Crowd-Investor Kevin's Travels to Uzbekistan

"Who exactly are these entrepreneurs I invest in?" I sometimes wondered. Since March 2020, I've been investing in projects through Lendahand to do something good with my money in distant countries. As an avid traveler, I've since visited several countries where I've supported local entrepreneurs through crowdfunding.

Making the connection between my impact investments and discovering local culture has broadened my view and changed how I travel. I’d like to take you, my fellow crowd-investors, through a report on my most recent trip: Uzbekistan.

 

The Bukhara Bazaar

The sun shines on my face as I walk through the streets of Bukhara—one of the major trading cities of the ancient Silk Road in Uzbekistan. An hour ago, the modern train arrived at the station, and I stepped off after a relaxed ride from Samarkand. I quickly noticed that Bukhara is a relatively small city with a vibrant trading spirit at the heart of the old city center. In the streets and small bazaars, shops, and stalls sell local (handmade) products. Stickers indicating credit card acceptance are on the windows, and there are several ATMs around the town. However, it doesn’t take much imagination to picture a caravan centuries ago walking these streets trading spices for silk or other goods.

Today, the camels in the streets are only for tourist rides. The caravans of yore have been replaced by tourists marveling at the beautiful silk, handwoven carpets, and souvenirs. Essentially, not much has changed for Bukhara; the trading spirit is still very much alive. The city remains one of the crossroads visited for trade. Both tourists and locals find a wide array of mainly material goods here. If you venture out of the center, you'll pass vegetable and fruit markets, mini-markets, and informal stalls where entrepreneurs offer local specialties.

I myself pay as much as possible with cash, primarily to get a better sense of the local currency. Additionally, this ensures that you can pay everywhere because at a roadside stall or when buying a train ticket, you can often only pay in cash.

In Uzbekistan specifically, I noticed that withdrawing cash was very easy! The many commercial ATMs, where the provider earns a fee per transaction, are comparable to an ATM in a supermarket. But if you manage your money wisely and plan your trip well, you can withdraw money for free at banks in the larger cities of Samarkand and Tashkent.

 

Do you also want to invest in entrepreneurs in Uzbekistan? Have a look at our available projects here. 

 

Doing Business in Uzbekistan

According to the World Bank, about 37% of Uzbekistan's adult population has a bank account with a financial institution or access to a mobile money service.

For those who have traveled to Central Asia, it's well known that bargaining is part of the culture. However, the asking price is realistic, and there’s little room for negotiation. I watch a fellow solo traveler's negotiation and smile as I see the saleswoman defend her asking price. Although I admit to knowing nothing about silk, even if the dress in question were of poor quality, her asking price would still be low by our standards. They reach an agreement, and I'm happy for the saleswoman, who deserves to get a fair price.

During my tour of Uzbekistan, I stay in homestays, thus coming into contact with locals. I learned a few words of Uzbek, which opens doors. People are friendly and appreciate it when they see that I'm interested in their country and culture rather than just being a ‘rich’ Western tourist whisked from one highlight to another. It's a large country where tourists visit certain places and ignore the rest. In these busy places, there are more luxurious hotels and restaurants. Still, in the less developed countryside, where people mainly focus on agriculture and livestock, the locals get fewer opportunities to host tourists and develop.

I notice that the local population is trying to build a future. The lady of the house mainly runs my homestays while the man holds a regular job. Yet, whenever I am interested in visiting a more distant attraction, they are immediately willing to take me there for a fee. This way, I can visit the country at a more favorable price than through official tours, and they earn an extra income- win-win.

With my investments in local projects through Lendahand, my impact reaches even further, enabling entrepreneurs to grow and strengthen their communities. From up close during my travels to far away at home behind the computer, I feel connected to the entrepreneurs I invest in. This way, you're always traveling a bit, right?

 

Thank you so much, Kevin, for sharing your experience in Uzbekistan with us.

Do you also have a travel story that reminds you of your investments with Lendahand? Let us know via [email protected]