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PDF - APRIL 2026: EUROUZ Market Report

Fri, 08 May 2026 12:50:57 GMT

EUROUZ.EU monthly country report is the most comprehensive regular English-language update on the latest developments in Uzbekistan. Published monthly since October 2019. Please support us by subscribing.

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Uzbekistan Update: April 15 - 30, 2026

Tue, 05 May 2026 07:05:12 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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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 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.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?
Not a member yet?
Join EUROUZ to access exclusive market support for your business activities in the country.

1. INTERNATIONAL COOPERATION

1.1 EUROPE

Uzbekistan Targets $1 Billion Trade With Czech Republic

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

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

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

1.2 CENTRAL ASIA, CAUCASUS & CIS

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

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

Uzbekistan Update: April 1 - 15, 2026

Mon, 20 Apr 2026 11:34:05 GMT

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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.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?
Not a member yet?
Join EUROUZ to access exclusive market support for your business activities in the country.

1. INTERNATIONAL COOPERATION

1.1 EUROPE

Uzbekistan Holds Spain Business Forum to Expand Economic Cooperation

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

1.2 CENTRAL ASIA, CAUCASUS & CIS

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

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

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

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

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

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

PDF - MARCH 2026: EUROUZ Market Report

Tue, 07 Apr 2026 07:34:42 GMT

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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.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?
Not a member yet?
Join EUROUZ to access exclusive market support for your business activities in the country.

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

1. INTERNATIONAL COOPERATION

1.1 EUROPE

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

1.2 CENTRAL ASIA, CAUCASUS & CIS

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

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

Key agreements and agreements signed during the summit included:

Top-Level Agreements

Joint Statement on Deepening Strategic Partnership and Allied Relations: Signed by Presidents Shavkat Mirziyoyev and Emomali Rahmon.
Protocol on Amendments to the Intergovernmental Agreement on the establishment of the Uzbekistan – Tajikistan Investment Company.

Economic and Trade Agreements

Program to Increase Trade Turnover: Aimed at strengthening bilateral trade.
Industrial Cooperation Program: Focusing on enhancing industrial partnerships.
Agreement on the Mutual Use of Electronic Systems for certification of the origin of goods.
Agreement on Cooperation in the Use of the “E-Permit” information system.

Plans and Roadmaps (2026-2028)

Action Plan for Industry and Innovation (2026–2028): Focused on industrial development and technical collaboration.
Action Plan for Mining and New Technologies (2026–2028): Targeted at developing the mining sector.
Roadmap for Development of Cooperation in Tourism (2026–2028): To boost tourism exchange.
Roadmap for Further Development of Cooperation in the Agro-Industrial Complex (2026–2028).
Action Plan for Cooperation in Culture (2026–2027)

Mirziyoyev Receives Kazakh Foreign Minister to Advance Strategic Partnership

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

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

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.

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

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

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?
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Join EUROUZ to access exclusive market support for your business activities in the country.

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

1. INTERNATIONAL COOPERATION

1.1 EUROPE

Uzbekistan–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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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.

Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?
Not a member yet?
Join EUROUZ to access exclusive market support for your business activities in the country.

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

1. INTERNATIONAL COOPERATION

1.1 EUROPE

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

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Uzbekistan Update: January 1 - 15, 2026

Tue, 20 Jan 2026 11:07:56 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

February 10-12, 2026 27th Uzbekistan International Construction Exhibition - UzBuild 2026
UzBuild 2026 Kicks Off the Spring Exhibition Season at its Traditional Venue
Every year UzBuild brings together those who design, build, supply and make decisions. Join the region’s three premier construction events and become part of the international community that is driving the industry forward:
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
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Iteca Exhibitions – 2025: How the Exhibition Year Impacted Uzbekistan’s Economy

EUROUZ & MEMBER NEWS

EUROUZ together with KPMG Uzbekistan held the Banking, Regulation & Economic Affairs Committee Seminar “Amendments to the Tax Legislation of Uzbekistan”
The seminar brought together representatives of regulators, financial institutions, and EUROUZ member companies to discuss Uzbekistan’s evolving tax and regulatory framework. Opening remarks by EUROUZ Secretary General Atabek Alimdjanov and Board Member Oybek Shaykhov emphasized the value of structured dialogue during ongoing economic and legislative reforms. The expert programme, led by KPMG Uzbekistan specialists, covered tax amendments, incentives, compliance, and transfer pricing. The event reaffirmed EUROUZ’s and KPMG Uzbekistan’s commitment to transparency, investor confidence, and sustainable economic development.

