A ceremony was held in the Khorezm region to launch twelve new projects valued at $176 million and commence construction on fifteen promising facilities totaling $7.424 billion. The event took place at the "Farovon Khiva Hotel" in the city of Khiva with the participation of the President.
According to data from the head of state's press service, $7.5 billion in investments have been attracted to this region over the past nine years. Furthermore, 9.7 thousand new production capacities have been commissioned, and over 33 trillion soms in credit funds have been allocated to support small and medium-sized businesses.
These efforts have led to a significant improvement in the socio-economic situation: real household incomes have doubled, the poverty rate has decreased to 4.4 percent, and the unemployment rate has halved, reaching 4.5 percent. In the tourism sector, the hotel fund has increased fourfold, and the number of foreign visitors has grown tenfold over the last five years.
Forecasts indicate that if foreign investment volume was $30 million in 2016, it will exceed $2 billion by 2026.
Recently, on the eve of Independence Day, an electrified railway line connecting Urgench international airport with Khiva was launched. Additionally, the country's first toll road connecting Urgench and Khiva is opening, which will reduce travel time from 45 to 20 minutes.
Among the new initiatives is the production of eco-friendly aviation fuel in the Tuprokkalinsky district, implemented in collaboration with partners from the UAE and the Chinese company "Sinopec," and estimated at $6 billion. There are also plans to create a bioethanol production facility worth $170 million in partnership with Slovak companies.
In Urgench, a hotel and shopping and entertainment center is under construction with the participation of Japanese investors for $30 million, and a modern boiler house is being built with a Saudi partner. In the Urgench district, Korean investors are implementing a waste processing project worth $100 million.
The tourist complex "Sahro Yulduzi" will be created near Khiva for $120 million. In addition, plans include developing the copper industry cluster, producing fiber optic cables, opening Al-Khwarizmi University designed for 5 thousand students, and establishing an "Investor House." Overall, the implementation of all these projects will ensure the creation of 6.6 thousand new jobs.