Tashkent, Uzbekistan (UzDaily.com) -- On 27 April 2023, during Tashkent International Investment Forum, the panel session "Tourism and Retail: Challenges and Opportunities" was held.

Tourism and retail development is closely linked to economic and social trends. Nowadays, tourism and retail are becoming significant sectors of the economy, contributing to job creation, increasing incomes, and attracting investments.

Speakers at the event included:

Badriddin Abidov, Deputy Minister of Investment, Industry and Foreign Trade of the Republic of Uzbekistan;

Ulugbek Azamov, First Deputy Minister of Culture and Tourism of the Republic of Uzbekistan;

Gabriele Bertini, Director of Tashkent City Mall;

Alexis Delaroff, COO of Accor New East Europe;

Rauf Khalilov, CEO, ISR Holding;

Hassan Slim, director of ZARA-Business unit, Cenomi Retail;

It was noted that tourism employs, on average, one in ten people in the world. The pandemic period has therefore demonstrated to the world the importance of the industry to the global economy. Shopping tourism is now an increasingly relevant component of the tourism value chain.

The hotel and restaurant industry is considered a major component of hospitality and tourism infrastructure. Tourism development stimulates the creation of new jobs, the development of entrepreneurship, and investment activities.

- "Tourism is closely linked to almost all sectors of the economy," said Badriddin Abidov, Deputy Minister of Investment, Industry and Foreign Trade of the Republic of Uzbekistan. - Approximately 70 subsectors of the economy are linked to tourism, so we are focusing on increasing the flow of tourists to make the region more attractive and linking the sector with the retail industry. At the same time, we are studying the experience of other countries, for example, Dubai. In addition, an electronic register of exporters has been created for the convenience of importers when entering Uzbekistan’s market, and the procedure for renting at shopping malls has been simplified.

ISR Holding CEO Rauf Khalilov said:

- Uzbekistan’s potential for investors is huge. We discovered what favorable conditions have been created, including taxation, for business development in Uzbekistan. There is demand, a great culture, a wonderful kitchen, and a great mentality - all this gives a good potential for investors to come here and invest. There are all the necessary factors, and now we are seriously considering entering the Uzbek market.With the development of the economy and the increase in people’s income levels, more and more people have started traveling and using retail services. This has led to an increase in demand for new tourism and retail services, as well as the development of infrastructure and the tourism business. This has also led to an increase in domestic tourism. In Uzbekistan, tourist numbers are now higher than before the pandemic.

Gabriele Bertini, director of the Tashkent City Mall, shared his plans:- We intend to finalize the tourism concept in Tashkent City Mall. These are Class A business centers, luxury hotels and residences, and major shopping malls in Tashkent and Asia. We want to create a new experience for consumers and expand the hotel sector. Uzbekistan is a country with huge tourism potential.