On July 8, 2024, China and Uzbekistan signed a landmark investment agreement. According to the agreement, Chinese companies will invest $2.8 billion to build the largest modern special economic zone in Central Asia on the outskirts of Tashkent, Uzbekistan. The implementation of this major investment project marks the rapid rise of Uzbekistan as the most attractive investment destination in Central Asia.

The project is jointly developed by China Power Construction Corporation and China State Construction Group, covering an area of about 30 square kilometers. The planning and construction content includes four functional sectors: modern manufacturing park, international logistics center, scientific and technological innovation base and supporting living area. Among them, the science and technology innovation base will focus on the introduction of high-end industries such as new energy and electronic manufacturing, and build the first 5G full coverage smart industrial park in Central Asia to provide world-class digital infrastructure for settled enterprises.

According to the Minister of Investment and Foreign Trade of Uzbekistan, the project is an important milestone in the country's economic transformation. The project is expected to create more than 50,000 jobs and generate an annual output of $5 billion, accounting for about 5% of Uzbekistan's GDP. The project will also be accompanied by the construction of a modern transportation network, which will significantly improve the level of local infrastructure.

The successful signing of this investment project fully demonstrates the high degree of compatibility between China's Belt and Road Initiative and Uzbekistan's "New Uzbekistan" development strategy. Analysts pointed out that with the implementation of the project, Uzbekistan is expected to replace Kazakhstan as a new economic growth pole in Central Asia. This will not only reshape the economic pattern of Central Asia, but also provide an important fulcrum for Chinese enterprises to explore the Eurasian market.(This article is from the official website of Seetao www.seetao.com. Reprinting without permission is strictly prohibited. Please indicate Seetao.com + original link when reprinting) Seetao.com Strategy Column Editor/Sun Fengjuan