Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

Presidential Decree No. UP-243, adopted on November 10, 2026, establishes a favorable, transparent and unified investment environment for the implementation of major urban development and tourism projects in New Tashkent and the Shirin residential area in Samarkand. The document provides for comprehensive support for investment initiatives at all stages, from land allocation to the commissioning of completed facilities.

In accordance with the Decree, under the special legal regime, support will be provided to major projects with an investment value exceeding USD 50 million across nine areas. In particular, these include buildings over 200 meters tall, hotel and business complexes, commercial facilities, theme parks, resorts, as well as projects in healthcare, education, culture, sports and infrastructure. For hotel brands holding leading positions in certain international rankings, incentives will apply regardless of the investment amount.

Key incentives for investors include: offering construction-ready land plots for competitive bidding, complete with technical specifications; introducing the Swiss Challenge mechanism alongside traditional auctions; reducing the initial land price to as low as USD 1 under the special regime, depending on the investment amount; reducing the down payment to 10 percent; and providing interest-free installment payment options for periods ranging from 4 to 7 years. Following the commissioning of a facility, investors may acquire ownership of the land plot without additional payment or lease it for up to 49 years.

The Decree also provides for a 20 percent discount on infrastructure costs or interest-free installment payments; a reduced corporate income tax rate of 1 percent for certain projects; exemptions from land and property taxes for 20 years; and customs incentives for imports within established limits during the construction period. Foreign investors will be granted a 10-year guarantee against adverse legislative changes. Additional incentives will be introduced for reinvested dividends, research and development (R&D) activities, and the engagement of foreign specialists.

The Ministry of Investment, Industry and Trade will participate in the implementation of the Decree as the operator responsible for coordinating investment projects. The Ministry will maintain a register of approved agreements, assign a dedicated officer to each investor under the investorbay principle of individualized investor support, and submit quarterly reports on project implementation progress. A department of the Ministry of Investment, Industry and Trade will be established in New Tashkent. Furthermore, within one month, the Ministry, jointly with relevant government agencies, will develop procedures for attracting and selecting investors, as well as standard investment agreement templates.

The Decree also places particular emphasis on new investment financing mechanisms. Specifically, it envisages establishing the legal framework for Real Estate Investment Trusts (REITs), creating a pilot fund based on state-owned real estate assets, and offering its shares to the market through an Initial Public Offering (IPO). The draft of the relevant regulatory legal act will be submitted to the Cabinet of Ministers by December 31, 2026.

The implementation of Presidential Decree No. UP-243 will help reduce administrative barriers to major urban development projects, enhance the predictability of investment costs and implementation timelines, and attract international brands and institutional investors. As a result, it will lay a solid foundation for the development of modern infrastructure, the creation of new jobs, and the expansion of high-value-added services in New Tashkent and the Shirin area.