Aiming for Seoul’s level — Tashkent hokim on $1 billion fund, new economic strategy

Tashkent is embarking on an ambitious economic transformation, aiming to significantly accelerate growth and elevate its status among global megacities. Mayor Shavkat Umurzakov revealed a comprehensive strategy, emphasizing the utilization of substantial internal reserves to navigate external risks and achieve new heights. The city is setting its sights high, with a clear goal to emulate the development trajectory of cities like Seoul, which have achieved remarkable success despite limited natural resources.

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We aim to benchmark ourselves against cities such as Seoul. Seoul has achieved a high level of development despite limited natural resources.

This strategic pivot involves a multi-pronged approach. Firstly, Tashkent aims to dramatically increase its economic output, projecting a rise in its contribution to Uzbekistan's GDP from the current 21% to a staggering 50%. This expansion will be fueled by a dedicated $1 billion fund, earmarked for critical initiatives such as boosting exports, cutting production costs, and expanding manufacturing capabilities. The mayor highlighted the potential for an additional reserve of 44 trillion soums ($3.6 billion), which could further enhance export potential if a systematic approach is adopted.

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These funds will be allocated in a targeted way to boost exports, reduce production costs and expand manufacturing capacity.

Furthermore, the strategy places a strong emphasis on international trade, targeting access to markets encompassing at least 100-120 million people, with an additional 80 million identified. To facilitate this, project offices will be established in each district, and industry representatives will be dispatched abroad to forge new export opportunities. The city has been tasked by the president with ambitious goals, including increasing output by 88 trillion soums ($7.3 billion), boosting exports by $4.9 billion, attracting $5 billion in investment, and creating 65,500 high-income jobs. This bold vision positions Tashkent as a key driver of national economic progress.

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Tashkent has an additional reserve of 44 trillion soums ($3.6 billion — ed.), with the potential to increase exports by a further $4.5 billion if a systematic approach is implemented.