Uzbekistan – Opportunities for investors [ENG]

Summary

Denis Sokolov discusses Uzbekistan's economy and Tashkent's real estate market, highlighting the country's rapid development since its isolation ended in 2018. With a growing GDP, urbanization, and increasing consumer power, opportunities arise in retail, infrastructure, and real estate. Sokolov emphasizes the need for international business involvement to foster growth and address challenges like inequality and lack of global connectivity.

Takeaways

• 🌏 Uzbekistan is one of the largest countries in the former CIS and was isolated for about 20 years, which has affected its global visibility.
• 📈 Since 2018, Uzbekistan has been experiencing rapid development with a GDP growth of 17.1% in 2021, and forecasts of 4% for 2022 and 4.5% for 2023.
• 🏙️ The real estate market in Tashkent is underdeveloped and not fully counted in the GDP, indicating a potential for significant growth in this sector.
• 🏢 The Atashkan City project in Tashkent is a significant development with a business complex, office towers, hotels, and residential areas, showcasing the potential for urban development.
• 📉 Inflation in Uzbekistan is decreasing, from 13% in 2020 to an estimated 9% in the current year, with an outlook of 8% for the next year.
• 👥 Urbanization is a key trend, with Tashkent's population expected to reach almost 4 million by the 2030s, up from 3 million currently.
• 💹 The purchasing power in Tashkent is expected to grow at a rate of 12-15% per year, similar to Moscow's growth in the early 2000s.
• 🛍️ There is a high potential for growth in the FMCG and retail sectors as consumer markets are set to boom with the opening of new shopping malls.
• 🚧 Infrastructure is a significant area for improvement and investment, with needs in road infrastructure, power stations, and water supply.
• 🏫 Education is a growing concern with a high demand for quality schooling, presenting opportunities for international educational institutions.
• 🌐 Connectivity with the global economy is a challenge after years of isolation, but the government is proactive in seeking advice and opening up to international business.

Q & A

What was Dennis Sokolov's previous role at Cushman Wakefield?

Dennis Sokolov used to run the Central and Eastern European research team at Cushman Wakefield.

How has Uzbekistan's economy been performing since the regime change in 2018?

Since the regime change in 2018, Uzbekistan's economy has been developing rapidly with a GDP growth of about 17.1 percent in 2021, and forecasts of about 4 percent for 2022 and 4.5 percent for 2023.

What is the current per capita GDP of Uzbekistan?

The current per capita GDP of Uzbekistan is about two thousand dollars per person.

What is the significance of the Atashkan City project in Tashkent?

The Atashkan City project is a business complex and mixed-use development in the center of Tashkent, featuring a big park, a huge mall, office towers, hotels, and residential areas. It is significant as it represents a major development in a country with little experience in this sort of project.

What is the current inflation rate in Uzbekistan?

The inflation rate in Uzbekistan has been decreasing from 13 percent in 2020 to an estimated 9 percent for the current year, with an outlook of 8 percent for the next year.

What is the expected population growth rate of Tashkent?

The population growth rate of Tashkent is about several percent per year, with expectations for the city's population to reach almost 4 million by the 2030s.

What is the current state of urbanization in Uzbekistan?

Uzbekistan is experiencing a significant urbanization trend, with restrictions on internal mobility lifted, leading to an increase in people moving to Tashkent.

What are some of the challenges faced by Uzbekistan due to its rapid growth?

Some challenges faced by Uzbekistan due to rapid growth include uneven development across different areas of the country and increasing inequality.

Why is the middle class in Uzbekistan considered a problem for the economy?

The middle class in Uzbekistan is considered a problem because it is currently very small, which is a hindrance to the growth of a consumer economy that drives middle-class expansion.

What are some of the business opportunities that Dennis Sokolov identifies in Uzbekistan?

Some business opportunities identified in Uzbekistan include FMCG and retail, infrastructure improvements, real estate, and advising on urban planning to cope with rapid growth.

What is the current state of international business and investment in Uzbekistan?

International business and investment in Uzbekistan are in the early stages of emerging, with many international retailers operating through franchise partners.

