A Payme advertisement at the Chorsu Bazaar in Tashkent. Payme is part of TBC Digital, a digital payments provider for individuals and small businesses.
Photographer: Gueorgui Pinkhassov/Magnum PhotosWith Russia Off Limits, a Former Soviet Outpost Lures Billions
Uzbekistan is attracting an unprecedented level of investment as the Central Asian country’s leader aims to double the size of the economy.
Shortly after the collapse of the Soviet Union, Zafar Khashimov headed to England from his native Tashkent to study at university. While there, he would visit a local Sainsbury’s supermarket. He left with an idea.
Three decades or so later, Khashimov runs Uzbekistan’s largest retail chain by revenue, having expanded from fewer than 20 stores to almost 200 since the country changed leadership and ended its economic isolation nine years ago. His company, Korzinka, just opened the region’s largest food distribution center after raising $100 million from foreign investors.