Event Photos \ Press Release
EUROUZ welcomes a New Member - Paynet
Founded in 2005 and headquartered in Tashkent, Paynet is one of the leading fintech companies in Uzbekistan. The company provides payment and digital financial services to individuals, entrepreneurs, and businesses, offering convenient and reliable solutions for everyday financial operations. Paynet operates an extensive nationwide payment infrastructure and ecosystem of services, including mobile applications and B2B solutions. The company cooperates with banks, government institutions, and private organizations and actively supports small and medium-sized enterprises
EUROUZ welcomes a New Member - Farovon Khiva
Established in 2021 and located in the historic city of Khiva, Farovon Khiva is the only nationally branded five-star hotel in Uzbekistan. Operated by LLC “Khiva Plaza,” the hotel combines international hospitality standards with authentic Uzbek cultural heritage, offering a distinctive experience for business and leisure travellers alike. The hotel features 106 rooms across multiple categories, including Standard, Deluxe, Suite, Executive Suite, and Presidential Suite. Farovon Khiva offers refined dining and leisure through its Khiva and Milan restaurants, Istanbul Bar, as well as a swimming pool, sauna, and fully equipped fitness centre. The hotel is also a leading venue for MICE services, hosting international conferences, corporate events, and official delegations. In 2024, Farovon Khiva was recognised as the “Best Business Hotel in the Region” at the IV National Hospitality Award. In 2025, the hotel welcomed nearly 19,000 guests and employs more than 140 professionals, actively contributing to sustainable development and international cooperation.
EUROUZ welcomes a New Member - ADM Jizzakh
Established in 2014 and headquartered in Tashkent, ADM Global operates in the automotive manufacturing sector, specialising in the assembly and production of passenger vehicles. The company launched its SKD production facility in the Jizzakh region in 2021 and commissioned a CKD plant in 2024, significantly expanding its production capabilities. ADM Global supplies the domestic market of Uzbekistan and exports vehicles to the Kyrgyz Republic. With a workforce of approximately 5,000 employees, the company’s annual production capacity reaches up to 60,000 vehicles at the SKD facility and up to 100,000 vehicles at the CKD plant. ADM Global continues to focus on expanding production, increasing localisation, and strengthening its role in the regional automotive industry.
EBRD Term Sheet Signed for Asakabank Privatization
On December 31, 2025, the Ministry of Economy and Finance of Uzbekistan, Asakabank and the European Bank for Reconstruction and Development signed a commercial term sheet outlining key conditions for the bank’s privatization. Under the agreement, the EBRD is expected to acquire a 15 % equity stake in Asakabank, subject to regulatory and transactional requirements. The deal aims to improve corporate governance, risk management, and operational resilience at the bank.
EBRD Arranges $195.5 M Renewable Energy Financing in Uzbekistan
The European Bank for Reconstruction and Development announced it is arranging a financing package of up to $195.5 million to support a 300 MW solar photovoltaic plant and a 75 MWh battery storage facility in Uzbekistan’s Kashkadarya region. The package, comprising an EBRD senior loan, guaranteed facilities and concessional finance from Canada and Finland, will be provided to Nur Kashkadarya Solar, a Masdar-owned project company. The project is expected to generate about 664 GWh annually, support the national grid’s reliability and cut carbon emissions by up to 400,000 tons per year.

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«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 Targets Poland Corridor to Halve Europe Logistics Costs
President Shavkat Mirziyoyev convened a January 15, 2026, videoconference in Tashkent to boost export logistics amid doubled freight costs to Europe from geopolitical tensions. Officials received orders to negotiate a dedicated cargo lane at the Brest border post with Poland, Europe’s key gateway, and launch rail services from Tashkent to Poland or Lithuania. Current truck hauls to Germany or Netherlands cost $7,000-$9,000 per load—versus $100 for Turkish rivals—driving up product costs by $300-500 per ton. Measures also cover Romania, mandating a trade house in Constanta and doubling exports in 2026. These steps enhance competitiveness for fruit, vegetable, and textile exporters facing hurdles via Russia, Iran, and Turkmenistan.

