A safe, comfortable place to live that attracts business and investment
New Tashkent will be more than just a residential development. It will become a self-sufficient economic hub with thriving business, education, healthcare, tourism and service sectors.
The President of Uzbekistan emphasized this during an open dialogue with investors and entrepreneurs on accelerating the development of New Tashkent.
The first phase envisages projects worth $50 billion across 6,000 hectares. However, the amount of land allocated to entrepreneurs so far remains significantly smaller than that designated for government construction projects. To address this, new approaches have been outlined to simplify land allocation, permit procedures, infrastructure payments and project approvals.
One key development for private businesses is the introduction of incentives for building service and social facilities. Infrastructure fees will be reduced threefold for retail, service and business centers, fivefold for hotels and tourism facilities, and tenfold for cultural and entertainment venues. For private kindergartens, schools and hospitals, the fee will be set at 1 percent.
The government is also creating new opportunities for major investors. Each project worth more than $50 million will be assigned a dedicated official to support the investor through to its launch. Under the principle of “One Investment Agreement for Every Project Exceeding $50 Million”, a package of incentives will be developed to match the investor’s obligations and risks.
New Tashkent will become a hub of new opportunities for entrepreneurs not only from the capital but also from across the country. Allocating designated land plots to each region and Tashkent’s districts will enable local businesses to implement large-scale projects.
Aktam Khaitov,
Head of the UzLiDeP Faction in the Legislative Chamber of the Oliy Majlis
