Uzbekistan Update: May 1 - 15, 2025
Biweekly update on key developments in Uzbekistan

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
EUROUZ – Official Partner of TIIF 2025
EUROUZ is proud to partner with the Tashkent International Investment Forum 2025, a global platform for investment, dialogue, and collaboration.
Join international investors, business leaders, and decision-makers for three days of high-level engagement on the future of Uzbekistan’s economy.
Register hereAI for Impact: Shaping the Future of Central Asia’s Key Industries
AI is transforming the world — and Central Asia is next. From smart utilities to predictive finance and automated transport, a new era of intelligent systems is here. EUROUZ & ASEE are proud to bring you one of the most timely and important conversations in the region. Be the first to witness to find more on Uzbekistan’s National AI Strategy at this high-level seminar bringing together senior executives, policymakers, and digital leaders from across the energy, water, telecom, finance, transport, and oil & gas sectors.
EUROUZ Annual General Meeting 2025
We are pleased to invite EUROUZ members to the Annual General Meeting 2025 that will take place on June 12, 2025. This important gathering will bring together our members to review our achievements, discuss future priorities, and strengthen our collective efforts to enhance European-Uzbek business cooperation.
Register here
For EUROUZ members onlyEuropean Business Evening at the TIIF
The European Business Evening, held on the eve of the Tashkent International Investment Forum (TIIF), is a high-level networking reception that brings together senior representatives of the Government of Uzbekistan, European business leaders, institutional investors, and diplomats. Organized to foster strategic dialogue and deepen economic cooperation, the event offers a unique platform to engage directly with key decision-makers in a dynamic and trusted setting. Participation in this exclusive evening is an opportunity to strengthen partnerships and shape future collaborations between Europe and Uzbekistan.
EUROUZ & MEMBER NEWS
On may 13th 2025, EUROUZ hosted a closed-door CEO's Breakfast with the EU Ambassador to Uzbekistan and the EU Special Representative for Central Asia. The meeting brought together 19 CEOs & Managing Partners of leading European & local companies operating in Uzbekistan for an open and forward-looking exchange on strategic priorities, the evolving business climate, and opportunities for deeper EU–Uzbekistan economic cooperation.
Event photos are available here.EUROUZ Held the Human Resources & Capacity Building Committee meeting
The meeting brought together almost 30 participants — in person and online and began with opening remarks from the newly appointed Chair, Venera Erzina, Ipoteka Bank OTP, and Co-Chair, Daria Shamova, Fersol, who outlined the Committee’s mission and future direction. Besides, EUROUZ is developing a Member to Member Platform to support capacity building activities that will enable members to offer and access executive education, workshops, and training opportunities. Members actively contributed to shaping the Committee’s workstreams and proposed new initiatives for collaborative capacity building.
Event photos are available here.
To find out more or join the work of EUROUZ Committees, please check out our website section here.EUORUZ Member Asakabank Secures $20M Islamic Trade Finance from ITFC
Asakabank signed a $20 million Murabaha-based trade finance agreement with the International Islamic Trade Finance Corporation (ITFC). The facility aims to enhance access to trade financing for small and medium-sized enterprises (SMEs) and private sector clients in Uzbekistan. This agreement aligns with the $600 million framework signed between ITFC and Uzbekistan in March 2024, reinforcing ITFC's commitment to bolstering the country's private sector.EUROUZ Member BAT Uzbekistan
On May 13, 2025, Deputy Prime Minister Jamshid Kuchkorov met with British American Tobacco (BAT) executives to discuss long-term cooperation and investment in Uzbekistan. BAT leaders praised recent reforms improving the business climate and emphasized Uzbekistan’s strategic role in Central Asia. Both sides agreed to strengthen dialogue and expand operations, reinforcing BAT’s presence in the country since 1994. The talks reflect Uzbekistan’s broader strategy to attract and retain global investors in key industrial sectors.EUROUZ Member Voltalia Completes Major Reforestation Effort in Uzbekistan
In May 2025, Voltalia finalized the planting of 2.65 million White Saxaul shrubs across 1,062 hectares in Uzbekistan’s Khorezm region. This initiative, part of the construction of the 126 MW Sarimay solar power plant, was conducted in collaboration with Uzbekistan’s Ministries of Ecology and Energy. Approximately 200 local workers completed the project within 25 days. A two-year maintenance contract has been established to ensure the long-term success of the reforestation effort.EUROUZ Member NMMC Raises $500 Million in Second Eurobond
Navoi Mining and Metallurgical Company (NMMC) successfully issued a $500 million Eurobond listed on the London Stock Exchange. The 5-year bond, carrying a 6.75% coupon rate, was oversubscribed by 4.6 times, attracting $2.3 billion in orders from investors across the US, Europe, and Asia. Proceeds will support capital expenditures, debt management, and working capital, reinforcing NMMC’s global expansion and Uzbekistan’s broader economic reform agenda.EUROUZ featured member – Novartis
Novartis is an international pharmaceutical company headquartered in Basel, Switzerland. For many years, Novartis has been at the top of international rankings of companies investing in research and development. Novartis products reach about 300 million people in 120 countries each year, and we are constantly working to find innovative solutions to increase patient access to the therapies they need. The Novartis group of companies employs approximately 78,000 employees.
EUROUZ welcomes new member - QUORUS GmbH
QUORUS GmbH is a Swiss law firm established in 2016 and headquartered in Zurich, specializing in cross-border legal and business advisory services between Europe and the Eurasian region, guiding clients through complex international landscapes. Since 2017, the firm also operates a representative office in Moscow. With a team of 15 highly qualified professionals, QUORUS offers in-depth expertise and provides tailored solutions across a wide range of legal, compliance and business consulting areas navigating the complexities of Swiss, International, and Russian law. Currently, QUORUS is expanding its focus to Uzbekistan and is open to partnerships with private clients, companies, and financial institutions, which are seeking reliable support in the international legal environment.