Uzbekistan Grows Europe Exports 23% to $2.3 Billion in 2025
Exports to Europe surged 23% to $2.3 billion last year, announced during Mirziyoyev’s January 15, 2026, foreign affairs review meeting. Ambassadors face pressure to accelerate product promotion, with France prioritizing chemical fertilizers from Fergana, Navoi, Kashkadarya, and Tashkent regions. Diplomats must relay French standards, arrange executive meetings, and craft a program targeting Europe’s advanced agricultural markets. This builds on 2025’s $33.5 billion total exports and $80 billion trade turnover. Momentum underscores Uzbekistan’s multi-vector pivot to EU markets for diversification

1.2 CENTRAL ASIA, CAUCASUS & CIS

Uzbekistan And Tajikistan Discuss Transport and Transit Cooperation
Officials from the transport ministries of Uzbekistan and Tajikistan met in Samarkand to review bilateral cooperation in road transport and transit. The sides discussed increasing throughput capacity at the Djartepa (Uzbekistan) – Sarazm (Tajikistan) border checkpoint and digitizing international road transport permit forms. They also considered raising the number of permit forms and launching pilot shipments along the multimodal China–Tajikistan–Uzbekistan transport corridor. The meeting defined future tasks and measures to enhance cross-border transport efficiency and support regional trade flows

1.3 RUSSIA & CHINA

Russia-Uzbekistan Trade Surges 20%, Eyes EAEU Entry for Logistics Boost
Russia’s trade rep Konstantin Zlygostev highlighted steady bilateral growth at a Sputnik Uzbekistan press conference, despite global headwinds. Trade volume rose around 20% over 3-5 years, shifting to industrial parks—like Bashkortostan’s in Bekabad and technoparks in Bukhara-Navoi—and cybersecurity for Uzbekistan’s IT. Logistics priorities include multimodal transport, digital customs, North-South corridor via Kazakhstan, and trans-Afghan routes. EAEU accession would unlock a 180-million-person market, slash tariffs, unify standards, and streamline Uzbek goods through Kazakhstan-Kyrgyzstan borders. These steps cement Russia’s role in Uzbekistan’s multi-vector diversification

AVESTA Overview: December 29 - January 9

Fri, 16 Jan 2026 08:58:11 GMT

TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 6.3 bln UZS across 19,467 transactions. Stocks accounted for 77.2% of total turnover.
O’zbekkimyomash zavodi (UZHM) dominated the equity market with 1.3 bln UZS in trading volume, representing 20.4% of total turnover. Neft va gaz quduqlarini sinash (NGQS) followed with 12.6%, totaling 802 mln UZS in trading volume.
O’zRTXB (URTS) held 10.7% of total turnover. Hamkorbank (HMKB), with the second-largest number of transactions, accounted for 7.8% of total turnover, while O’zparavtotrans (UPAT) accounted for nearly 7%. O’zbekiston sanoat-qurilish banki (SQBN), with the highest number of transactions during the period, accounted for 6.4% of total turnover, totaling 403.2 mln UZS. The bond segment represented 22.8% of total turnover. Agat Credit bonds (ACMT1B and ACMT1B3) collectively registered 12% of total turnover, with 475.1 mln UZS and 287.7 mln UZS in trading volumes respectively. Imkon Finans (IFMT4) held 4.9% of total turnover, equaling 312.1 mln UZS, while Delta (DMMT2B3) registered 239.8 mln UZS, representing 3.8% of total turnover. Price analysis revealed that Imkon Finans (IFMT4) declined 2.6%. While one Agat Credit bond (ACMT1B) declined 1.5%, another Agat Credit bond (ACMT1B3) increased 1.8%. The most notable price increase was shown by O'zbekiston sanoat-qurilish banki (SQBN) at 78.2%, rising from 10.8 UZS to 19.3 UZS per share, followed by O'zparavtotrans (UPAT) at 38.9%. Hamkorbank's price increased by 15.2%, from 42.97 UZS to 49.5 UZS per share.

