Kusto Group has signed an agreement kusto group with US-based Tyson Fresh Meats, Inc., the beef and pork division of Tyson Foods, and the Republic of Kazakhstan on a project that will include the construction of a beef processing facility in Kazakhstan. The new modern processing facility will have an anticipated harvest capacity of 2,000 head per day.

KUSTO GROUP'S SIGNS DEAL WITH TYSON FOODS

On December 9, 2019, Kazakh Prime Minister Askar Mamin, Steve Stouffer, https://medium.com/@u6hbiyw618/kusto-group-thrives-in-the-competitive-ukrainian-agro-sector-yerkin-tatishev-b205722596f1 group president Tyson Fresh Meats, and Yerkin Tatishev, chairman of the board of directors of Kusto Group met at the Arkansas headquarters of Tyson Foods to sign the landmark agricultural investment deal.

The agreement between one of the world's largest food companies, the Kazakh government and a leading local beef producer is projected to provide an annual agricultural economic benefit to the country well in excess of one billion dollars (USD) and marks the largest deal in the country's agricultural sector since its independence in 1991.

This deal is an important collaboration between the private sector and the government of Kazakhstan that will bring new technologies and best practices improving the country's agricultural production and will lead to the creation of thousands of sustainable and skilled jobs.

"We are delighted to welcome Tyson Foods to Kazakhstan," stated Prime Minister Mamin. "Tyson is a world-class company with the expertise necessary to help Kazakhstan jump-start the transformation of our agro-protein capabilities and help us create an ecosystem that will increase our beef herd size and establish conditions to support thousands of new high-quality jobs in the country. We look forward to a long and mutually beneficial collaboration."

INVESTMENT DEAL IS A MILESTONE FOR KAZAKHSTAN

The investment of a global leader in protein production in Kazakhstan represents an important vote of confidence yerkin tatishev kusto group in the modernization and development of the country's agricultural sector and in the economy in general. Tyson Foods has recognized Kazakhstan's potential to become a leading producer of beef for domestic and international markets.

"At Kusto, we believe in the tremendous potential of Kazakhstan to transform into a global agricultural player, helping provide first class products for consumers around the world," stated Yerkin Tatishev, chairman of the board of directors, Kusto Group. "Together with Tyson Foods, we are taking a first step in that direction today with our beef operations and look forward to getting underway".

Kazakhstan's continued efforts to attract foreign investors have been successful and this agreement will likely make others in the industry to take notice of the country's growth and expansion potential for business investment.

"Kazakhstan is differentiating itself from the rest through innovation, attracting international investors and heading towards the front the pack (of emerging economies worldwide)," says Yerkin Tatishev, Chairman of the Board of Directors of Kusto Group.

AN AGRICULTURAL REVOLUTION IN KAZAKHSTAN

Kazakhstan is the ninth largest country in the world. Its location in Central Asia means that it is close to large potential export markets in China, Russia and the Middle East. The country's government has identified the livestock and protein export industry as a key growth market.

This agreement between Tyson Foods, Kusto Group and the Kazakh government represents efforts to expand and modernize the country's underdeveloped agricultural sector, beginning with the beef production industry.

"We're pleased to execute an agreement with the Government of Kazakhstan and partner with Kusto," stated Steve Stouffer, group president Tyson Fresh Meats. "This opportunity supports one of our growth strategies to expand Tyson's global business, and we look forward to bringing our expertise and capabilities to the country of Kazakhstan."

KUSTO GROUP AIMS TO MAKE KAZAKHSTAN A LEADING PLAYER IN GLOBAL AGRICULTURE.

Kazakhstan's agricultural sector is currently experiencing a rejuvenation and Kusto Group has been a driving force in bringing investments and new technologies to establish the components required for a modern, sustainable industry. The Singapore-based holding company which operates in multiple sectors across multiple countries has roots in Kazakhstan.

"At Kusto, we are convinced of the value of partnerships and sharing best practices," says Tatishev. "Over the past 12 months, we have inked a series of investment partnerships with leading US firms to bring state-of-the-art farming methods and agricultural technology to Kazakhstan."

