President Shavkat Mirziyoyev is meeting with investors and entrepreneurs implementing major projects in New Tashkent, presidential press secretary Sherzod Asadov reported.
Over the three years since construction of the new city began, the state has invested heavily in infrastructure and major facilities, including a new national library building, university campuses and a stadium. Total investment has exceeded $2 billion to date.
A total of 20,000 hectares of land has been allocated for New Tashkent, with 6,000 hectares to be developed during the first phase. Projects worth $50 billion are planned as part of this phase, while the territory’s investment potential could reach $200 billion, including the planned airport.
However, the pace of private-sector participation does not match the project’s potential, the president said. Businesses are carrying out construction on just 94 hectares, while state-commissioned projects cover more than 1,000 hectares.
New Tashkent is intended to become not only a residential area but also an independent economic hub for modern business, education, healthcare and tourism, Mirziyoyev said. Around two-thirds of the allocated territory is designated for residential complexes, while construction has yet to begin on 28 plots allocated to investors.
The president said the low level of activity was not due to a lack of funding or interest. The average price of one hectare in New Tashkent has nearly doubled over two years, rising from 10 billion to 19 billion soums, indicating strong demand for land, he added.
According to Mirziyoyev, outdated requirements and slow permit procedures are holding back projects. Some government agencies also act as supervisors rather than partners, he said.
“Investors will not wait. If they do not feel supported and guaranteed, they will direct their funds to another market,” Mirziyoyev said.
The president emphasized the need to review the entire process, from land allocation to project launch.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
