Subscribe now

ADDRESS:  Avenue Louise 65/11, 1050 Brussels, Belgium

EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

You may download the PDF report by clicking on the

Read more

Support by Sharing Uzbek.Review

Table of contents of this Uzbek.Review report for paid subscribers & members:

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

1.3 RUSSIA & CHINA

1.4 ASIA, EAST ASIA & SOUTH-EAST ASIA

1.5 MIDDLE EAST

1.6 NORTH & SOUTH AMERICA

1.7 INTERNATIONAL ORGANIZATIONS

2. PUBLIC POLICY

3. LEGISLATION & GOVERNMENT CHANGES

3.1 LEGISLATIVE CHANGES

3.2 NOTABLE APPOINTMENTS

4. ECONOMY

4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE

4.2 IFI’s, BANKING & FINANCE

4.3 AGRICULTURE, MINING, & MANUFACTURING

4.4 CONSTRUCTION & REAL ESTATE

4.5 TRADE AND BUSINESS

4.6 ENERGY & PETROCHEMICALS

5. USEFUL LINKS AND NOTABLE PUBLICATIONS

UPCOMING EUROUZ & MEMBER EVENTS

1. August 4, 2026 EUROUZ Compliance & Corporate Governance Committee Meeting

   

   
   EUROUZ Compliance & Corporate Governance Committee invites members to an online discussion on the continued development of the EU sanctions regime and its practical implications for companies operating in Uzbekistan and across Central Asia. Our special guest, Klaus Zillikens, EU Regional Sanctions Adviser at the EU Delegation in Astana, will deliver a presentation titled “EU Sanctions: Not a Sprint, but a Marathon,” followed by an interactive Q&A session.
   
   The session will examine how EU sanctions have evolved through the years and what the latest measures mean for the Central Asia businesses and how companies can balance between growing compliance requirements and legitimate trade and investment activities

   
   Participants may submit their questions in advance through our online questionnaire. Questions may be submitted anonymously or with the participant’s name and should be sent by 3 August.
   
   Submit your question: questionnaire link
   Date: 4 August, 2026
   Format: Online
   Participation: Open to EUROUZ members and non-members
   Registration: link

   ---

2. September 11th, 2026 EUROUZ Annual Back to Work Jazz Night

   

   EUROUZ is delighted to invite its members to the Annual Back to Work Jazz Night, an elegant evening bringing together professional networking, live jazz music, and a refined atmosphere. The event will offer members an opportunity to reconnect after the summer season, meet business peers and partners, and enjoy an evening of music, conversation, and informal networking in one of Tashkent’s most atmospheric venues.
   
   Date: Thursday, 11 September
   Time: 18:30–21:30 UZT
   Venue: Ember & Embar Terrace, InterContinental Tashkent, 17th floor
   
   Register here
   Sponsorship opportunities
   Spaces are limited. Early registration is highly recommended.

   ---

3. Meet Your Next Business Partner at TextileExpo Sourcing Hub

   

   
   

   Looking to expand your supplier network or source new textile products? TextileExpo Sourcing Hub, taking place on 9 September as part of Global Textile Days on 8-10 September at Uzexpocentre NEC, offers a unique opportunity to connect directly with carefully selected manufacturers and international buyers in a dedicated B2B matchmaking format.

   Designed for producers of textiles, apparel and textile machinery, the event enables participants to hold pre-arranged business meetings, explore new sourcing opportunities, discuss potential partnerships and lay the groundwork for future contracts. Don’t miss this exclusive platform for high-value networking and international business development.
   

   To register/learn more: textileexpo@iteca.uz

EUROUZ & MEMBER NEWS

1. EUROUZ Welcomes a New Member – TEXTIMA.

   

   Founded in Berlin in 1948, TEXTIMA is an owner-managed export company specialising in high-quality machinery, industrial plants and equipment. Originally focused on textile machinery, the company has expanded its portfolio to include solutions for plastics processing, rubber technology and the pharmaceutical industry. TEXTIMA also provides complete production lines combined with tailored financing solutions through its “Packager Model”. With seven representative offices and two subsidiaries across Eastern Europe, the Baltic States and Ukraine, TEXTIMA brings extensive international experience to its activities.

   ---

2. EUROUZ welcomes a new member – Knauf Group

   

   Knauf Group is one of the world's leading manufacturers of building materials and construction systems, with more than 90 years of history. With over 320 production sites in more than 90 countries, Knauf Group has been active in Uzbekistan for more than 25 years, operating three gypsum plants in Bukhara and Fergana. Headquartered in Visé, Belgium, Knauf Insulation, as part of the Knauf Group, is one of the global leaders in insulation solutions, with more than 40 years of experience. The company operates in over 40 countries, employs around 6,000 people, and manages 28 production sites across 15 countries. In 2025, Knauf Insulation further expanded its presence in Central Asia by launching a new rock mineral wool insulation plant in Tashkent. This investment strengthens local manufacturing, supports energy-efficient construction, and improves access to high-quality insulation solutions in Uzbekistan and the wider region.

   ---

3. EUROUZ Member Ipoteka Appoints Adam Szentpeteri as Management Board Chairman

   

   Effective July 27, 2026, Adam Szentpeteri assumed leadership of Ipoteka Bank OTP Group after serving as acting chairman since June 3. He will oversee strategy implementation, business-process efficiency, and the bank’s ongoing transformation. Szentpeteri joined the lender in July 2023 as deputy chairman and head of strategy and finance. He has worked within OTP Group since 2005 across retail banking, controlling, strategy, and executive roles. The bank plans to strengthen its market position and develop modern financial solutions.

   ---

4. EY-Parthenon Appoints Daniyar Adigamov to Expand Regional Advisory Practice

   

   On July 20, 2026, EY named Daniyar Adigamov a partner in its Uzbekistan-based strategy and transactions practice. He will develop valuation, modelling, transaction support, M&A, and restructuring services across Central Asia and the Caucasus. Adigamov brings over 25 years of experience and has completed more than 400 projects across multiple industries. The appointment strengthens EY’s capacity to support investment, corporate finance, and business transformation. He will also help expand the firm’s regional advisory capabilities and client coverage.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?

Not a member yet?

Join EUROUZ to access exclusive market support for your business activities in the country.

1. INTERNATIONAL COOPERATION

1.1 EUROPE

Uzbekistan and Switzerland Advance Financial and Technical Cooperation

Senior central bank and government officials met in Tashkent during the IMF–World Bank Swiss Constituency Meeting. The parties reviewed joint initiatives with the EBRD, IMF, and World Bank focused on institutional capacity. They also discussed Uzbekistan’s global market integration and prospects for attracting more Swiss investment. The talks highlighted Switzerland’s financial and trading expertise as a basis for bilateral projects. Both sides agreed to maintain regular dialogue and continue technical assistance and capacity-building cooperation.

Uzbekistan Develops $1.8 Billion French Energy Pipeline
Uzbek and French officials reviewed six energy projects worth $1.8 billion that are being developed in Uzbekistan. The portfolio covers generation, transmission, gas infrastructure, storage, efficiency, digitalization, engineering, and training, while EDF is building more than 3.1 GW of gas-fired capacity. These proposals will add to three French projects worth about $2 billion already under implementation, lifting the joint pipeline above $4 billion. The expansion will increase generation and network capacity while widening French participation beyond existing EDF, TotalEnergies, and Voltalia projects.

1.2 CENTRAL ASIA, CAUCASUS & CIS.

Uzbekistan and Kyrgyzstan Target $2 Billion Trade Expansion

On July 30, 2026, Presidents Shavkat Mirziyoyev and Sadyr Japarov held bilateral talks in Cholpon-Ata. The leaders agreed to establish an Interstate Council and expand cooperation across industry, energy, logistics, agriculture, pharmaceuticals, and textiles. Bilateral commerce reached $1.2 billion in 2025, while around 450 joint ventures now operate. The package links trade growth with energy and cross-border transport infrastructure. Both governments will prepare the first Forum of Regions before year-end and advance the Kambarata HPP-1 project.

Uzbekistan and Azerbaijan Target $1 Billion Trade with Joint Projects

On July 17, 2026, Uzbek and Azerbaijani officials held intergovernmental and business council meetings in Tashkent. The parties signed agreements covering investment, industrial cooperation, project financing, geology, mineral development, and financial mechanisms. Bilateral commerce reached $307.2 million in 2025 and grew nearly 40% during January–May 2026. Planned ventures include energy blocks, tourism complexes, manufacturing plants, and regional development projects. Officials will hold an interregional forum in August and schedule reciprocal regional visits through 2027.

Tashkent Considers Afghan Farm Imports to Stabilize Food Prices
On July 25, 2026, a Tashkent delegation discussed agricultural cooperation during visits to Afghanistan’s Bamyan and Herat provinces. Officials considered importing affordable produce and establishing trade houses in both regions. They estimated Bamyan’s annual potato export potential at 300,000 tonnes, while a pilot project planted 44 tonnes of seed potatoes across 17 hectares. The initiative supports food security and direct business ties. Both sides plan to expand trade and launch joint agricultural projects.

Uzbekistan and Afghanistan Agree to Reduce Freight Carrier Fees
On July 26, 2026, transport ministers Ilhom Mahkamov and Mohammad Fazil Mazloum met in Kabul to review cross-border road transport conditions. The parties agreed to optimize charges imposed on national freight operators through reciprocal measures. Earlier reductions cut Afghanistan’s entry fee from 5,000 to 3,500 afghanis and the Friendship Bridge toll from 12,000 to 7,000 afghanis. The measure aims to improve conditions for cross-border road transport. An interagency group will finalize proposals by August 10.

FlyOne Armenia Launches Twice-Weekly Yerevan–Tashkent Charter Flights
On July 30, 2026, the carrier’s inaugural service arrived at Tashkent International Airport from Yerevan. The airline will operate Airbus A320 aircraft every Wednesday and Sunday. Shirak Avia became the first Armenian operator on the route when it began scheduled services on June 2. The additional connection expands direct air transport between Uzbekistan and Armenia. The route now has services from two Armenian airlines.

Uzbekistan Seeks Belarusian Support for First Nuclear Power Plant

On July 20, 2026, President Shavkat Mirziyoyev received a Belarusian delegation led by Deputy Prime Minister Viktor Karankevich. The meeting reviewed implementation of agreements following Mirziyoyev’s July 8–9 visit to Minsk. Officials discussed raising bilateral trade to $2 billion and advancing cooperation projects in priority sectors. The parties examined Belarusian expert support for nuclear plant design, construction, operation, and workforce training. The sides will also develop joint programmes between relevant higher education institutions.

Read more

Support by Sharing Uzbek.Review

Table of contents of this Uzbek.Review report for paid subscribers & members:

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

1.3 RUSSIA & CHINA

1.4 ASIA, EAST ASIA & SOUTH-EAST ASIA

1.5 MIDDLE EAST

1.6 NORTH & SOUTH AMERICA

1.7 INTERNATIONAL ORGANIZATIONS

2. PUBLIC POLICY

3. LEGISLATION & GOVERNMENT

3.1 LEGISLATIVE CHANGES

3.2 NOTABLE APPOINTMENTS

4. ECONOMY

4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE

4.2 IFI’s, BAKNING & FINANCE

4.3 AGRICULTURE, MINING, & MANUFACTURING

4.4 CONSTRUCTION & REAL ESTATE

4.5 TRADE AND BUSINESS

4.6 ENERGY & PETROCHEMICALS

5. USEFUL LINKS AND NOTABLE PUBLICATIONS

UPCOMING EUROUZ & MEMBER EVENTS

1. EUROUZ Board Aligns Priorities for Leadership Transition and Upcoming Initiatives

   

   On 7 July, EUROUZ convened its Monthly Board of Directors Check-in to review progress and coordinate priorities for the coming months. Members assessed outcomes from the Tashkent International Investment Forum and Annual General Meeting while outlining a roadmap for planned initiatives and events. The discussion also prepared the transition to the newly elected Board, shifting the Association from post-event review toward its next governance cycle. This coordination is intended to preserve institutional continuity, sharpen organizational priorities, and sustain member-focused delivery. The next milestone is completing the Board transition and advancing the agreed roadmap into implementation.

   ---

2. EUROUZ welcomes a new member – AMEX Healthcare.

   

   Established in 1980 and headquartered in Vienna, AMEX Healthcare is an international provider of healthcare solutions, with operations in Kenya, Mexico, Pakistan, and Uzbekistan. The company specialises in medical equipment, pharmaceuticals, turnkey hospital solutions, and project financing support.AMEX Healthcare works with United Nations agencies, NGOs, governments, public institutions, and private healthcare operators, supporting international procurement programmes and the delivery of essential medical supplies and equipment worldwide. Through its Tashkent office, AMEX Healthcare serves Central Asia, combining international expertise with local market knowledge and offering project support through export credits, concessional financing, and preferential loan mechanisms.

   ---

3. EUROUZ welcomes a new member – RÖDL.

   

   Founded in 1977 and headquartered in Nuremberg, RÖDL is a leading German professional services firm providing integrated expertise in legal advisory, tax consulting, audit and assurance, advisory and IT, and business process outsourcing. With more than 6,000 professionals across 117 offices in 50 countries, RÖDL supports internationally active companies through a unified, interdisciplinary approach and seamless cross-border cooperation. RÖDL has been present in Central Asia since 2009, with offices in Tashkent and Almaty. Its multinational team combines international expertise with strong local market knowledge to support clients on investment, business development, and project-related matters.

   ---

4. Industry Leaders Getting Ready for the Annual Reunion in September

   

   The long-awaited annual gathering of plastics and polymers professionals will present the latest updates from across the globe. The 16th edition of Plastex Uzbekistan will once again bring together global manufacturers, raw material suppliers, equipment providers and innovative solution developers, creating a dynamic platform for business growth, strategic partnerships and new market opportunities in Uzbekistan and Central Asia.
   
   Join Plastex Uzbekistan 2026 as an exhibitor or sponsor to showcase your solutions to a highly targeted professional audience, strengthen your market presence and become part of the region’s leading plastics and polymers industry event.
   
   The chance to present the product/service can be booked here

   ---

5. Uzbekistan’s Engineering & HVAC Showcase – Where Business Meets Smart Innovation

   

   For 14 years, AquaTherm Tashkent has delivered impressive growth edition after edition, and today stands as Central Asia’s leading platform for refrigeration, air conditioning, ventilation, heating and piping technologies. Uzbekistan’s only specialised exhibition to bring together the full range of engineering solutions under one roof, it takes place on 6-8 October 2026 at the Uzexpocentre NEC in Tashkent. With buyers, engineers and project designers, decision-makers all in one place, there is no better stage to launch products, forge partnerships and expand your footprint in one of the region’s fastest-growing markets.
   
   Book your stand now to showcase your products, find new partners and break into Uzbekistan’s fast-growing market

EUROUZ & MEMBER NEWS

1. EUROUZ Member Asakabank Secures $60 Million Sharia-Compliant Syndicated Financing
   Asakabank announced on 2 July 2026 that it had closed a $60 million Sharia-compliant syndicated financing facility for operations in Uzbekistan. The facility uses multiple tranches with different tenors, includes an accordion option to increase its size, and will support private-sector financing and the bank’s general corporate needs. The transaction makes Asakabank Uzbekistan’s first commercial bank to attract long-term syndicated funding structured under Sharia principles. ICD led the deal as mandated lead arranger, bookrunner and investment agent, while Boubyan Bank joined as joint lead arranger and ICIEC provided credit enhancement.

   ---

2. EUROUZ Members EDF and Orano Anchor $2.6 Billion French Project Pipeline

   

   On 9 July 2026, Uzbek officials and representatives of 17 French companies reviewed new investment projects in Tashkent. EUROUZ members EDF and Orano account for $2.6 billion of the discussed portfolio, comprising $2 billion in energy projects and a $600 million industrial project in the Navoi region. The talks followed bilateral trade of $1.4 billion in 2025 and $775 million in January–May 2026, up 150% year on year. Their projects could expand French participation in Uzbekistan’s energy and uranium industries while adding production capacity and technology.

   ---

3. EUROUZ Member Dentons Advises $150 Million AI Data Center Financing
   On 7 July 2026, EUROUZ member Dentons said it advised DataVolt on up to $150 million of non-recourse financing for the TAS-1 data center in Tashkent. DEG, EBRD, OPEC Fund and Proparco are providing the 12-year facility for a 12 MW green data center designed for liquid-cooled cloud, AI and enterprise workloads. The transaction is described as Uzbekistan’s first financing of this kind, moving the project toward lender-backed construction and operation. The facility could expand regional digital capacity while supporting the Digital Uzbekistan–2030 strategy. Commissioning is expected in late 2026, making operational readiness the next confirmed milestone.

   ---

4. EUROUZ Member AKFA Plans Investor Sounding for Debut Bond
   On 8 July 2026, UzDaily reported that AKFA Aluminium Group would hold introductory meetings with international financiers in London the following week. Citigroup and JPMorgan will organize the roadshow, where senior executives will present the company’s financial profile and test demand for a potential debut bond. The consultations remain preliminary, and no immediate debt placement is planned, distinguishing the exercise from a formal issuance. Accessing international bond markets could diversify AKFA’s funding while supporting stronger governance and transparent financial reporting.

   ---

5. EUROUZ Member Dentons Advises $15.4 Million UzCarlsberg Equity Investment
   EUROUZ member Dentons advised the EBRD on an equity investment of up to $15.4 million in UzCarlsberg. The financing will fund a new brewing facility beside the company’s existing site, advanced brewing and bottling equipment, and additional warehouse capacity. The transaction is the EBRD’s third equity investment in Uzbekistan since 2020, extending its support beyond debt financing into corporate ownership. The investment could expand production capacity while strengthening private-sector financing in Uzbekistan’s food and beverage industry.

   ---

6. EUROUZ Member Beeline Uzbekistan Anchors DataVolt’s TAS-1 Data Center

   

   EUROUZ member Beeline Uzbekistan and DataVolt signed two memorandums at the Tashkent International Investment Forum. The first sets agreed commercial terms making Beeline a major tenant of DataVolt’s TAS-1 facility, while the second is a non-binding framework to evaluate a data center in Bukhara. The agreements shift cooperation from general digital expansion toward secured domestic hosting capacity and possible regional infrastructure. Anchor tenancy could support local data processing, cloud and AI services, resilience, and data localization. The next milestones are Beeline’s capacity commitment at TAS-1 and a decision on Bukhara.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?

Not a member yet?

Join EUROUZ to access exclusive market support for your business activities in the country.

1. INTERNATIONAL COOPERATION

1.1 EUROPE

Uzbekistan Tasks Tuscany Partnership Roadmap After 25% Trade Growth

President Shavkat Mirziyoyev met Tuscany Governor Eugenio Giani in Uzbekistan on 14 July 2026 and agreed to prepare a joint regional cooperation roadmap. The plan is expected to identify projects linking Tuscany with Uzbek regions across textiles, leather, food processing, jewelry, construction, education, culture, and tourism. The initiative builds on a 25% rise in Uzbekistan–Italy trade since the start of 2026, existing industrial projects, and a new Tuscany–Bukhara agreement. A structured roadmap could convert broad regional ties into sector-specific initiatives and expand market access for Uzbek products, including textiles promoted through Prato. The next confirmed step is drafting and adopting the roadmap.

