Uzbek.Review is a publication by EUROUZ.eu

Uzbekistan Update: June 1 - 15, 2026

Tue, 16 Jun 2026 05:11:29 GMT

‘ EUROUZ.EU market report is the most comprehensive regular English-language update on the latest developments in Uzbekistan. Est. 2019, & offering bi-weekly reports online and monthly PDF for subscribers only. Please support us by sharing & subscribing.

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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 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.
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.
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.
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.
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.
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.

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

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AVESTA Overview: May 18 - 22

Wed, 03 Jun 2026 08:56:13 GMT

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

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Uzbekistan Update: May 15 - 31, 2026

Wed, 03 Jun 2026 08:47:41 GMT

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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

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
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

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
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.
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.
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.
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.

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.

Uzbekistan Update: May 1 - 15, 2026

Tue, 19 May 2026 08:58:23 GMT

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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

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
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

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.
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
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.
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.
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.
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.
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.
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.

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

PDF - APRIL 2026: EUROUZ Market Report

Fri, 08 May 2026 12:50:57 GMT

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Uzbekistan Update: April 15 - 30, 2026

Tue, 05 May 2026 07:05:12 GMT

Support by Sharing Uzbek.Review

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

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
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.
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

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.
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.
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.
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.
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.
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.

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.

Uzbekistan Update: April 1 - 15, 2026

Mon, 20 Apr 2026 11:34:05 GMT

Support by Sharing Uzbek.Review

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

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
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
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
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.
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.
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

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
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
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.
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.

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.

PDF - MARCH 2026: EUROUZ Market Report

Tue, 07 Apr 2026 07:34:42 GMT

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

Uzbekistan Update: March 15 - 31, 2026

Fri, 03 Apr 2026 12:19:06 GMT

Support by Sharing Uzbek.Review

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

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)
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
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

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.
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.
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.
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.
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.
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.
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
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.
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.
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.

«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.

Uzbekistan Update: March 1 - 15, 2026

Tue, 17 Mar 2026 10:00:22 GMT

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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

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
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
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
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

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
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.
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.
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.
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.
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.
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.
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.

«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.

AVESTA Overview: February 23 - March 5

Fri, 13 Mar 2026 13:56:36 GMT

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.

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PDF - FEBRUARY 2026: EUROUZ Market Report

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Uzbekistan Update: February 15 - 28, 2026

Tue, 03 Mar 2026 06:59:06 GMT

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

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
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

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
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.
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.
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.
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.
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.
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.
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.

«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.

AVESTA Overview: February 9 - 20

Tue, 24 Feb 2026 09:25:12 GMT

TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 410.7bln UZS across 28,557 transactions. Trading was dominated by Makesense (UZUMN2B3), with the newly issued bond accounting for 375.7bln UZS, representing 91.5% of total turnover.

Bond segment represented 95.9% of total turnover. Microfinance sector remained the core of market activity. Agat Credit (ACMT2B4) generated 12.8bln UZS, equal to 3.1% of turnover, while its other series (ACMT1B2 and ACMT1B) contributed 1.8bln UZS and 642.8mln UZS, respectively. Delta (DMMT2B3) added 823.9mln UZS, and Makesense (UZUMN2B2) registered 604.6mln UZS. Contact Finance (CTFB3B2) followed with 567.7mln UZS, accounting for 0.14% of turnover.

Stock market accounted for 4.1% of total turnover. In particular, O’zbektelekom (UZTL) led with 8.1bln UZS, equal to 1.97% of turnover. O’zRTXB (URTS) followed at 3.1bln UZS, contributing 0.76% turnover. Yo’lreftrans (YRFS) registered 3bln UZS, equal to 0.73% of total turnover.

In performance terms, O’zbektelekom (UZTL) was the standout gainer, at 0.8%, among the listed equities, while Yo’lreftrans (YRFS) posted the sharpest decline by 4.3%. Within bonds, Makesense (UZUMN2B3) showed marginal growth (0.12%), whereas Agat Credit series fell between --0.2% and -1.4%. Delta (DMMT2B3) gained slightly (0.4%), and Contact Finance (CTFB3B2) rose nearly 1%.

