#Uzbekistan #Tashkent #Incheon Airport #Sojitz #Vision Invest

Sojitz Partners in New Airport Development in Tashkent, Uzbekistan

Sojitz Corporation has recently signed a 35-year business rights contract for the development and operation of a new international airport in Tashkent, Uzbekistan's capital. This venture, in partnership with Vision International Investment Company from Saudi Arabia and Incheon International Airport Corporation of South Korea, aims to create the largest hub in Central Asia for both passenger and cargo traffic, with an estimated project cost exceeding ¥370 billion (approximately $2.5 billion). The airport is slated to open in 2030, boosting regional connectivity and economic growth.

Growth in Uzbekistan's Aviation Sector

Located at the heart of Central Asia, Uzbekistan boasts a population of roughly 37 million, making it the largest market in the region. The country is experiencing significant economic growth, with a projected real GDP growth rate of 7.7% by 2025. This growth is driven by increasing foreign direct investment and a rapidly expanding population. Supporting this economic ambition, the Uzbekistan government has adopted a national development strategy titled "Uzbekistan-2030," promoting infrastructure development and reforms in the aviation sector through public-private partnerships (PPP).

As a result of this growth, Tashkent is witnessing a robust increase in passenger demand, projected at an annual rate of 14.2%. The new airport will have the capacity to accommodate 20 million passengers each year, nearly double the current capacity of the existing airport, thereby meeting future travel demands.

Collaboration for Success

The project will leverage the combined expertise of Sojitz, Vision Invest, and Incheon International Airport Corporation along with Uzbekistan Airports, the national airport management company. Together, they aim to develop and manage a new airport that prioritizes safety and convenience through their public-private partnership model.

Sojitz plans to facilitate the attraction of airlines focused on international routes by utilizing its extensive network developed over decades in the aviation industry. Additionally, the company will leverage its broad operational base to enhance the value of the new airport through auxiliary services such as airport retail and ground handling operations.

Sojitz's Long-Standing Commitment to Uzbekistan

Sojitz has been active in Uzbekistan since the 1990s, engaging in various export projects, including establishing a thermal power plant. Currently, the company operates around 1.6 Gigawatts of thermal power plants, which cater to about 10% of the country's electricity demand. In addition, it is involved in a 1 Gigawatt wind power plant project in Navoi Region and the construction of an 800-bed general hospital in Samarkand, which is one of the largest in the country.

Through substantial investments in infrastructure projects, Sojitz aims to support Uzbekistan's sustainable growth, demonstrating its commitment to fostering economic development in the region. This new international airport project is a testament to that commitment and showcases the potential for future growth in Uzbekistan's aviation sector.

Overview of the New International Airport

• - Location: Tashkent Region, Kuyichirchik and Urtachichik Districts, Uzbekistan
• - Site Area: Approximately 1300 hectares
• - Expected Opening: 2030

Partners Overview

1. Vision International Investment Company
- Established: 2002
- Location: Riyadh, Kingdom of Saudi Arabia
- Focus: Infrastructure investments across Asia, Africa, Australia, and South America.

2. Incheon International Airport Corporation
- Established: 1999
- Location: Incheon, Republic of Korea
- Focus: Operation of Incheon International Airport and consultation for overseas airport projects.

3. JSC Uzbekistan Airports
- Established: 2019
- Location: Tashkent, Republic of Uzbekistan
- Focus: Management of airports in Uzbekistan, including Tashkent.

Related News

On July 1, 2024, we announced the opening of a representative office in Tashkent. Or on March 29, 2022, Sojitz secured business rights for power generation in Uzbekistan.