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

AGAT Credit JSC corporate bonds will accrue 2,378.08 UZS per bond, equal to 2.37% of par value; payments are scheduled between 22 November and 5 December 2025 in cash.
Agat Credit JSC MFO disclosed issuance of 400,000 corporate bonds with nominal value of 100,000 UZS each, totaling 40 bln UZS, registered on 30 December 2025.
Paxtakor Paxta Tozalash JSC approved transfer of assets, including 13.25% stake in Mirzachul Tikuvchilik Majmuasi LLC, 0.39% stake in Baraka Paxta Teks LLC, and 2,453 shares of Agrobank JSCB, to Jizzakhpaxtasanot JSC to settle creditor obligations.
InFinBank JSC (INFB) disclosed acquisition by a shareholder of a block of shares constituting 20% or more of its charter capital, and updated its list of affiliated persons, registering Tadbirkorlikni rivojlantirish kompaniyasi JSC as an affiliated company holding 300,000,000 preferred shares.
Delta Mikromoliya Tashkiloti LLC disclosed reorganization by transformation, with state registration of the new entity completed on 30 December 2025.
UZBAT JSC disclosed a related-party transaction with BRITISH AMERICAN SHARED SERVICES (GSD) LIMITED for provision of general business services totaling 4.38 bln UZS.
Makesense LLC corporate bonds will accrue income of 30,821,917.81 UZS per bond, equal to 6.16% of par value; payments are scheduled between 24 November and 1 December 2025 in cash.
O’zsanoatqurilishbank JSCB (SQBN) disclosed acquisition by a shareholder of a block of shares constituting 20% or more of the total charter capital.
Uchtepa Paxta Tozalash JSC (UTPT) approved transfer of assets, including 8.25% stake in Mirzachul Tikuvchilik Majmuasi LLC, 0.44% stake in Baraka Paxta Teks LLC, and 600 Agrobank JSCB shares, to Jizzakhpaxtasanot JSC to settle creditor obligations.
KDB Bank Uzbekistan JSC purchased government bonds from the Central Bank of Uzbekistan totaling 2.1 trln UZS.
Navoiy kon-metallurgiya kombinati (NKMK) JSC updated its list of affiliated persons, registering Antonov Evgeniy Aleksandrovich.
Kapital Sug’urta JSC (KASU) disclosed a related-party insurance transaction with Anorbank JSC totaling 50 bln UZS.
Asia Insurance JSC shareholder VIVETEKS LLC acquired 20.49% of the company’s charter capital.
Hamkorbank JSCB (HMKB) disclosed a major transaction with the EBRD totaling $100 mln (1.21 trln UZS) to finance micro, small, and medium enterprises, including $30 mln for green economy projects.
Renesans mikromoliya tashkiloti JSC disclosed a major credit agreement with Xalq Banki JSCB totaling 30 bln UZS (44.88% of net assets).
Makesense JSC approved acquisition of 100% stake in ARHAT GRAVURE LLC for 3 bln UZS, resulting in indirect ownership of 100% in subsidiary TEZCOIN MFO LLC.
Makesense LLC approved issuance of 1,000 registered interest-bearing corporate bonds in uncertificated form, each with nominal value of 300 mln UZS, totaling 300 bln UZS, to be placed via closed subscription with 22% annual coupon.

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

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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 - DECEMBER 2025: EUROUZ Market Report

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AVESTA Overview: December 9 - 19

Mon, 05 Jan 2026 16:46:59 GMT

TASHKENT STOCK EXCHANGE

During the period, the Tashkent Stock Exchange recorded a total turnover of 133bln UZS across 12,665 transactions.

Bonds accounted for 70.7% of total turnover. O’zIQMK (IQMK5B6) dominated with a massive 68.2% share of total turnover, recording 90.7bln UZS in trading volume from a single transaction. Makesense (UZUMN2B2) generated 2.2bln UZS in trading volume across 2 transactions, representing 1.6% of total turnover. The remaining 0.9% was distributed among other bonds outside the top 10 by trading volume.

Stocks represented 29.3% of total turnover. O’z-Tong Hong kompani (UTHK) led with a 17.3% share, registering 23bln UZS in trading volume. Inson (INSN) recorded 7.4bln UZS and Yuggazstroy (YGSY) nearly 2bln UZS in trading volume, accounting for 5.6% and 1.5% of total turnover, respectively. O’zRTXB (URTS) posted the highest number of deals for the period at 1,454, totaling 1.9bln UZS in trading volume. Hamkorbank (HMKB) followed with 916 deals, generating 1.3bln UZS in trading volume. O’zbekiston sanoat-qurilish banki (SQBN) recorded 931.1mln UZS, Xorazmsuvqurilish (XOSQ) 699.7mln UZS, and Maxsuselektrtarmoqqurilish (METQ) 541.1mln UZS, each with less than 1% share of total turnover.

Price movements showed that Hamkorbank (HMKB) and O’zbekiston sanoat-qurilish banki (SQBN) both declined approximately 3.7%. O’zRTXB (URTS) posted the strongest gain at nearly 28%, followed by Yuggazstroy with a 20% increase and Maxsuselektrtarmoqqurilish (METQ) with an 8.1% rise. Among bonds, O’zIQMK (IQMK5B6) and Makesense (UZUMN2B2) increased 0.8% and 0.9%, respectively.