Earlier this year, Kusto Group signed a joint venture with US-based Valmont Industries, a leading producer of modern irrigation systems. The companies will work together to build an irrigation system production plant in Kazakhstan. Only seven percent of the country's arable land is currently irrigated. With vast open spaces of fertile, rich soil, the implementation of modern irrigation techniques will Daniel Kunin have a transformative effect on Kazakhstan's harvest potential.

The company has implemented a new protein strategy within its own Kazbeef operations aimed at raising the standards of the livestock industry across the country, making Kazakhstan one of the world's leading producers of high-quality beef.

Kusto Group' Kazbeef was the first to import superior breeding stock of Hereford and Angus cattle from the United States and has used leading genetic methods to establish the foundation of a premium quality beef herd. The company recently https://emerging-europe.com expanded its own operation with the construction of a new processing facility in the Akmola region of the country.

"This latest deal with Tyson is a great achievement for this strategy and the product of many months of hard work," said Yerkin Tatishev. "Most importantly, this deal will have an incredible impact on the lives of many Kazakhstanis in rural areas that need it most. It is all part of the modernisation, diversification and rebalancing of the Kazakh economy that is currently taking place to put the country on the path of sustainable growth."

Article Source:

https://www.vcpost.com/articles/123087/20191217/yerkin-tatishev-s-kusto-group-signs-major-investment-deal-with-us-based-tyson-foods.htm

Kusto Group has signed an agreement with US-based Tyson Fresh Meats, Inc., the beef and pork division of Tyson Foods, and the Republic of Kazakhstan on a project that will include the construction of a beef processing facility in Kazakhstan. The new modern processing facility will have an anticipated harvest capacity of 2,000 head per day.

KUSTO GROUP'S SIGNS DEAL WITH TYSON FOODS

On December 9, 2019, Kazakh Prime Minister Askar Mamin, Steve Stouffer, group president Tyson Fresh Meats, and Yerkin Tatishev, chairman of the board of directors of Kusto Group met at the Arkansas headquarters of Tyson Foods to sign the landmark agricultural investment deal.

The agreement between one of the world's largest food companies, the Kazakh government and a leading local beef producer is projected to provide an annual agricultural economic benefit to the country well in excess of one billion dollars (USD) and marks the largest deal in the country's agricultural sector since its independence in 1991.

This deal is an important collaboration between the private sector and the government of Kazakhstan that will bring new technologies and best practices improving the country's agricultural production and will lead to the creation of thousands of sustainable and skilled jobs.

"We are delighted to welcome Tyson Foods to Kazakhstan," stated Prime Minister Mamin. "Tyson is a world-class company with the expertise necessary to help Kazakhstan jump-start the transformation of our agro-protein capabilities and help us create an ecosystem that will increase our beef herd size and establish conditions to support thousands of new high-quality jobs in the country. We look forward to a long and mutually beneficial collaboration."

INVESTMENT DEAL IS A MILESTONE FOR KAZAKHSTAN

The investment of a global leader in protein production in Kazakhstan represents an important vote of confidence in the modernization and development of the country's agricultural sector and in the economy in general. Tyson Foods has recognized Kazakhstan's potential to become a leading producer of beef for domestic and international markets.

"At Kusto, we believe in the tremendous potential of Kazakhstan to transform into a global agricultural player, helping provide first class products for consumers around the world," stated Yerkin Tatishev, chairman of the board of directors, Kusto Group. "Together with Tyson Foods, we are taking a first step in that direction today with our beef operations and look forward to getting underway".

Kazakhstan's continued efforts to attract foreign investors have been successful and this agreement will likely make others in the industry to take notice of the country's growth and expansion potential for business investment.

"Kazakhstan is differentiating itself from the rest through innovation, attracting international investors and heading towards the front the pack (of emerging economies worldwide)," says Yerkin Tatishev, Chairman of the Board of Directors of Kusto Group.

