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Phantom foreign investors for an open new Uzbekistan

A high-profile urban development project in Tashkent is designed to showcase the country for western capital. Our investigation suggests principal investors are from much closer to home.

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Project design for Tashkent City's Lot 3, a shopping centre with two 30-storey buildings. Source: Tashkent City.

Two years after the death of Islam Karimov, Uzbekistan’s first president, the once impenetrable country has shown interest in opening up to international investors. Enthusiasts regard this as the “Uzbek spring”, a new beginning for the country under its new leader, Shavkat Mirziyoyev. Others have pointed to the sluggish and inconsistent pace of liberal reforms in the Central Asian state, which could just be used as façade to attract foreign capital.