Tashkent, Uzbekistan (UzDaily.uz) — Karakalpakstan attracted US$1.7 billion in investment last year, 22 times more than in 2021, President of Uzbekistan Shavkat Mirziyoyev said at a meeting on the socio-economic development of the region in Nukus.
Mirziyoyev said Karakalpakstan’s economy had become one of the fastest-growing in the country. In the first half of this year, the regional economy grew by 10.2%, placing Karakalpakstan second after Tashkent.
According to the president, the increase in investment activity is linked to incentives introduced for the region. Profit, land and property taxes were cut by half, the electricity tariff for industry was reduced by 15%, and the social tax was set at 1%.
Mirziyoyev said construction had begun on 47 new projects in Karakalpakstan ahead of the meeting, with a total value of US$7 billion. He added that six projects worth US$8 billion would be implemented in a special zone established for artificial intelligence and data center projects.
The president also outlined sector-specific initiatives. Chemical industry executives have been instructed to implement an additional US$200 million worth of projects on top of the initial US$400 million plan, creating 5,000 jobs.
Projects worth at least US$150 million will be implemented in the textile and leather industries in five districts of the republic. Projects worth US$200 million are planned in the electrical engineering industry, US$100 million in energy-efficient construction materials, US$120 million in auto parts manufacturing and US$50 million in pharmaceuticals.
Mirziyoyev separately highlighted projects involving foreign capital. A Chinese investor has invested US$33 million in the Urusay gold deposit in Karauzyak. A German company has invested US$30 million in developing a quartzite deposit in Beruni district, with subsequent exports of crystalline silicon worth US$25 million per year.
Italian company Bonifika Ferrarizi is starting a US$50 million project in Takhtakupyr district to grow and process tomatoes and grain for export to Europe.
According to the president, investment road shows will be held in each district of the region by 15 October. Regional hokims are expected to attract investors for projects that will create 2,000 to 3,000 highly paid jobs.
Overall, Mirziyoyev set a target of attracting US$5 billion in investment to Karakalpakstan n