AN AGRICULTURAL REVOLUTION IN KAZAKHSTAN

Kazakhstan is the ninth largest country in the world. Its location in Central Asia means that it is close to large potential export markets in China, Russia and the Middle East. The country's government has identified the livestock and protein export industry as a key growth market.

This agreement between Tyson Foods, Kusto Group and the Kazakh government represents efforts to expand and modernize the country's underdeveloped agricultural sector, beginning with the beef production industry.

"We're pleased to execute an agreement with the Government of Kazakhstan and partner with Kusto," stated Steve Stouffer, group president Tyson Fresh Meats. "This opportunity supports one of our growth strategies to expand Tyson's global business, and we look forward to bringing our expertise and capabilities to the country of Kazakhstan."

KUSTO GROUP AIMS TO MAKE KAZAKHSTAN A LEADING PLAYER IN GLOBAL AGRICULTURE.

Kazakhstan's agricultural sector is currently experiencing a rejuvenation and Kusto Group has been a driving force in bringing investments and new technologies to establish the components required for a modern, sustainable industry. The Singapore-based holding company which operates in multiple sectors across multiple countries has roots in Kazakhstan.

"At Kusto, we are convinced of the value of partnerships and sharing best practices," says Tatishev. "Over the past 12 months, we have inked a series of investment partnerships with leading US firms to bring state-of-the-art farming methods and agricultural technology to Kazakhstan."

Earlier this year, Kusto Group signed a joint venture with US-based Valmont Industries, a leading producer of modern irrigation systems. The companies will work together to build an irrigation system production plant in Kazakhstan. Only seven percent of the country's arable land is currently irrigated. With vast open spaces of fertile, rich soil, the implementation of modern irrigation techniques will have a transformative effect on Kazakhstan's harvest potential.

The company has implemented a new protein strategy within its own Kazbeef yerkin tatishev kusto group operations aimed at raising the standards of the livestock industry across the country, making Kazakhstan one of the world's leading producers of high-quality beef.

Kusto Group' Kazbeef was the first to import superior breeding stock of Hereford and Angus cattle from the United States and has used leading genetic methods to establish the foundation of a premium quality beef herd. The company recently expanded its own operation with the construction of a new processing facility in the Akmola region of the country.

"This latest deal with Tyson is a great achievement for this strategy and the product of many months of hard work," said Yerkin Tatishev. "Most importantly, this deal will have an incredible impact on the lives of many Kazakhstanis in rural areas that need it most. It is all part of the modernisation, diversification and rebalancing of the Kazakh economy that is currently taking place to put the country on the path of sustainable growth."

Article Source:

https://www.vcpost.com/articles/123087/20191217/yerkin-tatishev-s-kusto-group-signs-major-investment-deal-with-us-based-tyson-foods.htm

Kusto Group has signed an agreement with US-based Tyson Fresh Meats, Inc., the beef and pork division of Tyson Foods, and the Republic of Kazakhstan on a project that will include the construction of a beef processing facility in Kazakhstan. The new modern processing facility will have an anticipated harvest capacity of 2,000 head per day.

KUSTO GROUP'S SIGNS DEAL WITH TYSON FOODS

On December 9, 2019, Kazakh Prime Minister Askar Mamin, Steve Stouffer, group president Tyson Fresh Meats, and Yerkin Tatishev, chairman of the board of directors of Kusto Group met at the Arkansas headquarters of Tyson Foods to sign the landmark agricultural investment deal.

The agreement between one of the world's largest food companies, the Kazakh government and a leading local beef producer is projected to provide an annual agricultural economic benefit to the country well in excess of one billion dollars (USD) and marks the largest deal in the country's agricultural sector since its independence in 1991.

This deal is an important collaboration between the private sector and the government of Kazakhstan that will bring new technologies and best practices improving the country's agricultural production and will lead to the creation of thousands of sustainable and skilled jobs.

"We are delighted to welcome Tyson Foods to Kazakhstan," stated Prime Minister Mamin. "Tyson is a world-class company with the expertise necessary to help Kazakhstan jump-start the transformation of our agro-protein capabilities and help us create an ecosystem that will increase our beef herd size and establish conditions to support thousands of new high-quality jobs in the country. We look forward to a long and mutually beneficial collaboration."