Uzbekistan Broadens French Corporate Talks Across Five Infrastructure Sectors

On 9 July 2026, Presidential Administration head Saida Mirziyoyeva met representatives of major French companies led by MEDEF International’s Claude Imauven. The talks covered energy, education, water supply, transport, and urban infrastructure, but the source disclosed no project values, contracts, or implementation schedules. The engagement followed Mirziyoyeva’s recent dialogue with French President Emmanuel Macron, moving the bilateral agenda from political discussion toward direct corporate participation. This format could widen the pool of French operators considered for Uzbekistan’s infrastructure and public-service priorities.

Uzbekistan Extends Liechtenstein Investment Dialogue

Uzbek Deputy Prime Minister Jamshid Kuchkarov met Liechtenstein Prime Minister Brigitte Haas on 30 June 2026 during the IMF–World Bank constituency meeting. Officials discussed trade, investment, financial-sector cooperation, and possible joint initiatives, with Liechtenstein citing private-sector interest and existing construction and healthcare companies. The exchange marked a gradual expansion of bilateral economic contacts, also disclosed projects, values, financing, or institutional mechanism. Continued engagement will broaden investment channels and financial-sector links.

Sardinia Opens 100 Annual Healthcare Roles to Uzbek Specialists
On 7 July 2026, Uzbekistan’s Migration Agency announced a recruitment program for doctors and nurses to work in Sardinia, Italy. The scheme targets up to 100 hires annually, requires medical or nursing degrees, and includes a seven-month online Italian course funded by the agency. Unlike many overseas placements, applicants need no prior experience, although experienced candidates and specialists under 40 receive preference. Official employment offers base pay up to €3,500 monthly, potentially €4,000–5,000 with shifts, plus housing, lunches, insurance, and a 38-hour week.

Uzbekistan Develops $1.8 Billion French Energy Pipeline
On 8 July 2026, Uzbek and French officials reviewed six energy projects worth $1.8 billion that are being developed in Uzbekistan. The portfolio covers generation, transmission, gas infrastructure, storage, efficiency, digitalization, engineering, and training, while EDF is building more than 3.1 GW of gas-fired capacity. These proposals will add to three French projects worth about $2 billion already under implementation, lifting the joint pipeline above $4 billion. The expansion will increase generation and network capacity while widening French participation beyond existing EDF, TotalEnergies, and Voltalia projects.

1.2 CENTRAL ASIA, CAUCASUS & CIS

Mirziyoyev Receives Georgia’s Golden Fleece, Deepening Diplomatic Recognition

President Shavkat Mirziyoyev received Georgia’s Order of the Golden Fleece in Tbilisi on 2 July 2026 during official events. Georgian President Mikheil Kavelashvili presented the decoration for Mirziyoyev’s contribution to strengthening bilateral relations. Established in 1998, the order recognizes contributions to Georgia’s foreign ties, culture, science, and arts, and has previously been awarded to prominent international leaders. The award provides diplomatic recognition of Uzbekistan–Georgia engagement.

Uzbekistan and Georgia Target $1 Billion Trade Through Logistics Expansion

Uzbekistan and Georgia agreed during high-level talks in Tbilisi on 2 July 2026 to pursue annual bilateral trade of $1 billion. A joint roadmap will support the target through investment projects, wider use of Poti and Batumi ports, a logistics hub, an industrial zone, and a permanent Uzbek product showroom. Trade reached $270 million in 2025, while turnover exceeded $100 million from the start of 2026, leaving a substantial gap to the target. The plan is to expand market access and connect Uzbek cargo more closely with Black Sea and transregional routes.

Uzbekistan Weighs Anaklia Port Stake to Expand Black Sea Access
On 3–4 July 2026, an Uzbek delegation inspected Georgian ports and considered participation in the Anaklia Deep Sea Port project. Ministers examined Anaklia, Poti, Batumi, and the Poti Free Industrial Zone, while discussing warehouses, terminals, and a consortium of Uzbek companies. The initiative would move Uzbekistan from using Georgian transit facilities toward potential ownership or development participation in a major Black Sea logistics asset. A stake could improve control over cargo handling and support access to European and Latin American markets through the China–Kyrgyzstan–Uzbekistan corridor. The next step is preparing agreements and forming the proposed consortium.

Uzbekistan and Belarus Target $2 Billion Trade Through Industrial Plan

Uzbekistan and Belarus approved an action plan in Minsk on 9 July 2026 to raise bilateral trade to $2 billion. The plan covers new industrial projects in agriculture, engineering, pharmaceuticals, electrical equipment, light industry, and furniture, alongside forums in tourism, healthcare, and education. Trade had nearly tripled over five years to almost $1 billion in 2025 and increased another 30% from the start of 2026, with 360 joint ventures operating. Reaching the target would require roughly doubling the latest annual turnover through additional production and commercial links.

Uzbekistan and Belarus Formalize Strategic Partnership Around Trade and Nuclear Cooperation
Uzbekistan and Belarus formalized strategic partnership relations in Minsk on 9 July 2026 after presidential negotiations. The declaration was supported by a roadmap targeting $2 billion in trade, projects across multiple industrial sectors, and Belarusian input into Uzbekistan’s first nuclear power plant and related infrastructure. This elevates ties from expanding cooperation to a formally defined long-term partnership with broader economic, political, and technical coordination. The framework could deepen industrial supply chains and transfer Belarusian nuclear infrastructure experience to Uzbekistan’s planned energy program.

Uzbekistan and Belarus Launch $164 Million Industrial Project Pipeline
Uzbekistan and Belarus approved seven joint manufacturing projects worth $164 million at their third Forum of Regions in Minsk. A 2026–2030 cooperation plan targets $2 billion in trade and prioritizes electrical engineering, textiles, agriculture, pharmaceuticals, construction materials, and furniture, supported by 14 regional agreements. The new pipeline expands existing cooperation in cables, tractors, pharmaceuticals, poultry processing, and mining-equipment assembly into additional regional production facilities. The projects could add processing capacity and localized supply chains in Andijan, Tashkent, and Fergana regions.

Uzbekistan Seeks 700,000-Tonne Tajik Iron Ore Supply From 2027
Uzbekistan instructed officials on 14 July 2026 to accelerate an agreement for importing 700,000 tonnes of iron ore annually from Tajikistan. Imports are planned from 2027 alongside domestic projects at Surun-Ota and Tebinbulak and a separate memorandum covering 300,000 tonnes of direct reduced iron from the third quarter of 2027. The strategy supplements Uzbekistan’s estimated 1.5 billion tonnes of reserves because major domestic deposits require further development before supplying expanded steel production. Diversified imports could stabilize feedstock for Uzmetkombinat while domestic mining and processing capacity is built.

Uzbekistan and Turkmenistan Establish Information-Security Cooperation Framework

Uzbekistan and Turkmenistan signed two cooperation documents in Ashgabat following foreign-minister talks reported on 15 July 2026. The package includes an intergovernmental agreement on international information security and a foreign-ministry cooperation program for 2027–2028. Unlike broader declarations of political cooperation, the documents create defined channels for diplomatic coordination and security-related institutional work. The framework could standardize exchanges between the ministries and expand bilateral coordination on information-security issues at the international level.

Read more

Subscribe now

ADDRESS:  Avenue Louise 65/11, 1050 Brussels, Belgium

EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

You may download the PDF report by clicking on the

Read more

Support by Sharing Uzbek.Review

Dear Member, you can read our: Special Edition - 5th Anniversary of the Tashkent International Investment Forum and EUROUZ’ European Evening Reception at TIIF & Annual General Meeting 2026

Table of contents of this Uzbek.Review report for paid subscribers & members:

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

1.3 RUSSIA & CHINA

1.4 ASIA, EAST ASIA & SOUTH-EAST ASIA

1.5 MIDDLE EAST

1.6 NORTH & SOUTH AMERICA

1.7 INTERNATIONAL ORGANIZATIONS

2. PUBLIC POLICY

3. LEGISLATION & GOVERNMENT

3.1 LEGISLATIVE CHANGES

3.2 NOTABLE APPOINTMENTS

4. ECONOMY

4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE

4.2 IFI’s, BAKNING & FINANCE

4.3 AGRICULTURE, MINING, & MANUFACTURING

4.4 CONSTRUCTION & REAL ESTATE

4.5 TRADE AND BUSINESS

4.6 ENERGY & PETROCHEMICALS

5. USEFUL LINKS AND NOTABLE PUBLICATIONS

UPCOMING EUROUZ & MEMBER EVENTS

EUROUZ & MEMBER NEWS

EUROUZ EVENTS: The European Evening Reception at TIIF 2026

On 17 June 2026, EUROUZ successfully hosted the European Evening Reception, bringing together around 500 business leaders, investors, ambassadors, and representatives of international organizations, marking the largest side event of TIIF2026.

Organized in cooperation with the European Investment Bank (EIB), the reception once again served as one of the leading platforms for dialogue, fostering new partnerships, investment opportunities, and high-level engagement in Uzbekistan. The evening featured the official inauguration of the European Investment Bank Regional Representation for Central Asia, marking an important milestone in strengthening cooperation between Uzbekistan and the European Union.

The event featured addresses by Pierre-Paul Antheunissens, CEO of EDF Central Asia; Marek Mora, Vice-President of the European Investment Bank; The Rt Hon Lord Jason Stockwood, UK Minister of State for Investment; as well as representatives of the event’s sponsors, including Jean-Philippe Gillet, President of SES, and Djasur Djumaev, Founder and CEO of UZUM.

The reception reaffirmed the shared commitment of Uzbekistan and its European partners to promoting investment, economic modernization, regional connectivity, and sustainable growth.

A special thank you is extended to our valued sponsors and partners whose support made this event successful :

• Gold Sponsors: Ipoteka Bank (OTP Group), SES, Uzum and European Investment Bank (EIB),

• Silver Sponsors: Crowe, Paynet, Schneider Group, Veolia

• Bronze Sponsors: Ahlers Logistics, BDO, Legalmax, NEO Insurance, Quorus, UET Construction

• Event Partners: British Embassy in Uzbekistan, Kingdom of the Netherlands, AustriaAdvantage, Delegation of German Economy in Central Asia, BeneLux Chamber Branch in Uzbekistan, and CCI France Ouzbékistan (France–Uzbekistan Chamber of Commerce)
  

Event Photos \ Press release

EUROUZ Annual General Meeting 2026

EUROUZ convened its 2026 Annual General Meeting an important milestone in the Association’s continued growth and its work to advance European–Uzbek economic cooperation. Secretary General Atabek Alimdjanov presented the Annual Report and financial overview, highlighting EUROUZ’s progress, expanding activities, and priorities for the year ahead. The Chairs of all EUROUZ Committees presented the results of their work and set out their plans for the next stage of engagement.

H.E. Toivo Klaar, EU Ambassador to Uzbekistan, addressed members and shared his perspective on strengthening cooperation with the European business community and deepening the EU’s economic engagement in Uzbekistan. The AGM also formally endorsed the results of the Board of Directors election, following the participation of more than 105 member companies reflecting the strong engagement and confidence of the EUROUZ membership.

We thank all our members for their continued trust, active participation, and commitment to shaping a stronger European business presence in Uzbekistan.

Event Photos

EUROUZ is pleased to announce the results of the Board of Directors Elections for the 2026–2028 term

Following the election process, EUROUZ members elected nine representatives to serve on the Association’s Board of Directors. The newly elected Board will officially assume office on 1 September 2026.

The elected Board Members are:
• Abdulkhamid Muminov (PwC)
• Andi Aranitasi (European Bank for Reconstruction and Development)
• Dan Marius-Vasile (Franklin Templeton)
• Ketevan Antidze (Commerzbank AG)
• Olivier Emmanuel Kueny (European Investment Bank)
• Oybek Shaykhov (East-West Group)
• Pierre-Paul Antheunissens (EDF Power Solutions)
• Vera Bell (Crowe Uzbekistan)
• Zafar F. Vakhidov (Vakhidov & Partners)

We look forward to the engagement, leadership, and strategic guidance of the newly elected Board as it begins its term, which will help further strengthen the European business community in Uzbekistan.

EUROUZ Welcomes Prof. Dr. Klaus Mangold as an Honorary Member of the Board

EUROUZ is pleased to announce the Annual General Meeting decision on the appointment of Prof. Dr. Klaus Mangold, Chairman of Mangold Consulting GmbH and one of the founders of EUROUZ, as an Honorary EUROUZ Board of Directors. Prof. Dr. Mangold has played an important role in the establishment and development of EUROUZ and brings extensive international leadership experience, strategic insight and a strong record of advancing economic cooperation and dialogue between Europe and international markets.

In this honorary capacity, he will continue to support EUROUZ’s mission of strengthening economic and business relations between Europe and Uzbekistan and contribute his experience and international perspective to the Association’s strategic development

EUROUZ Advances Cooperation with Mitsubishi Heavy Industries in Uzbekistan

Senior Vice President Hiroshi Matsuta and Operations Director Nadezhda Romanova represented Mitsubishi Heavy Industries at a recent meeting with EUROUZ. The parties reviewed the company’s regional activities and developments in Uzbekistan’s economic and industrial landscape. They also discussed the business environment, investment opportunities, and potential cooperation areas. EUROUZ outlined ways to support the company’s engagement and objectives in the Uzbek market. Both sides agreed to continue their cooperation.

EUROUZ Connects Leaders After Tashkent Investment Forum 2026

On 29 June, EUROUZ convened the Executive & Diplomatic Leaders Club to get together and discuss the outcomes of the Tashkent International Investment Forum 2026, bringing together senior representatives of business, government, the diplomatic community, and international institutions. The evening carried forward the momentum of the Forum, providing a distinguished setting to reflect on key outcomes, exchange perspectives, and explore the next steps for investment and cooperation. The meeting once again highlighted the value of the Club as a platform for trusted dialogue, strategic engagement, and stronger connections between Europe and Uzbekistan.

Event Photos

EUROUZ welcomes a new member – CMC Solutions LLC

Part of the internationally recognized CMC Group, founded in 2009 in Tbilisi, Georgia, the company is a leading provider of professional project and construction management services. Over the years, CMC has successfully delivered more than 150 projects across three continents, supporting investments exceeding USD 728 million through a combination of engineering expertise, international best practices, and strong project governance. As part of its strategic expansion into Central Asia, CMC has established CMC Solutions LLC in Uzbekistan, bringing extensive experience in the hospitality, commercial, residential, and mixed-use sectors. The company specializes in project management, construction supervision, cost control, and quality assurance, helping clients deliver complex projects efficiently and transparently.

EUROUZ welcomes a new member – New Stage Advisory

New Stage Advisory is an international consultancy specializing in corporate reputation, strategic communications, public affairs, and investor relations, supporting organizations through periods of growth, market expansion, stakeholder engagement, and complex business challenges. With offices in Zurich and Tashkent and a network of partners across major global business centres, including London, Delhi, Dubai, Beijing, Hong Kong, and Kuala Lumpur, the firm combines international expertise with deep regional insight. In Uzbekistan, New Stage Advisory works in partnership with FTI Consulting, one of the world's leading advisory firms. The company's Tashkent office serves as a regional hub for Central Asia and the CIS, helping clients navigate dynamic markets, strengthen stakeholder relationships, and communicate effectively in an increasingly interconnected business environment.

EUROUZ Member Avesta Investment Group Hosts Capital Markets Day 2026
On June 18, 2026, Avesta Investment Group held Capital Markets Day in Tashkent alongside TIIF 2026. The event brought together international financial institutions, investment banks, private equity funds, commercial banks, issuers, and investors. Speakers from IFC, Franklin Templeton, Ipoteka Bank OTP Group, UzMRC, SQB, and other institutions reviewed market development. Discussions covered deal flow and Uzbekistan’s evolving investment landscape. Avesta said it plans to convene further industry events.

EUROUZ Member Voltalia Starts 500kW Agrivoltaics Project in Uzbekistan|
On June 19, 2026, Voltalia launched construction of a pilot agrivoltaics facility in Uzbekistan’s Tashkent region. The project will install solar panels on agricultural land to generate electricity. Its first photovoltaic station will have 500 kW of capacity. Energy and agriculture officials reviewed implementation stages and possible expansion to other regions. Uzbekistan plans to use similar systems across 2,000 hectares nationwide.

EUROUZ Member ACWA Launches Uzbek-Saudi Youth Skills Program

In June 2026, ACWA joined Uzbek and Saudi partners at TIIF in Tashkent to launch a vocational training initiative. A joint steering committee will coordinate and expand the programme. Saudi Arabia’s Energy and Water Academy will develop courses, while ACWA will serve as a key implementation partner. The first year will train 100 Uzbek participants, beginning in Karakalpakstan. ACWA Sergeli also signed a memorandum with Miahona to support the project’s financial sustainability.

EUROUZ Member Coca-Cola Leads TIIF Circular Economy Dialogue
On June 17, 2026, Coca-Cola organized a circular economy panel during TIIF in Tashkent. The session brought together executives from Veolia, SUEZ, ODAS Group, I-Environment Investments, and Uzbekistan’s waste agency. Participants examined waste infrastructure, water resilience, urban decarbonization, and investment requirements. Coca-Cola presented sustainable packaging, water stewardship, and supply-chain resilience as core business priorities. The company said it will share experience on producer responsibility and water replenishment to support joint solutions.

EUROUZ Member Rhenus Invests €11M in Andijan Logistics Terminal
On June 18, 2026, Rhenus announced a three-phase modernization of its Andijan logistics terminal with Uzbekistan Railways. The €11 million project will convert the site into a road-rail intermodal hub. The terminal will store about 2,000 TEU and include 1,140 meters of track. After the first stage, annual handling capacity should reach 200,000 TEU. Construction will begin in July 2026, supporting exports and Trans-Caspian freight.

EUROUZ Member SUEZ Joins Uzbekistan’s $78M Waste Processing Project
On June 19, 2026, SUEZ signed a Head of Terms agreement at TIIF in Tashkent with Uzbekistan’s waste agency and Saudi Arabia’s Vision International Investment Company. The partners will develop facilities for hazardous industrial and household waste. The project carries an estimated investment value of $78 million. It will introduce treatment, disposal, and recycling processes aligned with European environmental standards. The parties will use the framework to advance Uzbekistan’s Zero Waste transition.

EUROUZ Member Meros Pharm Partners with SLC on Medical English Training

On June 12, 2026, Samarkand-based Meros Pharm and Britain’s Specialist Language Courses signed a cooperation agreement in London. The programme will improve English skills among Uzbekistan’s medical and pharmaceutical professionals through internationally standardised courses and specialised training. SLC serves doctors, nurses, pharmacists, educators, and institutions in more than 75 countries. The initiative will expand practical UK-Uzbek cooperation in medical education and pharmaceuticals. The partners plan to establish a specialised training centre in Uzbekistan.

EUROUZ Member EBRD Expands Financing Partnerships in Uzbekistan

On June 18, 2026, EBRD President Odile Renaud-Basso met Deputy Prime Minister Jamshid Kuchkarov in Tashkent. The bank signed cooperation agreements with Uzpromstroybank and the Uzbekistan Mortgage Refinancing Company. The accords will expand financial instruments for small businesses, young entrepreneurs, and mortgage lending. Officials also reviewed state-bank transformation, corporate governance, and private capital participation. Both sides agreed to broaden cooperation in infrastructure, financial reform, and capital markets.

