Hospitality and Tourism

Brief market overview. Uzbekistan is a tourism destination with a rich tapestry of architectural wonders, diverse natural reserves and modern booming development attracts the attention of the whole world. For centuries, the country sat at the intersection of the Great Silk Road along which merchants and discoverers, geographers and missionaries, invaders and conquerors passed cross each other on their journeys to east or west. In modern times, Uzbekistan is top on travel agenda for adventurous people interested in culture and history, traditions, natured exotic destinations. Uzbekistan tourism offers various types of tourist product for the most demanding taste: historical and cultural tourism, ethnic tourism, health tourism and MICE-Industry.

Undisputed potential. Great historical and cultural heritage, unique nature and climate represents significant tourism potential. Uzbekistan is gently proud of its traditionally classic architecture. Uzbekistan, has more than 7,000 monuments of cultural heritage of different epochs and civilizations, including the historical centers of Bukhara, Khiva, Samarkand and Shakhrisabz inscribed on the UNESCO World Heritage List. Many unique monuments and architectural constructions in these towns still remain genuine and are samples of an era that played a significant role in history. Despite possessing some of the most significant architectural monuments in the region, annual tourist arrivals remain below 2mn. During 1Q2017, over 500,000 tourists visited Uzbekistan, up 109.8% from a year earlier.

New initiatives. State Committee on development of tourism of Uzbekistan was recently formed to address the problems of the sector and to improve tourist arrivals and infrastructure. The focus of the new entity, among other, is the creation of modern tourism infrastructure in the country.

State authorities plan to build recreation areas in the city of Khanabad and five new modern recreation areas on the shores of the Aidar-Arnasoy lakes are also planned. In addition, new presidential decree envisages construction of hotels in Shakhrizsabz, Karshi and the Chimgan mountains in the coming years. The country will simplify the visa procedures and the organization of pilgrimage tourism for foreign tourists to boost the tourism sector. Long-term loans with flexible terms will be provided by the local banks (up to 15 years) for the construction and modernization of hotels and other tourism infrastructure.

We believe that great historical and cultural heritage, unique nature and climate represents significant tourism potential and opportunities in this sector. The country intends to attract investments to develop tourism infrastructure including hotels and large projects. The tourism sector remains to be largely underdeveloped, overlooked but poised for long-term growth, offering significant return potential for foreign investors.