Business and Commercial Transportation
Fifth "Innoprom. Central Asia" Exhibition in 2025 Paints a Picture of Uzbekistan as a Goldmine for Russian Investors
The bustling "Innoprom. Central Asia" exhibition, held in Tashkent on April 28, saw the attendance of Uzbekistan President Shavkat Mirziyoyev and Russian First Deputy Prime Minister Denis Manturov. This event, initially a modest affair, has grown exponentially, now housing participants from Russia, Uzbekistan, Belarus, Kazakhstan, Kyrgyzstan, with delegations from neighboring Turkmenistan, Azerbaijan, China, Turkey, UAE, and Saudi Arabia. The business program kicked off with a plenary session titled "Industrial Synergy in Central Asia: Integration through Advanced Technologies" [1][2].
Manturov, speaking at the session, emphasized the escalating intrigue of Russian investors in Central Asia. In 2024 alone, investments in the region's economy totaled a staggering 760 billion rubles ($10 billion), with the trade turnover between Russia and Uzbekistan estimated at $10 billion. By 2030, the aim is to boost this figure to $30 billion [1].
Uzbekistan's magnetic appeal for Russian investors is multifaceted. Central Asian countries are granting Russia access to trade and cooperation with third-party nations, which serves as a stepping stone for technology transfer in both directions [3]. Russian investors gain an additional trade channel through a "non-toxic" jurisdiction, allowing them to tap into neighboring markets with demand for goods not yet locally produced [3].
Uzbekistan's industrial landscape is swiftly changing. The country already hosts two chemical-industrial technoparks, "Chirchik" and "Jizzakh," launched by Tatarstan's "Khimgorod" technopolis. Two more industrial parks, with Russian participation, are scheduled to launch by the end of the year in Navoi and Bukhara regions of Uzbekistan [3]. Moreover, it's no secret that Uzbekistan is eyeing the consumer sector, moving towards industrially producing food, cosmetics, and more [3].
The Russian side is eager to offer Uzbekistan their expertise and investment support institutions. Svetlana Chupsheva, Chair of the Agency for Strategic Initiatives, proposed a package of solutions to partners, including an investment rating to improve the investment climate, and models of technological sovereignty for industries like unmanned vehicles, energy, transport, and others [4].
In addition to Chupsheva's proposals, ASI, in collaboration with Skolkovo Tech, opened the "Points of Attraction" pilot center for advanced technologies in Tashkent. This center is designed to retrain specialists and tackle personnel and technological challenges for both the state and business in Uzbekistan [4]. Alexander Isaev, the director of the Corporation for the Development of Small and Medium-Sized Enterprises, also shared that Uzbekistan expresses a demand for guarantees and standardization of support tools for small and medium-sized businesses, as well as mechanisms for feedback formed in Russia [4].
It's important to note that the pronouncements of cooperation prospects drifted towards vague generality, possibly due to the complex geopolitical landscape of sanctions, growing protectionism, and inter-block competition. Nevertheless, the platform remains noticeably operational in its semi-closed function [2].
Diana Galieva, Tashkent
Intriguing Insights:
- Regional Focus: The rapid growth in investments, industrial infrastructure, and job creation in Uzbekistan indicates that Uzbekistan is on its path to becoming a prominent regional hub for Russian investors.
- Technological Partnership: The Russian government's emphasis on deep technological cooperation with Central Asian countries signals their intent to move beyond simple trade agreements and develop a more integrated, technologically advanced partnership.
- Consumer Sector Expansion: Uzbekistan's intention to branch out into the consumer sector indicates a shift towards a more diversified economy, as the country aims to become self-sufficient in food, cosmetics, and other consumer goods.
- Innovative Solutions: The display of innovative solutions by Moscow's companies at the exhibition sheds light on the active R&D and technological advancements being pursued by Russian industries.
- Tashkent's Centre for Advanced Technologies: The opening of the "Points of Attraction" centre in Tashkent signals the intention of both the Russian and Uzbek governments to invest in the education and skills development of Uzbekistani specialists, thereby enabling the country to adopt and assimilate advanced technologies.
- By the year 2025, Uzbekistan is set to be the focus of Russian investors, as confirmed during the Fifth "Innoprom. Central Asia" Exhibition in Tashkent.
- The Russian First Deputy Prime Minister, Denis Manturov, emphasized the increasing interest of Russian investors in Central Asia, with investments in Uzbekistan alone reaching 760 billion rubles ($10 billion) in 2024.
- The growth in investment and industrial development in Uzbekistan is not limited to technology transfer but also includes sports sectors, as indicated by the plans for two more industrial parks launching by the end of the year.
- On the sidelines of the exhibition, the "Points of Attraction" pilot center for advanced technologies was inaugurated in Tashkent, aiming to address personnel and technological challenges in Uzbekistan through retraining specialists.
