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Investment Potentials of the Bukhara Region

H. E. Dilyor Khakimov, Ambassador of Uzbekistan.

By Roy Lie Atjam.

There is an incredible potential in emerging economies, the Republic of Uzbekistan has such an economy. The government of Uzbekistan, more particularly the Bukhara Region Government, presents prospective investors scores of opportunities to participate in the appealing and diverse region of Bukhara.

The months of July and August are considered slow business months, not so for H. E. Dilyor Khakimov, Ambassador of Uzbekistan in the Netherlands and Belgium. I met Ambassador Khakimov  in The Hague on 8th August 2018. His Embassy has been welcoming back-to-back, delegations from Uzbekistan for the purpose of promoting the country and its regions.

This time around,  it’s a delegation from the Bukhara region under the acumen leadership of Mr. Uktam Barnoyev Bukhara region Khokim or Governor. Mr. Barnoyev is an experienced governor. He has served twice as the Samarkand region governor.

Ambassador Khakimov recounts, the Bukhara region delegation first visited Turkey and is now in the Netherlands and Belgium. The primary focus of the delegation is to meet investors for the sectors Horticulture and Livestock. The sector needs technical know-how and financing. Due to the dry Uzbek soil, modern greenhouses are making use of hydroponics technology.

In addition, the greenhouse organizations are looking for investors that will enhance the hydroponic technology. There is a project in place aiming at achieving the implementation of hydroponic technology on 50.000 hectares by 2023. The project finances US$. 250-500 thousand per hectare.

Investment conditions in the Bukhara region are attractive, the investor obtains ownership of the entire business. At the same time the government is also encouraging the cultivation of flower bulbs.

Production capacities in the textile industry

The sector undoubtedly has great potential. Cotton “white gold” produces about 310,8 thousand tons per annum.

Cotton fibre, 114.0 thousand tons, production of the cocoon is up to 3000 tones. Types of products: yarn, knitting- and weaving cloth, readymade garments, bed linen, kitchen accessories and decorative textile. The Hatay region is important to cotton production.

The production capacity of raw silk is up to 370 tons per annum. In 2016, silk export has generated US.$100 million. It is expected to increase to US.$500 million in the coming years. Business groups are cordially invited to invest and finance the textile sector in order to take it to higher heights.

The Oil & Gas sector

Foreign companies carrying out oil & gas exploration works are granted certain incentives including exclusive exploration rights for a number of territories.

Such companies and their foreign contractors and also subcontractors are exempted from payment of all forms of taxes and contributions to non-budget funds during the exploration period.

Bukhara oil refinery. Uzbekistan is the largest gas producer in the world, 60 billion cubic perannum.

Neftegaz – UNG = is Uzbek Oil & Gas is engaged in the export of oil and gas production. It intends to expand the geography and range of export.

On 26th July H.E Shavkat Mirziyoyev, President of Uzbekistan called a conference to which the various heads of diplomatic missions, regional governors and stakeholders were invited. The focus was on how to promote the country further by facilitating genuine investors.

Besides visa waivers, one-stop shop, incentives as tax holidays and infrastructure, the organizing of mega cultural activities was touched upon, in other words, making further use of Uzbekistan’s rich heritage. For example, events like Maqom Festival and the renowned Sharq Taronalari need further exploration. Investment and trade delegation are other means of augmenting the chances of attracting foreign capital.

On August 12th 2018, on the initiative of the Dutch Government, the World Bank and the Uzbek government and by extension the Uzbekistan Embassy in Brussels, the Deputy Minister of Agriculture Mr. Said Kamal Khodjaev paid an official five days visit to the Netherlands.

Uzbekistan and its regions are, by all means, highly promising emerging market.

 

 

 

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