Outlines

00:00

🌏 Uzbekistan's Economic Overview and Real Estate Insights

Dennis Sokolov, previously heading the Central and Eastern European research team at Cushman Wakefield, discusses the Uzbekistan economy and Tashkent's real estate industry post the Russian invasion of Ukraine. Uzbekistan, one of the largest countries in the former CIS and Soviet Union, was isolated for 20 years but has seen rapid development since 2018 with a new president implementing economic liberalization. In 2021, Uzbekistan's GDP growth was 17.1%, and the per capita GDP is around $2,000. The country's real estate operations are currently not counted in GDP, suggesting a significant potential for growth in this sector. Sokolov has been involved in projects to help Uzbekistan establish connections with global markets and prepare its real estate market for international investment.

05:03

🏙️ Tashkent's Urban Development and Market Potential

The script highlights a project called Atashkan City, a mixed-use development in Tashkent, which includes office towers, hotels, and residential spaces. Located on an eight-hectare plot with excellent transport accessibility and a wonderful location, the project is impressive for a country new to such development. Uzbekistan's inflation is decreasing, and urbanization is on the rise as restrictions on internal mobility have been lifted, leading to a significant population increase in Tashkent. The city's growth rate is several percent annually, and it is expected to reach almost 4 million inhabitants by the 2030s. The purchasing power in Tashkent is expected to grow at a rate of 12-15% per year, following a similar path to Moscow's consumer market development in the early 2000s.

10:03

📈 Challenges and Inequalities in Uzbekistan's Growth

The script discusses the uneven growth across different areas of Uzbekistan, with some parts of the country growing rapidly while others lag behind. A significant problem is inequality, as the economy is not transparent, and there is a lack of middle class. The country has a large number of both rich and poor people, but very few in the middle. This is a challenge for the economy, as a growing middle class is necessary for urban development. Education is also highlighted as a problem, with a high demand for quality education, but a lack of international business opportunities. The script suggests that international companies have opportunities to bring expertise and improve local knowledge and skills.

15:03

🛍️ Business Opportunities in Uzbekistan

The script identifies business opportunities in Uzbekistan, particularly in FMCG and retail sectors, due to an overdue consumer revolution. Despite the presence of customs duties, there is room for retailers as the strategy of retailers in Uzbekistan focuses on profit margins rather than sales volumes. The country is in great need of infrastructure improvements, and there is significant room for more companies to join efforts in this area. Connectivity with the global economy is also a key issue, with a need to increase flights and airport capacities. Real estate is undervalued, and there are opportunities for value-added investments. Lastly, there is a need for advice from investors and urban planners to help the city manage rapid growth without making mistakes.

20:05

📢 Closing Remarks and Call to Action

Denis Sokolov concludes by emphasizing the importance of facilitating business activities in Uzbekistan to improve the lives of its people. He invites anyone interested in additional information or advice to contact him, highlighting the potential for profits and a better life through business engagement in the country.

Keywords

💡Uzbekistan

Uzbekistan is one of the largest countries in the former CIS and was isolated from the global economy for about 20 years. The video discusses the country's recent economic changes and development, particularly focusing on the real estate industry in Tashkent. The keyword is central to the video's theme as it sets the geographical and political context for the discussion.

💡Tashkent

Tashkent is the capital city of Uzbekistan and is highlighted in the video for its rapid development and growth in the real estate sector. The city is expected to grow significantly in population and economic activity, making it a focal point for investment and business opportunities discussed in the video.

💡Economic Liberalization

Economic liberalization refers to the policies implemented by the new president of Uzbekistan since 2018, aimed at opening up the economy and lifting restrictions on people's mobility. This concept is crucial to the video's narrative as it sets the stage for the country's current economic boom and the potential for further growth.

💡GDP Growth

GDP growth, or Gross Domestic Product growth, is a key indicator of economic health mentioned in the video, with Uzbekistan experiencing substantial growth rates. The video cites a GDP growth of 17.1 percent in 2021, indicating the country's strong economic performance and potential for further investment.

💡Real Estate Operations

Real estate operations are a significant part of Uzbekistan's developing economy, as discussed in the video. The speaker notes that these operations are currently not counted towards the country's GDP, suggesting an underestimation of the economy's size and potential. This keyword is central to understanding the business opportunities presented in the video.

💡Urbanization

Urbanization refers to the movement of people from rural to urban areas, which is a key trend in Uzbekistan as highlighted in the video. The lifting of restrictions on internal mobility has led to a significant influx of people into Tashkent, driving the need for housing and infrastructure development.

💡Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, and it is decreasing in Uzbekistan as mentioned in the video. The speaker discusses how the country's inflation rate has dropped from 13% in 2020 to an estimated 8% in the current year, indicating economic stability.