Build Textile Partnerships at CAITME 2026

CAITME 2026, Central Asia’s leading international textile machinery exhibition, is getting ready to bring together global manufacturers, suppliers, and innovators. The event offers direct access to the latest textile technologies, investment opportunities, and high-value B2B partnerships in one of the region’s fastest-growing markets. For companies seeking expansion into Central Asia, CAITME has served as a strategic gateway to market entry, new business opportunities, and long-term industry partnerships for over 17 years.

Book your best spot here

EUROUZ Member Toyota Central Asia Adopts New Name for Regional Distribution

During 2026, Summit Motors Central Asia FC LLC changed its corporate name to Toyota Central Asia FC LLC. The company continues to distribute Toyota vehicles, genuine spare parts, and accessories in Uzbekistan, Tajikistan, and Turkmenistan. The new identity aligns the business more closely with Toyota’s global network and regional role. The company will maintain its focus on mobility, infrastructure development, and partnerships across Central Asia. It also plans to support automotive industry growth in the region.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?

Not a member yet?

Join EUROUZ to access exclusive market support for your business activities in the country.

1. INTERNATIONAL COOPERATION

1.1 EUROPE

Uzbekistan and Tony Blair Institute Set Reform Cooperation Priorities

On June 25, 2026, President Shavkat Mirziyoyev received Tony Blair, former British prime minister and chair of the Tony Blair Institute for Global Change. They reviewed practical cooperation to provide expert support for reforms in Uzbekistan. The talks identified joint projects, investor engagement, and digital transformation as priority areas. The partnership aims to introduce advanced technological and innovative solutions in key economic sectors. Both sides will focus future cooperation on implementing these agreed priorities.

Saida Mirziyoyeva and President Macron Advance Uzbekistan–France Strategic Partnership

On June 30, 2026, Saida Mirziyoyeva met French President Emmanuel Macron and conveyed greetings from President Shavkat Mirziyoyev. They discussed the continued development of bilateral relations and future joint initiatives. Cooperation currently covers energy, transport, infrastructure, education, and healthcare. The meeting reinforced Uzbekistan’s commitment to long-term engagement with France and the wider European community. Mirziyoyeva expressed confidence that both countries would implement mutually beneficial projects across their established areas of partnership.

Uzbekistan and France Expand Cooperation Across Five Priority Sectors
On June 30, 2026, Presidential Administration Head Saida Mirziyoyeva met French Foreign Minister Jean-Noël Barrot for talks on bilateral relations. The parties reviewed joint work in energy, transport, infrastructure, education, and healthcare. Mirziyoyeva described France as a strategic European partner and supported broader practical engagement. The dialogue advances Tashkent’s policy of deepening mutually beneficial ties with France and other European states. Uzbekistan plans to continue strengthening its role as a stable partner in Central Asia.

Samarkand Express Advances Toward Central Asia’s First Luxury Rail Service
On June 16, 2026, Uzbekistan Railways, the Art and Culture Development Foundation, and Italy’s Arsenale International signed a trilateral framework agreement in Tashkent. The document creates governance and coordination mechanisms for the project’s operational phase. The train will link Tashkent, Samarkand, Bukhara, and Khiva along historic Silk Road routes. The service will expand Uzbekistan’s premium tourism offering. Italian specialists will complete high-end interiors and install equipment in the first carriage.

European Investment Bank Opens Central Asia Office in Tashkent

In June 2026, the European Investment Bank launched regional operations from Tashkent to strengthen project delivery across Central Asia. Its agenda covers the Trans-Caspian route, major hydropower facilities, digital connectivity, and green infrastructure. The bank’s Uzbekistan pipeline, including signed projects and memoranda, has reached €1 billion. The office will support financing and advisory work aligned with national and EU strategies. Due diligence will precede support for Tashkent’s proposed Surum wastewater plant.

Škoda Expands Uzbekistan’s Commuter Fleet Through €120M Contract
During TIIF 2026 in Tashkent, Škoda Group and Uzbekistan Railways’ commuter subsidiary finalized implementation terms for a commuter fleet upgrade. The manufacturer will provide 10 electric units built for the 1,520 mm track standard. The trains will include European control networks and climate systems for commuter operations. The project will strengthen energy efficiency, safety, and domestic technical capacity. A local maintenance venture and Škoda Academy will support repairs, skills transfer, and engineering employment.

1.2 CENTRAL ASIA, CAUCASUS & CIS

CASCA+ Members Sign Protocol to Accelerate Regional Freight
On June 15, 2026, railway officials from six countries concluded regional talks hosted by Uzbekistan Railways. The protocol sets measures to shorten transit times, improve service quality, and introduce competitive tariffs. Delegates reviewed corridor performance in 2025 and the first quarter of 2026. The roadmap aims to increase freight volumes and remove barriers affecting cross-border trade. Members will continue work on refrigerated services, digital tracking, and a dedicated corridor consortium.

Central Asian States Set July–August Resource Supply Schedules
On June 20, 2026, energy and water officials from three countries met in Bishkek to review shared resource management. The protocol sets water-release and electricity-supply schedules for July and August. Participants also reviewed preparations for the 2026–2027 irrigation and autumn–winter periods. The measures support stable grid operations and regional water security amid rising demand. The ministries will hold their next coordination meeting in August 2026.

Uzbekistan and Kazakhstan Reinforce Strategic Partnership Through Presidential Talks

On June 21, 2026, Saida Mirziyoyeva met Kazakh President Kassym-Jomart Tokayev to review bilateral relations. She conveyed greetings from Uzbekistan’s president and thanked Tokayev for the reception. The talks focused on strengthening cross-border cooperation and coordination between Tashkent and Astana. The meeting supported continued diplomatic engagement between the neighboring states. Both sides will maintain efforts to deepen their established strategic and allied relations.

Read more

Support by Sharing Uzbek.Review

“Investment is a driver for cutting-edge technology, contemporary expertise, employment creation, and growth aligned with a fast-evolving global landscape.”
— Shavkat Mirziyoyev, President of Uzbekistan

“Reforms require a proven track record... years of evidence now support the process in Uzbekistan.”
— Julia Hoggett, CEO of the London Stock Exchange

“Participation of the European Bank for Reconstruction and Development in platforms such as TIIF reflects our confidence in the long-term potential of Central Asia and our readiness to support sustainable development projects together with our Uzbek partners.”
— Odile Renaud-Basso, President of the EBRD

Uzbekistan Hosted the 5th Anniversary Tashkent International Investment Forum resulted in agreements totaling $43.1bn

The 5th Anniversary Tashkent International Investment Forum (TIIF 2026), held from June 16–18, 2026, in Tashkent, Uzbekistan, marked a significant pivot from merely attracting capital to providing an institutional framework that protects and supports global investments. The summit drew over 7,600 participants from 100 countries, establishing Central Asia as a premier global business hub. The forum concluded with 166 signed agreements totaling $43.1bn (EUR37.6bn), among them 139 new projects worth $31.8bn (EUR27.7bn), as disclosed in post-event data.

Critical Minerals & Technology Pacts

• Entity Involved: The State-owned Uzbekistan Technological Metals Complex (TMK).

• The Pacts: Executed 10 international cooperation memorandums and agreements.

• Core Domains: Joint investment, exploration, and R&D targeting regional lithium, copper, and rare earth elements.

• Partners: Finalized with global manufacturers and financial institutions during the China and SCO Countries Investment Dialogue.

Regional Infrastructure & Tourism Hubs

• Samarkand Development: Signed agreements valued at over $700 million.

• Focus Areas: Modernizing industrial infrastructure and advancing travel services around the newly renovated Samarkand International Airport.

• Silk Road Trade Pact: A dedicated bilateral expansion pact was sealed with a leading travel enterprise from China’s Shaanxi Province to optimize historical tourist corridors.

Bilateral Business & Corporate Frameworks

Comprehensive framework agreements were finalized across 7 dedicated bilateral country forums. These pacts laid out cross-border capital channels between local entities and top-tier global asset firms—including representatives from Masdar, ACWA Power, DP World, AD Ports Group, BlackRock, and Franklin Templeton.

• United States & South Korea: Pacts focused on industrial equipment manufacturing and software integration.

• China & Turkey: Infrastructure logistics, customs standardization, and supply chain routing.

• Saudi Arabia & UAE: Large-scale renewable energy infrastructure and joint sovereign funding structures

Uzbekistan and Germany Launch Joint Industrial and Financial Infrastructure Projects

On June 17, 2026, President Shavkat Mirziyoyev and German Federal President Frank-Walter Steinmeier signed a Joint Statement following comprehensive bilateral talks in Tashkent. The leaders finalized framework agreements providing direct grants and concessional financing for sustainable urban development initiatives. The partnership immediately launched several industrial projects, including a Volkswagen assembly plant in Tashkent and a major logistics hub in the Andijan region. These strategic investments aim to expand industrial cooperation, modernize regional infrastructure, and generate new technical employment opportunities. Delegations concluded the summit by exchanging implementation roadmaps to establish specialized educational examination facilities and railway training centers.

Uzbekistan and Albania Launch Joint Intergovernmental Economic Commission

On June 16, 2026, President Shavkat Mirziyoyev and Albanian President Bajram Begay held official bilateral negotiations at the Kuksaroy Residence in Tashkent. The heads of state agreed to establish a joint Intergovernmental Commission to prepare cooperation programs in green energy, agriculture, geology, and technology. To optimize trade routes into Southern Europe, the delegations initiated plans to utilize Albania’s Port of Durrës as a primary maritime logistics hub. The historic summit establishes the first formal framework for long-term legal, economic, and cultural partnerships between the two nations. The newly formed commission will convene its inaugural meeting in Tashkent later this year.

Uzbekistan Exchanges Bilateral Documents With Major United States Corporations

On June 16, 2026, President Shavkat Mirziyoyev hosted a high-level delegation of major United States financial institutions and corporations in Tashkent. The official roundtable included executive leadership from the US EXIM Bank, DFC, BlackRock, Boeing, Meta, and JPMorgan. Participants prioritized the joint development and processing of critical raw minerals alongside advancements in artificial intelligence, digital finance, and energy infrastructure. The strategic engagement reinforces the economic agenda as a primary pillar of the bilateral partnership between the two nations. The session concluded with an official exchange ceremony of binding bilateral implementation documents to launch these industrial projects.

Foreign Investors Council Meeting

President Shavkat Mirziyoyev chaired the Foreign Investors Council session at Tashkent’s International Congress Center. Officials grouped 120 proposals into seven areas covering taxation, banking, governance, energy, artificial intelligence, and the digital economy. The council includes 85 companies across 23 sectors and has held 50 working-group meetings. The measures advance regulatory alignment and direct state engagement with international investors. Authorities will create an implementation roadmap, with ministers reporting progress to the President quarterly.

Other Key Meetings in the Framework of TIIF 2026

• Odile Renaud-Basso — President of the European Bank for Reconstruction and Development (EBRD).

• Julia Hoggett — Chief Executive Officer of the London Stock Exchange.

• John Jovanovic — President and Chairman of the Export-Import Bank of the United States (US EXIM Bank).

• Ben Black — Chief Executive Officer of the U.S. International Development Finance Corporation (DFC).

• Li Ruogu — Senior Advisor and former President of the Export-Import Bank of China.

Global Heads of State & Prime Ministers

• Ali Asadov — Prime Minister of the Republic of Azerbaijan.

• Oljas Bektenov — Prime Minister of the Republic of Kazakhstan.

• Anwar Ibrahim — Prime Minister of Malaysia.

• Mikhail Mishustin — Chairman of the Government (Prime Minister) of the Russian Federation.

• Aleksandr Turchin — Prime Minister of the Republic of Belarus.

• Adilbek Kasimaliyev — Chairman of the Cabinet of Ministers, Kyrgyz Republic.

• Khamis bin Saif al-Jabri — Minister of Economy of the Sultanate of Oman (Delegation Head).

• Lord Jason Stockwood — State Minister for Investment of the United Kingdom (Delegation Head).

International Corporate Executives
United States Delegation

• Eduardo Menezes — CEO of Air Products.

• Carolyn Lamm — Chair of the American-Uzbekistan Chamber of Commerce.

• Plenary Executives: Managing directors and senior VPs from BlackRock, Boeing, Meta, Visa, JPMorgan, Templeton Global Investments, Cove Capital, FLS, and 77 Construction.

China Corporate Delegation

• He Ruixin — Chairman of the Board of China CAMC Engineering (CAMCE).

• Chen Dekun — President of China Railway Rolling Stock Corporation (CRRC).

• Zhang Min — President of China Construction Bank (CCB).

• Wang Jian — Vice President of China Export & Credit Insurance Corporation (SINOSURE).

• Liu Shiquan — Chairman of China North Industries Corporation (NORINCO).

United Arab Emirates & Saudi Arabia Delegation

• Suhail Al Mazrouei — Minister of Energy and Infrastructure of the UAE.

• Mohamed Jameel Al Ramahi — CEO of Masdar.

• Sultan Ahmed bin Sulayem — Group Chairman and CEO of DP World.

• Mohamed Juma Al Shamisi — Managing Director and Group CEO of AD Ports Group.

• Hussain Al Nowais — Chairman of AMEA Power.

• Muhammad Abunayyan — Chairman of the Board of ACWA Power.

EUROUZ EVENTS: The European Evening Reception at TIIF 2026

On 17 June 2026, EUROUZ successfully hosted the European Evening Reception, bringing together around 500 business leaders, investors, ambassadors, and representatives of international organizations, marking the largest side event of TIIF2026.

Organized in cooperation with the European Investment Bank (EIB), the reception once again served as one of the leading platforms for dialogue, fostering new partnerships, investment opportunities, and high-level engagement in Uzbekistan. The evening featured the official inauguration of the European Investment Bank Regional Representation for Central Asia, marking an important milestone in strengthening cooperation between Uzbekistan and the European Union.

The event featured addresses by Pierre-Paul Antheunissens, CEO of EDF Central Asia; Marek Mora, Vice-President of the European Investment Bank; The Rt Hon Lord Jason Stockwood, UK Minister of State for Investment; as well as representatives of the event's sponsors, including Jean-Philippe Gillet, President of SES, and Djasur Djumaev, Founder and CEO of UZUM.

The reception reaffirmed the shared commitment of Uzbekistan and its European partners to promoting investment, economic modernization, regional connectivity, and sustainable growth.

A special thank you is extended to our valued sponsors and partners whose support made this event successful :

• Gold Sponsors: Ipoteka Bank (OTP Group), SES, Uzum and European Investment Bank (EIB),

• Silver Sponsors: Crowe, Paynet, Schneider Group, Veolia

• Bronze Sponsors: Ahlers Logistics, BDO, Legalmax, NEO Insurance, Quorus, UET Construction

• Event Partners: British Embassy in Uzbekistan, Kingdom of the Netherlands, AustriaAdvantage, Delegation of German Economy in Central Asia, BeneLux Chamber Branch in Uzbekistan, and CCI France Ouzbékistan (France–Uzbekistan Chamber of Commerce)

Event Photos \ Press release

EUROUZ Annual General Meeting 2026

EUROUZ convened its 2026 Annual General Meeting an important milestone in the Association’s continued growth and its work to advance European–Uzbek economic cooperation. Secretary General Atabek Alimdjanov presented the Annual Report and financial overview, highlighting EUROUZ’s progress, expanding activities, and priorities for the year ahead. The Chairs of all EUROUZ Committees presented the results of their work and set out their plans for the next stage of engagement.

H.E. Toivo Klaar, EU Ambassador to Uzbekistan, addressed members and shared his perspective on strengthening cooperation with the European business community and deepening the EU’s economic engagement in Uzbekistan. The AGM also formally endorsed the results of the Board of Directors election, following the participation of more than 105 member companies reflecting the strong engagement and confidence of the EUROUZ membership.

We thank all our members for their continued trust, active participation, and commitment to shaping a stronger European business presence in Uzbekistan.

Event Photos

EUROUZ is pleased to announce the results of the Board of Directors Elections for the 2026–2028 term

Following the election process, EUROUZ members elected nine representatives to serve on the Association’s Board of Directors. The newly elected Board will officially assume office on 1 September 2026.
The elected Board Members are:

• Abdulkhamid Muminov (PwC)
• Andi Aranitasi (European Bank for Reconstruction and Development)
• Dan Marius-Vasile (Franklin Templeton)
• Ketevan Antidze (Commerzbank AG)
• Olivier Emmanuel Kueny (European Investment Bank)
• Oybek Shaykhov (East-West Group)
• Pierre-Paul Antheunissens (EDF Power Solutions)
• Vera Bell (Crowe Uzbekistan)
• Zafar F. Vakhidov (Vakhidov & Partners)

We look forward to the engagement, leadership, and strategic guidance of the newly elected Board as it begins its term, which will help further strengthen the European business community in Uzbekistan.

Visit EUROUZ website for more

Read null in the Substack app

Available for iOS and Android

Get the app

ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRANCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2025 - ALL COPYRIGHTS RESERVED

Support by Sharing Uzbek.Review

Table of contents of this Uzbek.Review report for paid subscribers & members:

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

1.3 RUSSIA & CHINA

1.4 ASIA, EAST ASIA & SOUTH-EAST ASIA

1.5 MIDDLE EAST

1.6 NORTH & SOUTH AMERICA

1.7 INTERNATIONAL ORGANIZATIONS

2. PUBLIC POLICY

3. LEGISLATION & GOVERNMENT

3.1 LEGISLATIVE CHANGES

3.2 NOTABLE APPOINTMENTS

4. ECONOMY

4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE

4.2 IFI’s, BAKNING & FINANCE

4.3 AGRICULTURE, MINING, & MANUFACTURING

4.4 CONSTRUCTION & REAL ESTATE

4.5 TRADE AND BUSINESS

4.6 ENERGY & PETROCHEMICALS

5. USEFUL LINKS AND NOTABLE PUBLICATIONS

UPCOMING EUROUZ & MEMBER EVENTS

EUROUZ & MEMBER NEWS

1. EUROUZ joins the EBOWN Annual Meeting 2026

   

   EUROUZ is participating in the EBOWN Annual Meeting 2026, taking place from 1–5 June in Brussels and bringing together more than 60 European Business Organisations, chambers of commerce, and trade associations from across global markets. As the official European business association in Uzbekistan and a member of the European Business Organisations Worldwide Network (EBOWN), EUROUZ is taking part in discussions with EU institutions, Members of the European Parliament, and international stakeholders on EU competitiveness, trade, investment cooperation, and EU–Central Asia relations.
   
   A key focus of the meetings is discussing how EU institutions can better support the interests of EUROUZ members and further strengthen EU–Uzbekistan economic cooperation. The meetings also provide an important opportunity to exchange views, experiences, and best practices with business associations worldwide in order to deliver greater value and more effective support to EUROUZ members.

   ---

2. EUROUZ and Uzbekistan’s Embassy Coordinate Cooperation Priorities in Brussels

   

   EUROUZ held a working meeting in Brussels with Uzbekistan’s Ambassador to Belgium, Gayrat Fazilov, to discuss ongoing cooperation and shared priorities. The discussions focused on coordinating activities across Brussels, the BENELUX countries, and the broader European market. Both sides reviewed opportunities to strengthen engagement in support of economic and commercial relations between Uzbekistan and Europe. The meeting underscored the importance of close cooperation between EUROUZ and the Embassy of Uzbekistan in Belgium and the Mission to the European Union. The parties agreed to continue supporting initiatives that promote business partnerships and member engagement across the region.

