Uzbekistan Update: March 1 - 15, 2025
Biweekly update on key developments in Uzbekistan
Notable Quotes
“Uzbekistan needs a more strategic approach to agricultural subsidies, to ensure that these are effective in driving reforms and efficient in their implementation. The aim should be to have these subsidies directly contribute to the development of a market-driven, internationally competitive, diverse, environmentally friendly, climate resilient and socially inclusive agri-food sector" Ambassador of the European Union to Uzbekistan, Toivo Klaar.
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 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 27, 2025 EUROUZ ESG Strategy Committee Meeting
EUROUZ ESG Strategy Committee is hosting an exclusive discussion on the latest sustainability trends, regulatory developments, and corporate ESG strategies shaping 2025. This session will bring together industry leaders to explore best practices, challenges, and innovative approaches to integrating environmental, social, and governance principles into business operations in Uzbekistan.
Date: Thursday, March 27, 2025
Time: 16:00 - 17:30 (GMT+5)Register here: link
To find out more or join the work of EUROUZ Committees, please check out our website section here.UzFood 2025 & O’ZuPACK 2025 – Premier Exhibitions for the Food Industry!
April 8-10, 2025Uzexpocentre, Tashkent
Food products, beverages, ingredients
Cutting-edge packaging solutions
Business networking & market trends
Seize the opportunity to connect with new partners and unlock growth!
EUROUZ & MEMBER NEWS
EUROUZ Q1-2025 Board Meeting: Shaping the Year Ahead
EUROUZ Board Meeting in 2025 took place on March 6th, marking an important milestone as EUROUZ crosses the 100-member mark. The Board reviewed key priorities for the organization's development this year, focusing on strengthening its impact and delivering even greater value to members.
EUROUZ held PR & Strategic Communications Committee Meeting
On March 12, the EUROUZ PR & Strategic Communications Committee, chaired by Valentina Butnik (Beeline Uzbekistan), convened over 30 professionals from Europe and Uzbekistan. The session explored the evolution of PR campaigns and future industry trends. Key insights included Esfandyar Batmanghelidj (DNA Uzbekistan) on nation branding and PR investments abroad, and Maria Sharavina (Air Marakanda) on PR’s evolving role in aviation. The meeting fostered collaboration and fresh perspectives, reinforcing the importance of strategic communications in business.
To find out more or join the work of EUROUZ Committees, please check out our website section here.EUROUZ Launches Corporate Governance Committee
EUROUZ held the initiation meeting of its Corporate Governance Committee, bringing together 25 professionals to enhance governance practices in Uzbekistan. The hybrid session outlined the committee’s role, objectives, and priorities for 2025. Sarvar Miryakubov (KPMG Law), Committee Chair, and Shakhzodbek Makhmudov (EUROUZ) led discussions on key governance challenges, stakeholder engagement, and upcoming initiatives.
To find out more or join the work of EUROUZ Committees, please check out our website section here.EUROUZ Member IBT Acquires Full Ownership of Baraka Market Chain
International Beverages Tashkent (IBT), Uzbekistan's Pepsi producer, received approval from the Competition Committee to acquire 100% of Urban Retail, operating as Baraka Market. Both entities are linked to Holten Group, with IBT producing beverages like Pepsi, Mirinda, and 7Up in Uzbekistan. This internal restructuring is not expected to impact market competition.EUROUZ Member Voltalia Signs 25-Year Power Purchase Agreement in Uzbekistan
French renewable energy firm Voltalia signed a 25-year power purchase agreement to supply electricity in Uzbekistan. The agreement encompasses a hybrid cluster combining solar, wind, and battery storage technologies, aligning with Uzbekistan's strategy to diversify its energy mix and promote sustainable development.
EUROUZ Member SUEZ Signs Agreement in Water Management
Global water management company SUEZ signed two agreements with Uzbekistan to improve the country's water infrastructure. The first agreement, with UzSuvtaminot, outlines a two-year service contract preparing for a long-term public-private partnership to enhance water supply in Surxondaryo region, benefiting approximately 1 million residents. The second agreement, with the Tashkent Institute of Irrigation and Agricultural Mechanisation Engineers, aims to establish an educational program focused on water supply and wastewater management, fostering human capital development in the sector.
EUROUZ Member Orano and Navoiyuran Expand Uranium Mining in Uzbekistan
On March 12, 2025, France’s Orano and Uzbekistan’s Navoiyuran signed an agreement to develop the South Djengeldi uranium mine through their joint venture, Nurlikum Mining. The project will produce up to 700 metric tons of uranium annually for at least 10 years. Japan’s ITOCHU Corporation joined as a minority stakeholder, enhancing international cooperation. The deal strengthens Uzbekistan’s role in global uranium supply. Exploration efforts will expand resources, potentially doubling production capacity.
