"In the past, people tried to take money abroad in suitcases." Mirziyoyev on investments in New Tashkent

"People used to try to take money abroad in suitcases." Mirziyoyev on investments in New Tashkent

On October 12, President of Uzbekistan Shavkat Mirziyoyev met with entrepreneurs and investors in New Tashkent to discuss the implementation of major construction projects and how the business community's attitude toward investment in the country is changing.

Bakhodir Mirzaraimov, Business Development Director at UET Construction, reported that the company was one of the first participants in land auctions in New Tashkent, acquiring a plot in September 2024.

According to him, at the launch of the first project, the company had doubts about its prospects and success.

"In a short time under your leadership, New Tashkent began to develop rapidly and today inspires interest and confidence among investors, entrepreneurs, and the population," Mirzaraimov said, addressing the president.

He noted that this project turned out to be one of the most successful and profitable for the company. To date, about 60 million dollars have been invested in it.

In addition, the company is implementing several other projects in New Tashkent. Their combined declared value is 510 million dollars, the entrepreneur emphasized.

In response, Shavkat Mirziyoyev asked whether he could have imagined such an investment volume five years ago.

"Bakhodir, one question. When I see young, strong entrepreneurs like you, do you know how it lifts my spirits? Five years ago, would you yourself have believed that you would be investing 510 million dollars?" the president asked.

"No, of course, I wouldn't have believed it," the entrepreneur replied.

"That's right. You might have had the money, but everyone tried to put it in a suitcase and take it abroad on planes. But, Bakhodir, I am glad to see your intentions and what you are talking about," Shavkat Mirziyoyev stated.

The president stressed that his task is to create conditions for the development of entrepreneurs and for increasing the number of major investors in the country.

"My goal is for there to be more of our children like you, to create conditions for you to become strong. You are building our new, beloved Homeland, our New Uzbekistan, our New Tashkent," the head of state said.

He also called on the entrepreneurs to take pride in the projects being implemented.

"I want to ask you one thing again and again: do this with pride. Your hard work will definitely be rewarded. Because we are doing this for the people, for the nation, for our future, for tomorrow, for our children," the president declared.

At the end of the conversation, Shavkat Mirziyoyev asked if the entrepreneur had any problems.

"No, none at all," Mirzaraimov replied.

The president wished him success in his work.

Among the designated projects are the construction of combined-cycle gas turbine units with a capacity of 900 MW at the Talimarjan TPP and 650 MW at the Navoi TPP, solar power plants with a capacity of 500 MW each in the Kashkadarya and Bukhara regions, as well as the modernization of the 220 kV "Lochin" substation in the Andijan region.

The website also lists projects for electricity storage systems in the Fergana, Andijan, and other regions, as well as the construction of new substations and high-voltage power transmission lines.

In the civil engineering sector, the company claims projects for new buildings for the Ministry of Health and the Ministry of Energy, as well as three projects in New Tashkent — on land plots No. 7, No. 8, and No. 33a-33b.

According to Orginfo.uz data, in 2026 the company won a number of tenders held by LLC "Toshkent issiqlik markazi", which is associated with the capital's heat supply. In particular, the company received orders for the manufacture and installation of smoke stacks for water-heating boilers worth 9.84 billion soums, major repairs of thermal insulation systems for pipelines and equipment worth 10.05 billion soums, and repairs of two PTVM-50 water-heating boilers worth 9.46 billion soums.

According to the business register, LLC UET Construction was registered on April 7, 2023, in Tashkent. The main activity of the company is the construction of electricity and telecommunication distribution facilities. The size of the charter capital is 1.73 billion soums.

The founders of the company are Khafizzhon Gafurov (63%) and Akmalkhon Khaidarkhonov (37%). Ozgur Sarikaya is listed as the head. The company falls under the category of large enterprises.

At the same time, Bakhodir Mirzaraimov, who spoke at the meeting with the president as Business Development Director of UET Construction, is not listed among its founders. According to Orginfo.uz, he is listed among the founders of five companies: UET Group, Energyproject Invest Group, Energetic Resources, Cravetech, and UNN Power Group.

In particular, Mirzaraimov owns 100% of UET Group, which was registered on April 7, 2023. The main activity of the company is the wholesale trade of other household goods. Its charter capital is 230 million soums.

As a reminder, UET Construction operates in the field of energy and infrastructure construction. In 2024, the company acquired the Chirchik Metal Alloys Plant for 39.8 billion soums, and in 2025, UET Invest, a company in which UET Construction holds a stake, won the auction for the privatization of a 100% state share in the automotive glass manufacturer "Avtooyna" for 200.5 billion soums. According to the State Assets Management Agency, UET Construction's net profit for 2024 amounted to about 300 billion soums. The company is also involved in the construction of facilities in New Tashkent.