💡Consumer Market

The consumer market in Uzbekistan is expected to experience significant growth, as discussed in the video. The speaker anticipates a 'consumer revolution' as international retailers enter the market and shopping malls open, reflecting a shift from traditional street markets to modern retail environments.

💡Middle Class

The middle class in Uzbekistan is described as 'tiny' in the video, indicating a socioeconomic structure that is heavily skewed towards the rich and the poor. The growth of the middle class is seen as crucial for the development of a robust consumer economy, which is a central theme in the video's discussion of economic opportunities.

💡Connectivity with Global Economy

Connectivity with the global economy is identified as a challenge and opportunity in Uzbekistan, as discussed in the video. The country's long period of isolation means it needs to establish new connections and integrate with global financial markets, which is essential for attracting foreign investment and business.

💡Business Opportunities

Business opportunities in Uzbekistan are a central theme of the video, with the speaker identifying several sectors, including FMCG (Fast-Moving Consumer Goods), retail, infrastructure, and real estate, as having significant potential for growth and investment. These sectors are seen as key drivers of the country's economic development.

Highlights

Dennis Sokolov, previously leading the Central and Eastern European research team at Cushman Wakefield, is now focusing on Uzbekistan's market in Tashkent.

Uzbekistan is one of the largest countries in the former CIS and was isolated for 20 years from the global economy.

Since 2018, the new president of Uzbekistan has implemented strategies to liberalize the economy and lift restrictions on people's mobility.

Uzbekistan's GDP growth was 17.1% in 2021, with a forecast of 4% for 2022 and 4.5% for 2023.

The per capita GDP in Uzbekistan is about $2,000, but the real estate operations are not counted towards GDP.

Dennis is working on various advisory projects in Uzbekistan since 2018, helping to establish connections with other markets.

Atashkan City, a major project in Tashkent, is a mixed-use development with a big park and a large mall set to open in March 2023.

Inflation in Uzbekistan is decreasing, from 13% in 2020 to an estimated 9% in the current year, with an outlook of 8% for the next year.

Urbanization in Uzbekistan is leading to rapid growth in Tashkent, with the population expected to reach 4 million by the 2030s.

Purchasing power in Tashkent is expected to grow at a rate of 12-15% per year.

The Uzbek economy is expected to see a peak in the consumer market as international retailers emerge.

Uzbekistan does not consider itself as a legacy of the Soviet Union and has a strong cultural identity.

Problems in Uzbekistan include fast growth leading to inequality and a lack of transparency in the economy.

Education is a significant issue in Uzbekistan, with a high demand for private and international schools.

Connectivity with the global economy is a challenge for Uzbekistan after 20 years of isolation.

Business opportunities in Uzbekistan include FMCG, retail, infrastructure, real estate, and urban planning advice.

Custom duties on consumer products in Uzbekistan are expected to decrease, and joining the WTO is planned.

Dennis Sokolov is available for additional information and advice on the Uzbek market.

Transcripts

[Music]