EUROUZ Member Veolia Expands Energy and Utilities Cooperation in Uzbekistan
Uzbekistan’s Ministry of Construction and Housing, the Tashkent City Administration, and France’s Veolia have signed a memorandum of cooperation to develop the energy and utilities sector. Additionally, an agreement was reached to establish two universities in Tashkent to train energy specialists and raise awareness among senior leaders on environmental protection. Another memorandum was signed between Uzbekistan’s Ministry of Water Resources and Veolia to collaborate on a pumping station project in Tashkent and other regions.
EUROUZ Member Rothschild Advises Navoi Mining on £4B London IPO
Navoi Mining & Metallurgical Co. (NMMC) is planning a London Stock Exchange listing in late 2025, targeting a valuation above £4 billion ($5.2 billion). The state-owned gold producer has appointed Rothschild & Co. as its IPO adviser, with Citigroup and JPMorgan expected to participate. The move aligns with Uzbekistan’s privatization agenda and could boost London’s IPO market. NMMC operates the Muruntau mine, producing 2.9 million ounces of gold in 2023. The company employs over 47,000 people and contributes nearly 20% to Uzbekistan’s state budget.
OPEC Fund Provides $35 Million Loan to Asaka Bank
The OPEC Fund for International Development has approved a $35 million loan to Uzbekistan's Asaka Bank. This funding aims to bolster agriculture and climate-related projects, focusing on small and medium-sized enterprises. The initiative seeks to improve food security and strengthen climate resilience by providing financial resources for modern technology and infrastructure investments.EUROUZ Member BENKAM Sets Central Asia’s Aluminum Industry Record
Uzbekistan-based aluminium producer BENKAM has manufactured a 13-meter-long profile, marking a first in Central Asia’s aluminium industry. The profile was produced for one of Germany’s largest commercial vehicle manufacturers, underscoring BENKAM’s adherence to international quality standards. This achievement reflects rising global demand for large-scale aluminium profiles in the transport, energy, and construction sectors. It also highlights Uzbekistan’s growing manufacturing capabilities and competitiveness in high-precision aluminium extrusion on the global stage.EUROUZ Member EDF Signs a Coopreation agreement with Samarkand State University of Architecture and Construction
Deputy Director of EUROUZ Branch Moderates ACWA Power Women’s Power 2025 Forum
On March 5, 2025, ACWA Power Uzbekistan hosted the Women’s Power 2025 Forum in partnership with EUROUZ, marking International Women’s Day and Ramadan. The event gathered key representatives from the Presidential Administration, UN Women Uzbekistan, the Academy of Sciences, and major industries to discuss women’s leadership in strategic decision-making. EUROUZ Deputy Director Surayyo Turakulova moderated a session on gender representation in leadership, highlighting the role of women in STEM, fintech, and energy. Discussions focused on increasing female participation in traditionally male-dominated sectors. The forum concluded with B2B and G2B meetings, reinforcing commitments to gender equity in Uzbekistan’s energy and business sectors.
EUROUZ welcomes new member - SARDA Auto Uzbekistan
SARDA Auto Uzbekistan is a subsidiary of SARDA Auto Group, a leading automotive company with a presence in Azerbaijan, Georgia, and Uzbekistan. As part of a diverse portfolio that includes renowned brands such as Peugeot, Toyota, Lexus, BYD, and Volvo Trucks, SARDA Auto Uzbekistan manages Peugeot Uzbekistan and other automotive ventures in the region.
EUROUZ welcomes new member - Dentons
Dentons is one of the leading international full legal service firms in Uzbekistan. It brings together qualified and forward-thinking legal professionals. Denton's team’s regulatory and transactional expertise enables them to advise their clients on a wide variety of domestic and cross-border matters across corporate, privatization, M&A, banking and finance, capital markets, employment and labor, energy, mining, project development, construction, intellectual property and technology, life sciences and dispute resolution practices.
EUROUZ Featured Member - Investment and Development Agency of Latvia
The Investment and Development Agency of Latvia (LIAA) is a direct administrative institution under the Ministry of Economics of the Republic of Latvia. The Investment and Development Agency of Latvia (LIAA) works to enhance the export potential and competitiveness of Latvian companies, attract foreign investment, and implement tourism development and innovation policies.
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
France and Uzbekistan Formalize Strategic Partnership
During a meeting in Paris on March 12, 2025, Presidents Shavkat Mirziyoyev and Emmanuel Macron signed a joint declaration establishing a strategic partnership. The agreement covers cooperation in defense, energy, trade, and cultural exchange, marking a new phase in bilateral relations.
Intergovernmental Agreements: Establishment of Uzbekistan-France University, readmission, and mutual diplomatic visa exemption.