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

Elektrqishloqqurilish JSC (EQQU) approved a major 50bln UZS guarantee line with Hamkorbank JSCB (HMKB), secured by company real estate;
Goodwill Capital JSC reported a one‑time reduction of assets exceeding 10%, with quarter‑end assets at 30,800,868.72 UZS thousand, and announced dividend payments of 17,860,584.57 UZS to shareholders;
UZBAT JSC JV approved annulment of 86 shares, reduced charter capital to 5,668,918,330 UZS, set dividends at 14,203 UZS per share payable Dec 11 2025-Feb 9 2026;
Bektemir-Spirt Eksperimental Zavodi JSC concluded a major factoring deal with Garant Bank JSC worth 20bln UZS, equal to 28.36% of its net assets;
Renesans Mikromoliya Tashkiloti JSC concluded a major credit agreement with Enabling Microfinance Fund AGmvK worth 24bln UZS, equal to 35.9% of its net assets;
Agro Finans Lizing JSC was acquired by Leader Finance Capital LLC for 1,442,314,525 UZS, giving it 99.92% ownership and full control;
AVO Bank JSC issued 10 deposit certificates with a total value of 500bln UZS (each at 50bln UZS nominal), the issuance was registered on December 4 2025
IT Unisoft Group JSC approved termination of activities under its Central Bank license №56 with voluntary return, adopted a new version of its charter, and confirmed the business plan for 2026;
OʻzIQMK JSC (IQMK) approved issuance of 200,000 corporate bonds with a total value of 200bln UZS (nominal 1mln UZS each);
Renesans Mikromoliya Tashkiloti JSC disclosed a major credit agreement with Grameen Crédit Agricole Fund, valued at 14.2bln UZS and equal to 21.25% of its net assets;
O’zIQMK JSC (IQMK) disclosed that its securities are listed for trading on the Republican Stock Exchange “Toshkent”;
KDB Bank O’zbekiston JSC disclosed a major transaction with CBU involving the purchase of bonds valued at 2.1trln UZS, equal to more than 10% of its assets;
Qo’shkopir Paxta Tozalash JSC and Xonqa Paxta Tozalash JSC approved the liquidation commission’s report, the transfer of long‑unsold assets, shares, and receivables to Horazmpaxtasanoat JSC;
O’zIQMK JSC disclosed a credit agreement with O’zmilliybank JSC, valued at 50bln UZS (for refinancing the mortgage portfolio), representing 9.95% of the bank’s equity stake in the issuer;
Suvsanoatmash JSC approved a new organizational structure. The decision included selling the company’s buildings and 500 fixed assets via the E‑auction platform, noting that production activity has ceased;
O’zbekiston Respublikasi Milliy Investitsiya Jamg’armasi JSC disclosed changes in its list of affiliated persons, adding Uzpromstroybank (SQBN) JSC (holding 30% of ordinary shares);
Contact Finance LLC annulled prior bond‑issuance resolutions and authorized a new 10bln UZS insured bond program (100k bonds, 25% coupon, 1,080‑day maturity);
O’zRTXB JSC (URTS) extended a 100bln UZS term deposit with Trustbank PJSB, equal to 18.84% of net assets;
TBC Bank JSCB approved a credit agreement with affiliated entity TBC Bank Group PLC (London) for $20mln.

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

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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).

EMAIL: info@eurouz.com

Uzbekistan Update: December 15 - 31, 2025

Mon, 05 Jan 2026 11:56:55 GMT

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EUROUZ Executive Leadership Update

EUROUZ is pleased to announce an executive leadership transition within its Secretariat, effective as of 1st of January 2026.

Following the outcomes of the EUROUZ Annual General Meeting 2025, Mr. Oybek Shaykhov has joined the EUROUZ Board of Directors and will complete a full transition to this role, focusing on supporting the Association’s strategic vision, the development of sectoral Committees, and engagement on members’ government relations priorities.

Concurrently, Mr. Atabek Alimjanov has been appointed as the new Secretary-General of EUROUZ by unanimous decision of the Board of Directors, assuming an expanded executive mandate alongside his current role as Director of the Uzbekistan Branch. In this capacity, he will oversee all of the Secretariat’s operations and lead EUROUZ’s engagement with members, partners, and stakeholders.

