Investment approach

The portfolio offers several routes into local production and services. Define a commercially focused first phase, then expand against customer acceptance, operating performance and cash collections. Manufacturing and localisation Begin with a nominated part, accepted specification or dealer order. Imported inputs, local processing, warranty and working capital are included in the commercial model. Agriculture and food Secure raw material and buyer contracts together. Crop conversion, cold storage, seasonality and inventory funding determine the scalable production phase. Healthcare and digital services An experienced operator, paying customers and measurable service capacity define the initial investment. Equipment or infrastructure follows contracted utilisation. Resources and real assets Confirm the exact licence, parcel, concession or ownership interest. Resource studies, public infrastructure and private income-producing assets are financed through distinct stages. Country and market context The following dated information provides background for project discussions. Investment budgets and operating models will be developed for the selected location and scope. Uzbekistan had 38,236,704 permanent residents on 1 January 2026, including 4,379,800 in Samarkand region. Customer segments and sales channels will be assessed for each selected project. In its 18 June 2026 assessment, the IMF reported real GDP growth of 7.7% in 2025 and projected about 6.8% for 2026. The official January-August 2026 release reports exports of USD 22,866.9 million and imports of USD 34,535.6 million. Partial-year figures have not been annualised. From 1 June 2026, the published electricity tariff for groups I and II is UZS 1,100/kWh and the general natural gas tariff is UZS 2,000/m³, including VAT. Actual category, consumption, connection, reliability and VAT recovery require project-specific pricing. Water rights, seasonal availability and wastewater requirements are material for orchards, livestock, processing, textiles, mining and tourism. Site utility assessments form part of investment development. The university contact supports the discussion. Ownership, commitments and investment agreements belong to the parties authorised for the specific project. Information dated 26 October 2026 Sources and information basis: S01 SIAT annual imports by HS chapter — https://siat.stat.uz/data/3087/?lang=en S02 SIAT annual exports by HS chapter — https://siat.stat.uz/data/3078/?lang=en S03 IMF Uzbekistan Article IV assessment — https://www.imf.org/en/news/articles/2026/06/18/pr-26214-uzbekistan-imf-executive-board-concludes-2026-article-iv-consultation S04 World Bank WITS UN Comtrade: Pectin imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/130220 S05 World Bank WITS UN Comtrade: Ketchup and tomato sauce imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/210320 S06 University of California pistachio guidance — https://www.ucanr.edu/site/california-pistachio-research/climate-cultivars S07 Samarkand airport 2025 results — https://samarkandairport.com/en/press-center/press-releases/2025-results/ S09 World Bank WITS UN Comtrade: Dried grape exports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Exports/partner/ALL/product/080620 S10 World Bank WITS UN Comtrade: Infant food preparations imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/190110 S11 World Bank WITS UN Comtrade: Medical furniture subgroup imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/940290 S12 World Bank WITS UN Comtrade: Vehicle lighting imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/851220 S13 World Bank WITS UN Comtrade: Central heating boiler imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/840310 S14 World Bank WITS UN Comtrade: Hygiene imports under historical H0 — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/481840 S15 World Bank WITS UN Comtrade: Filling and sealing machinery imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/842230 S16 World Bank WITS UN Comtrade: Multiphase AC motor subgroup imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/850152 S18 LexUZ tourism zone Resolution PQ-60 — https://lex.uz/docs/-6790527 S19 National Statistics Committee foreign trade release — https://stat.uz/img/news/press_release_eng_p14832.pdf S20 National Statistics Committee population release — https://stat.uz/en/press-center/news-of-committee/66574-zbekiston-a-olisi-38-2-mlndan-oshdi-4 S21 LexUZ Cabinet Resolution 243 on energy tariffs — https://lex.uz/uz/docs/-8195731 S22 World Bank irrigation modernisation programme — https://www.worldbank.org/en/news/press-release/2025/05/21/uzbekistan-to-modernize-its-irrigation-infrastructure-with-world-bank-support S23 Samarkand airport H1 2026 results — https://samarkandairport.com/en/press-center/press-releases/samarkand-international-airport-reports-first-half-2026-results/ S24 World Bank WITS UN Comtrade: Lubricating preparations imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/340319 S25 World Bank WITS UN Comtrade: Polyethylene bag imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/392321 S26 World Bank WITS UN Comtrade: Non-aqueous coatings subgroup imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/320890 S28 World Bank WITS UN Comtrade: Brake system parts subgroup imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/870839 S29 World Bank WITS UN Comtrade: Worked marble and related stone imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/680291 S30 World Bank WITS UN Comtrade: Electrical conductor subgroup imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/854449 S31 World Bank WITS UN Comtrade: Computer subgroup imports under historical HS — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/847120 S32 World Bank WITS UN Comtrade: Radio navigation apparatus imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/852691 S33 World Bank WITS UN Comtrade: Electric luminaire imports under historical HS — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/940540 S34 World Bank WITS UN Comtrade: Ice cream and edible ice imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/210500 S35 World Bank WITS UN Comtrade: Uncooked egg-free pasta imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/190219 S36 World Bank WITS UN Comtrade: Vegetable seed imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/120991 S37 World Bank WITS UN Comtrade: Fruit tree and shrub imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/060220 S38 World Bank WITS UN Comtrade: Copper alloy pipe fitting imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/741220 S39 World Bank WITS UN Comtrade: Porcelain sanitaryware imports — https://wits.worldbank.org/trade/comtrade/en/country/UZB/year/2024/tradeflow/Imports/partner/ALL/product/691010