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

UzNIF acquired 2.92bln shares of O‘zbekgidroenergo JSC, equal to a 40% stake (292.4bln UZS);
TBC Digital JSC concluded a major transaction with TBC Bank Group PLC on February 4, 2026, valued at 1.6trln UZS (37.58% of net assets);
Elektrqishloqqurilish JSC (EQQU) signed a major deal with Hamkorbank JSCB (HMKB), opening a 50bln UZS bank guarantee line (40.97% of net assets) to support tenders for power line construction; and pledged its building complex as collateral for a 39.7bln UZS facility (32.5% of net assets), under mortgage agreement;
Hamkor Invest Lizing LLC (HKILN3) received approval to issue its third tranche of corporate bonds worth 6.8bln UZS (6,800 units at 1mln UZS each), placed via closed subscription to Gross Insurance JSC and MY‑Insurance JSC;
Best Pipe and Parts JSC approved a major deal on August 5, 2025 to acquire 100% of the state’s stake in Avto Climate Control LLC from UzSAMA, valued at 230bln UZS (196.31% of net assets);
Gidroproekt JSC’s May 2025 issuance of 125,615 ordinary shares (nominal 1,450 UZS; total 182.1mln UZS) was declared invalid on February 9, 2026 by the regulator due to non‑placement within the subscription period;
Hamkorbank JSCB (HMKB) signed a major credit line agreement with FMO (Netherlands Development Bank) worth $100mln (1.23trln UZS), equal to 18.38% of net assets, to finance micro, small, and medium enterprises, with 80% directed to women and youth entrepreneurship and 20% to green economy projects;
Makesense LLC issued 1,000 corporate bonds, each with a nominal value of 300mln UZS, placed via closed subscription through a licensed trading organizer;
Suvsanoatmash JSC resolved to re-auction its Tashkent property complex (40,129 m² buildings and 500 assets) after multiple failed auctions in late 2025-early 2026, reducing the starting price by 10% to 210.35bln UZS including VAT;
M K Leasing LLC approved a 100bln UZS corporate bond issue (1mln bonds at 100,000 UZS each), listed on the Tashkent RSE Main Board, placed via open subscription with yields set in the 18-20% range and fixed 20% coupon over 1,095 days;
O‘z‑SeMyung Ko. JSC, under Presidential Decree on reducing state participation in the economy, amended its charter, following the sale of the state’s 38.54% stake in the Uzbek‑Korean joint venture;
Issiqlikta’minot JSC was registered with an authorized capital of 328.84bln UZS, fully held by the state, with shares to be placed at 1,000 UZS each via privatization platforms for future divestment;
Agrobank JSCB (AGBA) elected Yan Tavrovskiy Leonidovich, who is also President and Board Member at J.P. Morgan Bank International, as an independent member of its Supervisory Board;
Andijonkabel JSC majority shareholder G’ayrat Muxtarov, holding over 50%, offered to sell his shares to the remaining shareholders at the market price of 20,000 UZS per share;
Xorazm Paxta Tozalash JSC and Xonqa Paxta Tozalash JSC entered voluntary liquidation, while Turaqurgon Paxta Tozalash JSC advanced its liquidation process;
Prestige Insurance JSC majority shareholder Kapital Sug‘urta JSC (KASU), holding over 50%, offered to sell its shares to remaining shareholders at market price of 1 UZS per share;
Raqamli Biznes Agregator JSC shareholder Azizbek Xodjayev acquired 20mln shares (100% of capital), becoming sole owner, while OFB Lizing LLC (with 19.35mln shares), was excluded from the list of affiliated persons;
Oltin Yulduz Plus MFO LLC approved a third corporate bond issue of 23,000 units (nominal 1mln UZS each, total 23bln UZS), placed privately via Hamkorbank JSCB (HMKB), Hamkor Sug‘urta JSC, Trust Insurance JSC, and HBCapital LLC;
Aloqabank JSC (ALKB) received a new license from the CBU, authorizing banking activities on a perpetual basis;
Bog‘ot Paxta Tozalash JSC initiated voluntary liquidation effective February 12, 2026;
Raqamli Biznes Agregator JSC had its payment organization license No. 51 suspended by the CBU until 18 August 2026 under clause 47 of the licensing regulation for payment system operators;
Trastbank JSC (TRSB) shareholders approved an increase in authorized capital to slightly over 1bln shares (including 23,000 preferred), set 100% annual dividends on preferred shares, allocated 192bln UZS for ordinary share dividends (192 UZS per share).

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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.

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EMAIL: info@eurouz.com

Uzbekistan Update: February 1 - 15, 2026

Tue, 17 Feb 2026 10:59:49 GMT

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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

Uzbekistan–Serbia Business Forum — February 20, 2026
EUROUZ is pleased to invite its Members and Partners to a special Iftar Reception to be held on 24 February
This gathering will provide an opportunity to come together during the holy month of Ramadan, strengthen professional ties, and engage in meaningful dialogue within the EUROUZ community in a warm and respectful atmosphere. The evening will bring together representatives of member companies, partners, and invited guests for networking and exchange in the spirit of cooperation and mutual understanding.
Date: Tuesday, February 24, 2026
Doors open at 17:30 pm UZT
Location: Hyatt Regency: Khiva Restaurant
Healthcare & Life Sciences Committee Internal Meeting
The session will focus on reviewing recent activities, formally approving the Committee’s white paper, and defining the operational and advocacy priorities for 2026. Particular attention will be given to consolidating the outcomes of previous engagements with government stakeholders and shaping the thematic framework for the next public roundtable planned for spring 2026.
The meeting aims to ensure strategic alignment among Committee members and strengthen structured engagement with regulators and public authorities in support of a predictable and innovation-driven healthcare environment in Uzbekistan.

Exclusive to EUROUZ members
Register here: healthcare-committee.eurouz.events
Uzbekistan–Latvia Business Forum — March 5, 2026
SAVE THE DATE Uzbekistan Economic Update 2026, March 12
Uzbekistan Economic Update 2026 is EUROUZ’s annual flagship high-level economic briefing, convening senior government representatives, international financial institutions, European partners, and the private sector. The event will provide a structured assessment of Uzbekistan’s macroeconomic performance, reform trajectory, and investment outlook for 2026, while fostering open dialogue on economic priorities and sustainable growth.

For further information please contact: events@eurouz.com.
AgroWorld Uzbekistan 2026 - Where AgriBusiness Thrives
On March 25-27, Tashkent will turn into the country’s major meeting point for the agribusiness community. Each March, industry professionals gather to explore cutting-edge technologies, innovative equipment, and practical solutions for livestock, poultry, feed and crop production, and food processing. The exhibition offers unrivalled opportunities to connect with leading companies from Uzbekistan and around the world. Join the experts shaping the agricultural season for the year ahead!

Booths are available via the link,
59th Asian Development Bank Annual Meeting — Samarkand, May 2–5, 2026
First Korea–Central Asia Summit — Autumn 2026
INTERNATIONAL TRANSPORT & LOGISTICS TRADE SHOW 2026
International Transport & Logistics Trade Show on 12–13 March 2026 in Tbilisi, Georgia. Building on the success of the inaugural 2025 edition, the event is set to become an annual flagship platform for the transport and logistics sector, reinforcing Georgia’s position as a strategic regional logistics hub.

A high-level two-day Business Forum will run alongside the exhibition, uniting industry leaders, government representatives, and international partners to discuss key trends shaping the sector, including the Middle Corridor, multimodal transport development, digitalization in logistics, 3PL evolution, infrastructure priorities, and investment opportunities.