This transition reflects EUROUZ’s continued institutional development and commitment to strong, effective governance.

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

February 10-12, 2026 27th Uzbekistan International Construction Exhibition - UzBuild 2026
UzBuild 2026 Kicks Off the Spring Exhibition Season at its Traditional Venue
Every year UzBuild brings together those who design, build, supply and make decisions. Join the region’s three premier construction events and become part of the international community that is driving the industry forward:
EUROUZ Member EY launching a research survey titled “Best Employer in Uzbekistan According to Students and Experienced Candidates”

We kindly ask our readers to complete this survey via the link
Iteca Exhibitions Calendar

EUROUZ & MEMBER NEWS

EUROUZ held an internal of the Compliance & Corporate Governance Committee meeting
On 18 December, EUROUZ held an internal meeting of the Compliance & Corporate Governance Committee, bringing together members for an in-depth and constructive discussion on key governance and compliance topics.
The meeting addressed recent regulatory updates, transparency and reporting requirements, AML/CFT and internal control frameworks, as well as the evolving ESG and corporate governance standards shaping the business environment in Uzbekistan. Participants exchanged practical insights and shared experiences, highlighting common challenges faced by companies across sectors. The discussion reinforced the Committee’s role as a platform for structured dialogue and peer exchange, while helping to identify priority areas for further work in support of high standards of compliance, transparency, and responsible corporate conduct.
EUROUZ held an internal meeting of the Committee on Public Relations and Strategic Communications
The session brought together members to discuss organizational matters, outline key priorities, and define strategic directions for the Committee’s work in 2026. This meeting marked the final EUROUZ Committee meeting of 2025, concluding the year with a clear vision for future plans and development.
EUROUZ welcomes new member — Italy4Trade International Srl
Italy4Trade International Srl, operating under the Italy4East Internationalization brand, is an Italian business consulting company with over 25 years of experience in international services. The company supports Uzbek and Central Asian SMEs in entering the Italian, European, and Swiss markets, offering internationalization advisory, Temporary Export Management (TEM) services, and access to Italian know-how, technologies, and strategic partners.
EUROUZ welcomes new member — KDB Bank Uzbekistan
KDB Bank Uzbekistan is a subsidiary of Korea Development Bank, a state-owned financial institution established in 1954, with a global presence in 19 countries and an international credit rating of AA. Established in Uzbekistan in 1997, the Bank has developed into a leading financial institution supporting foreign investment and the financing of strategic local projects.
EUROUZ welcomes a new member LDK Consultants
LDK Consultants operates through subsidiaries in Serbia, Jordan, Kenya, Cyprus, and Belgium, with affiliate offices in Ukraine, and works closely with government institutions, multinational corporations, and international financial institutions and donors. Active in Uzbekistan since 1995, the company has recently implemented projects focused on energy and resource efficiency, capacity building, and industrial decarbonization in cooperation with the EBRD and the World Bank.
EUROUZ welcomes a new member Abrau Capital
Based in Tashkent, Abrau Capital provides strategic, financial, and analytical advisory services to companies navigating Uzbekistan’s rapidly developing market. The firm’s core areas of expertise include strategy development, market research, corporate finance, and business process optimization.
Abrau Capital works with both international investors entering Uzbekistan and local companies pursuing expansion, restructuring, or investment projects. Combining strategic advisory with applied analytics and strong financial expertise, the firm delivers practical, data-driven solutions tailored to the specifics of the Uzbek business environment.
EUROUZ welcomes a new memer the Automobile Business Association of Uzbekistan
The Automobile Business Association of Uzbekistan is a non-governmental, non-profit organization that brings together national automobile manufacturers, component producers, importers, distributors, and dealers operating in the country’s automotive market. The Association unites key industry stakeholders to jointly promote the sustainable development and future growth of Uzbekistan’s automotive sector. EUROUZ looks forward to cooperation with the Automobile Business Association of Uzbekistan in supporting dialogue, industry collaboration, and the advancement of the automotive ecosystem.
EUROUZ Member AKFA Aluminum Solutions Announces Historic U.S. Manufacturing Facility in Bowling Green, Creating 331 Jobs
Gov. Andy Beshear announced that AKFA Aluminum Solutions, part of Uzbekistan’s AKFA Group, will open its first U.S. manufacturing facility in Bowling Green, Kentucky. The project will create 331 jobs and strengthen U.S.-Uzbekistan trade. The facility will focus on energy-efficient aluminum production, including extrusion, anodizing, and finishing. This investment highlights Kentucky’s growing role in global manufacturing and is supported by a performance-based incentive from the Kentucky Economic Development Finance Authority.
EUROUZ Member Dentons Advises , State Assets Management Agency of Uzbekistan, on $160 Million Sale of Samarkand Automobile Factory Stake
On November 28, 2025, global law firm Dentons announced its role in the $160 million sale of a 75.2% stake in Samarkand Automobile Factory (SamAuto) to Anadolu Isuzu. The deal includes an $80 million base price and an $80 million investment plan. SamAuto, a major Central Asian commercial vehicle manufacturer, has long worked with Isuzu and Itochu. Dentons provided legal advice on both Uzbek and English law, with Ulugbek Abdullaev and Mikhail Panferov leading the transaction. This deal is part of Uzbekistan’s privatization efforts and highlights Dentons’ expertise in Central Asia..

