On March 24-26, the Tashkent International Investment Forum is being held in the capital. Congress Hall became a platform for a large-scale event.
This forum is an important event on the international agenda. The business program is full of panel sessions, thematic discussions and round tables, which reveal the investment, trade, industrial, transport and transit potential of Uzbekistan and the countries of the region, where they will announce further steps to implement socio-economic reforms, outlining the government’s priorities for the strategic development of the country, stimulating the private sector, strengthening international relations and other areas.
The purpose of the forum is to attract leaders of large foreign investment, financial and economic organizations and companies interested in integrating into the dynamically developing market of Uzbekistan.
During the first day, more than 10 events took place, including the panel discussion “Green Energy for Future Generations”.
It was attended by First Deputy Minister of Energy Azim Akhmedkhadjaev, Vice President of the Asian Infrastructure Investment Bank Konstantin Limitovskiy , Chairman of the Board of ACWA Power Mohammad Abu Nayan , General Director of Masdar (UAE) Mohamed Jameel al- Ramahi, Senior Executive Vice President for International Cooperation EDF Group Beatrice Buffon, CEO of Synergy Consulting Anand Krishna Rohatgi and Director of the Energy Resources Department for the Eurasia, Middle East and Africa region of the European Bank for Reconstruction and Development Aida Sitdikova.
Head of the IFC Regional Unit for Infrastructure and Natural Resources for the Middle East, Central Asia, Turkey, Afghanistan and Pakistan Julien Alain, acted as a moderator.
It was noted that over the past few years, cardinal changes have been made in the electric power sector of Uzbekistan. The development of renewable energy sources (RES) has become of paramount importance, as evidenced by the adoption in May 2019 of the law “On the Use of Renewable Energy Sources”. In April 2020, the government approved the Concept for providing the Republic of Uzbekistan with electric energy for 2020-2030. Large solar power plants are being put into operation in the country, partners have been identified for the implementation of new investment projects for the construction of photovoltaic and wind power plants. At the same time, Uzbekistan aims to halve energy consumption over the next decade through energy efficiency measures.
While investment is central to implementing this strategy, technology cooperation is also needed. The use of big data, artificial intelligence (AI), and the Internet of Energy ( IoE ) are becoming popular trends in addition to renewable energy innovation.
The discussion focused on reducing carbon dioxide emissions into the air. Within the framework of the Paris Agreement, which Uzbekistan ratified in 2018, the republic is actively taking measures to reduce CO2 emissions to the atmosphere. It was also noted that more than 30% of energy is planned to be obtained using renewable energy sources.
First Deputy Minister of Energy of the Republic of Uzbekistan Azim Akhmedjanov stressed Uzbekistan’s intention to take one of the leading positions in the “green” economy, for which decisions will be made to move in this direction.
ACWA Power Chairman Mohammad Abu Nayan :
“Thank you for the opportunity to attend this event. The fact that representatives from 56 countries participate in it indicates that the position of the President of the Republic of Uzbekistan Shavkat Mirziyoyev is attractive to investors.
The UAE leadership supports the country’s transition to a green economy. Uzbekistan has a high potential to become a leading country in the region in this direction. We implement projects in more than 80 countries of the world and will be happy to implement them in Uzbekistan as well.”
Vice-President Konstantin Limitovskiy noted that the achievements of Uzbekistan in the direction of “green” energy are commendable. The Bank plans to continue financing and investing in the republic’s projects for the transition to low-carbon energy.
Aida Sitdikova , Director of the Energy Resources Department for the Eurasia, Middle East and Africa region of the EBRD , also expressed interest in Uzbekistan’s projects for the transition to renewable energy sources:
“The transition to green energy is a priority. 50% of our funding will fall on such projects. We are trying to support the transition from high-carbon to low-carbon energy production.”
It was mentioned that in Uzbekistan it is the energy sector that accounts for the largest amount of carbon dioxide emissions. Therefore, it is very important to pay due attention to “green” energy. This requires joint efforts of interested parties, including the government of the state, which is successfully carried out in the republic.
The representative of EBRD expressed her hope that more and more projects in this direction will appear in the republic.
Uzbekistan is very attractive for investors in various fields, including the energy sector. However, it is important to take into account the potential of not only large, but also medium and small companies, said Anand Krishna Rohatgi, the CEO of Synergy Consulting.
The CEO of Masdar (UAE) Mohamed Jameel al- Ramahi also noted that the changes taking place in our country in recent years make it attractive to investors. This, in turn, makes it possible to increase the size of the financial injections of the UAE and plan to expand their presence here.
“Now we are investing in local projects – this is the “Nur Navoi” solar power plant, a gas turbine power plant. Climatic conditions allow the use of renewable energy sources around the clock, but they must also be accumulated. It is also necessary to develop hydropower, and we hope that Uzbekistan will give us the opportunity to cooperate with public and private organizations in this direction,” said the CEO of Masdar.
Senior Executive Vice President for International Cooperation at EDF Group Beatrice Buffon, expressed her hope that the overall goal of achieving zero carbon emissions will be achieved: “Many countries around the world are striving for this, and this path requires investments and legal conditions. Our company understands that Uzbekistan has set very ambitious goals for itself, seeking to increase its capabilities in this area, and has chosen a good combination to achieve them. Here it is important to have renewable energy sources and combined cycle gas turbine power plants, which have already been introduced on a permanent basis in Uzbekistan. We started our work in the republic last year and intend to support it in every possible way during this transitional period.”
First Deputy Minister of Energy of Uzbekistan Azim Akhmedkhadjaev thanked speakers for the feedback and stressed that Uzbekistan is striving to establish a relatively neutral energy status and hopes that by 2030 it will achieve this goal. The country is aware of this need and has already begun the modernization of networks, stations and equipment. A project is being implemented with the use of gas-steam generators, with the support of the European Union, a research institute has been created, where development and research are carried out. The First Deputy Minister of Energy recalled that Uzbekistan provides the most convenient conditions for investment and will be glad to new cooperation.
On March 25, the second day of the Tashkent International Investment Forum is expected to be held, which will also be filled with many sessions, meetings, round tables with experts from different countries.