INVESTMENT DEAL IS A MILESTONE FOR KAZAKHSTAN

The investment of a global leader in protein production in Kazakhstan represents an important vote of confidence in the modernization and development of the country's agricultural sector and in the economy in general. Tyson Foods has recognized Kazakhstan's potential to become a leading producer of beef for domestic and international markets.

"At Kusto, we believe in the tremendous potential of Kazakhstan to transform into a global agricultural player, helping provide first class products for consumers around the world," stated Yerkin Tatishev, chairman of the board of directors, Kusto Group. "Together with Tyson Foods, we are taking a first step in that direction today with our beef operations and look forward to getting underway".

Kazakhstan's continued efforts to attract foreign investors have been successful and this agreement will likely make others in the industry to take notice of the country's growth and expansion potential for business investment.

"Kazakhstan is differentiating itself from the rest through innovation, attracting international investors and heading towards the front the pack (of emerging economies worldwide)," says Yerkin Tatishev, Chairman of the Board of Directors of Kusto Group.

AN AGRICULTURAL REVOLUTION IN KAZAKHSTAN

Kazakhstan is the ninth largest country in the world. Its location in Central Asia means that it is close to large potential export markets in China, Russia and the Middle East. The country's government has identified the livestock and protein export industry as a key growth market.

This agreement between Tyson Foods, Kusto Group and the Kazakh government represents efforts to expand and modernize the country's underdeveloped agricultural sector, beginning with the beef production industry.

"We're pleased to execute an agreement with the Government of Kazakhstan and partner with Kusto," stated Steve Stouffer, group president Tyson Fresh Meats. "This opportunity supports one of our growth strategies to expand Tyson's global business, and we look forward to bringing our expertise and capabilities to the country of Kazakhstan."

KUSTO GROUP AIMS TO MAKE KAZAKHSTAN A LEADING PLAYER IN GLOBAL AGRICULTURE.

Kazakhstan's agricultural sector is currently experiencing a rejuvenation and Kusto Group has been a driving force in bringing investments and new technologies to establish the components required for a modern, sustainable industry. The Singapore-based holding company which operates in multiple sectors across multiple countries has roots in Kazakhstan.

"At Kusto, we are convinced of the value of partnerships and sharing best practices," says Tatishev. "Over the past 12 months, we have inked a series of investment partnerships with leading US firms to bring state-of-the-art farming methods and agricultural technology to Kazakhstan."

Earlier this year, Kusto Group signed a joint venture with US-based Valmont Industries, a leading producer of modern irrigation systems. The companies will work together to build an irrigation system production kusto group plant in Kazakhstan. Only seven percent of the country's arable land is currently irrigated. With vast open spaces of fertile, rich soil, the implementation of modern irrigation techniques will have a transformative effect on Kazakhstan's harvest potential.

The company has implemented a new protein strategy within its own Kazbeef operations aimed at raising the standards of the livestock industry across the country, making Kazakhstan one of the world's leading producers of high-quality beef.

Kusto Group' Kazbeef was the first to import superior breeding stock of Hereford and Angus cattle from the United States and has used leading genetic methods to establish the foundation of a premium quality beef herd. The company recently expanded its own operation with the construction of a new processing facility in the Akmola region of the country.

"This latest deal with Tyson is a great achievement for this strategy and the product of many months of hard work," said Yerkin Tatishev. "Most importantly, this deal will have an incredible impact on the lives of many Kazakhstanis in rural areas that need it most. It is all part of the modernisation, diversification and rebalancing of the Kazakh economy that is currently taking place to put the country on the path of sustainable growth."

Article Source:

https://www.vcpost.com/articles/123087/20191217/yerkin-tatishev-s-kusto-group-signs-major-investment-deal-with-us-based-tyson-foods.htm

KazSeed, a division of the multi-sector Kusto Group chaired by Yerkin Tatishev, is interested in tackling the issue of poor feed supply, one of the primary factors hampering the development of animal husbandry in Kazakhstan. The company's solution is to offer farmers American-bred high-yield fodder crop seeds.