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1. INTERNATIONAL COOPERATION

1.1 EUROPE

Uzbekistan Seeks Hungarian Eximbank Support for Nuclear Plant
Uzbekistan’s Uzatom and Hungary’s MVM EGI held talks on financing an integrated nuclear power plant project in Jizzakh region. The sides discussed attracting export financing from Eximbank of Hungary and preparing a four-party framework agreement on implementing dry cooling systems. A July protocol envisages mechanical-draft dry cooling, equipment supply proposals, a joint venture in Uzbekistan, and educational programs and internships. The project aims to apply energy-saving technologies and reduce water use for reactor cooling. A new negotiation round with Eximbank, OTP Bank and other Hungarian institutions is scheduled in Hungary for January 2026.

Uzbekistan Holds Talks with EU on Simplifying Visa Procedures
In early December 2025, Uzbekistan officials met European Union representatives to discuss potential simplification of visa procedures for Uzbek citizens traveling to EU member states. The EU side outlined several conditions Uzbekistan must meet before the matter can be placed on the agenda of a European Commission meeting. Discussions focused on aligning procedural and regulatory requirements that could enable easier issuance of Schengen visas. The initiative is important for facilitating travel, business, education and tourism between Uzbekistan and EU countries. Further consideration at EU institutional level will depend on Uzbekistan’s fulfillment of the conditions specified by the European side.

Uzbekistan Signs EU and Ecuador Deals in WTO Accession Push

Uzbekistan signed a bilateral market access protocol with the European Union as part of its World Trade Organization accession process. A day earlier, Tashkent concluded bilateral market access negotiations with Ecuador, Uzbekistan’s second-largest trading partner in South America. These agreements follow protocols signed in September with Argentina, Australia and Honduras, bringing the total number of concluded bilateral deals to 29. The progress supports Uzbekistan’s integration into global trade rules and expansion of trade with multiple regions. According to the President’s Special Representative, Uzbekistan now needs final agreements with Russia and Taiwan to complete the bilateral phase.

Uzbekistan Studies Creation of Logistics Hub for Exports in Poland
Diplomats from Uzbekistan’s Embassy in Poland met in Warsaw with Lucjan Zwolak, Deputy Director General of Poland’s National Support Centre for Agriculture, to discuss cooperation in agriculture and logistics. The parties examined plans to establish an Uzbekistan logistics center, or hub, in Poland for handling Uzbek agricultural products. The proposed hub would serve storage and distribution needs and facilitate transit of Uzbek goods to European markets. The project is intended to improve access for Uzbek producers to EU consumers and streamline supply chains. The sides agreed to continue consultations on the format, location and implementation mechanisms of the logistics center.

1.2 CENTRAL ASIA, CAUCASUS & CIS

Uzbekistan Begins Supplying Electricity to Tajikistan
Uzbekistan has started exporting electricity to Tajikistan, which currently receives up to 2 million kWh per day through regional power interconnections. Supplies may increase as Uzbekistan’s power system export capacity grows, using the 500 kV Regar–Guzar transmission line that links Tajikistan to external markets. The cooperation is part of coordinated water-energy management aimed at rational and sustainable use of water resources between the two countries. Uzbekistan plans to export 2.6 billion kWh to Kyrgyzstan and Tajikistan in 2025 after becoming a net electricity exporter. This shift follows expanded generation capacity and has helped prevent irrigation water shortages during low-precipitation periods.