Register via email
GITEX Central Asia & Caucasus 2026
We’re proud to announce that the EUROUZ will serve as an Ecosystem Partner of GITEX AI Central Asia & Caucasus 2026. The event will unite leading tech innovators, investors, and policymakers shaping the future of digital transformation across Central Asia and the Caucasus. From AI and fintech to green technologies, GITEX AI Central Asia & Caucasus is set to become the region’s most influential platform for innovation and collaboration

Book Your Space
Pre-Register To Visit
Download Brochure
Iteca Exhibitions – 2025: How the Exhibition Year Impacted Uzbekistan’s Economy
In 2025, Iteca Exhibitions marked 30 years of driving the development of Uzbekistan’s exhibition industry and its wider economic impact. Since 1995, the company has evolved into the country’s leading exhibition organiser, connecting local businesses with international markets and introducing global industry standards. In 2025 alone, the company delivered 20 international exhibitions, 4 flagship forums and 36 seminars, facilitating thousands of business meetings, partnerships and investment opportunities, and welcoming over 100,000 visitors from 75 countries.

Discover how exhibitions are driving Uzbekistan’s economy and business growth.

EUROUZ & MEMBER NEWS

EUROUZ held a working lunch with the Heads of its committees
The discussion focused on ways to further improve the business environment, strengthen cooperation within the EUROUZ community, and enhance the effectiveness of committee work. Particular attention was given to how committees can better support business development, create tangible value for members, and serve as effective platforms for dialogue, expertise sharing, and practical solutions. Participants also discussed opportunities to improve committee structures, identify priority areas for support, and align future activities and events with the evolving needs of businesses operating in Uzbekistan. The meeting contributed to shaping a coordinated approach to committee planning and reinforced the role of committees as a key instrument for engagement and impact within EUROUZ.
EUROUZ held a meeting with EUROBAK
The meeting brought together Julie Kussidi, CEO EUROBAK; Erlan Dosymbekov , EUROBAK Chairman , Managing partner at EY for Central Asia and Caucasus; Pierre-Paul Antheunissens, Chairman of the Board, EUROUZ; Oybek Shaykhov, EUROUZ Board Member; and Atabek Alimdjanov, EUROUZ Secretary General. The discussion focused on strengthening cooperation between the organisations, improving coordination and delegation, and identifying practical ways to jointly support business development. Particular attention was given to how combined expertise and collaborative initiatives can contribute to a more enabling and predictable business environment. The meeting reaffirmed a shared commitment to structured dialogue and partnership as key tools for delivering tangible value to the business community.
EUROUZ held the inaugural meeting of Infrastructure, Industry & Energy Committe
The Committee is designed to serve as a coordinated business platform to consolidate industry positions, develop practical initiatives, and strengthen structured dialogue with government authorities, state-owned enterprises, and international financial institutions across Uzbekistan’s key economic sectors. The discussion enabled members to articulate their positions, raise sector-specific concerns, and provide substantive input to shape the Committee’s mandate. Participants identified priority workstreams for 2026, defined key thematic areas, and mapped relevant public authorities, SOEs, and financial institutions for targeted engagement. The next meeting is planned in an expanded format with the participation of public authorities and international partners.
Event Photos
Press Release
EUROUZ participated in Uzbekistan Construction and Interior Week
The programme offered valuable opportunities for engagement, including numerous business meetings and insightful panel sessions focused on the development and future direction of Uzbekistan’s construction sector.
During the event, EUROUZ held meetings with Knauf, Çeliker Holding, International Innovative Technologies, Alliance Group, and CEMBOARD RPS GmbH. The exhibition serves as an important platform for showcasing innovation, strengthening international cooperation, and supporting the sustainable growth of the construction industry. EUROUZ values the opportunity to be part of this dialogue and looks forward to continued cooperation with its members and partners.
EUROUZ Holds Meeting with Euronews Representatives
EUROUZ Secretary General Atabek Alimdjanov held a meeting with representatives of Euronews in Uzbekistan Mr. Kjell Stein, International Sales Director of Euronews, and Mr. Anatoliy Aleksandrov, Chief Operating Officer (Euronews Tashkent). The discussion focused on potential areas of cooperation, including possible co-organization of events and selected joint initiatives. The parties also exchanged views on communication efforts and ways to increase the visibility of European business activities in Uzbekistan and the broader Central Asian region. The meeting provided an opportunity for an open exchange on practical formats of interaction. Both sides agreed to remain in contact and explore feasible steps for future collaboration.
EUROUZ Board Member Meets with DG INTPA Representative in Brussels
On 12 February, Member of the Board of EUROUZ, Oybek Shaykhov, met with Charlotte Adriaen, Head of Unit for Central Asia and Afghanistan at the Directorate-General for International Partnerships (DG INTPA), in Brussels, following her visit to Uzbekistan. The meeting focused on coordinating action points and aligning upcoming plans with the European Commission and DG INTPA, in view of key joint engagements scheduled throughout the year. Discussions covered priority areas of EU–Uzbekistan economic cooperation and explored avenues for structured engagement, joint initiatives, and high-level events aimed at strengthening business dialogue and institutional partnerships. Particular emphasis was placed on ensuring alignment between European institutions and the European business community active in Uzbekistan.
EUROUZ member Gafurov, Kardash & Partners Completes Growth and Transformation Strategy 2030 for UET Construction
Gafurov, Kardash & Partners announced the completion of the “Growth and Transformation Strategy 2030” for UET Construction. The project was delivered jointly with TOP Consulting Solutions to support the company’s long-term growth agenda. The partners combined strategic, operational, and transformation expertise during the development process. The strategy defines the company’s development priorities through 2030.
Eurouz member CLAAS Expands Cooperation with Uzbekistan
Uzbekistan’s Ministry of Investment, Industry and Trade held talks in Tashkent between Deputy Minister Akram Aliyev and Michael Bayer, Vice President for Eastern Europe at CLAAS. The sides reviewed the current status of their partnership and outlined priorities for further industrial collaboration. Discussions focused on localization, new assemblies, new model launches, and expansion of production capacity. Both parties confirmed interest in implementing new joint projects.
EUROUZ Member Montfort Eurasia Delivers Digital Training to Uzbekistan Central Bank
Montfort Eurasia conducted a training session for employees of the Central Bank of Uzbekistan on digital and professional communications. The programme focused on managing LinkedIn profiles and strengthening professional online engagement. Participants received guidance on networking practices and aligning personal visibility with institutional communication goals. The initiative supports the Bank’s efforts to develop internal communications and enhance staff professional development.
EUROUZ member ACWA Power Launches Riverside 500 MWh BESS in Uzbekistan
ACWA Power announced the early commissioning of the Riverside battery energy storage system in Uzbekistan. The 500 MWh/334 MW BESS complements an existing 200 MW solar photovoltaic plant. The facility began operations ahead of schedule. The project expands the country’s energy storage capacity and supports integration of renewable power into the grid.
EUROUZ member Voltalia Discusses Wind and Storage Projects in Uzbekistan
On 11 February in Tashkent, Investment Minister Laziz Kudratov met with Yoni Ammar, Deputy CEO of Voltalia, to review renewable energy cooperation. The talks focused on wind power generation and development of energy storage systems. The sides discussed expanding collaboration, improving coordination, and ensuring timely implementation of joint projects. Both parties confirmed readiness to strengthen strategic partnership and continue dialogue.
EUROUZ member European Bank for Reconstruction and Development Finances €15 Million Expansion of Green Line Trading in Uzbekistan
Four days ago, the EBRD announced a financing package of up to €15 million to support the expansion of Green Line Trading, a distributor of packaged foods and beverages in Uzbekistan. The package includes a loan of up to €9 million for working capital and up to €6 million for construction of a 16,128 square metre Class B warehouse. The project receives up to €259,000 in concessional finance under the FINTECC programme to install 400 kW solar panels and related measures. The expansion will double distribution capacity, reduce annual CO2 emissions by 467 tonnes, and support growth to 30,000 retail outlets nationwide.
EUROUZ Members SUEZ and Voltalia Meet DPM of Uzbekistan on Strategic Projects
Uzbekistan’s government held separate meetings with EUROUZ member companies SUEZ and Voltalia to advance key infrastructure and energy initiatives. Talks with SUEZ focused on digitalizing Tashkent’s water supply system, expanding smart metering, and developing phased water treatment and hazardous waste projects. Discussions with Voltalia reviewed renewable energy and storage projects, emphasizing regulatory timelines and financing conditions. Both sides agreed to accelerate procedures to move projects toward implementation.
EUROUZ welcomes a New Member – TechCount
TechCount is an expert partner for launching and operating a business in Uzbekistan, acting as a comprehensive guide for navigating the local legal, financial, and administrative landscape. As a resident of IT Park Uzbekistan, TechCount provides access to one of the country’s most attractive tax regimes, including a 0% rate on corporate income tax, VAT, and customs duties. TechCount offers a full range of professional services, including company registration, accounting outsourcing, HR and payroll services, and legal support.
EUROUZ welcomes a New Member – Alvarez & Marsal (A&M)
Alvarez & Marsal is a leading, independent global professional services firm with more than 90 offices across 43 countries and over 12,000 professionals worldwide. For decades, A&M has supported organisations in improving business results, enhancing operating performance, maximising stakeholder value, and delivering sustainable financial impact through deep operational, performance improvement, and turnaround expertise combined with top-tier consulting and industry experience. In the Central Eurasia and Middle East region, A&M maintains a strong on-the-ground presence through its offices in Tashkent, Astana, Istanbul, and Dubai, enabling close collaboration with clients and partners.
EUROUZ is pleased to welcome - Rhenus Intermodal Systems
Rhenus Intermodal Systems specializes in the organization of containerized transport to and from Central Asia, combining a strong carrier-oriented approach with innovative logistics solutions tailored to the needs of international clients. The company provides reliable and efficient freight forwarding services, with a particular focus on intermodal and rail-based connectivity across the region. As part of the Rhenus Group, founded in 1912 and operating in more than 70 countries with over 1,330 locations and approximately 41,000 employees worldwide, Rhenus brings extensive global expertise and a long-standing tradition in logistics and supply chain management. Active in Uzbekistan since 1997, Rhenus operates offices in Tashkent and Andijan, offering a comprehensive service portfolio that includes container transportation, rail freight solutions, oversized and project cargo handling, as well as regional road transport services.

