A major conference heard how the economies of the Commonwealth of Independent States (CIS) are booming despite the crippling pandemic.
The event brought together thousands of investors, consultants, businesses and government officials with a common aim to discuss and connect to explore the investment potential of the region, in particular Uzbekistan.
With the CIS now slowly emerging from the two year pandemic, the electrotechnical sector was highlighted as a key driver of future economic growth, the Tashkent International Investment Forum (TIIF) was told
The event (24-5 May), led by the participation of Uzbekistan’s President Shavkat Mirziyoyev, was designed to showcase Uzbek investment potential to the world. First planned for 2020 but suspended due to the pandemic, it highlighted the country’s greatly improved investment environment, facilitated by rapid reforms which have spurred fast growth.
The electrotechnical sector is acknowledged as one of the drivers of growth and throughout the whole chain of the industry, from power generation to electronics manufacturing,there are over 900 companies in the country, 100 being active members of Uzeltexsanoat, the industry association. The sector is also a key driver for export growth, with over $560bn in products exported in 2021, and Government predictions of up to $1.2bn by 2025.
In a panel session, Aziz Voitov, First Deputy Minister for Investments and Foreign Trade, highlighted government strategies to drive growth in the sector,including tax benefits, industrial zones, export support, as well as increase in green energy and copper production.
Kim Ul Tak, Independent Director of Artel Electronics and former Vice President of Samsung Electrics, said South Korea could be a role model for sectoral development and the advantages of increased localization for the Uzbek electrotechnical manufacturers sector.
Other speakers at the event were Sarvar Akhadov of state manufacturer Texnopark LLC, and Aziz Voitov, First Deputy Minister, Ministry of Investment and Foreign Trade of the Republic of Uzbekistan; Mirziyod Yunusov, Chairman of the Management Board, Uzeltexsanoat and Luidji Vigone, Director of the product group, Pietro Fiorentini, Italy.
The forum had good reason to focus on the sector, as the country is home to Artel Electronics LLC,Central Asia’s largest manufacturer of household appliances and electronics, producing a wide range of products under its own brand, as well as in partnership with international companies including Samsung and Viessmann. The company,which was only founded 10 years ago, now employs up to 10,000 people and has used reforms to expand to up to with 20 export markets.
The event brought together thousands of investors, consultants, businesses and government officials with a common aim to discuss and connect to explore the investment potential of the region, in particular Uzbekistan.
The forum heard about the New Uzbekistan Development Strategy for 2022- 2026, which aims to grow country’s business environment and streamline bureaucracy. Other aims include further privatization of state assets, and improving gender equality and educational investment.
