and defining urban development projects in Uzbekistan’s history.”
This transformative project aligns with Uzbek President Shavkat Mirziyoyev’s overarching modernization strategy. Its core objectives include alleviating existing pressures on the current capital while simultaneously establishing a dynamic new administrative and business epicenter for the country.
“New Tashkent is conceptualized as a City of Harmony,” Radjabov affirmed. “It represents one of the largest and most profoundly transformative development ventures ever undertaken within our nation’s borders.”
The meticulously planned urban area is projected to span approximately 20,000 hectares, designed to accommodate a population of 2 million residents. The initial phase alone will encompass around 6,000 hectares, contributing to an impressive total planned construction space of approximately 150 million square meters.
Over 50 ministries, key government agencies, and various international institutions are slated for relocation to the new city. Uzbekistan envisions this relocation will solidify New Tashkent’s role as a cutting-edge administrative, thriving business, and innovation hub.
“This monumental project is forecast to generate more than 200,000 new employment opportunities,” Radjabov highlighted.
He specifically pointed out diverse investment opportunities for Korean investors, encouraging participation in landmark developments such as Grand Park, envisioned as a premier central business district; Silk City, offering high-rise mixed-use developments; alongside extensive residential complexes and world-class hospitality facilities.
“New Tashkent transcends the scope of a mere city-building endeavor,” Radjabov concluded. “It embodies a comprehensive vision for the future of Uzbekistan.”
sanjaykumar
