Uzbekistan Update: May 15 - 31, 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 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 members & partners are invited to register.
Register here
For EUROUZ members onlyUzbekistan Tech & Outsourcing Conference
EUROUZ member, IT Park Uzbekistan, together with the Ministry of Digital Technologies of the Republic of Uzbekistan, is pleased to invite you to the upcoming event in Paris: Uzbekistan Tech & Outsourcing Conference The event will bring together business representatives, policymakers, and IT experts to showcase Uzbekistan’s growing potential as a reliable and competitive outsourcing destination for European companies.
Uzbek Law Day in London, June 26, 2025
Uzbek Law Day, organized with Uzbekistan’s Embassies and private sector, fosters dialogue on the evolving legal and business landscape in Uzbekistan.
Bringing together public officials, legal experts, and foreign investors, the event offers real-world insights and practical solutions to investment-related challenges.
Register here.
EUROUZ & MEMBER NEWS
AI for Impact: Shaping the Future of Central Asia’s Key Industries
On May 23, EUROUZ and ASEE Group hosted the high-level seminar "AI for Impact: Shaping the Future of Central Asia’s Key Industries" in Tashkent, bringing together around 150 senior experts, government officials, and industry leaders both online and offline. The event explored how AI and automation are transforming vital sectors such as energy, telecom, finance, infrastructure, payment systems and public services. Two engaging panels tackled the practical integration of AI—from streamlining customer service operations to building institutional readiness for AI-driven transformation. Experts examined regulatory frameworks, cybersecurity challenges, and the irreplaceable role of human judgment in shaping ethical AI.
Event photos are available here.
EUROUZ & European Business Association Georgia brainstorm cooperation plans
EUROUZ welcomed Mr. George Svanadze, Senior Partner at Andersen Global and Board Member of the EU-Georgia Business Council, to its Tashkent office during the launch of Andersen’s presence in Uzbekistan. The meeting focused on regional market opportunities and cooperation within the European Business Organizations Worldwide Network (EBOWN). EUROUZ highlighted its sectoral committees and noted how successful engagement models from EU associations, including Georgia’s, are shaping new initiatives in Uzbekistan.
EUROUZ Member ILF to Support Uzbekistan’s National Energy Efficiency Drive
On May 19, 2025, Uzbekistan’s Ministry of Economy and Finance signed a strategic cooperation agreement with EUROUZ member ILF Consulting Engineers to implement large-scale energy efficiency projects. The initiative includes energy audits, technical oversight, and international-standard monitoring across public and residential infrastructure. Initial efforts will cover 89 facilities in Bukhara, 60 buildings in 14 regions, and 43 residential complexes. The partnership advances Uzbekistan’s goal of modernizing infrastructure in line with global sustainability practices.
EUROUZ Member Beeline Uzbekistan Opens New HQ in Tashkent IT Park
On May 19, 2025, Beeline Uzbekistan inaugurated its new headquarters in the IT Park Uzbekistan complex in Tashkent. The 23-story office features modern infrastructure and collaborative workspaces, reinforcing Beeline’s role in national digital development. The ceremony was attended by Digital Technologies Minister Sherzod Shermatov and VEON CEO Kaan Terzioglu. As an IT Park resident, Beeline will deepen its collaboration with startups and international partners.
Iteca Exhibitions Hosts Central Asia’s Largest Energy Forum to Drive Regional Strategy
From May 13 to 15, 2025, Iteca Exhibitions, in partnership with ICA Eurasia Group and Congresses of Central Asia, organized Uzbekistan Energy Week – UEW 2025 at the CAEx Exhibition Center in Tashkent. Supported by the Ministry of Energy and Uzbekneftegaz, the event featured four major exhibitions and conferences, drawing 465 companies from 34 countries, 122 speakers, and over 16,000 targeted visits. Key topics included regional energy integration, green technology, and energy efficiency. The forum reinforced Uzbekistan’s role as a platform for shaping Central Asia’s sustainable energy future and aligning regional strategies under the unified energy system initiative.