hello my dear friends and dear

colleagues my name is dennis sokolov i

used to run

central and eastern european research

team at cushman wakefield announced

since a

russian invasion in ukraine i am now

focusing on uzbekistan market in

tashkent and today i wanted to share you

some thoughts some knowledge some

insights about

uzbekistan economy and

tashkent real estate industry

so basically i know that many of you are

wondering about the uh central asia

countries because a lot of a lot of

things there are unknown about that

territory we all think uh you used to

think that this is kind of

all the countries are the same but

they're they're they're obviously not so

uzbekistan what is special about

uzbekistan uzbekistan is uh one of the

largest country is in the former uh cis

and former soviet union reality and uh

this country was isolated unsurprisingly

isolated because a lot of again a lot of

asian countries go towards this path

for 20 years it was isolated from a

world global economy from international

business and uh their travel was

restricted they travel ian travel out

and so on and so forth so that's why

there is no uh everyone knows about

kazakhstan but no one knows about

neighboring uzbekistan so since

2018 uh after the change in the regime

so the uh the president uh the president

had changed and uh the new president

implemented new strategy it was not well

widely announced it was just started

with a small let's say small tiny

changes

in let's say in liberalization of

economy in the

lifting restrictions for people mobility

and so on and so forth so what do we uh

what do we have today uh today we have

the situation when country is developing

uh rather rapidly in 2021 gdp growth was

about 17.1 percent two thousand two

forecast is about four percent the 2003

forecast is four point five percent so

it's it's above average it's not

really for such uh kind of such emerging

market it's not really astonishing

growth rates but but it's stable it's

stable and the per capita gdp is now

about two thousand dollars per uh person

which is which is low which is obviously

low but again we need to understand that

it's in such countries in such uh

let's say conservative countries they do

not have very good experience of

counting the urban economy of city

economy so for example if we look at

their gdp structure we will see that for

example uh real estate operations they

are

they are zero they have construction but

no real estate operations so all the

leasing market everything are connected

to related to real estate is not counted

towards gdp and i believe that uh for

such country gdp uh let's say gdp

transactions should account for about at

least at this point for about at least

five percent of gdp and uh in future it

can be up to 15 percent of gdp so that's

why as a real estate specialist we see a

strong upside i am working in uzbekistan

on a different uh scale of advisory

projects since uh 2018 since basically

the country started opening uh itself to

the world so basically our first project

uh within cushman and wakefield within

cushman wakefield team was the major aim

was to help country uh to establish

connections with other markets to

prepare a real estate market to for the

uh for the international investor for

service for the international opera

operators so uh that's that's what we

did we've done a project called atashkan

city tashkent cities well it's it's ken

city it's a business center business

complex uh mixed-use development in the

center of uh tashkent with a big park

with a huge mall that is due to be open

in uh march as far as i remember march

2023

uh for office towers hotels residential

so it's uh it's pretty pretty decent

project it's located on the eight

hectare uh plot which is again ideal for

development it's a dream of any

developer just imagine 80 hectares plot

perfect square brown field three metro

stations yes uh there's metro in

tashkent and uh four highways around so

transport accessibility is wonderful

location is wonderful the shape of the

plot is wonderful the project itself uh

i wouldn't say that this is one of the

best projects in the world but for

therefore for country without any

experience in uh this sort of

development it was really really

impressive so what else uh

what else import is important to

understand inflation inflation in

uzbekistan is uh going down from 13

in 2020 to uh 9

this year estimated inflation and

outlook for next year is eight percent

so basically for the uh cis for

post-soviet country this sub ni sub 10

inflation is something which is uh which

is perfectly perfectly natural uh

natural thing uh so uh

what's uh the most important part of the

story is their urbanization is the

urbanization because for a long period

of time uh uzbekistan was the kind of

the mobility of people was restricted in

uzbekistan so people from one uh let's

say one city could not move without

serious reason to another city so now

these all these restrictions had lifted

and that's basically and that's by the

way one of the reasons why there are

lots of uzbek people are working in

other countries because their uh

mobility within country was really

really limited so now uh these

restrictions are lifted and then uh

people are moving to tashkent and

tashkent growth rate is about is several

percent uh a year so basically now it's

a three million city and we expect in

30s these by the population of the city

to reach for almost 4 million so it's

it's just a city i'm not talking about

agglomeration agglomeration probably

will be about 5 million tashkent

agglomeration i think will uh reach 5

million by year 2030. so uh and then com

the if we combine these two things

combine growth in disposable income and

combine growth and population so we will

see that purchasing power in

tashkent itself is expected to grow at a

rate 12 13 15

a year uh the same growth rate we were

seeing in moscow in moscow in early 2000

but it was kind of it was short shorter

periods so in many cases in many to many

risk

respects tashkent is going to follow

that path in terms of moscow consumer

market development i hope that tashkent

will not follow the same path that

moscow is moving now but that's that's

another story so uh what uh what is our

outlook for the evolution of tashkent uh

of uh uh

of uzbekistan economy so we are now we

are in the period 2002 2006 where we see

high growth rates almost in every

