Uzbekistan plans to implement projects worth $50bn in the first phase of New Tashkent, as President Shavkat Mirziyoyev calls for faster private-sector investment and reforms to simplify land allocation and construction permits, the presidential press service reported.
During an open discussion with investors and entrepreneurs on accelerating the city's development, Mirziyoyev noted that the government had reviewed proposals and concerns related to land allocation, permits and payments during meetings over the past month.
The state has invested more than $2bn in New Tashkent since the project began three years ago, funding major infrastructure, including a stadium, a university and a library. However, the president noted that private-sector participation in construction remains below the project's potential.
A total of 20,000 hectares of land have been allocated for the new city. The first phase envisages projects worth $50bn across 6,000 hectares. Together with the new airport, the region's investment potential could reach $200bn.
Construction is currently underway on more than 1,000 hectares, largely financed by the state, while entrepreneurs have received just 94 hectares of land.
"New Tashkent is not just an area where new housing will be built," Mirziyoyev said.
He stressed that the city should become an independent economic centre attracting businesses in education, healthcare, tourism and services. However, two-thirds of the allocated land is currently designated for residential projects.
Construction has yet to begin on 28 plots allocated to investors. Mirziyoyev attributed the delays to outdated requirements, lengthy permit procedures and government agencies acting as supervisors rather than partners, rather than simply a lack of funding or investor interest.
“Investors will not wait. If they do not feel supported and guaranteed, they will direct their funds to another market,” the president said.
He called for a review of the entire process, from land allocation to the launch of a project, to make it easier for entrepreneurs to invest in New Tashkent.
Demand for land in the new city has been rising. The average price per hectare was below UZS 10bn ($841,641) in 2024 but has since increased to UZS 19bn ($1.6mn).