«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–EU Subcommittee Reviews Cooperation Priorities at Eighth Meeting

On February 9, the eighth session of the bilateral body took place at Uzbekistan’s Ministry of Investment, Industry and Trade with participation from national agencies and an EU delegation led by Ambassador Toivo Klaar and Charlotte Adriaen of DG INTPA. The sides assessed current engagement and defined areas for further partnership. Talks covered investment, trade, industry, digitalization, energy, environment, agriculture, education, civil society, gender equality, and regional cooperation. Participants stressed joint action to support sustainable development and public services. Both sides confirmed plans to continue dialogue and implement agreed measures.

Germany to deepen strategic ties with Central Asian

On February 16, 2026, German Foreign Minister Johann Wadephul addressed a summit in Berlin with Central Asian foreign ministers. He called on regional governments to intensify efforts to prevent the circumvention of sanctions imposed on Russia and to coordinate closely with the European Union. Participants adopted the Berlin Declaration reaffirming commitment to strengthening German–Central Asian cooperation. The initiative aims to align regional policies with EU measures and expand bilateral engagement.

Uzbekistan and Poland to Develop Logistics Hubs for European Re-export
Uzbek and Polish officials agreed to establish logistics hubs in Tashkent Region and Poland’s Mazovia Voivodeship to boost re-exports of goods to Europe. The Uzbek ambassador in Poland outlined plans to leverage Poland’s geographic position to facilitate Eurasian trade and ease current logistical disruptions. Presidents of both countries backed the initiative following enhanced EU–Uzbek partnership agreements. The cooperation aims to cut transport costs and improve freight efficiency between Central Asia and European markets. Further planning will define infrastructure and corridor development.

1.2 CENTRAL ASIA, CAUCASUS & CIS

1.3 RUSSIA & CHINA

Uzbekistan–China Regional Cooperation Expanded in Green Development
Officials from Uzbekistan’s Embassy in Beijing visited the Ningxia Hui Autonomous Region in northern China to strengthen interregional cooperation. The visit produced an agreement to send focused delegations from Ningxia to Uzbekistan to explore joint projects in combating desertification and boosting agriculture and sustainable development. Participants included regional authorities, scientists, business leaders, and experts from both sides. The cooperation aims to enhance environmental protection and share best practices. Follow-up meetings with ministries and companies are planned to advance practical collaboration.