"In the seed business, a lot depends on reputation," explains Serik Ramazanov, the financial director of KazSeed. "And you can lose it very quickly, in a second. Once you've sold low quality seeds - that's it, no one will work with you."

When it comes to reputation, Edward Baumgartner, the director of KazSeed, his knowledge and experience have made him a leader in the field of seed cultivation.

A third-generation seed breeder, Baumgartner grew up on a family farm in Minnesota, an agricultural powerhouse located in the United States Midwest. He graduated with a degree in agronomy and plant genetics from the University of Minnesota in 1983. Throughout his career, Baumgartner has worked with several large companies that specialize in seed breeding.

In 2005, he founded his own company in Puerto Rico specializing in the research and cultivation of corn hybrids. Baumgartner returned to his native Minnesota in 2013 where he developed his brainchild, Baumgartner Agriculture Science and Service (BASS).

His began collaborating with a Kazakhstan cattle company, Kazbeef, in 2016, supplying the company with corn seeds to produce silage for their breeder herd and feedlot cattle.

A visit to Minnesota

When Kusto Group acquired KazBeef in http://www.music-news.com/news/Underground/124643/Tsinandali-Festival-co-Founder-Yerkin-Tatishev-on-the-unifying-power-of-music 2018, Yerkin Tatishev made it a priority to personally meet with all of the company's partners. This meant a trip to Minnesota for the Kazakh businessman to visit Edward Baumgartner and BASS's home base of operation. Tatishev was impressed by what he saw and in August of 2018, Kusto Group and BASS formed KazSeed as a joint venture between the two companies.

KazSeed plays an integral role in Kazbeef and Tatishev's protein strategy which they hope will ignite an agricultural revival in Kazakhstan. Baumgartner is currently preparing to move to Kazakhstan full-time to oversee the development and growth of the company.

Kazakhstan's livestock sector is currently experiencing an increase in growth. Kazbeef has outlined plans to double the size of its own operations. KazSeed's mission is to supply this growing industry with high yield forage crops such as corn, soybeans, alfalfa, sorghum, and millet. To achieve this task, the company will produce high-quality, highly productive seeds that have been specifically adapted to the local climate conditions.

The director of KazSeed emphasizes the similarity of climatic conditions of Minnesota and Kazakhstan as a reason for why the seed genetics developed at BASS will cultivate well in the soil of Kazakhstan.

"You need to use seeds that are designed and grown for specific conditions," says Edward Baumgartner. "Only then will they produce the greatest yield in accordance with production methods, soil and the environment. It is also necessary to take into consideration how exactly the cultivated grain will be used - for feeding cattle of meat breeds or dairy cows, poultry or other animals. Sowing imported seeds without an idea of how they will work in your fields is a very risky undertaking. Yes, Kazakh farmers have become convinced that the genetic potential for yields of imported seeds is higher than most of the available seeds on the local market. Our business model is to develop seeds specifically designed for our customers. We call this 'personalized seed production'."

A market full of potential

The country's current seed supply is inadequate both in terms of quantity and quality. During the first stages of the KazSeed venture, the company will continue growing and processing the seeds it supplies to Kazakh farmers from the United States. The prices - and quality - of the seeds will remain the same both in Kazakhstan and in the US, despite transport costs, with one standard bag of corn consisting of 80 thousand grains costing $175. In the future, the price per unit will be determined individually for each farm, depending on seed type, volume and other relevant factors.

KazSeed will supply seeds to other farmers across Kazakhstan in addition to their cooperation with KazBeef. 20-25 thousand hectares will be sown with KazSeed seeds in Kazakhstan next year - approximately half in KazBeef fields, half in other farms throughout the country who have chosen to cooperate with the company.

For those who choose to cooperate with KazSeed, it is not only about buying seeds, the company will also supply full agronomic support to its clients, providing them with advanced genetics and new cultivation technologies. Edward Baumgartner is confident that through proper agronomy and seeds, the current corn crop yield of 6-7 tons per hectare can realistically be increased to 14-15 tons.

