Strong demand in Uzbekistan's construction market drives the demand for peripheral products such as cement, building materials and electromechanical equipment such as transformers
Even in the epidemic, the growth rate of Uzbekistan's construction industry still reached 9.2% in 2020. Nearly three major construction projects in China are concentrated in the capital Tashkent, thanks to the Tashkent new town plan after the new president mirziyoev took office in 2016. The distribution transformers produced by hengfengyou electric have successfully entered the Uzbek market in 2018. The 10kV series and 35kV series (100kVA distribution transformer, 160KVA distribution transformer, 250kVA distribution transformer, etc.) specially customized by the company for Uzbekistan are favored by local electrical engineering companies in Uzbekistan because of their favorable prices and excellent quality.
In 2021, foreign financial institutions raised the forecast of Uzbekistan's economic growth rate, which is expected to reach 4.8% in 2021 and 5.5% in 2022, still ranking among the top countries in the world. The local real estate industry has released strong investment value due to the epidemic and economic growth. For example, in February 2021, the sales volume of real estate in Ukraine increased by 19.7% year-on-year, while in Tashkent, it increased by 23.7% year-on-year. The upward trend is obvious from the data. Secondly, the epidemic situation has also boosted the growth of network economy in Ukraine, but it is limited due to imperfect basic supporting facilities. We will not discuss this part in depth and find opportunities to introduce it in detail in the future.
The rapid growth of Uzbekistan's construction industry has driven the demand of surrounding industries. From the customs clearance data, the types of hardware and electromechanical products exported to Uzbekistan are also increasing. For example, we often see more and more complete products such as electrical tools, construction machinery, generators, 10kV distribution transformers, 35kV distribution transformers and 110kV power transformers.
[special instructions]
1. At present, there is a hardware and electromechanical wholesale market invested by Chinese enterprises in Tashkent. The market has a wide range of products and is attracting foreign investment, which has laid a foundation for Chinese enterprises who want to expand the market and start a business in Uzbekistan.
2. Tashkent new town is located in the northeast of the capital Tashkent. The new town area includes the central business district, the presidential residence, the embassy area and the medical, educational and living areas. It is planned that 2 million people will live here in the future. At present, a large number of construction projects are under construction, and Chinese construction enterprises have contracted some construction projects. Although they have been affected in the serious stage of the epidemic, now everything is going on as planned and has not been seriously affected, reflecting the continuous good trend of Uzbekistan's economy.