British Operator Launches Silk Road Luxury Train Service
A UK tour operator has introduced The Great Silk Road by Train, a new luxury rail itinerary connecting Beijing and Tashkent over 3,862 km through five countries. The 22-day journey showcases major historical and cultural sites in China, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan. Prices start at $50,700 per person, including accommodation, meals, excursions, and insurance. The inaugural departure is scheduled for September 21–October 12, 2026.

AVESTA Overview: January 26 - February 6

Thu, 12 Feb 2026 11:59:26 GMT

TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of nearly 1.1trln UZS across 27,172 transactions. ASAK4B5 newly issued bond dominated the market with 1trln UZS in trading volume.

Bonds accounted for 99.3% of total turnover. ASAK4B held 94.5% out of that, from one transaction. Excluding this outlier, active bond trading accounted for 51.8bln UZS in total. Makesense (UZUMN2B2) registered nearly 32bln UZS, equal to 3% of total turnover. Biznes Finans (BFMT2B5) contributed 10.1bln UZS, comprising nearly 1% of total turnover. Agat Credit (ACMT2B4) generated 4.1bln UZS, accounting for 0.4% of overall turnover, while Contact Finans (CTFB3B2) totaled 3.7bln UZS, representing 0.4%. Delta (DMMT2B3) registered 902.5mln UZS, equal to 0.1% of turnover. Without Asakabank (ASAK4B), bonds accounted for 88.2% of total turnover.

Stocks accounted for just 0.7% of turnover, equal to 6.9bln UZS. O’zbektelekom (UZTL) led equity trading with 2.4bln UZS, representing 0.2% of total market turnover. O’zRTXB (URTS) followed with 1.3bln UZS, contributing 0.1% of turnover. Hamkorbank (HMKB) generated 1.1bln UZS, equal to 0.1% of total activity. O’zbekiston sanoat-qurilish banki (SQBN) common shares added 489.8mln UZS, accounting for nearly 0.1% of turnover. Remaining stocks collectively contributed 1.6bln UZS, representing 0.2% of market activity.

In the equity market, O’zRTXB (URTS) posted the strongest gain at 4.9%, while Hamkorbank (HMKB) declined 0.8% and O’zbekiston sanoat-qurilish banki (SQBN) fell 0.6%. O’zbektelekom (UZTL) dropped sharply by 2.91%. Bond market performance was mixed: Biznes Finans (BFMT2B5) led gains at 2.3%, followed by Agat Credit (ACMT2B4) at nearly 1% and Contact Finans (CTFB3B2) at 0.1%. Makesense (UZUMN2B2) declined nearly 3%, and Delta (DMMT2B3) fell -1.4%.

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

Asakabank JSC (ASBU) included in the listing of the Republican Stock Exchange “Toshkent” on 3 Feb 2026;
Hamkormazlizing LLC approved the third issue of corporate bonds worth 22.5bln UZS (22,500 units at 1mln UZS each), placed via closed subscription to Hamkor Sug‘urta, Apex Insurance, and Kafolat Insurance;
Contact Finance LLC included in the listing of the Republican Stock Exchange “Toshkent” on 2 Feb 2026;
Ipoteka‑bank JSCB added OTP Avtosanoat Finance LLC in its list of affiliated persons;
O‘zenergota’minlash JSC sold goods worth 150bln UZS to Navoi IES JSC (245.01% of net assets), 100bln UZS to Toshkent IES JSC (163.34% of net assets), and collectively around 148bln UZS to Taxiatosh IES JSC;
IT UNISOFT GROUP JSC disclosed the voluntary return and annulment of its CB license for operating a payment system;
O‘zbekiston temir yo‘llari JSC excluded Temir yo‘l ekspress LLC from its list of affiliated entities;
Andijonkabel JSC approved the sale of its 100% stake in AnSam Kabel LLC (Kazakhstan), with a nominal value of 200,000 KZT, for 5,000,000 UZS;
Navoiy kon-metallurgiya kombinati (NKMK) JSC reduced its registered ordinary shares from 77.79mln to 73.68mln and total issue volume from 77.79bln UZS to 73.68bln UZS;
TBC Bank JSC removed David Gabelashvili as Deputy Chairman of the Management Board and Chief Financial Officer;
Uychi Paxta Tozalash JSC approved voluntary liquidation measures, including the transfer of its 2.07% stake in Baraka Paxta Tex LLC to Namanganpaxtasanoat JSC, settlement of creditor obligations, and allocation of unpaid dividends to the Central Securities Depository;
KDB Bank Uzbekistan disclosed a purchase of 2.2trln UZS in bonds from the CBU;
Ipoteka-bank JSCB (IPTB) added OTP Avtosanoat Finance LLC as an affiliated entity.
Andijonkabel JSC updated its list of affiliated entities, excluding Samarskaya Kabelnaya Kompaniya LLC (Russia), while shareholder Muxtarov G‘ayrat Erkinovich acquired 1,120,100 shares (96.41% of charter capital, valued at 12bln UZS).

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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.

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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).

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PDF - JANUARY 2026: EUROUZ Market Report

Mon, 09 Feb 2026 08:08:46 GMT

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Uzbekistan Update: January 15 - 31, 2026

Wed, 04 Feb 2026 05:55:03 GMT

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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 Infrastructure, Industry & Energy Committee Initiation Meeting
As Uzbekistan advances its economic diversification and industrial modernisation, infrastructure quality, industrial competitiveness, and energy security have become key drivers of sustainable growth and investment attractiveness.
In response, EUROUZ has established the Infrastructure, Industry & Energy Committee as a dedicated platform for structured dialogue, expert exchange, and policy-oriented cooperation. The Initiation Meeting will introduce the Committee’s mandate, governance framework, and priority areas for the 2026 work programme.
The meeting will also set the foundation for structured B2B, B2G, and expert-level cooperation, supporting investment-friendly frameworks and international best practices across the three sectors.
Date: 6 February 2026
Duration: 14:00 pm - 16:00 pm (UZT)
Venue: U-ENTER Innovation Center
Register here
2. Webinar “EU Raw Materials Mechanism Platform”
As part of the RESourceEU Action Plan launched in December 2025, the EU is introducing a new Raw Materials Mechanism. This initiative is designed to help companies secure supplies of strategic raw materials, aggregate demand, and connect industrial off-takers with global suppliers and financial institutions.
DG GROW and DG ENER will host a technical workshop to explain the mechanism’s features, the registration process, and the details of the first diversification round scheduled for March.
Date: Wednesday, 11 February 2026
Time: 14:30 – 16:30 CET
Platform: Online