Negotiations are currently underway with the Kazakh National Agrarian University to work with Kazakhstani scientists to train students in the newest technology and best practices in agronomy.

"As a breeder and agronomist, I like to meet with my colleagues," said Edward Baumgartner. "We are committed to cooperating with scientific institutions of Kazakhstan, since our ultimate goal is to improve the agricultural sector in Kazakhstan to ensure food security in the region. This is achieved only through joint efforts."

Better than GMOs

KazSeed is laying the groundwork for an expansion into the country that will culminate in the construction of a plant for processing and packaging seeds in Kazakhstan, in addition to growing seeds there.

The plant is set to be built once the company reaches an annual sales volume of 100 thousand bags. Calculations predict that the company will achieve this milestone in 2023, meaning the start of seed cultivation in Kazakhstan will begin in 2024.

The plant's planned capacity will be 500 thousand units per year, and the equipment will be able to process seeds of various crops, not just corn. The plant will be capable of performing every step of seed processing - cleaning, sorting, calibration, dressing, seed packing. The budget for the project is around $45 million.

When it comes to seed cultivation, the company plans to outsource to farmers, of course with full technological support from KazSeed specialists, which will create lasting partnerships with local farms and provide these farms with a solid income.

KazSeed will also own land in the Almaty region for the cultivation of seeds. The approximate area of 1 to 5 thousand hectares will all be irrigated.

Kusto Group has established a joint venture with US-based Valmont Industries, the world leader in the production of irrigation systems. This partnership will not only include the installation of irrigation systems on their own lands, but also the construction of a plant in Kazakhstan to produce modern irrigation systems. Two circular machines of 100 hectares each have already gone into operation on KazBeef land.

Establishing a Eurasian seed hub

"Despite the fact that in the United States there is strong competition from large companies, we are growing from year to year," said Edward Baumgartner. "And we are confident that we can repeat this in Kazakhstan. Because our seeds are non-GMO, but they are not inferior to them in terms of yield, and sometimes surpass them. We work with large farmers and analyze the results - which hybrid gives more weight for silage, which has the best indicators for the content of proteins or fats. And depending on the needs of each farm, we develop a hybrid specifically for it. We will work here on the same principle."

In looking to the future, KazSeed hopes to extend its sales beyond the borders of Kazakhstan. It anticipates the prospect of supplying seeds to all of Central Asia, as well as entering the nearby Russian market, turning Kazakhstan into the seed hub of Eurasia. Many livestock farmers across the region have already expressed interest in the cultivation of high-yield seed varieties that the company specializes in.

According to Edward Baumgartner, he has already scheduled several meetings to discuss cooperation plans.

"I am flying Mongolia next week," said Baumgartner. "Livestock production there is already at a high level, the livestock is very large, but there are problems with feed. So, we think it is likely our seeds will sell well there. Given Kazakhstan's proximity to major global food consumers, Kazakh farmers have a huge advantage over the rest of the world. Now, we tentatively estimate the seed market in the country at $ 2.5 billion, but in reality, it has the potential to be much larger. However, much work remains to be done to realize this potential. A key area that is important for the successful operation of the seed industry in Kazakhstan is the protection of intellectual property."

Article Source:

https://www.foodworldnews.com/articles/69054/20191209/kusto-group-s-yerkin-tatishev-plans-to-turn-kazakhstan-into-a-seed-hub-of-eurasia.htm

Uzbekistan is among the world’s fastest growing economies and foreign retailers are beginning to take notice.

The arrival of a Wendy’s restaurant to a new shopping mall in Tashkent is another example of the consumer-led economic revitalization of Uzbekistan. The popular American fast food chain comes to the Central Asian country through a partnership between Yerkin Tatishev’s Singapore-based Kusto Group, Georgia’s Wissol Group and a local partner. According to Kazakhstani entrepreneur Tatishev, the group plans to expand their presence with the opening of 20 restaurants across the country over the next 10 years.