1.3 RUSSIA & CHINA

China Bank Syndicate Lends $2.3 Billion for China–Kyrgyzstan–Uzbekistan Railway

The joint railway project company “China–Kyrgyzstan–Uzbekistan Railway” signed a loan agreement with a Chinese bank syndicate including the China Development Bank and Eximbank to finance construction of the trilateral railway corridor. The Chinese side will provide about $2.3 billion over 35 years, covering half of the project’s $4.7 billion cost, with the rest financed through equity contributions from the three states. The line in Kyrgyzstan will span 304 km and require 50 bridges and 29 tunnels totaling 120 km. Construction formally began on December 27, 2024, and the route is intended to become a key link between China, Europe and the Middle East.

China Investment in Uzbekistan Reaches $10.7 Billion
Chinese investment in Uzbekistan increased from $284 million in 2016 to $10.7 billion in the first half of 2025, according to the Eurasian Development Bank. Uzbekistan is now the second-largest recipient of Chinese investment in Central Asia after Kazakhstan. Of the $10.7 billion, $5.5 billion went to energy and $3.3 billion to manufacturing. Major projects include a $3.3 billion olefin complex in Bukhara, a $1.2 billion wind farm in Karakalpakstan, stakes in ACWA Power wind projects, and investments in Gazli Gas Storage.

Uzbekistan Finalizes WTO Accession Protocol with Russia
On December 21, 2025, Uzbekistan signed a protocol with Russia in St. Petersburg, concluding their bilateral market access negotiations under Uzbekistan’s World Trade Organization accession process. The document was signed by WTO envoy Azizbek Urunov and Russian Minister of Economic Development Maxim Reshetnikov. Urunov called the talks continuous but constructive and emphasized Russia’s active engagement. Uzbekistan will now focus on advancing multilateral negotiations and aligning national legislation with WTO rules to complete accession next year.

Uzbek.Review is a publication by EUROUZ.eu

PDF - APRIL 2026: EUROUZ Market Report

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EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

Uzbekistan Update: April 15 - 30, 2026

Table of contents of this Uzbek.Review report for paid subscribers & members:1. INTERNATIONAL COOPERATION

1.6 NORTH & SOUTH AMERICA

UPCOMING EUROUZ & MEMBER EVENTS

EUROUZ & MEMBER NEWS

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

Uzbekistan Update: April 1 - 15, 2026

Table of contents of this Uzbek.Review report for paid subscribers & members:1. INTERNATIONAL COOPERATION

UPCOMING EUROUZ & MEMBER EVENTS

EUROUZ & MEMBER NEWS

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

PDF - MARCH 2026: EUROUZ Market Report

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

EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

Uzbekistan Update: March 15 - 31, 2026

Table of contents of this Uzbek.Review report for paid subscribers & members:1. INTERNATIONAL COOPERATION

1.5 MIDDLE EAST

UPCOMING EUROUZ & MEMBER EVENTS

EUROUZ & MEMBER NEWS

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

Uzbekistan Update: March 1 - 15, 2026

Table of contents of this Uzbek.Review report for paid subscribers & members:1. INTERNATIONAL COOPERATION

UPCOMING EUROUZ & MEMBER EVENTS

EUROUZ & MEMBER NEWS

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

AVESTA Overview: February 23 - March 5

TASHKENT STOCK EXCHANGE

FINANCIAL NEWS

ECONOMICS

ABOUT US

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

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

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

DISCLAIMER

EMAIL: info@eurouz.com

COPYRIGHT © 2025 - ALL COPYRIGHTS RESERVED

PDF - FEBRUARY 2026: EUROUZ Market Report

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

EMAIL: info@eurouz.com

COPYRIGHT © 2024 - ALL COPYRIGHTS RESERVED

Uzbekistan Update: February 15 - 28, 2026

Table of contents of this Uzbek.Review report for paid subscribers & members:1. INTERNATIONAL COOPERATION

UPCOMING EUROUZ & MEMBER EVENTS

EUROUZ & MEMBER NEWS

1. INTERNATIONAL COOPERATION

1.1 EUROPE

1.2 CENTRAL ASIA, CAUCASUS & CIS

AVESTA Overview: February 9 - 20

TASHKENT STOCK EXCHANGE

FINANCIAL NEWS

ECONOMICS

ABOUT US

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

1. INTERNATIONAL COOPERATION

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

1. INTERNATIONAL COOPERATION

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

1. INTERNATIONAL COOPERATION

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

1. INTERNATIONAL COOPERATION

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

1. INTERNATIONAL COOPERATION