May 29, 2024

Tajikistan Boosts Solar Panel Production with Korean Investment

Tajikistan has taken a major step to improve its renewable energy infrastructure by starting a plant for manufacturing solar panels in the Danghara Free Economic Zone in the south of the country under an agreement with South Korea. Tajik President Emomali Rahmon attended a ceremony laying the foundation stone of the solar panel manufacturing plant.

Tajikistan Boosts Solar Panel Production with Korean Investment

This ambitious project is the brainchild of Global Solar Wafer, a leading Korean company, which will be implemented in four phases. Its total investment value is $2 billion. On top of the economic benefits, which include the creation of more than 8,000 jobs in Tajikistan, which has one of the fastest developing workforces in the country.

To help attract foreign investment, the government of Tajikistan allocated 22 hectares for building the factory in the Danghara Free Economic Zone, and plans construction to begin in July 2024, with the first phase to be completed in March 2025. Once it opens, the plant will produce up to 5,000 megawatts of solar panel equipment, showing the extent to which the country has incorporated solar power into its vision for a green future.

This is part of Tajikistan’s green economy policy and signals its commitment to a greener approach as well as to friendly country relations. Tajikistan aims to produce between 500 megawatts and 1,000 megawatts of green electricity by 2030. This is becoming easier to do, such as with these shared projects.

At the ribbon-cutting ceremony for the facility, Tajikistan’s president Emomali Rahmon proclaimed that the blossoming economic partnership between Tajikistan and South Korea was best represented by the production of solar panels as an emblem of cooperation ‘that we will expand, and which will bring our countries prosperity.’ He was not only right about the solar panels, but he was also right about the growth of bilateral trade relations. Today, Tajikistan-Korea trade turnover stands at $116.1 million, and more than 13 Korean service and production companies are operating in the economy of Tajikistan.

Simply put, the solar panel rollout in Tajikistan marks a pivotal moment in the country’s transition towards energy independence and economic growth, and effectively ushers in the kind of bright, green future that new generations of Tajiks have the potential to enjoy.

Tajikistan’s Green Economy Vision

Tajikistan, a landlocked nation in Central Asia, is pursuing a Green Economy Development Strategy for 2023–37.

This strategic plan strives for economic development by utilizing natural resources appropriately and reasonably and improving living standards and social stability for the population, aiming for successful environmental balance in the long run.

Part of this commitment, Eshkata was the first bank in Tajikistan to issue a green bond denominated in local currency (endorsed by the International Finance Corporation).

Funds from the bond will help micro, small and medium enterprises (MSMEs) to take up climate-smart activities, creating economic activity even in low-production times. By channeling funds to these projects, Tajikistan is moving towards a greener economy, on its green screens.

In this forward-looking vision, Tajikistan not only sets an example but also stands to gain from innovative transformative green finance, with potential regional applications.

Tajikistan's partnership with South Korea launches solar panel production, advancing renewable energy goals

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