In Tashkent, preparation of the construction site and relocation of utilities for the new international airport have started. The progress of major transport and logistics projects was reviewed at a presentation with the president.

Goals by 2030

  • doubling the volume of the transport market;
  • $9.1 billion in investments in the industry;
  • export of logistics services — up to $5.7 billion.

A priority objective has been identified: transforming the country into a key hub of the land route between the Pacific Ocean and Europe.

Airports: two complexes for $3 billion

New aviation complexes are being built in Tashkent and Bukhara with a total cost of approximately $3 billion.

Tashkent. The future airport will be able to accommodate up to 20 million passengers per year in its first phase. Public-private partnership agreements have been signed for the project.

Bukhara. Airfield infrastructure is being constructed, and an international tender is underway to attract a private partner for the construction and operation of the passenger terminal.

Modernization of airports in Urgench and Namangan is underway through PPP, Andijan — with involvement of a private operator.

Betting on private capital

A telling detail: almost all projects are structured through public-private partnerships or tenders for private operators.

The model is understandable: with declared $9.1 billion in investments, budget financing would require a significant increase in expenses. PPP transfers part of capital expenditures and operational risks to the private sector.

Foreign operators are interested: Korean Incheon International Airport Corporation is opening an office in Tashkent.

Toll roads

The road direction is developing in parallel:

  • in July, construction of the toll road Tashkent — Samarkand began for $2.2 billion;
  • in August, the country's first toll road between Urgench and Khiva started operating;
  • discussions are underway to identify investors for roads from Tashkent to Bostanlyk and Andijan.

Why this matters for the capital market

Infrastructure projects of this scale are a potential basis for debt instruments. In global practice, airport construction and toll roads are often financed through project and infrastructure bonds with long circulation periods.

For a local market where only a small share of issued securities are currently in circulation, the emergence of such instruments would mean expanding investment options — alongside stocks and corporate bonds.

This material is for informational purposes and is not an investment recommendation.