Register here
Tashkent Brings Regional Leaders Together to Address Water Scarcity in Central Asia
Hosted by the Government of the Republic of Uzbekistan, the International Water Forum — Tashkent Water Week 2026 — provides a high-level platform for dialogue on the most pressing water challenges facing Central Asia. The Forum focuses on advancing regional cooperation, promoting sustainable water management approaches, and supporting long-term water security and economic growth across the region.
Be part of the change — join collective efforts in Tashkent to foster meaningful dialogue, and help shape practical, future-oriented solutions for the water sector.
Find out why you should be there at https://tashkentwaterweek.uz/en/main
Participation request form: https://tashkentwaterweek.uz/en/request-form
GITEX Central Asia & Caucasus 2026
We’re proud to announce that the EUROUZ will serve as an Ecosystem Partner of GITEX AI Central Asia & Caucasus 2026. The event will unite leading tech innovators, investors, and policymakers shaping the future of digital transformation across Central Asia and the Caucasus. From AI and fintech to green technologies, GITEX AI Central Asia & Caucasus is set to become the region’s most influential platform for innovation and collaboration

Book Your Space
Pre-Register To Visit
Download Brochure
Iteca Exhibitions – 2025: How the Exhibition Year Impacted Uzbekistan’s Economy

In 2025, Iteca Exhibitions marked 30 years of driving the development of Uzbekistan’s exhibition industry and its wider economic impact. Since 1995, the company has evolved into the country’s leading exhibition organiser, connecting local businesses with international markets and introducing global industry standards. In 2025 alone, the company delivered 20 international exhibitions, 4 flagship forums and 36 seminars, facilitating thousands of business meetings, partnerships and investment opportunities, and welcoming over 100,000 visitors from 75 countries.

Discover how exhibitions are driving Uzbekistan’s economy and business growth.

EUROUZ & MEMBER NEWS

EUROUZ supported and facilitated the participation of the President of Uzbekistan at the World Economic Forum in Davos
Upon arrival, the President was welcomed by Dorit Salis Probst, Managing Director of JCC and a EUROUZ member and partner in Switzerland. His programme comprised a full agenda of high-level engagements over a one-and-a-half-day stay in Davos.
During the visit, the President met separately with EUROUZ member representatives, including the President of the EBRD, Mrs. Odile Renaud-Basso, and Polpharma Board Member Mr. Jerzy Starak.
The discussion with Mr. Starak focused on Polpharma’s expanding presence in Uzbekistan and the company’s future investment and development plans in the country.

Looking ahead, EUROUZ is already developing plans to support the establishment of an Uzbekistan House (Pavilion) in Davos in 2027. Interested parties are invited to contact the EUROUZ Secretariat for further engagement.
EUROUZ members, The Coca-Cola Company hosted the FIFA World Cup 2026™ Trophy Tour in Tashkent.
The FIFA World Cup 2026™ Trophy was presented in Uzbekistan, bringing together business leaders, sports institutions, and international partners ahead of the tournament hosted by the United States, Canada, and Mexico. EUROUZ representatives met with Mr. Otabek Umarov of the Olympic Council of Asia and Mr. Kazamusa Mukae, CEO of Coca-Cola Uzbekistan, underscoring opportunities for cross-sector collaboration and enhancing Uzbekistan’s international profile through sports and global partnerships.
EUROUZ and SCHNEIDER GROUP Discuss Tax and Legal Frameworks for Uzbekistan Construction
SCHNEIDER GROUP and EUROUZ have hosted a business breakfast on modern tax and legal security in Uzbekistan’s construction sector, focusing on upcoming 2026 legislative changes, compliance, and investor confidence. Opening remarks were delivered by EUROUZ Secretary General Atabek Alimdjanov and SCHNEIDER GROUP Founder Ulf Schneider, followed by expert insights from tax and legal specialists and practical market perspectives from industry leaders. The event reinforced collaboration to support informed decision-making and sustainable development in Uzbekistan’s construction industry.

Event Photos
Press Release
Intelligent Building Expo Tashkent 2026 to Boost Uzbekistan’s Smart Infrastructure Market
EUROUZ participated in a press conference announcing the launch of Intelligent Building Expo Tashkent 2026 and Messe Frankfurt’s entry into the Uzbek market via BMCA. The event introduced three major international exhibition brands — ISH, Light + Building, and Intersec — to Central Asia under a unified platform. Scheduled for 20–22 May at UzExpoCentre, the expo will host over 250 companies from 20 countries, showcasing engineering systems, smart building technologies, and digital infrastructure solutions, reinforcing Uzbekistan’s role as a regional hub for advanced engineering.
More about the scheduled exhibition event via the link.
EUROUZ participated in the New Year opening meeting of the Energy Sector Working Group of the Foreign Investors Council (FIC) under the President of the Republic of Uzbekistan.
During the meeting, participants discussed key priorities for 2026, ongoing reforms in the energy sector, and areas for enhanced engagement between international investors and public institutions. In addition, a separate bilateral meeting was held at the FIC Office, providing an opportunity for more in-depth discussions. During these engagements, EUROUZ and the Foreign Investors Council reviewed the structure and mandates of their respective committees and working groups, and considered how they could cooperate and operate more effectively going forward. The exchange focused on potential formats of interaction, coordination mechanisms, and opportunities for joint initiatives in the future.
EUROUZ Member Ipoteka bank OTP Group Joins International Factoring Network FCI
Ipoteka bank OTP Group announced it became a member of Factors Chain International (FCI), expanding its role in global factoring and trade finance. The bank joins a network of more than 400 institutions across over 90 countries, enabling broader support for export and external trade financing. This membership is expected to strengthen collaboration with foreign financial partners and introduce international factoring standards. Corporate clients could benefit from enhanced financial solutions, including export contract financing. The move aligns with efforts to deepen Uzbekistan’s integration into global financial markets.
EUROUZ Member Voltalia starts of construction of the Agrisolarplov pilot project