   ---

3. EUROUZ welcomes a new member – Transasia Group

   

   Founded in 2008, Transasia Group is one of Central Asia’s leading integrated logistics operators, providing end-to-end supply chain solutions across road, rail, sea, and air transportation. Headquartered in Tashkent, the company operates across Uzbekistan, Kazakhstan, Kyrgyzstan, and key regional transit hubs, connecting Central Asia with Europe, China, and global markets. The company offers a full range of logistics services, including freight forwarding, customs brokerage, 3PL warehousing, consolidation, multimodal transportation, and project cargo management. With strong regional expertise and an extensive international partner network, Transasia Group supports businesses with efficient and coordinated logistics solutions tailored to complex regional supply chains.

   ---

4. EUROUZ welcomes a new member – VERITASLAW LLC

   

   Established in 2017 and headquartered in Tashkent, VERITASLAW LLC is a specialized legal services company providing assistance in obtaining duplicate civil status documents and certificates from registry offices and other state authorities of the Republic of Uzbekistan. The company supports individuals and organizations in navigating administrative procedures related to document recovery and verification, helping clients efficiently obtain the necessary records and evidence while minimizing the need for personal presence and lengthy bureaucratic processes.

   ---

5. EUROUZ welcomes a new member – The Sales Association of Georgia

   

   The Sales Association is an independent business organization based in Georgia, bringing together more than 120 member companies and supporting the international growth and competitiveness of the Georgian private sector through networking initiatives, business forums, and international business delegations. The Association has developed a strong track record of connecting businesses across borders, including participation in major international events and trade missions in Europe and Asia. Through its activities, The Sales Association continues to strengthen business dialogue, promote entrepreneurship, and create new opportunities for cooperation between companies in Georgia and international markets.

   ---

6. Exhibitions Create Opportunities: Results of the Iteca Exhibitions Spring Season 2026

   Marking the Global Exhibitions Day 2026, Iteca Exhibitions reflected on a successful spring season defined by strong industry engagement, new partnerships, and tangible business outcomes — paving the way for new technologies, products, and innovations to enter the market in the months to come. Thank you to all exhibitors, partners, speakers, visitors, and professionals who contributed to making this season a success!

   From breakthrough technologies and strategic conversations to new partnerships and market expansion – explore the key highlights across multiple industries here.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?

Not a member yet?

Join EUROUZ to access exclusive market support for your business activities in the country.

1. INTERNATIONAL COOPERATION

1.1 EUROPE

Saida Mirziyoyeva Holds Talks with Austrian Chancellor

On June 3, 2026, Saida Mirziyoyeva met Austrian Federal Chancellor Christian Stocker in Austria to discuss bilateral relations. The talks focused on expanding cooperation in political dialogue, trade, investment, and cultural exchanges. Both sides also reviewed opportunities to strengthen engagement between Uzbekistan and the European Union. The discussions support efforts to deepen Uzbek-Austrian cooperation across areas of mutual interest. The parties agreed to maintain regular high-level contacts and advance joint initiatives.

Belgium Opens Embassy in Tashkent
Belgian media reported that Belgium had decided to open an embassy in Tashkent. The move establishes Belgium’s first diplomatic mission in Uzbekistan since diplomatic relations were launched in 1992. Uzbekistan has operated an embassy in Brussels since 1995 to manage relations with Belgium and European institutions. The new mission is expected to strengthen political dialogue and support cooperation in trade, investment, logistics, education, and tourism. The embassy will facilitate the implementation of future bilateral projects.

Uzbekistan Signs Migration and Mobility Pact with Sweden

Uzbekistan and Sweden signed an agreement on migration and mobility alongside a joint declaration launching a pilot cooperation program. The documents create legal mechanisms for employment, education, and residency opportunities for Uzbek citizens in Sweden. The partnership includes Swedish language courses, vocational training, and direct cooperation between Uzbek job seekers and Swedish employers. The agreement aims to expand legal migration channels while protecting participants’ rights and improving labor mobility. Both countries will also simplify visa procedures and strengthen cooperation against illegal migration and human trafficking.

Uzbekistan and Austria Deepen Parliamentary Cooperation
During a visit to Vienna on June 1, Saida Mirziyoyeva held talks with Austrian parliamentary leaders and senior United Nations officials. Discussions with Austrian counterparts focused on bilateral relations and Uzbekistan’s reforms in public administration and democratic development. Mirziyoyeva also met UNODC Executive Director Monica Juma to review cooperation on combating drug-related threats and supporting crime prevention initiatives. The meetings underscored Uzbekistan’s engagement with international partners on security and governance issues. The parties agreed to continue expanding cooperation through existing bilateral and multilateral frameworks.

1.2 CENTRAL ASIA, CAUCASUS & CIS

Read more

Subscribe now

ADDRESS:  Avenue Louise 65/11, 1050 Brussels, Belgium

EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

You may download the PDF report by clicking on the

Read more

TASHKENT STOCK EXCHANGE

During the week, the Tashkent Stock Exchange recorded turnover of 566.8bln UZS (220% w-o-w) across 24,746 transactions (100% w-o-w).

Of this amount, 80.7% was attributable to bonds, totaling 457.2bln UZS. Uzum Sarmoya (UZUMS3B) accounted for 358.5bln UZS, equal to 63.3% of total turnover, from a single deal. Agat Credit (ACMT2B5) registered 86.5bln UZS across 301 transactions, representing the highest deal count in the bond segment. Anor Bank (ANBK3B) contributed nearly 2% of total turnover.

Stocks represented approximately 19.3% of turnover, equal to 109.6bln UZS. Regal Stay Grand (RLSG), traded on the T1 board, led with 13.6% of turnover, supported by closed subscription share issuance during the week. The stock was also included in the RSE listing in the same period. Uz-SaeMyung KO. (USMK), also from the T1 board, accounted for 3.1% of total turnover. UzNIF (UZNF), which began trading on May 18, recorded 9.5bln UZS in its first week from 10,185 transactions, representing nearly half of all stock deal counts. Yo‘lreftrans (YRFS) contributed 0.5%, while O‘zbektelekom (UZTL), O‘zRTXB (URTS), and Ipoteka Bank (IPTB) each registered less than 0.1% of turnover.

Price performance of the listed securities was mostly positive. UzNIF (UZNF) posted the strongest gain at 16%. Yo‘lreftrans (YRFS) followed at 15.2%. Anor Bank (ANBK3B) rose 7.2%, O‘zbektelekom (UZTL) 5.7%, Agat Credit (ACMT2B5) 3.5%, Uzum Sarmoya 1.7%, and O‘zRTXB (URTS) 0.6%. The sole decline was Ipoteka Bank (IPTB), down 2.3% w-o-w.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• O‘zbekiston Respublikasi Milliy Investitsiya Jamg‘armasi (UzNIF) JSC (UZNF) disclosed that its securities were included in the listing of the London Stock Exchange (LSE), with the decision and registration both dated May 18, 2026;

• Toshkent Republican Stock Exchange JSC disclosed acquisition of 100% in “Information‑Resource Center of the Securities Market” LLC, with ownership rights effective May 18, 2026;

• Aloqabank JSC (ALKB) disclosed that its securities were included in the listing of the London Stock Exchange on March 6, 2026, with registration finalized on May 19, 2026;

• InFinBank JSC (INFB) disclosed that its list of affiliated parties was updated to include JV SAFO Airlines LLC;

• Alfa Insurance JSC approved the sale of shares to Osiyo Sarmoya LLC via the stock exchange, valued at 13.73bln UZS (31.23% of net assets);

• Delta Mikromoliya Tashkiloti JSC disclosed a 26bln UZS credit agreement with Hamkorbank JSCB (HMKB), amounting to 24.4% of its net assets;

  Universal Bank JSCB (UNVB) disclosed that its Supervisory Board recommended distribution of dividends of 500 UZS per ordinary share (10% of par value), with no dividends on preferred

• Regal Stay Grand JSC disclosed that its securities were included in the listing of the “Toshkent” Republican Stock Exchange;

• Agat Credit JSC disclosed that its securities (ACMT2B5) were included in the listing of the Republican Stock Exchange “Toshkent”;

• Trastbank JSC (TRSB) disclosed Supervisory Board recommendation to distribute dividends of 1,000 UZS per preferred share (100% of par value), with no dividends on ordinary

Read null in the Substack app

Available for iOS and Android

Get the app

ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2025 - ALL COPYRIGHTS RESERVED

Support by Sharing Uzbek.Review

Table of contents of this Uzbek.Review report for paid subscribers & members:

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

1.3 RUSSIA & CHINA

1.4 ASIA, EAST ASIA & SOUTH-EAST ASIA

1.5 MIDDLE EAST

1.6 NORTH & SOUTH AMERICA

1.7 INTERNATIONAL ORGANIZATIONS

2. PUBLIC POLICY

3. LEGISLATION & GOVERNMENT

3.1 LEGISLATIVE CHANGES

3.2 NOTABLE APPOINTMENTS

4. ECONOMY

4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE

4.2 IFI’s, BAKNING & FINANCE

4.3 AGRICULTURE, MINING, & MANUFACTURING

4.4 CONSTRUCTION & REAL ESTATE

4.5 TRADE AND BUSINESS

4.6 ENERGY & PETROCHEMICALS

5. USEFUL LINKS AND NOTABLE PUBLICATIONS

UPCOMING EUROUZ & MEMBER EVENTS

1. Jun 17, 2026 EUROUZ Business Evening at Tashkent International Investment Forum (TIIF)

   

   
   

   EUROUZ is pleased to announce the European Evening Reception, organized within the framework of the Tashkent International Investment Forum 2026. The reception will convene high-level representatives of the Government of Uzbekistan, members of the diplomatic community, CEOs of leading European and Uzbek companies, as well as institutional investors and senior executives.As one of the flagship engagements of TIIF Week, the European Business Evening provides a distinguished platform for informal dialogue, strategic networking, and strengthening business relations between Europe and Uzbekistan.
   
   Date: June 17, 2026
   Time: 18:30 PM – 21:00 PM (UZT)
   Venue: HYATT Regency Tashkent (Ballroom)
   Register here (mandatory) : tiif.reception.eurouz.events

   ---

2. Iteca Exhibitions Promotes Uzbekistan’s Autumn Trade Exhibitions

   

   EUROUZ member Iteca Exhibitions announced the upcoming autumn exhibition season featuring international trade events across key sectors of Uzbekistan’s economy. The exhibitions provide companies with opportunities to connect with decision-makers, distributors, buyers, and government stakeholders through targeted business platforms. Iteca organizes 22 international exhibitions covering 16 industries and annually brings together more than 4,300 companies from 57 countries and over 101,000 visitors. The events are designed to support partnership building, regional market expansion, and business visibility across Central Asia. Companies can explore participation opportunities and sector-specific events through the Iteca platform.

EUROUZ & MEMBER NEWS

1. EUROUZ Unveils Sponsors for Tashkent Investment Forum Reception

   

   EUROUZ proudly unveils the first wave of sponsors and chamber partners of the European Evening Reception at the Tashkent International Investment Forum 2026, a high-level gathering where Europe meets Uzbekistan. This is more than an event. It’s a platform shaping partnerships, unlocking investments, and driving the next chapter of economic cooperation. We thank our partners for their trust and vision. We look forward to welcoming our members and partners for an evening of meaningful dialogue and new opportunities.
   
   Event Photos

   ---

2. EUROUZ Hosts Consultation on Veolia Energy Decarbonization Project

   

   EUROUZ, together with Veolia Energy Tashkent and Carbon Capital Management, held a hybrid stakeholder consultation meeting on the Veolia Energy Tashkent Decarbonization Project under the Verified Carbon Standard. The initiative focuses on modernizing Tashkent’s district heating system through infrastructure upgrades aimed at improving energy efficiency and reducing greenhouse gas emissions. Representatives of the business community and other stakeholders discussed the project’s environmental impact, monitoring mechanisms, and long-term infrastructure objectives. The project also seeks to reduce natural gas consumption and improve the reliability of heating services in the capital. EUROUZ continues to support initiatives promoting sustainable development, energy transition, and international cooperation in Uzbekistan.

   ---

3. EUROUZ Discusses Expansion Plans with Member Uklon

   

   EUROUZ held a meeting with its member Uklon to discuss the company’s future development plans and expansion strategy in Uzbekistan. The discussion focused on strengthening Uklon’s market presence, identifying growth opportunities, and exploring potential areas of cooperation within the country’s evolving business environment. Representatives also exchanged views on long-term enlargement perspectives and operational support mechanisms. The dialogue reflects EUROUZ’s continued commitment to supporting international companies operating and expanding in Uzbekistan.

   ---

4. German Economy Day in Uzbekistan organized by AHK - German Chamber of Commerce Abroad

   

   On May 18, 2026, the German Business Day in Uzbekistan took place at the Hyatt Regency Tashkent, bringing together representatives of government institutions, international organizations, business associations, and German and Uzbek companies. The event focused on investment opportunities, vocational education, workforce development, and practical aspects of German business operations in Uzbekistan. Participants discussed mechanisms to strengthen long-term economic cooperation and expand bilateral partnerships through panel discussions and networking sessions. Representatives of the GUZ Partners project team also participated in meetings with business and institutional stakeholders to support international cooperation initiatives.

   ---

5. EUROUZ Member Dentons Advises on Uzbekistan’s First International IPO

   On May 21, 2026, Dentons acted as Uzbek legal counsel to underwriters in the US$690 million IPO of the National Investment Fund of the Republic of Uzbekistan (UzNIF). The transaction included a dual listing on the Republican Stock Exchange “Toshkent” and the London Stock Exchange through ordinary shares and Global Depositary Receipts. Jefferies International Limited led the underwriting consortium alongside international and domestic financial institutions. The offering marked Uzbekistan’s first international public equity transaction and supported the country’s capital markets integration. Dentons advised on regulatory, structuring, due diligence, and transaction documentation matters throughout the process.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?

Not a member yet?

Join EUROUZ to access exclusive market support for your business activities in the country.

1. INTERNATIONAL COOPERATION

1.1 EUROPE

Uzbekistan and Serbia Discuss Expanding Bilateral Trade Cooperation

Presidents Shavkat Mirziyoyev and Aleksandar Vučić met during the World Urban Forum in Baku to discuss advancing Uzbekistan–Serbia relations. The leaders focused on expanding bilateral trade through cooperation programmes in machinery manufacturing, agricultural processing, chemicals, electrical engineering, pharmaceuticals, agriculture, and tourism. They also discussed strengthening humanitarian ties through a planned forum of university rectors and cultural exchanges between the two countries. The talks aimed to deepen economic and diplomatic cooperation while supporting broader regional engagement. The sides additionally reviewed preparations for upcoming high-level meetings and international events.

German Business Delegation Marks DUWIRAT Anniversary in Tashkent

From May 17 to 19, 2026, the Eastern Committee of the German Economy led a business mission to Uzbekistan, bringing together more than 90 representatives of German companies in Tashkent. The delegation participated in the 10th meeting of the German-Uzbek Economic Council (DUWIRAT), where government and business leaders reviewed investment projects and discussed their implementation. Volkswagen announced plans to expand its presence in Uzbekistan, building on its cooperation with Uzavtosanoat and advancing local vehicle production initiatives. Several projects were added to the German Investment Navigator platform, which supports the monitoring and resolution of investment-related issues. The meetings highlighted growing German interest in the Uzbek market and set the stage for further expansion of bilateral economic cooperation.

1.2 CENTRAL ASIA, CAUCASUS & CIS

Uzbekistan and Kazakhstan Approve Trade Cooperation Roadmap

Presidents Shavkat Mirziyoyev and Kassym-Jomart Tokayev oversaw the signing of a roadmap on trade and investment cooperation during talks in Astana. The document outlines joint projects in automotive manufacturing, energy, chemicals, metallurgy, pharmaceuticals, logistics, construction materials, housing construction, and agriculture. The roadmap implements agreements reached during earlier bilateral meetings in Bukhara and Turkistan this year. The initiative aims to expand trade corridors and strengthen mutual investment between the two countries. President Mirziyoyev later concluded his working visit and departed for Tashkent.

Uzbekistan and Belarus Target $2 Billion Trade by 2030

Uzbekistan and Belarus discussed measures to increase bilateral trade to $2 billion by 2030 during the 12th Intergovernmental Commission meeting in the Tashkent region. The sides agreed to expand cooperation in industry, transport, logistics, electrical engineering, pharmaceuticals, construction materials, textiles, and agricultural machinery production. Bilateral trade grew by 25% in 2025 and increased by nearly 50% in January–March 2026 to $259.7 million. Officials also prepared a cooperation roadmap for 2026–2030 and supported the development of joint high-value-added manufacturing projects. The two countries additionally confirmed plans to strengthen transport corridors and freight infrastructure.

Uzbekistan Plans Potato Supply Cluster in Afghanistan
The Uzbek delegation led by Chamber of Commerce Chairman Davron Vakhabov held talks with Bamyan Governor Qari Ghulam Haidar Shafaq on expanding agricultural cooperation. The discussions focused on establishing a potato cultivation cluster in Afghanistan under guaranteed purchase agreements for local farmers. Initial estimates project annual potato imports of at least 50,000 tons to Uzbekistan, with potential deliveries rising to 300,000 tons. The initiative aims to secure affordable potato supplies for the Uzbek domestic market while supporting cross-border agricultural cooperation. The sides also discussed fertilizer storage infrastructure, fruit cultivation, and technical training programmes for Afghan farmers.

Read more

Support by Sharing Uzbek.Review

EUROUZ, in partnership with the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan, is pleased to invite you to the 5th Tashkent International Investment Forum (TIIF-2026), taking place on 16–18 June 2026 in Tashkent.

Held with the participation of H.E. Shavkat Mirziyoyev, TIIF is Central Asia’s premier investment platform, bringing together 3,000+ participants from 90+ countries.

Theme: Investment Resilience: New Frontiers, New Partnerships
Focused on Uzbekistan’s ongoing reforms, global integration, and new investment opportunities.

Forum highlights:

• Presidential Plenary Session with global leaders and CEOs

• 20+ high-level panels (finance, energy, trade, AI, etc.)

• 6,000 m² exhibition across 10+ sectors

For EUROUZ members, TIIF offers direct access to key decision-makers and a unique platform to advance European–Uzbek partnerships.

EUROUZ is proud to be a partner of TIIF for the 5th consecutive year.

Early bird registration is now open.
Register: www.tiif.online | info@tiif.online

Table of contents of this Uzbek.Review report for paid subscribers & members:

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

1.3 RUSSIA & CHINA

1.4 ASIA, EAST ASIA & SOUTH-EAST ASIA

1.5 MIDDLE EAST

1.6 NORTH & SOUTH AMERICA

1.7 INTERNATIONAL ORGANIZATIONS

2. PUBLIC POLICY

3. LEGISLATION & GOVERNMENT

3.1 LEGISLATIVE CHANGES

3.2 NOTABLE APPOINTMENTS

4. ECONOMY

4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE

4.2 IFI’s, BAKNING & FINANCE

4.3 AGRICULTURE, MINING, & MANUFACTURING

4.4 CONSTRUCTION & REAL ESTATE

4.5 TRADE AND BUSINESS

4.6 ENERGY & PETROCHEMICALS

5. USEFUL LINKS AND NOTABLE PUBLICATIONS

UPCOMING EUROUZ & MEMBER EVENTS

1. EUROUZ Board of Directors 2026 – 2028 Candidate Nomination

   

   EUROUZ invites nominations for the Board of Directors for the 2026–2028 term. This is your chance to shape the future direction and activities of the Europe-Uzbekistan Association for Economic Cooperation. Candidates participating in the election are kindly requested to complete the official questionnaire, which will serve as their official candidate profile submission.
   
