Khorezm Region to Receive $100 Million Allocation from Industrial Development Fund
President Shavkat Mirziyoyev has announced plans to create a technology park and launch projects worth $100 million in the Urgench district of Uzbekistan. The move comes as part of a larger effort to develop the Khorezm region, with a total of $1.1 billion and 10 trillion soums allocated for various development initiatives.
The President’s initiative will focus on supporting small and medium-sized enterprises, with $100 million set aside to provide preferential support to 5.5 thousand businesses, creating an estimated 50 thousand permanent jobs. Foreign investors have already committed to projects worth $700 million, while local businessmen have pledged an additional $200 million.
One of the key projects in the region is the construction of a photovoltaic power plant by French company Voltalia, with a capacity of 100 MW. Negotiations are also underway with foreign companies for the construction of a gas chemical complex worth over $10 billion, which is expected to create 3 thousand new jobs.
To support these initiatives, the President has instructed the allocation of $100 million from the Industrial Development Fund. In addition, a technology park will be established in the Urgench district, focusing on sectors such as electrical engineering, textiles, and building materials.
Furthermore, an additional $25 million will be allocated for small and medium-sized industrial projects, with loans provided at 18% per annum for up to 7 years. These efforts aim to boost economic development and create new opportunities for growth in the region.
It was also reported that Uzbekistan plans to introduce annual visas for visiting Khorezm, further highlighting the government’s commitment to developing the region and attracting investment.