industries and especially we are uh we

are expecting a

big

peak in consumer market because people

are where

people used to used to used to live used

to shop in the old style

old-fashioned street markets so now the

first shopping malls are due to be open

and we are expecting international

international retailers uh to emerge in

uzbekistan so there are there is already

a number of international retailers

however they are working through

franchise partners and uh it will be

great to see direct uh let's say

direct involvement of international

retail in the uh in the country economy

what's also important to understand it's

often missed from a lot of uh let's say

a lot of reports research and so on uh

is that

that country is not consider itself as

let's say as a legacy of the soviet

union so i would even say that there was

a decentralization of uh this country uh

over last

i think 15 years probably so there is no

kind of uh there is no sentiment uh

about soviet times about great uh great

period of uh soviet empire and so on and

so forth so uzbekistan is pretty well

kind of self-sustainable in terms of

culture in terms of understanding and in

terms of identity which is in fact to my

understanding it's here it's it's a

really good news uh

what is what are the problems now in

uzbekistan obviously the problems are

coming from the fast growth because the

growth in uh this uh

the growth is not even in all areas so

we see kind of we see parts of the city

parts of the country uh growing really

fast and doing doing a lot of course

making mistakes and the second uh big

problem is uh

is inequality

because if we look at

uzbek population it it's also important

to understand that economy is not really

transparent

and it's not transparent not because

it's secret or let's say uh government

does not publish data it's not

transparent because there is no kind of

long track record of interpretation of

this data so the data is in place but

there are not many specialists looking

at this data trying to make judgments

trying to understand what's behind that

and the reason is simple if the country

was closed for 20 years who cares who

cares what is happening there because

anyway you cannot invest you cannot do

business there you just you so you do

not care about the economy you do not

care how people live there so now

situation is changing but again it takes

it takes years to learn how to interpret

data how to make sense of those data but

what is what is obviously the problem is

inequality because even from uh looking

at the streets even from talking to the

business from anecdotal evidence you

understand that there are kind of there

are

quite substantial number of rich people

in uzbekistan uh there is a huge number

of poor people and there is tiny a tiny

tiny slice of middle class because again

there are no uh almost no international

business uh there are no uh almost

almost no uh carrier opportunity in

international business it's starting

emerging but again it's just in in the

beginning so that's one of the biggest

problems i think for uzbek economy

because it's a problem it's uh it's a

lack of middle class once middle class

will start growing we will see a city

city changing even even even faster so

education education is also a problem

because there is a huge demand from

local people uh to educate their kids

it's also interesting thing that there

is a big chunk of rural population in

the country and people in rural areas

they want they want their sons and

daughters they want them to live better

life to be integrated in the world

economy to see all the opportunities to

see the world so there is kind of there

is very strong

even though it's conservative country

there is very strong demand for this

sort of cosmop

cosmopolitan lifestyle so that's why

they send people uh to they send their

uh their kids to schools to private

schools and there is lots of lots of

private schools international private

schools quasi international private

schools so you walk along tashkent and

you see for example you see

oxford school cambridge school uh

american school whatever i don't know i

don't know about the quality of those

schools and i really i'm really afraid

that the quality is not is not uh on par

with the with the pricing but it's it's

a reality there is a huge demand huge

demand for knowledge and uh this demand

is not yet satisfied so that's one of

the opportunities for international

business for international uh companies

to work with uh people in uzbekistan uh

to bring expertise we are trying we're

we're doing also our best we're doing

trainings we are now we plan to launch

uh educational program together with a

city city mayor uh educational program

targeted in uh property management and

facility management of commercial real

estate so because i think that's

important i think you cannot around

successful business you cannot uh do you

cannot build complex projects without

local knowledge and expertise you cannot

rely only on uh let's say on

international expat rates and so on so

that's another thing and um

what is uh uh and other problem is uh

poor connectivity with global economy

again after 20 years of

after 20 years of uh

kind of isolation of course it's

difficult to establish new connections

and people in uzbekistan they do not

have enough connections uh and uh enough

uh let's say enough i would say

relatives representatives in another in

other countries to make sure that this

all this connection works so that's why

i think probably western business if

wants to uh be there on that on that

ground uh should be a little bit more

proactive because it's not it's it's

it's not like for example iran uh when

you can uh you can find a

representatives of iran iranian let's

say culture iranian uh

business in almost all in industries all

over the world it's pretty pretty small

economy but with a big with it with a

big big potential so that's another task

to make sure that this country is

connected to global capital markets

financial markets and so on of course

someone will tell me okay they have very

heavy

high duties for consumer products they

have strong restrictions for uh banking

industry uh but uh a reality is that

government now is willing to remove a

lot of restrictions uh

just they need to understand why what

and when to do so basically they are

looking they're looking there and

they're listening they're listening for