   Deadline: May 28, 2026
   Submit your nomination - link
   Guideline for completing the nomination form: link

   ---

2. Jun 17, 2026 EUROUZ Business Evening at Tashkent International Investment Forum (TIIF)

   

   EUROUZ is pleased to announce the European Evening Reception, organized within the framework of the Tashkent International Investment Forum 2026. The reception will convene high-level representatives of the Government of Uzbekistan, members of the diplomatic community, CEOs of leading European and Uzbek companies, as well as institutional investors and senior executives.As one of the flagship engagements of TIIF Week, the European Business Evening provides a distinguished platform for informal dialogue, strategic networking, and strengthening business relations between Europe and Uzbekistan.
   
   Date: June 17, 2026
   Time: 18:30 PM – 21:00 PM (UZT)
   Venue: HYATT Regency Tashkent (Ballroom)
   Register here (mandatory) : tiif.reception.eurouz.events

EUROUZ & MEMBER NEWS

1. EUROUZ held its Quarterly Board of Directors Meeting

   

   On 14 May, EUROUZ held its Quarterly Board of Directors Meeting, bringing together Board Members of the Association to review ongoing activities, discuss strategic priorities, and outline key directions for future work. During the meeting, participants exchanged views on current developments, upcoming initiatives, committee activities, membership growth, and preparations for major EUROUZ events and engagements planned for the coming months. The session also served as an important setting for constructive dialogue and coordination aimed at further strengthening the role of EUROUZ in supporting cooperation between the European and Uzbek business communities.

   ---

2. EUROUZ held a seminar on “Being Visible: Executive Reputation in Modern Business”

   

   On 13 May, EUROUZ held a seminar on “Being Visible: Executive Reputation in Modern Business” within the framework of the EUROUZ Public Relations & Strategic Communications Committee, in cooperation with TEAM University in a hybrid format in Tashkent. The session brought together EUROUZ members, business leaders, executives, and invited experts to discuss the growing role of executive reputation, personal branding, and strategic communications in today’s business environment.
   
   The programme featured practical discussions on founder visibility, reputation management, cultural intelligence, executive education, and investment attractiveness through personal brand positioning. Speakers shared insights and practical experience on how reputation increasingly influences business growth, stakeholder trust, and international market positioning.
   Event Photos \ Press Release

   ---

3. EUROUZ welcomes a new member – Philip Morris International (PMI)

   

   Philip Morris International (PMI), headquartered in Switzerland, is a leading international company with a portfolio that includes globally recognized brands such as Marlboro, alongside a growing range of smoke-free products. The company operates across multiple markets worldwide and is actively advancing its strategy toward reduced-risk alternatives to traditional smoking. In Uzbekistan, PMI is present through the import and distribution of its products, supplying the market with both conventional tobacco products and innovative smoke-free solutions.

   ---

4. EUROUZ welcomes a new member – Association of Young Architects of Uzbekistan

   

   The Association of Young Architects of Uzbekistan, headquartered in Tashkent, is a dynamic professional platform uniting emerging architects, designers, and urbanists. The organization focuses on promoting sustainable design, supporting professional development, and fostering active participation in urban planning and architectural dialogue. Since its establishment in 2021, the Association has organized a wide range of forums, workshops, competitions, and collaborative projects, while building strong local and international partnerships. Its activities include research initiatives, educational programs, and public events aimed at strengthening the role of young professionals in shaping Uzbekistan’s urban environment and driving innovation in the sector.

   ---

5. EUROUZ welcomes a new member – Tashkent Tobacco

   

   Tashkent Tobacco is one of the fastest-growing manufacturing enterprises in the sector, specializing in the production of filter cigarettes. The company combines international quality standards with efficient, high-performance production processes. The company’s growth trajectory reflects its strong operational capacity: from approximately 600 million cigarettes produced annually in 2018 to over 3.5 billion units as of 2024. Today, the factory offers a diversified portfolio of around 50 product lines across seven key brands.

   ---

6. EUROUZ Member ACWA Power Expands Uzbekistan Clean Energy Capacity

   The Asian Development Bank and ACWA Power signed a $116 million financing agreement to support renewable energy and battery storage projects in Uzbekistan. The initiative includes a 200 MW energy storage system and supports the country’s broader expansion of solar and wind power generation, which exceeded 4 billion kWh by mid-May 2026. Renewable electricity output increased by 29% year-on-year, while independent producers raised total electricity generation by 49% during the first quarter. The projects support Uzbekistan’s goal of increasing the share of green energy above 50% by 2030. Authorities will continue expanding renewable infrastructure and grid modernization under ongoing energy sector reforms.

   ---

7. EUROUZ Members Ipoteka Bank OTP Group and Beeline Uzbekistan Launch Strategic Partnership

   

   Ipoteka Bank OTP Group and Beeline Uzbekistan signed a memorandum of strategic partnership to expand digital financial and telecommunications services in Uzbekistan. The cooperation includes the development of joint fintech products, installment programmes, loyalty services, and co-branded solutions through digital and offline channels. The partnership will also support telecom infrastructure modernization, equipment procurement, and wider network coverage under financing arrangements of up to five years. The initiative aligns with Uzbekistan’s digital transformation and Uzbekistan–2030 strategy objectives. The parties plan to implement pilot projects before expanding the cooperation nationwide.

   ---

8. EUROUZ Member Beeline Expands High-Speed LTE Coverage in Tashkent

   On May 18, 2026, Beeline Uzbekistan completed a major network refarming project in Tashkent to improve mobile internet speed and stability across the capital. The upgrade introduced a third LTE layer using the 2100 MHz frequency band alongside the existing LTE 2600 and LTE 1800 networks, with the new layer already carrying around 15% of the city’s mobile internet traffic. The company also deployed LTE Low-Band equipment to strengthen indoor signal penetration and improve connectivity in densely built urban areas. As a result, downlink user throughput increased by more than 40%, while mobile data traffic volumes in Tashkent grew by up to 60% compared to equivalent periods in 2025. The project forms part of Beeline Uzbekistan’s broader strategy to expand digital infrastructure and enhance service quality across Uzbekistan.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?

Not a member yet?

Join EUROUZ to access exclusive market support for your business activities in the country.

1. INTERNATIONAL COOPERATION

1.1 EUROPE

Uzbekistan and Austria Deepen Trade and Security Cooperation

On May 7, President Shavkat Mirziyoyev received Austrian ministers Beate Meinl-Reisinger and Gerhard Karner in Tashkent. The talks focused on expanding cooperation in construction materials, tourism, healthcare, agriculture, and finance. The sides also signed agreements related to labor migration, diplomatic services, and taxation during a joint business forum. Bilateral trade turnover has tripled in recent years, reflecting stronger economic engagement between the countries. The parties agreed to maintain regular dialogue on trade, security, and regional cooperation.

Germany’s GIZ Allocates €9 Million for Uzbekistan’s Green Development

Uzbekistan’s Economy Ministry and Germany’s GIZ discussed regional development projects during talks in Tashkent. The parties agreed to allocate €9 million for green growth and infrastructure initiatives across several Uzbek districts between 2026 and 2029. The programme will support new pilot projects, including AI-based regional planning and agritourism development. The initiative aims to strengthen sustainable economic growth and regional infrastructure. Authorities also plan to expand projects to Sokh, Bakhmal, and Boysun districts.

Tashkent and Belgrade Expand Industrial and Technology Cooperation

President Shavkat Mirziyoyev met Serbian Foreign Minister Marko Đurić in Tashkent to discuss bilateral cooperation. The sides agreed to prepare a cooperation programme covering mechanical engineering, pharmaceuticals, IT, agriculture, and tourism. They also decided to hold the first Intergovernmental Commission meeting in Belgrade later this year to coordinate investment projects and trade procedures. The initiative seeks to increase bilateral trade and strengthen economic ties between Uzbekistan and Serbia. The parties will continue discussions through upcoming high-level meetings.

Uzbekistan and Czech Republic Agree on €900 Million Cooperation Package
Uzbekistan and the Czech Republic reached agreements on investment and financing projects during bilateral economic discussions. The package includes €300 million in joint projects and €600 million in financing commitments. The agreements cover cooperation in industrial development and financial support initiatives. The partnership aims to strengthen economic ties and expand investment opportunities between the two countries. Both sides are expected to continue implementing the agreed projects through bilateral cooperation mechanisms.

1.2 CENTRAL ASIA, CAUCASUS & CIS

Afghanistan and Uzbekistan Sign $112 Million Trade Agreements
Afghan and Uzbek private sector representatives signed 10 cooperation agreements during a trade forum and business meetings in Mazar-i-Sharif. The deals are valued at $112 million and cover cross-border trade and economic cooperation initiatives. Officials from Afghanistan’s Ministry of Industry and Commerce and Uzbekistan’s Karakalpakstan government attended the event. The agreements aim to expand regional trade connectivity and strengthen bilateral economic relations. The parties plan to continue cooperation through additional business and diplomatic engagements.

Uzbekistan and Kyrgyzstan Accelerate China Railway Project

On May 15, Presidents Shavkat Mirziyoyev and Sadyr Japarov held talks during the informal OTS summit in Turkestan. The leaders discussed measures to accelerate regional transport and energy projects, including the China–Kyrgyzstan–Uzbekistan railway. They also reviewed cooperation projects in industry, agriculture, and water management amid growing bilateral trade. The discussions aim to strengthen regional connectivity and strategic partnership between the two countries. The sides agreed to continue implementing previously reached high-level agreements.

Central Asia Launches Joint 2000 MW Hydropower Project

Read more

Subscribe now

ADDRESS:  Avenue Louise 65/11, 1050 Brussels, Belgium

EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

You may download the PDF report by clicking on the

Read more

Support by Sharing Uzbek.Review

EUROUZ, in partnership with the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan, is pleased to invite you to the 5th Tashkent International Investment Forum (TIIF-2026), taking place on 16–18 June 2026 in Tashkent.

Held with the participation of H.E. Shavkat Mirziyoyev, TIIF is Central Asia’s premier investment platform, bringing together 3,000+ participants from 90+ countries.

Theme: Investment Resilience: New Frontiers, New Partnerships
Focused on Uzbekistan’s ongoing reforms, global integration, and new investment opportunities.

Forum highlights:

• Presidential Plenary Session with global leaders and CEOs

• 20+ high-level panels (finance, energy, trade, AI, etc.)

• 6,000 m² exhibition across 10+ sectors

For EUROUZ members, TIIF offers direct access to key decision-makers and a unique platform to advance European–Uzbek partnerships.

EUROUZ is proud to be a partner of TIIF for the 5th consecutive year.

Early bird registration is now open.
Register: www.tiif.online | info@tiif.online

Table of contents of this Uzbek.Review report for paid subscribers & members:

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

1.3 RUSSIA & CHINA

1.4 ASIA, EAST ASIA & SOUTH-EAST ASIA

1.5 MIDDLE EAST

1.6 NORTH & SOUTH AMERICA

1.7 INTERNATIONAL ORGANIZATIONS

2. PUBLIC POLICY

3. LEGISLATION & GOVERNMENT

3.1 LEGISLATIVE CHANGES

3.2 NOTABLE APPOINTMENTS

4. ECONOMY

4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE

4.2 IFI’s, BAKNING & FINANCE

4.3 AGRICULTURE, MINING, & MANUFACTURING

4.4 CONSTRUCTION & REAL ESTATE

4.5 TRADE AND BUSINESS

4.6 ENERGY & PETROCHEMICALS

5. USEFUL LINKS AND NOTABLE PUBLICATIONS

UPCOMING EUROUZ & MEMBER EVENTS

1. EUROUZ is pleased to present its Events Calendar for April–June 2026

   

   1. 13 May — Personal Branding for Business Leaders —

      PR & Strategic Communications Committee Seminar in partnership with TEAM University

   2. 22 May — Artificial Intelligence in HR: How Technology is Transforming Workforce Management — Seminar by HR & Capacity Building Committee

   3. 17 June — EUROUZ Panel: EU–Central Asia Strategic Partnership for Investment, Trade & Infrastructure at Tashkent International Investment Forum

   4. 17 June — European Evening Reception within TIIF2026

   5. 19 June — Annual General Meeting & Member Dialogue Roundtable

   EUROUZ looks forward to welcoming its members and partners across these events and continuing to provide a platform for impactful dialogue and collaboration.
   

   Discover the full list of events - eurouz.com

   ---

2. EUROUZ Member Iteca Exhibition: Explore the Region’s Energy Trends and Forecasts at Uzbekistan Energy Week 2026

   • The 19th International Exhibition Power Uzbekistan 2026 — Energy, Energy Efficiency, Nuclear & Alternative Energy https://power-uzbekistan.uz/en/visit-the-exhibition

   • The 28th International Exhibition and Conference Oil & Gas Uzbekistan — OGU 2026 https://oilgas.uz/en/visit-the-exhibition

   • GETCA 2026 — Specialised Section on Green Energy-Saving Technologies https://getca.uz/en/visit-the-exhibition

   • The 6th Uzbekistan International Energy Conference https://energyforum.uz/en/request-form

     

     From 13 to 15 May, Uzexpocentre will host the 26th International Exhibition for Textile and Garment Industry. Each year, the exhibition brings together industry professionals, creating opportunities to grow business, find reliable suppliers, and enter new markets. Over 150 companies from 8 countries will showcase a broad range of textile products.

   ---

3. Jun 17, 2026 EUROUZ Business Evening at Tashkent International Investment Forum (TIIF)

   The European Business Evening is EUROUZ’s flagship reception and a key event of the Tashkent International Investment Forum (TIIF). For the fourth year in a row, EUROUZ partners with TIIF to host a high-level evening connecting European and international business leaders. The reception brings together over 350 senior participants; including government officials, diplomats, CEOs, and industry leaders making it one of the Forum’s leading networking platforms.
   
   Sponsorship Opportunities
   Register here

EUROUZ & MEMBER NEWS

1. EUROUZ Member Škoda Group Signs $143 Million Czech Train Procurement Deal

   

   Uzbekistan Railways and Czech company Škoda Group signed an agreement to supply modern electric trains. The deal includes delivery of 10 regional trains valued at over $143 million. The project also предусматривает establishment of local service facilities and technical knowledge transfer to Uzbek partners. The agreement supports modernization of the national rail infrastructure and workforce training. A joint venture and training academy will be created to sustain long-term operations.

   ---

2. Tashkent International Clinic Hosts Business Community Reception in Tashkent

   

   On April 23, 2026, Tashkent International Clinic, in partnership with EUROUZ and AmCham Uzbekistan, organized a reception for the international business community in Tashkent. The event brought together representatives of foreign companies and organizations operating in Uzbekistan. Participants engaged in networking and discussions aimed at strengthening professional connections. The initiative supports interaction between healthcare providers and the business sector. Organizers plan to continue similar events to facilitate dialogue among stakeholders.

   ---

3. EUROUZ held a Healthcare & Life Sciences Committee Roundtable Meeting

   

   The central focus of the discussion was the presentation of the Committee’s White Paper, developed over the past year, with an emphasis on its practical implementation and further refinement in close cooperation with stakeholders. In addition, industry representatives introduced their updated positions and engaged in a constructive dialogue with participants, contributing to a forward-looking and solution-oriented exchange. The roundtable further served as a platform to align perspectives, identify key sector priorities, and outline next steps for continued collaboration.

   ---

4. EUROUZ welcomes a new member – Mediterranean Shipping Company (MSC)

   

   Headquartered in Geneva, Switzerland, MSC is a global leader in container shipping and logistics, operating in more than 155 countries. Since its establishment in 1970, the company has built a strong reputation for delivering reliable, flexible, and customer-oriented transport solutions through its extensive sea, land, and multimodal networks. In Central Asia, MSC maintains an active regional presence through its offices in Almaty and Tashkent, working in close coordination to provide integrated logistics solutions tailored to the needs of businesses across the region. The company offers multimodal transport services via key corridors, including the Baltic region, Russia, China, Georgia, and Turkey, with advanced expertise in handling dry and tank containers, flexitanks, and a wide range of cargo types, including general, dangerous, liquid, and household goods.

   ---

5. EUROUZ welcomes a new member – Alef Quad

   

   Alef Quad is a premier law firm with offices in Tashkent and Bishkek, advising international financial institutions, multinational corporations, and government entities on complex cross-border transactions. The firm covers a broad range of practice areas, including banking and finance, capital markets, corporate and regulatory matters, natural resources, project finance, M&A, joint ventures, insurance, as well as IP and technology. Combining international legal expertise with a strong understanding of the regulatory landscape in Uzbekistan and Kyrgyzstan, Alef Quad delivers pragmatic, transaction-oriented advice tailored to dynamic and fast-developing markets.

   ---

6. EUROUZ welcomes a new member – UZUM

   

   Uzum is a leading digital ecosystem in Uzbekistan, integrating fintech, e-commerce, and banking services for both individuals and small and medium-sized enterprises. Its comprehensive offering includes a marketplace, express delivery, traditional and digital banking, a BNPL service, and a car marketplace. With more than 20 million monthly users across the country, Uzum plays a significant role in advancing digital infrastructure and expanding access to financial and commercial services in Uzbekistan.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?

Not a member yet?

Join EUROUZ to access exclusive market support for your business activities in the country.

1. INTERNATIONAL COOPERATION

1.1 EUROPE

Uzbekistan Targets $1 Billion Trade With Czech Republic

President Shavkat Mirziyoyev and Czech Prime Minister Andrej Babiš held talks in Tashkent to expand bilateral cooperation. The countries agreed to increase trade turnover to $1 billion by broadening goods exchange and industrial collaboration. Trade has nearly doubled in recent years, with 37 joint ventures operating in Uzbekistan. The initiative supports deeper economic integration across sectors including engineering and energy. Officials will prepare a roadmap and convene the next intergovernmental meeting in August.

Uzbekistan Expands Seasonal Labor Cooperation With Western Countries
President Shavkat Mirziyoyev reviewed proposals in Uzbekistan to reform external labor migration and expand overseas employment opportunities. The government plans to strengthen seasonal labor cooperation with countries including the United States, United Kingdom, and South Korea. The initiative builds on 12 agreements in agriculture and tourism sectors and includes modernization of the “Work Abroad” platform using artificial intelligence. The policy aims to create legal employment pathways and improve migrant protection. Authorities will enhance monitoring and support systems across 37 countries.

Uzbekistan Launches Pilot Programme Sending Workers to France
Uzbekistan and France agreed to expand legal labor migration channels following high-level talks in Paris. The initiative includes a pilot programme to send 50 Uzbek workers for seasonal agricultural employment, particularly in vineyards. Agreements were also signed with French organizations to manage recruitment and placement processes. The programme supports structured migration and skills development for Uzbek citizens. Authorities plan to expand cooperation in education and employment schemes based on pilot results.

1.2 CENTRAL ASIA, CAUCASUS & CIS

Central Asia Launches Joint 2000 MW Hydropower Project
Kazakhstan, Kyrgyzstan, and Uzbekistan confirmed plans to build a joint hydropower plant on the Naryn River. The project will deliver nearly 2,000 megawatts of generating capacity. The facility is expected to supply electricity to up to 1.5 million households. The initiative strengthens regional energy cooperation and renewable capacity. Negotiations on the intergovernmental agreement will continue in upcoming meetings in Tashkent.

