President Shavkat Mirziyoyev has held an open dialogue with investors and business leaders to address the sluggish pace of private sector involvement in the ambitious New Tashkent development project. During the meeting, the Uzbek leader expressed strong dissatisfaction with the current implementation rates, pointing out that the allocated land resources are severely underutilized by commercial entities.

Officials reported that while a total of 20,000 hectares of land has been designated for the new urban center, merely 94 hectares have been handed over to entrepreneurs so far. Currently, active construction is underway across more than 1,000 hectares, heavily relying on state funding and government expenditures rather than private investments.

Over the past three years since the project's inception, more than $2 billion has been funneled into foundational infrastructure, including universities, libraries, stadiums, and key public facilities. However, recent consultations with the business community revealed persistent obstacles, such as bureaucratic hurdles in land allocation, complex permit acquisition procedures, and payment-related grievances that continue to dampen investor enthusiasm.

Looking ahead, the first phase of the New Tashkent initiative envisions deploying projects worth $50 billion across a 6,000-hectare area. Furthermore, factoring in plans for a new international airport, authorities claim the region's overall investment potential could eventually reach an estimated $200 billion, contingent upon significantly enhanced cooperation with the private sector.

Source: kun.uz