Cooperation Programs: Investment and innovation projects (€6.5B), foreign affairs (2025-2026), and development agency collaboration (2026-2030).
Declarations: Collaboration in international organizations, healthcare, and cultural sectors (music, cinema, theater).
Memorandums: Expanding French language education and Tashkent-Paris city partnership.
Cultural Agreements: Cooperation between Uzbekistan’s Culture and Arts Development Foundation and France’s Ministry of Culture, National Institute of Cultural Heritage, and Central Asian Studies Institute.
France will support Uzbekistan in modernizing its defense industry and expanding renewable energy projects. Trade agreements will focus on increasing exports of Uzbek agricultural products to the European market.
Uzbekistan and France Held Business Forum in Paris
French-Uzbek Business Forum took place in Paris, co-organized with MEDEF International to strengthen bilateral trade and investment. The event gathered representatives from over 70 French companies in finance, infrastructure, agriculture, energy, and transport. Key agreements were signed with major firms, including Alstom, Société Générale, EDF, Airbus, and Veolia, focusing on renewable energy, sustainable water management, and critical mineral resources.
EU, Central Asia Finalize Raw Materials Pact
The agreement focuses on sustainable extraction and advanced processing to secure global supply chains. European Commissioner Jozef Síkela highlighted Central Asia’s economic potential, noting its €340 billion economy with 5% annual growth. The initiative aligns with the EU’s Global Gateway Strategy to diversify supply sources and strengthen partnerships.
Germany and Uzbekistan Ease Skilled Worker Migration
The agreement streamlines the recruitment of skilled Uzbek specialists in Germany while expediting the deportation of individuals without legal status. It establishes a framework for improved labor mobility and cooperation in workforce development. The partnership also includes training programs to align Uzbek workers’ skills with German labor market needs.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Tashkent and Tbilisi Strengthen Trade and Tourism Ties
On March 5, 2025, President Shavkat Mirziyoyev met with Georgian Prime Minister Irakli Kobakhidze in Tashkent. The leaders discussed expanding cooperation in trade, transport, tourism, and culture. Bilateral trade grew by 50% in 2024, and new direct flights were introduced between the capitals. They agreed to promote digital infrastructure and regional economic integration. The meeting highlighted the role of intergovernmental efforts in implementing joint projects.
Uzbekistan and Kazakhstan Set $10B Trade Target by 2030
On March 15, 2025, Uzbekistan’s Minister of Investments, Industry, and Trade Laziz Kudratov met with Kazakhstan’s Minister of Trade and Integration Arman Shakkaliyev in Tashkent to expand economic cooperation. They signed a program to raise bilateral trade to $10 billion by 2030 and agreed to streamline supply conditions. Trade between the two countries reached $4.3 billion in 2024, with plans to reduce barriers and enhance logistics. A new regional trade exchange schedule will be launched in 2025 to strengthen investment ties.
New Trade Routes to Boost Kazakhstan-Uzbekistan Commerce
Uzbekistan plans to open four new trade corridors with Kazakhstan to facilitate cross-border commerce. Ambassador Bakhtiyor Ibragimov announced the initiative during a meeting in Kazakhstan’s Zhetysu region. The project includes modernizing border checkpoints and launching trade centers in Tashkent and Astana. Over a thousand Kazakhstani-capital enterprises currently operate in Uzbekistan.
Customs Duties Lifted Under Uzbekistan-Turkmenistan Trade Deal
Uzbekistan and Turkmenistan launched a free trade regime, eliminating duties on most goods. The agreement simplifies customs procedures while excluding certain categories from exemptions. Bilateral trade reached $1.14 billion in 2024, reflecting a 5.5% increase from the previous year. The deal is expected to enhance economic cooperation and mutual trade growth.
Uzbekistan, Kyrgyzstan, and Tajikistan to Finalize Border Pact
Leaders of Uzbekistan, Kyrgyzstan, and Tajikistan will sign an agreement on March 21, 2025, to define their shared border junction. Tajik President Emomali Rahmon confirmed the upcoming signing after discussions in Khujand. The agreement aims to resolve border disputes and create a legal framework for managing the tri-border area. This move is expected to enhance regional stability and security cooperation. Officials anticipate the deal will also facilitate trade and mobility in border regions.
1.3 RUSSIA & CHINA
Beijing Expands Investment in Uzbekistan’s Key Sectors
China is significantly increasing its economic presence in Uzbekistan, focusing on energy, infrastructure, and agriculture. Chinese investments have grown fivefold in recent years, with over 3,000 Chinese enterprises now operating in the country. Large-scale projects in logistics and manufacturing further highlight China's long-term commitment to Central Asia. This deepening engagement reinforces Uzbekistan’s strategic role in regional connectivity.
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