Uzbekistan Forms $10 Billion Joint Investment Package With Azerbaijan
Uzbekistan and Azerbaijan began structuring a $10 billion joint investment package for bilateral projects. The initiative focuses on cooperation between enterprises across multiple sectors. Both countries aim to increase trade turnover to $1 billion alongside the investment plan. The framework includes coordinated roadmaps, business forums, and intergovernmental consultations. Authorities will continue developing project pipelines and institutional mechanisms to implement the package.

Read more

Support by Sharing Uzbek.Review

EUROUZ, in partnership with the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan, is pleased to invite you to the 5th Tashkent International Investment Forum (TIIF-2026), taking place on 16–18 June 2026 in Tashkent.

Held with the participation of H.E. Shavkat Mirziyoyev, TIIF is Central Asia’s premier investment platform, bringing together 3,000+ participants from 90+ countries.

Theme: Investment Resilience: New Frontiers, New Partnerships
Focused on Uzbekistan’s ongoing reforms, global integration, and new investment opportunities.

Forum highlights:

• Presidential Plenary Session with global leaders and CEOs

• 20+ high-level panels (finance, energy, trade, AI, etc.)

• 6,000 m² exhibition across 10+ sectors

For EUROUZ members, TIIF offers direct access to key decision-makers and a unique platform to advance European–Uzbek partnerships.

EUROUZ is proud to be a partner of TIIF for the 5th consecutive year.

Early bird registration is now open.
Register: www.tiif.online | info@tiif.online

Table of contents of this Uzbek.Review report for paid subscribers & members:

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

1.3 RUSSIA & CHINA

1.4 ASIA, EAST ASIA & SOUTH-EAST ASIA

1.5 MIDDLE EAST

1.6 NORTH & SOUTH AMERICA

1.7 INTERNATIONAL ORGANIZATIONS

2. PUBLIC POLICY

3. LEGISLATION & GOVERNMENT

3.1 LEGISLATIVE CHANGES

3.2 NOTABLE APPOINTMENTS

4. ECONOMY

4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE

4.2 IFI’s, BAKNING & FINANCE

4.3 AGRICULTURE, MINING, & MANUFACTURING

4.4 CONSTRUCTION & REAL ESTATE

4.5 TRADE AND BUSINESS

4.6 ENERGY & PETROCHEMICALS

5. USEFUL LINKS AND NOTABLE PUBLICATIONS

UPCOMING EUROUZ & MEMBER EVENTS

1. 23 April 2026, PULSE with TIC — Reconnecting Community Reception

   

   We are pleased to inform you that EUROUZ, in partnership with its member Tashkent International Clinic and in cooperation with AMCHAM, invites you to attend the Reception: PULSE with TIC — Reconnecting Community. The reception will convene members of the international business community in Uzbekistan, providing an opportunity for professional networking and engagement in an informal setting.
   
   As Tashkent International Clinic provides services exclusively to foreign nationals, we kindly encourage our members holding foreign citizenship to participate in this event.
   

   Register here

   ---

2. 22 April 2026, Compliance & Corporate Governance Committee Internal Meeting

   

   EUROUZ invites its members to the upcoming Compliance & Corporate Governance Committee internal meeting, dedicated to one of the most requested discussion topics identified by participants: sanctions regimes and corporate compliance obligations. The session will focus on the practical impact of modern sanctions frameworks on businesses operating in Uzbekistan and the region, bringing together business representatives and international experts to discuss risk management approaches and evolving compliance expectations.

   
   Exclusive to EUROUZ members

   Register here

   ---

3. 28 April 2026, Healthcare & Life Sciences Committee Roundtable

   

   EUROUZ invites members and partners to the upcoming roundtable of the Healthcare & Life Sciences Committee, a key platform for structured dialogue on the development of Uzbekistan’s healthcare and pharmaceutical sectors. Building on more than three years of active engagement between business, government institutions, international organizations, and industry experts, the meeting will focus on discussing priority sector issues and presenting the Committee’s 2026 position paper, which outlines practical recommendations aimed at strengthening healthcare systems, supporting pharmaceutical industry growth, and enhancing the sector’s investment climate.
   
   Register here

   ---

4. 28 - 30 April, 2026 Beauty Uzbekistan — the Year’s Major Beauty Industry

   

   Just two weeks to go until Beauty Uzbekistan and Beauty Derma Central Asia 2026 — the international specialised exhibitions bringing together every segment of the industry: cosmetology and aesthetic medicine, anti-ageing medicine, perfumery and cosmetics, equipment and technologies for the beauty business. This is a professional B2B platform where brands, distributors, practitioners and industry experts connect — exchanging insights, holding direct negotiations with market leaders, discovering new product launches and unlocking fresh business opportunities through high-impact networking. The events are held concurrently with the 30^th Anniversary Tashkent International Healthcare Exhibition – TIHE 2026.

   ---

5. 28 - 30 April, 2026 WoodTech & MebelExpo Uzbekistan 2026

   

   On 28–30 April, Tashkent will host the leading event in the furniture and woodworking industries: WoodTech & MebelExpo Uzbekistan 2026. This is the country’s most recognised and respected international exhibition platform for the furniture and woodworking sector, where 70% of exhibitors return year after year and visitors arrive from across the Central Asian region. Each year, over 150 renowned global companies and brands take part, attracting more than 6,500 industry professionals. For 22 years, manufacturers, suppliers, and designers have gathered here to collaborate and shape the future of the nation’s furniture industry.

   ---

6. Jun 17, 2026 EUROUZ Business Evening at Tashkent International Investment Forum (TIIF)

   The European Business Evening is EUROUZ’s flagship reception and a key event of the Tashkent International Investment Forum (TIIF). For the fourth year in a row, EUROUZ partners with TIIF to host a high-level evening connecting European and international business leaders. The reception brings together over 350 senior participants; including government officials, diplomats, CEOs, and industry leaders making it one of the Forum’s leading networking platforms.
   
   Sponsorship Opportunities
   Register here

EUROUZ & MEMBER NEWS

1. Private Wealth & Compliance Forum 2026, organized by EUROUZ and its member QUORUS GmbH

   

   The Private Wealth & Compliance Forum 2026, organized by EUROUZ and its member QUORUS GmbH was successfully held in Tashkent. The event brought together leading international experts, financial institutions, and business leaders for a focused dialogue on cross-border capital management and compliance. The discussions explored key topics including wealth structuring, asset protection, regulatory frameworks, and reputational risk, reflecting the increasing complexity of operating in a multi-jurisdictional environment. The Forum once again highlighted the value of the EUROUZ platform in connecting global expertise with the evolving opportunities in Uzbekistan.
   

   Event Photos \ Press Release

   ---

2. EUROUZ CEO’s Club organizes Executive Breakfast

   

   EUROUZ organized a closed-door Executive Breakfast within the framework of the EUROUZ CEO’s Club, bringing together European ambassadors and CEO’s of member companies operating in Uzbekistan. Held under the Chatham House Rule, the meeting provided a confidential setting for a candid exchange. The discussion offered valuable insights into the current state of European business in Uzbekistan and the evolving business relationship between Uzbekistan and Europe, reinforcing the importance of continued high-level dialogue and alignment.
   
   Event Photos

   ---

3. EUROUZ Member Ipoteka Bank Launches “Imkoniyat” Mortgage Program with Murad Buildings

   Ipoteka Bank OTP Group and Murad Buildings signed a cooperation agreement to expand mortgage lending in Uzbekistan’s primary housing market. The partners launched the “Imkoniyat” program offering loans up to UZS 1.7 billion with terms up to 20 years and starting rates of 20%, decreasing to 18% after registration. The initiative applies to selected residential projects in Tashkent with a minimum 20% down payment. The program aims to improve access to housing finance. Both parties will implement the scheme to support homebuyers.

   ---

4. EUROUZ Member EBRD Provides $10 Million Loan to Expand Texnomart Retail Network
   The European Bank for Reconstruction and Development approved financing for Texnomart to support retail expansion in Uzbekistan. The project includes a $10 million senior secured long-term loan to grow operations in Tashkent and regional markets. The funding will support the development of new stores and strengthen the company’s market presence. The project is currently in the implementation phase following approval and signing. The investment aims to support private sector growth in the retail and services sector.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?

Not a member yet?

Join EUROUZ to access exclusive market support for your business activities in the country.

1. INTERNATIONAL COOPERATION

1.1 EUROPE

Uzbekistan Holds Spain Business Forum to Expand Economic Cooperation

Uzbekistan - Spain business forum held in Madrid to strengthen bilateral commercial engagement. The event focused on identifying and advancing joint projects across key sectors, including energy, infrastructure, agriculture, and tourism. Participants explored cooperation opportunities with companies such as Banco Santander and Almar Water Solutions. The forum underscored areas for expanding economic ties between the two countries. Further collaboration initiatives are expected to develop from the discussed projects.

1.2 CENTRAL ASIA, CAUCASUS & CIS

Uzbekistan, Kazakhstan Presidents Hold Talks in Bukhara to Deepen Strategic Partnership

On April 11th 2026, the presidents of Uzbekistan and Kazakhstan met in Bukhara to discuss bilateral cooperation and regional development. The leaders agreed to expand their strategic partnership across trade, investment, transport, and cultural cooperation. Talks also addressed joint projects and coordination on regional stability and economic integration. The meeting reinforces efforts to deepen cooperation between the two neighboring states. Both sides will continue implementing agreements and advancing joint initiatives discussed during the visit.

Kazakhstan Expands Rare Earth Metals Cooperation with Uzbekistan
Kazakhstan and Uzbekistan held their first joint working group meeting on geology and mining in Astana to strengthen industrial cooperation. The sides agreed to expand collaboration in geological exploration, extraction, and processing of critical minerals. Discussions included technology exchange, joint ventures, and attracting international investment to develop deeper processing capacity. The initiative supports efforts to move both economies up the global value chain. A permanent working group with specialized subgroups will oversee implementation.

Kazakhstan Agrees with Uzbekistan on Joint Tourism Development Plan
Uzbekistan and Kazakhstan approved a bilateral tourism development plan for 2026–2027 during an interparliamentary cooperation meeting. The agreement introduces measures to create unified travel routes for international visitors across both countries. Officials aim to simplify logistics and increase regional tourist flows through coordinated promotion. The initiative builds on both countries accounting for over half of Central Asia’s tourism. Authorities will implement the roadmap to expand cross-border tourism offerings.

Uzbekistan Targets $500 Million Pharmaceutical Trade with Afghanistan
Uzbekistan and Afghanistan held official talks in Kabul to expand bilateral cooperation in the pharmaceutical sector. The parties agreed to increase trade volume to $500 million by boosting supplies and industry coordination. Plans include forming joint working groups, improving distribution standards, and simplifying drug registration procedures. The initiative aims to strengthen export capacity and enhance access to pharmaceutical products. Both sides will advance agreements and launch joint projects to reach the target.

Kazakhstan Expands Agricultural Cooperation with Uzbekistan on Sustainability
Kazakhstan and Uzbekistan held talks in Tashkent during an agribusiness forum to strengthen agricultural cooperation. The sides agreed to introduce modern technologies and develop sustainable farming practices to address climate challenges. Discussions also covered expanding processing of agricultural products and increasing mutual supplies of food products. The initiative aims to improve food security and boost export potential for both countries. Authorities will implement joint projects to advance agro-industrial development.

Read more

Subscribe now

ADDRESS:  Avenue Louise 65/11, 1050 Brussels, Belgium

EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

You may download the PDF report by clicking on the

Read more

Support by Sharing Uzbek.Review

EUROUZ, in partnership with the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan, is pleased to invite you to the 5th Tashkent International Investment Forum (TIIF-2026), taking place on 16–18 June 2026 in Tashkent.

Held with the participation of H.E. Shavkat Mirziyoyev, TIIF is Central Asia’s premier investment platform, bringing together 3,000+ participants from 90+ countries.

Theme: Investment Resilience: New Frontiers, New Partnerships
Focused on Uzbekistan’s ongoing reforms, global integration, and new investment opportunities.

Forum highlights:

• Presidential Plenary Session with global leaders and CEOs

• 20+ high-level panels (finance, energy, trade, AI, etc.)

• 6,000 m² exhibition across 10+ sectors

For EUROUZ members, TIIF offers direct access to key decision-makers and a unique platform to advance European–Uzbek partnerships.

EUROUZ is proud to be a partner of TIIF for the 5th consecutive year.

Early bird registration is now open.
Register: www.tiif.online | info@tiif.online

Table of contents of this Uzbek.Review report for paid subscribers & members:

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

1.3 RUSSIA & CHINA

1.4 ASIA, EAST ASIA & SOUTH-EAST ASIA

1.5 MIDDLE EAST

1.6 NORTH & SOUTH AMERICA

1.7 INTERNATIONAL ORGANIZATIONS

2. PUBLIC POLICY

3. LEGISLATION & GOVERNMENT

3.1 LEGISLATIVE CHANGES

3.2 NOTABLE APPOINTMENTS

4. ECONOMY

4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE

4.2 IFI’s, BAKNING & FINANCE

4.3 AGRICULTURE, MINING, & MANUFACTURING

4.4 CONSTRUCTION & REAL ESTATE

4.5 TRADE AND BUSINESS

4.6 ENERGY & PETROCHEMICALS

5. USEFUL LINKS AND NOTABLE PUBLICATIONS

UPCOMING EUROUZ & MEMBER EVENTS

1. EUROUZ is pleased to present its Events Calendar for April–June 2026, featuring a series of high-level forums, business breakfasts, committee seminars, and community gatherings aimed at fostering structured dialogue, practical exchange, and engagement among members and partners.

   

   • 16 April — EUROUZ Private Wealth and Compliance Forum in partnership with QUORUS

   • 23 April — Exclusive Tour and Reception at Tashkent International Clinic (EUROUZ Member)

   • 28 April — EUROUZ Business Breakfast on Investment Projects in partnership with SOLWARD
   Compliance and Regulatory Updates: What Business Needs to Know

   • 13 May — EUROUZ Committee Seminar on Personal Branding for Top Managers and Business Leaders (in partnership with TEAM University, PR and Strategic Communications Committee)

   • 16 June — EUROUZ Panel Discussion within the Framework of the Tashkent International Investment Forum
   Theme: EU–Central Asia Strategic Partnership for Investment, Trade, and Sustainable Infrastructure Development

   • 17 June — Evening Reception at Tashkent International Investment Forum 2026 (preliminary registration open)

   • 19 June — EUROUZ Annual General Meeting 2026 (preliminary registration open)

   ---

2. April 16, 2026 Private Wealth & Compliance Forum Tashkent

   

   The Private Wealth & Compliance Forum will bring together leading experts from the legal, compliance, financial services, and strategic advisory sectors to discuss the evolving challenges faced by private clients, family businesses, companies, and institutions. As Uzbekistan deepens its engagement with global markets, managing legal, regulatory, reputational, and financial risks has become increasingly important. The forum will provide a practical platform for dialogue on how different advisory disciplines can work together to support compliant, resilient, and sustainable wealth strategies.
   
   Register here

   ---

3. Jun 17, 2026 EUROUZ Business Evening at Tashkent International Investment Forum (TIIF)

   
   The European Business Evening is EUROUZ’s flagship reception and a key event of the Tashkent International Investment Forum (TIIF). For the fourth year in a row, EUROUZ partners with TIIF to host a high-level evening connecting European and international business leaders. The reception brings together over 350 senior participants; including government officials, diplomats, CEOs, and industry leaders making it one of the Forum’s leading networking platforms.
   Sponsorship Opportunities
   
   Register here

EUROUZ & MEMBER NEWS

1. EUROUZ Position Paper - on Improving Institutional Dialogue Between the State and Business in the Development of Economic Regulation

   

   The EUROUZ Banking, Regulation, and Economic Affairs Committee is pleased to present this position paper on recent regulatory and fiscal changes in Uzbekistan, particularly the implementation of Presidential Decree No. UP-246 of December 10, 2025, titled “On Additional Measures for the Development of Cashless Payments and Reduction of the Shadow Economy.”
   
   Read the full position here:

   English version \ Russian version \ Uzbek version
   

   We invite all stakeholders to review the position and engage in an open and constructive discussion on how we can work together for a sustainable and prosperous future.

   ---

2. EUROUZ Signs MoU with Foreign Investors Council under the President of the Republic of Uzbekistan

   

   EUROUZ signed a Memorandum of Understanding with the Foreign Investors Council under the President of Uzbekistan during the Uzbekistan Economic Update 2026 event. The agreement establishes a structured platform for dialogue between international investors and government institutions. It aims to improve the investment climate and support ongoing economic reforms. The partnership will coordinate activities through joint committees and working groups. Both sides will collaborate to develop solutions supporting sustainable economic growth.

   ---

3. EUROUZ Hosts Navruz Fest Event in Khiva

   

   EUROUZ hosted Navruz Fest in the historic city of Khiva. The event brought together members and partners to celebrate Navruz and strengthen connections. Participants visited the historic Itchan Kala, gaining insights into its cultural heritage. The gathering highlighted themes of unity, renewal, and tradition. Organizers expressed appreciation to partners and participants for supporting the event.

   ---

4. EUROUZ Member Uzbekistan Signs Risk-Sharing Deal to Expand Corporate Financing

   

   Ipoteka Bank OTP Group and the European Bank for Reconstruction and Development signed a Risk Sharing Facility agreement to support corporate lending in Uzbekistan. The framework enhances financing capacity for medium and large enterprises through shared credit risk mechanisms. The agreement was signed by bank CEO Sandro Rtveladze and EBRD Vice President Greg Gayett. It aligns with reforms aimed at strengthening private sector development and investment. Both institutions will implement financing solutions to support sustainable economic growth.

   ---

5. Management Change at JCC – Strengthening the Partnership with EUROUZ
   
   As of 1 March 2026, a new management team has taken over at JCC – Joint Chambers of Commerce Switzerland – Eastern Europe / Central Asia / South Caucasus. After 15 years of dedicated service, our valued partner and dear friend Dorit Sallis has stepped down to pursue a new professional challenge. We would like to express our sincere gratitude for her longstanding commitment, excellent cooperation, and the strong relationships she has built over the years.Her successors, Sven Henniger and Andreas Bitzi, will assume their roles as Co-CEOs. Both bring extensive experience in the CIS region and a deep understanding of the economic landscape. JCC remains firmly committed to further strengthening its partnership with EUROUZ through joint events, enhanced information exchange, and expanded collaborative activities.

   ---

6. EUROUZ Member EBRD Invests $15.4 Million in UzCarlsberg Expansion

   On March 19, the European Bank for Reconstruction and Development announced a $15.4 million financing package for UzCarlsberg in Uzbekistan. The investment will support construction of a new brewing facility and expansion of production capacity. Funds will also be used to acquire modern equipment and improve warehouse infrastructure. The project includes €200,000 in concessional finance to внедрить sustainable technologies. The initiative aims to enhance efficiency and sustainability in the food production sector.

