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Uzbekistan: Turkish Business Returning, Cautiously

Turkish businessmen in Uzbekistan have repeatedly been stung over the years, but they may gradually returning to this promising market. One high-profile investor, however, still remains deeply embittered at his experiences in the country and is seeking hefty damages in the courts.

On September 16, the head of Demir Holdings, Ahmed Demir, is to hold a seminar in the Uzbek capital entitled “The history of success.”

Demir should be no fan of Uzbekistan.

He was among the first wave of major Turkish investors to arrive in the country. After creating the Mir Store supermarket chain, he converted the crumbling Rossiya hotel in Tashkent into the plush and revamped Grand Mir. His Mir fruit juices were the first foreign-made beverage to be produced in Uzbekistan after independence. All told, around 7,000 Uzbeks were employed by Demir Holdings.

It all began to go wrong in 2010, when the company became object of a relentless series of raids and inspections. Mir Store eventually closed and Demir left Uzbekistan. 

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Uzbekistan: Turkish Business Returning, Cautiously

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