EUROUZ welcomes new member - European Bank for Reconstruction and Development
The European Bank for Reconstruction and Development (EBRD) was established in 1991 and is headquartered in London, United Kingdom. As an international financial institution, the EBRD focuses on fostering the transition to market economies across more than 30 countries. The Bank invests in various sectors including infrastructure, energy, manufacturing, agribusiness, and financial institutions, with a particular emphasis on promoting private sector development, green economic growth, and digitalisation. Globally, the EBRD operates in over 30 economies with a network of more than 40 offices and employs approximately 2,500 staff. In Uzbekistan, the EBRD continues to support green energy transition, digital transformation, and gender-inclusive growth as part of its current and planned activities.
EUROUZ welcomes new member - EY Uzbekistan
EY is a global leader in assurance, tax, strategy and transactions, and consulting services, supporting clients across all sectors of the economy with over 85 specialized services. The organization operates as a network of member firms in over 150 countries, employing approximately 400,000 professionals worldwide. EY was one of the first international advisory firms to commence operations in Tashkent with opening of its office in 1995. EY's professional experience is used by a wide range of organizations, including large companies in Uzbekistan, as well as foreign corporations investing in this market. EY’s Tashkent office employs 200 professionals with unique experience in providing advisory and auditing services in various sectors such as oil and gas, mining, financial services, telecommunications, manufacturing, tourism and hospitality.
EUROUZ welcomes new member - The Institute of Chartered Compliance Professionals Central Asia (ICCP)
The Institute of Chartered Compliance Professionals (ICCP) is a global non-profit organization headquartered in Geneva, Switzerland, and was established in 2021 to advance the compliance profession through education, research, and policy development. ICCP specializes in anti-money laundering (AML), anti-corruption, sanctions compliance, ESG, and corporate ethics. In response to the growing demand for structured compliance expertise across the region, ICCP Central Asia was formally launched in September 2022, with its regional office based in Astana, Kazakhstan.
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
Uzbekistan and EU Strengthen Strategic Dialogue with €12B Cooperation Agenda
On May 13, 2025, President Shavkat Mirziyoyev met with EU Special Representative for Central Asia, Eduards Stiprais, to discuss expanding practical cooperation. Talks focused on accelerating €12 billion worth of joint investment and technical projects. In the same week, Stiprais held meetings with Foreign Minister Bakhtiyor Saidov and Presidential Aide Saida Mirziyoyeva, addressing green energy, education, water management, and support for women’s entrepreneurship. The visits underscore a deepening strategic partnership between Uzbekistan and the European Union.
Uzbekistan and Poland to Draft Labor Migration Agreement
Uzbekistan's Migration Agency announced plans to draft an intergovernmental labor migration agreement with Poland. The initiative aims to simplify visa procedures and facilitate employment opportunities for Uzbek citizens in Poland. Discussions include organizing training programs and launching seasonal employment initiatives. This development follows similar agreements with Germany and ongoing talks with Austria and South Korea.
AFD to Provide €30M for Uzbekistan’s Green Housing Renovation
France’s Agence Française de Développement (AFD) agreed to extend a €30 million financing package to Uzbekistan’s Mortgage Refinancing Company (UzMRC). The funds, agreed during President Mirziyoyev’s March visit to France, will support “green” renovation of residential buildings and enhance energy efficiency in construction. Technical consultants AETS and Juru are leading project assessment and will design credit-line products for final borrowers. A two-pronged approach includes a concessional loan line and grant, to be channeled through commercial banks.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Uzbekistan, Kyrgyzstan, and Kazakhstan Coordinate on Hydropower and Grid Stability
Energy ministers from Uzbekistan, Kyrgyzstan, and Kazakhstan convened in Tashkent to discuss regional energy cooperation. The meeting focused on ensuring stable operation of water and energy systems during the summer and reviewed progress on the Kambarata-1 Hydropower Plant project on the Naryn River. The parties agreed on an energy grid operation schedule and signed a protocol to enhance coordination of the water-energy balance. Follow-up activities are planned to advance joint initiatives.
1.3 RUSSIA & CHINA
Uzbekistan and China to Launch 30-Day Visa-Free Travel Starting June 2025
Uzbekistan and China announced the implementation of a mutual visa-free regime effective June 1, 2025. Under this agreement, citizens of both countries can travel to each other's territories without a visa for stays up to 30 days per visit, not exceeding 90 days within any 180-day period. The visa exemption excludes activities such as employment, study, and media-related work, as well as visits to Hong Kong and Macau. This initiative aims to enhance tourism, trade, and cultural exchange between the two nations.
Uzbekistan and Russia to Sign Industrial Cooperation Roadmap
On May 13, 2025, during Uzbekistan Energy Week, Uzbekistan and Russia's Perm Krai agreed to sign an industrial cooperation roadmap. The agreement focuses on localizing production and launching joint energy projects. The signing ceremony will be attended by Perm Krai Governor Dmitry Makhonin, highlighting the commitment to deepening industrial ties between the two regions.
President Mirziyoyev and Gazprom Neft Chairman Discuss Energy Cooperation
President Shavkat Mirziyoyev met with Aleksandr Dyukov, Chairman of Gazprom Neft, in Tashkent during the "Oil and Gas of Uzbekistan" international forum. The discussions centered on expanding energy collaboration, including the supply of petroleum products, development of hard-to-extract oil fields, and digitalization of the industry. This meeting underscores the ongoing efforts to strengthen energy ties between Uzbekistan and Russia.
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