   ---

7. EUROUZ Member VEON Appoints New Leadership to Drive Digital Strategy

   On March 17, VEON announced senior leadership changes across its operations and headquarters to strengthen digital growth. The appointments include:

   • Yevgeniy Nastradin as CEO of Beeline Uzbekistan

   • Andrey Pyatakhin as Chief Operating Officer of Beeline Uzbekistan

   • Jabbor Kayumov as CEO of Beeline Kazakhstan

   • Ahmet Kayhan as Chief Payments and Digital Assets Officer

     ---

8. EUROUZ welcomes a new member – ODAŞ CA.

   

   Operating in the Khorezm region, ODAŞ CA represents one of the key private energy projects in Uzbekistan. The company’s natural gas combined cycle power plant, developed with modern gas technology, plays an important role in strengthening the region’s electricity supply and supporting growing energy demand. As part of the ODAŞ Group’s diversified portfolio across energy, mining, and tourism, the project reflects a strong commitment to efficient energy generation, infrastructure development, and international expansion.

   ---

9. EUROUZ welcomes a new member – Sistronik Sistem A.Ş.

   

   Sistronik Sistem A.Ş. delivers turnkey engineering solutions across a wide range of high-technology infrastructure projects, combining expertise in engineering, design, system integration, and implementation. The company has extensive experience in energy generation, transmission, and distribution, executing projects in high-voltage systems and providing comprehensive solutions in electrification, instrumentation, and automation. With strong expertise in international standards and system integration, Sistronik implements projects both domestically and internationally, contributing to the development of modern infrastructure. The company also places a strong emphasis on sustainable development, environmental responsibility, and innovation through continuous investment in R&D and engineering capabilities.

   ---

10. EUROUZ welcomes a new member – Satguru.

    

    Established in 1989 and headquartered in Dubai, UAE, Satguru Travel & Tourism operates in the travel and tourism industry, providing a wide range of services including corporate travel management, airline ticketing, leisure travel, and destination management across global markets. With a strong international presence, Satguru has successfully expanded into multiple regions, including Central Asia. Its office in Uzbekistan plays an important role in managing both inbound and outbound travel services, supporting corporate and leisure clients, and contributing to the development of regional partnerships.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?

Not a member yet?

Join EUROUZ to access exclusive market support for your business activities in the country.

«Uzbekistan is entering a new phase in the modernization of its capital markets — and 2026 may become a defining year» — Franklin Templeton

1. INTERNATIONAL COOPERATION

1.1 EUROPE

Uzbekistan Signs Seasonal Farm Labour Deal with Italian Agricultural Association
Uzbekistan and Italy signed a seasonal employment agreement during high-level talks in Tashkent, allowing Uzbek workers to take agricultural contracts of three to nine months in Italy. The accord was formalised between the Uzbek Migration Agency and Associazione Imprese Ortofrutticole, a body representing over 35 fruit and vegetable firms. Agriculture ministers from both countries participated in the negotiations alongside Migration Agency head Bekhzod Musayev. A pilot project launching in 2026 will place 100 Uzbek workers in Italian farms specialising in apples, kiwis, and strawberries. Successful implementation may expand the quota in subsequent years.

1.2 CENTRAL ASIA, CAUCASUS & CIS

Uzbekistan and Tajikistan Set $2 Billion Trade Target During Presidential Visit

On March 26, Presidents Mirziyoyev and Rahmon convened the first session of the Supreme Intergovernmental Council in Tashkent. The two leaders set a bilateral trade target of $2 billion by 2030, up from current levels. Key measures include accelerating the Oybek–Fotekhobod border trade center and launching digital certification and E-Permit customs platforms. A new industrial cooperation program spans mining, energy, agriculture, and electrical engineering. Both presidents signed a five-year action plan on cultural ties and reaffirmed coordinated security positions within Central Asian regional frameworks.

Key agreements and agreements signed during the summit included:

Top-Level Agreements

• Joint Statement on Deepening Strategic Partnership and Allied Relations: Signed by Presidents Shavkat Mirziyoyev and Emomali Rahmon.

• Protocol on Amendments to the Intergovernmental Agreement on the establishment of the Uzbekistan – Tajikistan Investment Company.

Economic and Trade Agreements

• Program to Increase Trade Turnover: Aimed at strengthening bilateral trade.

• Industrial Cooperation Program: Focusing on enhancing industrial partnerships.

• Agreement on the Mutual Use of Electronic Systems for certification of the origin of goods.

• Agreement on Cooperation in the Use of the “E-Permit” information system.

Plans and Roadmaps (2026-2028)

• Action Plan for Industry and Innovation (2026–2028): Focused on industrial development and technical collaboration.

• Action Plan for Mining and New Technologies (2026–2028): Targeted at developing the mining sector.

• Roadmap for Development of Cooperation in Tourism (2026–2028): To boost tourism exchange.

• Roadmap for Further Development of Cooperation in the Agro-Industrial Complex (2026–2028).

• Action Plan for Cooperation in Culture (2026–2027)

Mirziyoyev Receives Kazakh Foreign Minister to Advance Strategic Partnership

President Shavkat Mirziyoyev met Kazakhstani Foreign Minister Yermek Kosherbayev in Tashkent during an official visit. The talks centered on strengthening bilateral strategic partnership across parliamentary, governmental, and business levels. Both sides identified cooperation on rare metals as a new priority, alongside expanded collaboration in space exploration and the creative economy. Growing trade turnover and active intergovernmental commission work underpin the relationship. The parties also coordinated positions on upcoming bilateral and multilateral regional agendas.

Uzbekistan and Afghanistan Launch Joint Business Council Targeting $5 Billion Trade
Uzbekistan and Afghanistan formally established a bilateral Business Council at the Tashkent Chamber of Commerce and Industry. The council comprises 32 representatives from both countries, covering construction materials, pharmaceuticals, food products, textiles, and petroleum sectors. Both sides set a target of $5 billion in mutual trade, supported by digital customs systems, expanded financial services, and a structured action plan. The council provides a direct entrepreneurial dialogue channel to accelerate cross-border investment. Regular exhibitions, business forums, and B2B meetings will sustain implementation momentum.

Read more

Support by Sharing Uzbek.Review

Table of contents of this Uzbek.Review report for paid subscribers & members:

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

1.3 RUSSIA & CHINA

1.4 ASIA, EAST ASIA & SOUTH-EAST ASIA

1.5 NORTH & SOUTH AMERICA

1.6 INTERNATIONAL ORGANIZATIONS

2. PUBLIC POLICY

3. LEGISLATION & GOVERNMENT

3.1 LEGISLATIVE CHANGES

3.2 NOTABLE APPOINTMENTS

4. ECONOMY

4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE

4.2 IFI’s, BAKNING & FINANCE

4.3 AGRICULTURE, MINING, & MANUFACTURING

4.4 CONSTRUCTION & REAL ESTATE

4.5 TRADE AND BUSINESS

4.6 ENERGY & PETROCHEMICALS

5. USEFUL LINKS AND NOTABLE PUBLICATIONS

UPCOMING EUROUZ & MEMBER EVENTS

1. March 22, 2026 Navruz Fest in Khiva a Special EUROUZ Cultural Gathering

   

   EUROUZ is pleased to invite its members and partners to celebrate Navruz Sayli in Khorezm (Khiva) on 22 March, in the historic setting of Khiva.

   The event will recreate the authentic atmosphere of Navruz with the traditional preparation of sumalak, a Khorezm plov dinner, national sweets, a live barak cooking station with guest participation, and a vibrant cultural program featuring traditional music and dance.

   
   We look forward to celebrating Navruz together in Khorezm and strengthening our community through shared traditions and cultural exchange.
   
   Register here: navruz.eurouz.events

   ---

2. April 16, 2026 Private Wealth & Compliance Forum Tashkent

   

   The Private Wealth & Compliance Forum will bring together leading experts from the legal, compliance, financial services, and strategic advisory sectors to discuss the evolving challenges faced by private clients, family businesses, companies, and institutions. As Uzbekistan deepens its engagement with global markets, managing legal, regulatory, reputational, and financial risks has become increasingly important. The forum will provide a practical platform for dialogue on how different advisory disciplines can work together to support compliant, resilient, and sustainable wealth strategies. Register here

   ---

3. Jun 17, 2026 EUROUZ Business Evening at Tashkent International Investment Forum (TIIF)

   
   The European Business Evening is EUROUZ’s flagship reception and a key event of the Tashkent International Investment Forum (TIIF). For the fourth year in a row, EUROUZ partners with TIIF to host a high-level evening connecting European and international business leaders. The reception brings together over 350 senior participants; including government officials, diplomats, CEOs, and industry leaders making it one of the Forum’s leading networking platforms.
   
   Sponsorship Opportunities

   ---

4. 25–27 March 2026 AgroWorld Uzbekistan 2026 and 1–3 April 2026 UzFood 2026

From 25–27 March 2026, industry specialists will gather for the 21st International Exhibition on Agriculture – AgroWorld Uzbekistan 2026. The exhibition will present a wide range of solutions for the agri-industrial sector, including poultry and livestock farming, feed production, veterinary products, grain processing and storage, as well as agrochemical technologies aimed at improving crop yields and plant protection. Register here

On 1–3 April 2026, the capital will host the 25th Anniversary International Exhibition UzFood 2026, the flagship event for Uzbekistan’s food and processing industry. During the three-day exhibition, all pavilions of Uzexpocentre will become a hub for international brands and local companies presenting food processing equipment, ingredients, advanced technologies, and modern packaging and storage solutions. Register here

EUROUZ & MEMBER NEWS

1. EUROUZ Held annual Uzbekistan Economic Update 2026

   

   On March 12, 2026, the European-Uzbekistan Association for Economic Cooperation (EUROUZ) held its annual Uzbekistan Economic Update, bringing together government officials, international financial institutions, European partners, investors, and business leaders. Opening remarks were delivered by EUROUZ Chairman Pierre-Paul Antheunissens, Deputy Minister of Investment, Industry and Trade Akram Aliev, and Deputy Minister of Economy and Finance Umid Abidkhodjaev. Representatives from the EBRD, EIB, ADB, and the World Bank discussed Uzbekistan’s macroeconomic outlook and reform progress. A CEO panel featuring Paynet, Franklin Templeton Central Asia, OTP Bank Uzbekistan, UzMRC, and Highland Capital explored the private sector’s role in strengthening Uzbekistan’s financial ecosystem and supporting investment-driven growth.
   
   Event Photos

   Press Release

   ---

2. EUROUZ Board Member Klaus Mangol held a meeting with the Minister of Investment, Industry and Trade Laziz Kudratov

   

   Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov held a meeting with Klaus Mangold, Chairman of the Supervisory Board of Mangold Consulting GmbH, a German firm specialising in investment project development and strategic consulting between Europe and Central Asia. The talks covered expanding trade and economic cooperation between Uzbekistan and Germany, as well as attracting European companies to priority investment projects. Both sides discussed concrete mechanisms for increasing industrial collaboration, with a focus on high-technology sectors where German expertise aligns with Uzbekistan’s ongoing economic modernisation agenda. Follow-up steps were identified to advance joint projects in the near term.

   ---

3. EUROUZ Member and Partner Acwa hosted the Women in Power Forum 2026

   

   At the Women in Power Forum 2026, hosted by EUROUZ member Acwa, a Memorandum of Cooperation was announced between UN Women Uzbekistan and Acwa. The agreement marks the first partnership in Uzbekistan between a UN agency and a private company focused on expanding women’s participation in the economy. The forum brought together government officials, development banks, and private sector leaders to discuss women’s leadership and its role in supporting sustainable development and inclusive economic growth in Uzbekistan.
   
   A key highlight of the programme was the panel discussion “Women’s Leadership in the Era of Uzbekistan’s Rapid Development,” moderated by Oybek Shaykhov, Member of the Board of EUROUZ. The session featured speakers Dr. Jon Zaidi, Zafar Khashimov, Gulnoza Ismailova, Sabina Alieva, Laylo Yakhshiboeva, Irina Matvienko, Feruza Tolipova, and Shahnoza Ikramova, who shared insights on professional growth and strengthening women’s leadership in Uzbekistan.

   ---

4. EUROUZ Member EBRD Lends €20M to SEEM and Bayan Medical
   The EBRD extended a €20 million loan to Uzbek-British pharmaceutical manufacturer Samarkand England Eco-Medical and its affiliate Bayan Medical to expand domestic drug production. Funds will finance new production lines for intravenous solutions, antibiotics, syrups, nasal sprays, and ointments at SEEM, alongside energy-efficiency upgrades and a blow-fill-seal ampoule line at Bayan Medical. The project targets reducing Uzbekistan’s pharmaceutical import dependency, currently standing at 75% of total medical goods consumed. Bayan Medical will also launch graduate internships and create employment opportunities for people with disabilities. The EBRD has now invested $6.9 billion across 205 projects in Uzbekistan.

   ---

5. OTP Group Advances Ipoteka Bank Privatisation and Syrdarya Poultry Cluster with Uzbekistan
   On March 6, Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov met Laszlo Wolf, Deputy CEO of Hungary’s OTP Group, to review the privatisation of Ipoteka Bank and discuss new joint investment projects. OTP Group, which manages €102 billion in assets across 1,656 branches and 17 million clients, confirmed plans to launch a new mobile banking platform to expand digital services in Uzbekistan. The parties also discussed a poultry cluster project in the Syrdarya region aimed at strengthening food security and developing agro-industrial value chains. Both sides confirmed mutual interest in expanding investment cooperation.

   ---

6. EUROUZ member VEON and Beeline Uzbekistan Align with Tashkent on Digital Infrastructure at MWC Barcelona
   At MWC Barcelona, VEON Group CEO Kaan Terzioglu and Beeline Uzbekistan CEO Andrey Pyatakhin met Digital Technologies Minister Sherzod Shermatov to advance Uzbekistan’s digital transformation agenda. Discussions focused on developing future-ready digital infrastructure and enhancing the resilience and sustainability of the country’s digital ecosystem. Terzioglu acknowledged the Ministry’s continued support for the industry and its commitment to expanding high-quality, customer-focused digital services nationwide. Both parties reaffirmed their intent to pursue joint initiatives as part of a broader effort to strengthen Uzbekistan’s digital landscape and accelerate progress toward inclusive digital development.

   ---

7. EUROUZ is pleased to welcome - Cargolux

   

   Founded in 1970, Cargolux has built a strong reputation as Europe’s largest all-cargo airline and a global leader in air freight logistics. The company operates a fleet of 30 Boeing 747-400 and 747-8 freighter aircraft and was the launch customer for both aircraft types. Today, Cargolux serves a global network of 75 destinations, supported by 85 offices in more than 50 countries and an extended trucking network connecting over 250 international gateways. The airline employs almost 4,000 professionals worldwide.

   ---

8. EUROUZ welcomes a new member – SITA

   

   SITA has been present in Uzbekistan since 1992, working closely with the country’s aviation sector to support airport operations, airline connectivity, and air navigation services. The company collaborates with Uzbekistan Airways, Uzbekistan Airports, and Uzaeronavigation, contributing international expertise and advanced technology to the modernization of Uzbekistan’s aviation ecosystem. SITA’s solutions support efficient passenger processing, airport operations, and secure data communication services, helping strengthen the digital infrastructure of the aviation sector and government institutions.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?

Not a member yet?

Join EUROUZ to access exclusive market support for your business activities in the country.

«Uzbekistan is entering a new phase in the modernization of its capital markets — and 2026 may become a defining year» — Franklin Templeton

1. INTERNATIONAL COOPERATION

1.1 EUROPE

IFAD, EU and Hamkorbank Launch €6M Initiative to Channel Remittances
IFAD, the European Union, and Hamkorbank launched a €6 million programme in Tashkent on March 5, 2026, targeting nearly 4,000 remittance-receiving households and returning migrant workers in rural Uzbekistan. A new credit scoring model will recognise remittances and returnee savings as proof of repayment capacity, unlocking €4.5 million in tailored loans. With remittances totalling $14.8 billion in 2024 — over 10% of GDP — the initiative addresses critical barriers to rural finance. Some 900 residents, at least half of them women, will receive business literacy training through 2027.

Uzbekistan and EU Deepen Strategic Ties at 19th Parliamentary Cooperation Committee

Brussels hosted the 19th Uzbekistan–EU Parliamentary Cooperation Committee, with Senate First Deputy Chairperson Sodiq Safoyev and European Parliament delegation head Juozas Olekas leading their respective sides. The EU reaffirmed support for Uzbekistan’s reform agenda, while both parties highlighted the October 2025 Enhanced Partnership and Cooperation Agreement as a landmark for expanding cooperation in renewable energy, infrastructure, and industrial development. Discussions also covered trade, critical raw materials, transport corridors, and civil society development. The 20th session is scheduled for 2027 in Uzbekistan.

Macron Identifies Uzbekistan as Strategic Partner in Europe’s Uranium Supply
French President Emmanuel Macron named Uzbekistan among key uranium-producing nations that could help Europe reduce dependence on Russian supplies, speaking at an international nuclear energy summit in Paris on March 10. He cited Uzbekistan alongside Kazakhstan, Canada, Mongolia, and Australia as viable partners. Uzbekistan produced approximately 7,000 tons of uranium in 2025, reinforcing its growing role in global supply chains. Macron described nuclear energy as central to national sovereignty and decarbonization. France’s nuclear policy council will convene shortly to adopt new strategic measures.

1.2 CENTRAL ASIA, CAUCASUS & CIS

Silkway Central Asia Signs $300M EPC Contract to Build Logistics Hub
On March 3, Silkway CA CEO Daniyar Tiyesov and China Railway Construction Engineering Group’s Deputy Head for Central Asia Tian Zhenhua signed an EPC contract to construct a multi-purpose logistics centre near Tashkent. The joint venture between Uzbekistan Railways and Kazakhstan’s PTC Holding will invest $300 million in the 159.4-hectare facility in the Yangiyul district, featuring Class A and B warehouses covering 167,000 sq m and container yards spanning 172,000 sq m. Over 28 km of railway track will be laid on site, with the first phase due for completion by early 2027 and full construction concluding by 2030. The project aims to develop the region’s export potential, expand transit opportunities, and increase the share of container transport by rail. At full capacity, the centre will handle up to 350,000 TEU annually, scaling to 3 million tonnes of cargo by 2035.

Uzbekistan Ratifies Preferential Trade Agreement with Afghanistan
President Shavkat Mirziyoyev signed a ratification resolution on March 6 for a preferential trade agreement with Afghanistan, originally concluded at the Tashkent International Investment Forum in June 2025. The deal eliminates customs duties on 14 goods categories and simplifies phytosanitary procedures for Afghan agricultural imports. The Ministry of Investment, Industry and Trade and the State Customs Committee will lead implementation. Both sides plan to hold a joint business forum in Kabul after Ramadan.

Uzbekistan and Kazakhstan Plan to Double Rail Freight to 60 Million Tons
Uzbek and Kazakh transport authorities agreed on plans to increase combined rail freight traffic to 60 million tons annually. The initiative includes joint efforts to upgrade rail infrastructure, streamline procedures and boost cargo capacities along key transit corridors. Officials said this growth will support regional trade and logistics efficiency. The plan aligns with broader cooperation frameworks to enhance connectivity between Central Asian markets.

Read more

TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of nearly 29.2trln UZS across 27,483 transactions.

Stocks accounted for 57.3% of turnover, equal to 16.7bln UZS. The largest contribution came from O’zbekiston sanoat-qurilish banki (SQBN), which generated 10.3bln UZS, representing 35.1% of total turnover. O’zRTXB (URTS) represented 1.7bln UZS, equal to 6% of turnover, and recorded the highest number of transactions at 2,507. O’zmetkominat (UZMK) contributed 1.6bln UZS, or 5.5% of turnover, from 1,265 deals. Janubsanoatmontaj (JASM), from T1 board added 1.1bln UZS, while the remaining stocks collectively accounted for 2bln UZS, equal to 6.9% of market activity.