The Agrisolarplov project, as it is named, is the first agrivoltaics installation not only in Uzbekistan but also in Central Asia. With a peak power installation of 500 kW, this pilot project will be seen as a showroom and will serve as a demonstrator. It has been developed in partnership with the National Center for Agricultural Knowledge and Innovation (AKIS), the Research Institute for Vegetables, Melons and Potatoes, as well as Renicop and Abrest Energy Engineering, the two local companies involved for its construction, and will aim at demonstrating the potential of agrivoltaics technology and showcasing its scalability for broader adoption across the country.
EUROUZ welcomes a New Member - Škoda Group
Škoda Group, a leading European transportation engineering company owned by PPF Group, specialises in electric and battery-powered trams, metro systems, buses, and advanced control solutions. With a focus on sustainable mobility and digital innovation, the company promotes low-emission urban transport. EUROUZ aims to support collaboration with Škoda Group to bring European expertise in smart mobility and environmentally responsible transport solutions to Uzbekistan and the broader region.
EUROUZ welcomes a New Member - SIAD Macchine Impianti S.p.A
SIAD Macchine Impianti S.p.A., a leading Italian engineering firm specializing in industrial plants, has maintained a Representative Office in Uzbekistan since 2022, underscoring its commitment to the local market. The company provides solutions across air separation, LNG, CO₂ capture, biogas upgrading, and sustainable energy systems. With a 2024 turnover of €275 million and 584 employees, SIAD Macchine Impianti aims to strengthen collaboration between European engineering expertise and Uzbekistan’s industrial and energy sectors.

«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

Shavkat Mirziyoyev Meets Giorgia Meloni in Tashkent

Uzbekistan’s President Shavkat Mirziyoyev held talks with Italian Prime Minister Giorgia Meloni during her stopover in Tashkent to strengthen the Uzbekistan–Italy strategic partnership. They discussed expanding economic, cultural, and scientific cooperation and noted increasing trade and joint ventures. Both sides agreed on labor migration quotas and upcoming initiatives including strategic dialogue and intergovernmental meetings. Plans include cultural exchanges such as cinema days and participation in the Venice Biennale. An official visit by Meloni was also invited.

1.2 CENTRAL ASIA, CAUCASUS & CIS

Uzbekistan and Turkey Agree to Raise Trade Turnover to $5 Billion

Uzbekistan’s President Shavkat Mirziyoyev and Turkey’s President Recep Tayyip Erdoğan met in Ankara to discuss expanding bilateral cooperation in economic, transport, and migration sectors. They agreed to broaden the list of goods under the preferential trade agreement and target raising two-way trade turnover to $5 billion in coming years. Officials signed multiple cooperation agreements covering sectors including transport corridors and economic zones. The deal aims to deepen strategic partnership and support regional economic integration. Implementation roadmaps are to be approved by both governments.

Uzbekistan Agrees with Turkey on Legal Work Permits and Migration Measures
Uzbek and Turkish labor and migration officials reached agreements to improve legal employment opportunities for Uzbek nationals in Turkey, including issuing work permits from March 1 to residents who have lived in Turkey for at least three years. The agreements continue the practice of legalizing undocumented Uzbek residents without deportation and include centralized skills demand lists and visa procedures. A Turkish company committed to hiring about 2,500 Uzbek construction workers for projects in Ankara in 2026. These measures aim to regularize labor migration and expand employment avenues for Uzbek workers abroad.

Uzbekistan, Turkey Foreign Ministers Pledge Broader Strategic Cooperation

Uzbek and Turkish foreign ministers reaffirmed plans to deepen collaboration across security, economic, and connectivity areas following the 4th Joint Strategic Planning Group meeting in Ankara. They agreed to enhance cooperation in trade, investment, energy security, transport links, counterterrorism, and cultural exchange. The ministers emphasized the significance of the Trans-Caspian East–West Middle Corridor and supported trilateral cooperation involving Azerbaijan. They also highlighted joint efforts within international organizations and mechanisms of the Turkic world to strengthen ties.

Uzbekistan and Turkey Sign 2026 Military Cooperation Plan
Uzbekistan and Turkey signed a comprehensive military cooperation plan for 2026, outlining joint exercises, personnel training exchanges, and technical collaboration between their armed forces. The agreement was signed by the respective defense ministers on January 20, following bilateral talks on regional security and defense industry cooperation. It also includes cooperation in military medicine and professional development. Officials said the plan supports the broader strategic partnership and prepares for upcoming high-level strategic cooperation talks by both presidents.

1.3 RUSSIA & CHINA

Uzbekistan to Host Chinese-Backed Logistics Hub in Tashkent
Tashkent city officials signed a memorandum with China’s Shihezi National Economic Zone to establish a Chinese-backed logistics hub and exhibition centre in the Uzbek capital. The agreement aims to increase trade activity among industrial zone residents and attract new investment. It also includes plans for regular business visits between Uzbek and Chinese partners. Uzbekistan handled over 2.8 million tonnes of international freight and transit in 2025, highlighting logistic growth. Implementation steps will outline operational and investment frameworks.

Uzbekistan and Russia’s Rosatom Discuss Expansion of Nuclear Cooperation

Uzbekistan’s President Shavkat Mirziyoyev met with Rosatom Director General Alexey Likhachev to review progress on the country’s nuclear power plant project and expand cooperation in peaceful nuclear technologies. They noted that construction work on the first low-capacity reactor building began in October 2025 and discussed boosting collaboration in agriculture, healthcare, and scientific research. An advanced engineering school for nuclear technology specialists has opened at the Tashkent branch of MEPhI. Both sides agreed to deepen joint efforts in personnel training and implementation of related projects.