A consumer-led economic surge in Uzbekistan

With the third largest population of former Soviet states, behind Russia and Ukraine, and growing prosperity giving its people increased purchasing power, Uzbekistan has demonstrated tremendous potential for consumer-led growth.

The government under President Shavkat Mirziyoyev has shifted away from the restrictive and isolationist policies of the late president Islam Karimov in favour of economic reform and a new set of tax reforms. This has created new opportunities for growth and attracted the attention of international investors. The first half of 2019 saw foreign direct investment up four-fold from the previous year.

Once considered an economic and social outcast, Uzbekistan’s transition to a free market economy has brought swift and robust change across all sectors. New reforms have opened the Uzbek market for foreign investment and development and ideas about what is considered business have evolved. Industry was once viewed as the only try economic pursuit, but today, that idea is being challenged by domestic and international companies.

The domestic retail chain, Korzinka, which has operated for nearly two and a half decades has 21 stores across the country by mid-2016. That figure has doubled to 50 in the short span of three years.

International retailers open shop

Foreign investment was once heavily concentrated on the oil and natural gas sector, accounting for nearly 70% just three to four years ago. Today, investment in other sectors has diversified and that figure has dropped to around 50% of total capital flowing into the country. Food processing, textiles and other sectors have attracted the interest of investors leading to a more balanced foreign direct investment.

The government has taken assertive steps to http://www.music-news.com/news/Underground/124643/Tsinandali-Festival-co-Founder-Yerkin-Tatishev-on-the-unifying-power-of-music court investors. Uzbekistan has secured billion-dollar investment deals with Korean, Chinese, Japanese and Russia companies to manufacture cars, textiles and much more.

Western fast food staples, in addition to the Wendy’s restaurants brought to Uzbekistan by Kusto Group, have popped up around the capital of Tashkent including KFC which opened its first store at the end of 2018 and now can be found in several locations around the city. Taco Bell and Pizza Hut, also owned by the franchise giant Yum! Brands, could also be coming to Uzbekistan in the near future. And Uzbekistanis can now enjoy ice cream from the American chain, Baskin-Robbins.

Besides fast food chains, new malls have opened in the Uzbek capital of Tashkent and international retailers are beginning to set up shop offering their wares. LC Waikiki, a Turkish fashion retailer that has been expanding its presence in former Soviet Union countries, opened its first store in Uzbekistan this March.

Carrefour will likely be the first international grocer to enter the Uzbek market after Majid Al Futtaim, a company with ownership stakes in shopping malls around the Middle East, Africa and Asia, announced a partnership with AKFA, a local real estate and retail group, to open seven supermarkets and hypermarkets in the Central Asian country over the next two years.

Hani Weiss, chief executive of Majid Al Futtaim Retail, said in an official statement, “A supportive government, growing economy and high demand for a customer-centric offering like ours makes Uzbekistan a compelling fit for our expansion into Central Asia.”

Forecasts predict continued economic expansion

Growing prosperity in Uzbekistan has led to a shift in consumption patterns with an increase in demand for more diverse and higher quality goods. However, average incomes are still lower than in neighboring Kazakhstan and Russia, and unemployment levels remain high leading many young Uzbeks to seek work abroad. Government and business leaders hope that continued economic growth will spur job creation in the country.

“Providing opportunities for the next generation is equally important. As well as supporting local producers, our two restaurants have created more than 50 well-paying jobs,” said Yerkin Tatishev. “These jobs at a respected brand will give young people at the beginning of their career the chance to gain invaluable experience and learn from high-quality managers.”

“Our project is another endorsement of a region ‘on the up’,” said Tatishev, acknowledging Uzbekistan’s market potential and the influx of new investment and the arrival of new goods and services to the emerging economy. According to the IMF, Uzbekistan’s economy grew by 6% in 2018 and even faster growth is expected with up to 8% increase forecasted in the next few years.

Article Source:

https://londonlovesbusiness.com/yerkin-tatishevs-kusto-group-enters-expanding-uzbekistan-consumer-market-with-wendys-restaurant-franchise/