Bonds comprised 42.7% of turnover, totaling 12.5bln UZS. Agat Credit (ACMT2B4) registered 6.2bln UZS, representing 21.1% of total turnover or nearly half of bond turnover. Another Agat Credit bond (ACMT1B) contributed 3.6% of total turnover. Makesense (UZUMN2B2) registered 1.5bln UZS, equal to 5.2% of turnover. Both Delta (DMMT2B3) and Biznes Finans (BFMT2B5) represested approximately 1.1bln UZS in trading volume, or 3.8% of turnover each. Finally, Contact Finans (CTFB3B2) accounted for 1bln UZS, equal to 3.4% of turnover.

By price performance, O’zmetkombinat (URTS) posted the strongest gain at 29.7%. O’zRTXB rose by 3%, and O’zbekiston sanoat-qurilish banki (SQBN) advanced 1.6%. On the downside, Biznes Finans (BFMT2B5) recorded the steepest decline at 5.4%, followed by Delta (DMMT2B3) with a 1.7% drop.

AVESTA EQUITY INDEX

*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).

Turnover breakdown

FINANCIAL NEWS

ECONOMICS

• Imkon Finans JSC approved the issuance of 5mln new shares worth 5bln UZS (1000 par value), with placement via preferential rights and open subscription;

• Uzbekistan Airways JSC updated its list of Supervisory Board members, removing three and adding two - Ungbaev Otabek Toshtemirovich and Pavel Mkhitaryan Igorevich;

• O‘zbekgeofizika JSC (UZGF) disclosed that Uzbekneftegaz JSC (UZNG) acquired 1,269,164,055 shares, representing a 97.22% stake in the company, valued at 362,980,919 thousands UZS;

• O‘zRTXB JSC (URTS) Supervisory Board issued a recommendation on net profit distribution, proposing dividends of 780 UZS per ordinary share (123.8% of the nominal value);

• Click JSC Supervisory Board issued a recommendation on net profit distribution, proposing dividends of 1,800 UZS per ordinary share (180.0% of the nominal value);

• TBC Bank JSCB signed a major credit agreement with DEG (Germany) for $45mln (21.78% of net assets); and with Space International JSC (Georgia), valued at 37.94mln (18.5% of net assets), to expand licenses and services;

• O‘zbekinvest Hayot Insurance JSC received a license for life insurance activities from NAPP (perpetual validity);

• O‘zRTXB JSC (URTS) updated its supervisory board, appointing Matthew John Ansell (Senior Investment Manager, Franklin Templeton Asset Management / UzNIF) and Kalinov Vladimir Nikolov (former Board Member, Raiffeisen Bank S.A., Romania), as well as others;

• Agat Credit JSC approved the issuance of 1mln corporate bonds with a total value of 100bln UZS, at a nominal price of 100,000 UZS each, to be placed via open subscription;

• NBU Invest Group JSC reduced its charter capital by 353,601,600,000 UZS through asset transfers to NBU JSC and the UzSAMA, including stakes in Uzmetkombinat JSC (UZMK), Navro’z Bog’i LLC, and others, with 353,601,600 shares subject to cancellation;

• KDB Bank Uzbekistan JSC acquired short-term securities of the CBU for 2.8trln UZS;

• O‘zbekekspertiza JSC (UZEK) updated its list of affiliated persons, excluding UzSAMA (82.56%), and adding the Industrial Cooperation & Public Procurement Agency (82.56%), as well as Ulugbek Muradov and Digital Transformation Center LLC;

• “Toshkent” RSE JSC advanced 2025-2026 development measures: establishing a foreign currency bond platform, drafting rules for foreign securities listings (indices, bonds, ETFs), and modernizing exchange software via functional requirements, RFI, tender, vendor selection, and timely implementation;

• InFinBank JSC (INFB) updated its list of affiliated entities, adding Sofa Marva Tour LLC, UzTEX Tashkent LLC, and Terassa LLC;

• Norin Paxta Tozalash JSC transferred 0.65% stake in Baraka Paxta Tex LLC to Namanganpaxtasanoat JSC, and extended voluntary liquidation by six months, while Ziyovuddin Paxta Tozalash JSC transferred its 0.53% stake in Baraka Paxta Tex LLC to Samarqandpaxtasanoat JSC;

• Jizzaxpaxtasanoat JSC resumed operations and approved merger into Sirdaryopaxtasanoat JSC (which also resumed operations) via share swap and asset transfer;

• O’zIQMK JSC approved issuance of corporate bonds worth 300bln UZS (300,000 units at 1mln UZS each), with 5‑year maturity, and 22% annual coupon paid quarterly.

Read null in the Substack app

Available for iOS and Android

Get the app

ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).

EMAIL: info@eurouz.com

COPYRIGHT © 2025 - ALL COPYRIGHTS RESERVED

Subscribe now

ADDRESS:  Avenue Louise 65/11, 1050 Brussels, Belgium

EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

You may download the PDF report by clicking on the

Read more

Support by Sharing Uzbek.Review

Table of contents of this Uzbek.Review report for paid subscribers & members:

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

1.3 ASIA, EAST ASIA & SOUTH-EAST ASIA

1.5 NORTH & SOUTH AMERICA

1.6 INTERNATIONAL ORGANIZATIONS

2. PUBLIC POLICY

3. LEGISLATION & GOVERNMENT

3.1 LEGISLATIVE CHANGES

3.2 NOTABLE APPOINTMENTS

4. ECONOMY

4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE

4.2 IFI’s, BAKNING & FINANCE

4.3 AGRICULTURE, MINING, & MANUFACTURING

4.4 CONSTRUCTION & REAL ESTATE

4.5 TRADE AND BUSINESS

4.6 ENERGY & PETROCHEMICALS

5. USEFUL LINKS AND NOTABLE PUBLICATIONS

UPCOMING EUROUZ & MEMBER EVENTS

1. Annual Uzbekistan Economic Update 2026, - 12 March 2026

   

   The event will convene senior government representatives, international financial institutions, European partners, and private sector leaders to assess Uzbekistan’s macroeconomic performance, reform trajectory, and investment outlook for 2026 and beyond. The event is planned to be organised with the institutional support of the Government of the Republic of Uzbekistan, serving as a platform for open dialogue between policymakers, IFIs, and investors, while reinforcing Uzbekistan’s position as a reliable and reform-oriented partner.
   

   Working languages: English, Russian

   Register here: economicupdate.eurouz.events

   Follow EUROUZ: @eurouz_official

   ---

2. Navruz Fest in Khiva a Special EUROUZ Cultural Gathering

   

   EUROUZ is pleased to invite its members and partners to celebrate Navruz Sayli in Khorezm (Khiva) on 22 March, in the historic setting of Khiva.

   The event will recreate the authentic atmosphere of Navruz with the traditional preparation of sumalak, a Khorezm plov dinner, national sweets, a live barak cooking station with guest participation, and a vibrant cultural program featuring traditional music and dance.
   

   Participation package for 1 800 000 UZS includes:

   • One night accommodation (double occupancy) with breakfast

   • Full access to the Navruz Fest program

   • Tour to Historical side of Khiva

   • Airport–hotel–airport transfers
   

   Air tickets can be purchased directly via link:
   Tas–Urg–Tas: www.centrum-air.com

   Agent assistance: +998 70 050 77 99
   

   Please purchase air tickets as early as possible, as tickets can be sold out.

   We look forward to celebrating Navruz together in Khorezm and strengthening our community through shared traditions and cultural exchange.
   
   Register here: navruz.eurouz.events

EUROUZ & MEMBER NEWS

1. EUROUZ Hosts Annual Iftar Reception in Uzbekistan

   

   The evening was officially opened by the Secretary General of EUROUZ, Mr. Atabek Alimdjanov, who welcomed the guests and emphasized the importance of unity, dialogue, and cooperation during the holy month of Ramadan. The opening remarks were followed by a speech from Mr. Abdulkhamid Muminov, EUROUZ Board Member (representing PwC Uzbekistan), who highlighted the spiritual significance of Ramadan, its values of reflection, compassion, and solidarity, and the importance of strengthening mutual respect and support within the professional community. The reception provided a meaningful platform for reinforcing partnerships, exchanging views, and fostering stronger connections within the EUROUZ network. Event Photos

   ---

2. EUROUZ Board Sets Community Strategic Priorities for 2026

   

   EUROUZ’s Board of Directors met to review current activities and set priorities for the upcoming period in Uzbekistan. The Board assessed work streams, committee performance, key initiatives, major events, member engagement, international partnerships, and sectoral dialogue platforms. Operational improvements were identified to strengthen EUROUZ’s role in business–government dialogue.
   

   The next Board elections will take place at the June 2026 Annual General Meeting. Board members will be elected for a two-year term.

   ---

3. EUROUZ holds follow-up meetings on Members’ Meetings with President of Uzbekistan that took place in October 2025 in Brussels

   

   Representatives of Maire and EUROUZ met with newly appointed Deputy Chairman of JSC “Uzbekneftegaz” Abrorjon Khudoyberganov. The meeting followed earlier discussions in Brussels between NextChem CEO Fabio Fritelli and President Shavkat Mirziyoyev, organised with EUROUZ support to ensure continuity of dialogue at senior levels.
   

   The engagement reflects EUROUZ’s role in supporting members not only through community platforms, but also in advancing key strategic follow-ups stemming from high-level contacts.

   ---

4. EUROUZ Member EBRD Expands Portfolio of Private Sector Investments in Uzbekistan

   

   The EBRD has announced a series of new private sector investments in Uzbekistan, including a €15 million financing package for Green Line Trading to expand its distribution capacity and construct a new warehouse with integrated renewable energy solutions; up to €20 million for pharmaceutical manufacturers Samarkand England Eco-Medical and Bayan Medical to modernise and scale domestic production of medicines; and a €6 million loan to expand local company’s food production and restaurant operations. The projects incorporate concessional financing under the EBRD’s FINTECC programme to support energy efficiency and green technology adoption, as well as backing from the Japan-EBRD Cooperation Fund. These latest signings mark the EBRD’s tenth private sector project in Uzbekistan already this year, placing the Bank on a strong trajectory to surpass last year’s total of 38 private sector transactions.

   ---

5. Details emerge on EUROUZ member’s - AKFA establishment of a manufacturing operation in US
   

   AKFA Aluminum Solutions, a division of Uzbekistan’s AKFA Group, will establish a new manufacturing operation in Bowling Green, Kentucky. The facility will produce aluminum products with advanced extrusion, anodizing, and finishing capabilities, creating 331 quality jobs. AKFA’s investment marks the first U.S. project by an Uzbekistani manufacturer and is supported with incentives from the Kentucky Business Investment programme. The operation will adhere to U.S. energy and environmental standards to reinforce a low-carbon supply chain.

   ---

6. EUROUZ member Asakabank Begins Placement of $82 Million Bond Issue on Uzbek Stock Exchange
   On February 3, 2026 JSC Asakabank reached a significant milestone by successfully placing 1 trillion UZS in corporate bonds on the first day of listing (Republican stock exchange «Toshkent») This achievement not only marks one of the largest corporate debt securities issuances in Uzbekistan’s history but also highlights a pivotal moment in the evolution of our capital market.

   ---

7. EUROUZ welcomes a new member – NEO INSURANCE CORP

   

   Founded in 2023 in Tashkent, NEO INSURANCE CORP is a next-generation digital insurance company operating through a fully digital platform. The company offers a comprehensive portfolio of insurance products for individuals and businesses, including motor, health, travel, property, and liability coverage. Its mission is to modernize Uzbekistan’s insurance sector by delivering accessible, transparent, and technology-driven solutions tailored to customer needs. NEO INSURANCE has been awarded the highest service quality rating “AAA” by the National Agency for Perspective Projects (NAPP). Moody’s Investors Service assigned the company a B3-Positive insurance financial strength rating, recognizing its sustainable growth and solid financial position. In 2025, the company was named Uzbekistan’s Most Innovative and Most Customer-Oriented Insurance Company by Global Business & Finance Magazine.

   ---

8. EUROUZ Welcomes a New Member – RSP International

   

   RSP International is an international consulting network delivering integrated legal, tax, accounting, and audit solutions, supporting clients across Europe and Central Asia in managing complex cross-border operations. Established in Tashkent in 2019, RSP International’s Uzbekistan office advises international investors at every stage of market entry and expansion. The team provides comprehensive support including investment structuring, legal and tax advisory, accounting and compliance, Tax Health Check, due diligence, M&A transactions, real estate projects, corporate governance, and financial reporting. Combining coordinated cross-border expertise with strong local regulatory knowledge, RSP International positions itself as a strategic bridge for cross-border investment, supporting businesses in achieving secure market access, operational stability, and sustainable long-term growth in Uzbekistan.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?

Not a member yet?

Join EUROUZ to access exclusive market support for your business activities in the country.

«Uzbekistan is entering a new phase in the modernization of its capital markets — and 2026 may become a defining year» — Franklin Templeton

1. INTERNATIONAL COOPERATION

1.1 EUROPE

London Held First Minesterial C5+1 Meeting

On February 26, 2026, Uzbekistan’s Foreign Minister Bakhtiyor Saidov met with Sir Lindsay Hoyle, Speaker of the UK House of Commons, in London to strengthen legislative cooperation. The discussions covered enhancing parliamentary ties, regional diplomacy, and mutual support for Uzbekistan’s reform agenda. Both sides also considered academic exchanges and economic collaboration initiatives. The talks aim to broaden engagement between the two countries’ legislative bodies across multiple sectors.

Mirziyoyev Receives UK Trade Envoy Alderdice, Agrees Joint Cooperation Roadmap

President Shavkat Mirziyoyev received Lord John Alderdice, the United Kingdom’s Trade Envoy for Central Asia and Azerbaijan, during his working visit to Tashkent. The two sides discussed expanding mutually beneficial partnership, with a primary focus on trade and economic cooperation. Bilateral merchandise trade doubled over the past five years, and Uzbekistan placed over $15 billion in sovereign and corporate bonds on the London Stock Exchange. New projects were identified in energy, finance, geology, transport, chemistry, pharmaceuticals, science, and education. The meeting concluded with an agreement to adopt a joint roadmap for further developing the multifaceted partnership.

UK and Uzbekistan Host Infrastructure Conference on Transport, Energy, and Urban Development
The UK Department for Business and Trade held the UK–Uzbekistan Infrastructure Conference in Tashkent, bringing together policymakers, state enterprises, and British and Uzbek companies to discuss investment in priority infrastructure sectors. The conference focused on transport, urban development, energy, water, and healthcare infrastructure, with sessions on PPP financing models and project bankability. UK Trade Envoy Lord John Alderdice delivered the keynote address, highlighting expanding bilateral trade and investment ties. The event positioned Uzbekistan as a destination for long-term global infrastructure capital. Participants concluded with B2B meetings and seminars aimed at advancing concrete agreements and joint initiatives.

Uzbekistan Advances Nuclear Plant Talks with Hungary on Contracts
Uzbek and Hungarian officials met in Tashkent to discuss key contracts and technical details for Uzbekistan’s first nuclear power plant project. The meeting focused on review of agreements and coordination between Uzbekistan’s Atomic Energy Agency and Hungary’s MVM EGI Zrt. Participants examined advanced dry cooling technology and local production of plant components. The discussions aim to solidify project implementation frameworks and support continued bilateral nuclear cooperation.

Croatia Explores Opening Consulate in Samarkand
A Croatian parliamentary delegation visited Samarkand on February 20, 2026, to examine the possibility of establishing a Croatian consulate in the city. Delegates held talks with Samarkand city officials on strengthening diplomatic relations and sister-city cooperation with Dubrovnik. The discussions included expanding ties in transport, pharmaceuticals, communications and IT sectors. The visit is part of efforts to deepen Croatia–Uzbekistan collaboration across multiple fields.

Uzbekistan and Czech Republic Discuss Launching Direct Flights
Uzbek and Czech aviation representatives held online talks this week to explore direct flight connections between Prague and Tashkent. The session included Uzbekistan’s embassy officials and representatives of Václav Havel Airport Prague, focusing on route development and airline partnership options. Officials said direct flights could reduce reliance on transit hubs and support tourism and business travel. A follow-up meeting with carriers and airport planners is set for early March.

1.2 CENTRAL ASIA, CAUCASUS & CIS

Syrdarya Region and Afghanistan Agree $300 Million Trade Deals
Officials from Uzbekistan’s Syrdarya Region and Afghan leaders signed export–import agreements worth about $300 million during a working visit to Afghanistan. The accords cover supplies of food, flour and grain, textiles, construction materials, chemicals, electrical goods and pharmaceuticals. Delegates also held B2B and G2B meetings aimed at direct cooperation and logistics links. Regional authorities said the agreements are designed to strengthen bilateral trade frameworks and project implementation.

Uzbekistan and Afghanistan Move to Activate Preferential Trade Pact
Uzbek and Afghan officials agreed to expedite the activation of a preferential trade agreement to boost bilateral commerce. In a videoconference, Uzbekistan’s deputy prime minister and Afghanistan’s trade minister discussed steps to expand economic cooperation, infrastructure and investment projects. Bilateral trade has grown from about $653 million in 2021 to $1.7 billion in 2025, with a target of $5 billion. Parties plan a post-Ramadan business forum and roadmap discussions.

Uzbekistan and Belarus Set $2 Billion Trade Target by 2030

On February 24, the President of the Republic of Uzbekistan Shavkat Mirziyoyev received the Prime Minister of the Republic of Belarus Alexander Turchin and discussed expanding bilateral trade to roughly $2 billion by 2030. During an official visit by Belarus’s prime minister, both sides reviewed cooperation in logistics, industrial production, machinery and agricultural sectors. Current annual trade is near $1 billion after a 25 % increase last year. Discussions included strengthening industrial cooperation, joint investments and interregional exchanges.

Uzbekistan, Kazakhstan and Kyrgyzstan Agree Power Plant Operating Regime
Uzbekistan, Kazakhstan and Kyrgyzstan have agreed on an operating regime for a cross-border power plant project. Representatives from the three countries held a meeting to coordinate technical parameters and energy distribution arrangements. Details include agreed procedures for electricity generation and sharing among the states. The agreement is part of broader regional energy cooperation aimed at improving grid stability and meeting growing demand in Central Asia.

Uzbekistan Prime Minister Meets Tajikistan President on Bilateral Ties

Uzbekistan’s Prime Minister Abdulla Aripov held talks with Tajikistan’s President Emomali Rahmon to discuss strengthening bilateral relations and cooperation. The leaders reviewed political, economic and cultural ties and discussed joint regional initiatives. They reaffirmed commitments to enhance trade, infrastructure links and security collaboration. The meeting emphasized mutual interests and advancing Uzbek-Tajik partnerships across sectors in 2026.

Uzbekistan and Kazakhstan Plan to Double Rail Freight to 60 Million Tons
Uzbek and Kazakh transport authorities agreed on plans to increase combined rail freight traffic to 60 million tons annually. The initiative includes joint efforts to upgrade rail infrastructure, streamline procedures and boost cargo capacities along key transit corridors. Officials said this growth will support regional trade and logistics efficiency. The plan aligns with broader cooperation frameworks to enhance connectivity between Central Asian markets.

Read more