AVESTA Overview: January 12 - 23

Thu, 29 Jan 2026 09:45:03 GMT

TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 24.5bln UZS across 37,334 transactions.

Bonds accounted for 59.7% of total turnover. The newly issued Agat Credit bond (ACMT2B4) dominated this segment at 53.3%, generating over 13bln UZS in trading volume across 374 transactions. Another Agat Credit bond (ACMT1B) represented 2% of turnover with 494.4mln UZS in trading volume, while the Imkon Finans bond (IFMT4) registered 235mln UZS, equal to nearly 1% of total turnover. Other bonds collectively represented 3.4% of turnover.

Stocks accounted for 40.3% of total turnover. O’zbektelekom (UZTL) led the equity segment with 3.2bln UZS in trading volume, representing 12.9% of turnover. O’zRTXB (URTS) captured 8.8% of turnover from 2.2bln UZS in trading volume. Hamkorbank (HMKB) led in transaction volume with 4,125 deals totaling 1.2bln UZS, or 5.1% of total turnover. O’zbekiston sanoat-qurilish banki (SQBN) showed 457.4mln UZS in trading volume before trading was temporarily suspended on the TSE due to a sharp share price increase, pending analysis of underlying factors. O’zmetkombinat (UZMK) held a 1.8% share of total turnover, O’zbekinvest (UZINP) 1.6%, and Chilonzor buyum savdo kompleksi (CBSK) 1%.

During the period, all top 10 securities by volume posted price increases except for Imkon Finans (IFMT4) bonds, which declined 0.3%. O’zbekiston sanoat-qurilish banki (SQBN) registered a substantial 80.3% share price increase before trading was suspended. O’zmetkombinat (UZMK) gained nearly 18%, while Hamkorbank (HMKB) rose 16%. The newly issued Agat Credit bond (ACMT2B4) showed a 0.8% price increase within two weeks of commencing trade.

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

UzNIF approved amendments to its securities issuance, reducing ordinary shares from 6.53trln to 3.91trln units, with total issue volume adjusted accordingly;
Guliston paxta tozalash JSC approved transfer of its 1.99% stake in Baraka Paxta Tex LLC to Sirdaryopaqtasanoat PJSC to settle creditor obligations, with shareholder buyback rights set at 34,000 UZS per share;
Tadbirkorlikni rivojlantirish kompaniyasi JSC directed 95% of its 2024 net profit (123.2bln UZS (https://openinfo.uz/facts/6/13538)) toward raising charter capital, with the new shares subscribed by the Ministry of Economy and Finance;
Temiryolekspress JSC approved merger with Temir yo‘l ekspress LLC, assuming all contractual obligations as legal successor;
Toshkent shahar suv ta’minoti JSC approved 2026 preservation cost allocations totaling 44.2bln UZS, to be reflected in water service tariffs and transferred daily to Uzsuvta’minot JSC accounts;
Beshkent paxta tozalash JSC approved transfer of its 3.34% stake in Baraka Paxta Tex LLC (valued at 9.17bln UZS) to Uzpaxtasanoat JSC or Qashqadaryopaxtasanoat PJSC;
Kapitalbank JSC (KASU) updated its list of affiliated persons to include Kapital Securities LLC as a direct holding entity effective 16 Jan 2026;
Asakabank JSC (ASBU) issued 2,000 corporate bonds totaling 1trn UZS, registered 20 Jan 2026, via public subscription;
Contact Finance LLC approved issuance of 100,000 corporate bonds totaling 10blnUZS, registered 20 Jan 2026, via public subscription;
Tad Industries JSC approved acquisition of 50% stake in TAD INVEST LLC for 50mln UZS from Baxtiyor Umarov;
Semurg Insurance LLC had its insurance license (No. 1081744) suspended by the NAPP on 16 Jan 2026 due to regulatory violations; suspension effective until 28 Jan 2026;
NBU Invest Group JSC approved charter capital reduction by transferring claims worth 48.6bln UZS and 3.74bln UZS in cash to NBU, tied to full and partial stakes in Zominsоy Development Invest 2 and 3 LLCs;
Yangi Bank JSC had its operations terminated by resolution of the CBU on 15 Jan 2026, with creditor claims accepted until 16 Mar 2026;
Orgres JSC disclosed that Eurasian Engineering Company LLC acquired a 25.37% stake (169,153 shares) as of 15 Jan 2026;
Beruniy Paxta Tozalash JSC and Tortkol Paxta Tozalash JSC approved transfer of its 3.64% stake in Baraka Paxta Tex LLC to Qoraqalpoqpaxtasanoat LLC to settle creditor obligations;
Asakabank JSC (ASBU) approved its 5th corporate bond issuance worth 1trln UZS (2,000 bonds, 500mln UZS each, 18% yield, 5‑year maturity);
O‘zIQMK JSC (IQMK) shareholders approved a 40bln UZS affiliated loan agreement with Oʻzmilliybank JSCB to refinance the mortgage portfolio;
Biznes Finans Mikromoliya Tashkiloti LLC issued 100,000 corporate bonds worth 10bln UZS;
Andijonpaxtasanoat JSC shareholders approved the transfer of minority stakes in affiliated cotton-processing entities to settle creditor obligations, with subsequent consolidation into Uzpaxtasanoat JSC;
Hududgazta’minot JSC approved the issuance of 31.8mln corporate bonds worth 31.8bln UZS, to be listed on Tashkent RSE;
Toshkent Viloyati Suv Ta’minoti JSC merged with Musaffo Obi Hayot Magistral Suv Ta’minoti JSC, exchanging shares at a 2,500:1 ratio and issuing 1.42mln new shares worth 7.12bln UZS to sole shareholder O‘zsuvta’minot JSC;
Kapital Sug‘urta JSC (KASU) disclosed acquisition of a 55.17% controlling stake (36bln UZS) in Prestige Insurance JSC;
Dashtobod Paxta Tozalash JSC shareholders resolved to cease operations effective Dec 31, 2025, with creditor claims accepted until Jun 30, 2026;
Buxoro viloyat Agrokimyohimoya JSC shareholders extended voluntary liquidation by six months, and confirmed disposal of obsolete assets.

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