our advices they're listening for uh

let's say for advices of other

consultants and uh there even even

during the previous five years we see

that there there are lots of lots of

things had been changed so that's why i

think uh connectivity with uh global

economy is tasks that can be solved so

just couple of words about not to spend

lots of your time couple words about

business opportunities and i think

they're kind of the most the top

opportunities fmcg fmcg and retail

basically because the consumer

revolution consumer revolution is long

long overdue in uzbekistan i know that i

previously said that

middle class is very poor uh kind of

kind of middle class is very thin in

uzbekistan but it doesn't contradict the

message you cannot have middle class

strong middle class without consumer

economy because consumer economy drives

this middle class so that is that is why

i am sure that uh the kind of there is a

lots of room for uh consumer goods for

retail and now there are new shopping

malls being uh

kind of that that will be that are

opening now and will uh will open soon

and uh that that is why there is there

is a room for retailers of course

of course the issue with the custom

duties for consumer products are still

in place uh but again this i i think

that this uh problem this problem is

overestimated i would say uh because uh

custom duties custom uses here first of

all there is a plan to decrease custom

duties uh they also there is also a plan

to join at certain point wto and uh also

itself custom duty on the kind of on the

value of sku at custom border does not

really affect that much the uh the sale

price what affects the sale price in uh

in the shop in the store is the strategy

of retailers so if retailer wants to

increase the sales uh and are ready to

kind of to squeeze a little bit profit

margins so uh that's one side of the

story if for example retailer and that

what happens now in uzbekistan if

retailer thinks okay instead of selling

uh for example 1 000 pairs of shoes

with a with a margin of let's say

uh

20 dollars per pair i will say i will

sell 100 pairs of shoes with a margin of

200 dollars per pair so basically the

overall the overall uh

revenue will be about the same profit

will about will be about the same but

the prices in the stores will be higher

so that's what happens now in uzbekistan

because uh retailers because retailers

they are focusing on their profit

margins not on the sales volumes and

market shares and

i mentioned that most of retailers they

work through franchises franchisees

franchise partners and uh of course

franchise partners they look at uh this

thing uh from the different angle they

have uh the the they they sell the whole

portfolio of their uh of the retail uh

of the whole the whole portfolio of the

brands and they want they they want

always to balance their brands no they

do not want that those brands to compete

between each other so that is why uh if

we saw that in russia then when uh do

when we see direct uh

uh penetration of international retailer

to the market the uh sales strategy

changes completely and the volumes go up

so next thing is infrastructure

infrastructure country is a very in

great need for infrastructure

improvements that means the road

infrastructure that means the uh

electricity

power stations uh

that that means that the water supply

and so on and so forth and i know as far

as i know there are french companies uh

working with uh uzbek government but i

think that there is a room uh

significant room for more for more uh

for for more companies to join that

because there are there are problems

with electricity there are problems with

water supply and the country the

landscape the landscape the climate is

uh not really easy to cope with so

that's why infrastructure is a key thing

also uh al also i mentioned the

integration with the global economy and

that uh that means uh that means a very

simple thing that means that

uh

that means that there is a great need to

increase the number of flights to

increase the airport capacities so they

increase their let's say even the

transportation the traffic flow between

uzbekistan and other countries as the

country is pretty uh pretty much remote

uh you can rely only on air

transportation

so uh other thing is uh real estate of

course real estate is undervalued in

uzbekistan so there are lots of uh lots

of projects uh that uh that need to be

improved that need to be uh to uh to get

through some reconstruction to through

value added investments also it's

important uh just to remind you that

tashkent city itself was destroyed in uh

1966

uh by earthquake and it was completely

rebuilt in 70s and 80s so the city

itself in terms of planning in terms of

zoning in terms of the even construction

is pretty pretty pretty modern so that's

why even oldest buildings uh let's say

office buildings obsolete office

buildings these buildings are about uh

30 years old no more so this building

can go through their reconstruction and

uh value added investments so the prices

we believe we believe the prices have

upside uh within five years maybe

in some cases maybe two times in some

cases uh maybe 10 15 percent uh again

due to changes in the city city

structure also other other opportunities

uh uh for international business is

probably to help city with uh advice

from the

investors and urban planners because

again cities facing lots of lots of

problems uh generated by rapid growth so

they understand that they need to do

things fast but they are afraid of

making mistakes so that's why probably

uh

urban planning specialists will be in a

great demand uh in uh tashkent pretty

soon so thank you very much for your

attention my name is denis sokolov you

can find me on the social networks you

can if you want additional information

we've done a couple of reports uh that

are available uh to public uh on uzbek

market if you want additional

information contacts advices

please contact me and

i will make sure to help you because i

think it's now very important for

uzbekistan is to facilitate business

activities in various areas not

specifically in real estate if we will

see business activity in this country we

will make sure we will see how that we

will be able to earn profits and make

life of those people and our life better

thank you very much dennis circle of

commonwealth partnership uzbekistan

[Music]

you