EUROUZ welcomes new member - WR Group Holding GmbH
WR Group Holding GmbH, headquartered in Germany, is a diversified, privately owned group operating at the intersection of industrial logistics, EPC services, certification, and real estate. WR Group has evolved from a consultancy company established in 2014 into an international portfolio of specialized companies, serving critical industries worldwide with precision, technical excellence, and operational flexibility. Today, WR Group’s subsidiaries and affiliates operate across Europe, Asia, the Middle East, Africa and the Americas, providing integrated solutions that support the energy, petrochemical, and other manufacturing sectors. At the core of WR Group’s success is a commitment to engineering discipline, structured project execution, and strategic foresight — values that have allowed the Group to consistently deliver high-quality outcomes for complex, mission critical projects.
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.
The regional office currently includes an administrative team and an Advisory Board composed of experts from Central Asia, the Caucasus, and beyond, supported by a wider network of regional and international professionals working remotely. ICCP is actively expanding its activities in Uzbekistan, where they have already appointed an official country representative, and are now focused on supporting the implementation of compliance education and building institutional partnerships. While ICCP operates as a non-profit, their reach continues to grow, driven by demand for structured, risk-based, and locally relevant compliance frameworks across emerging markets.
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
Tashkent and Rome Agree on €3B Investment and Education Deal
On May 28, 2025, Prime Minister Giorgia Meloni met President Shavkat Mirziyoyev in Tashkent to deepen Italy–Uzbekistan cooperation. Over €3 billion in agreements were signed, covering energy, infrastructure, agriculture, digital innovation, and an Italian-managed industrial park in Tashkent. Education deals include the opening of Tuscia University’s branch and joint programs with Pisa, Trento, Roma Tre, and Ca’ Foscari. Scientific projects and cultural exchanges were also agreed. Implementation starts in 2025–2026.
Key Agreements:
€3B investment package across infrastructure and digital sectors
New industrial park in Tashkent managed by Italian firms
Branch of Tuscia University and multiple dual-degree programs
Launch of bilateral science fund and Days of Italian Culture
Unveiling of “Via Roma” street in Samarkand
Uzbekistan and Hungary Launch €1.5B Investment and Culture Initiative
On May 20, 2025, President Mirziyoyev met Hungarian PM Viktor Orbán in Budapest, upgrading bilateral ties to an expanded strategic partnership. They signed €1.5 billion in investment deals in transport, pharmaceuticals, and textiles. Hungary’s OTP Bank will expand services in Uzbekistan, and Inpark will manage a new industrial zone for EU companies. A Year of Culture and university collaborations were also announced.
Key Agreements:
€1.5B in new investment projects
Industrial zone for EU firms managed by Hungary’s Inpark
Expansion of OTP Bank’s Uzbek operations
Cultural year designation and ballet staging in Budapest
Double-diploma programs and university partnerships
Tashkent and Ljubljana Sign Trade, Education, and Tourism Pacts
On May 21, 2025, President Mirziyoyev and President Nataša Pirc Musar met in Ljubljana to strengthen Uzbekistan–Slovenia relations. They signed a joint statement and sectoral agreements targeting €500 million in trade, including projects in logistics, smart agriculture, and tourism. Uzbekistan invited Slovenian firms to a special economic zone. Diplomas will be mutually recognized, and film festivals and youth forums were agreed.
Key Agreements:
Joint cooperation plan in green tech and smart agriculture
€500M trade goal supported by new logistics agreements
Mutual diploma recognition and university partnerships
Cultural exchange including cinema weeks and youth forums
Intergovernmental commission to convene in July 2025
Uzbekistan, UK Finalize WTO Protocol Ahead of June Signing
Uzbekistan has completed market access negotiations with the UK, becoming the 24th country to do so in its WTO accession process. The agreement will be formalized at the 10th Working Party meeting in Geneva on June 12, 2025. The UK pledged further technical assistance to support Uzbekistan’s WTO membership. Nine more bilateral negotiations are expected to conclude by year-end.
Central Asia–Italy Summit Unveils Regional Tech and Energy Roadmap
At the “Central Asia–Italy” summit in Astana on May 30, 2025, President Mirziyoyev called for deeper economic and security cooperation. He proposed a business club, a multilateral industrial strategy, and enhanced green energy collaboration. A new industrial park in Uzbekistan and academic consortium were announced to promote joint projects. The summit ended with a Joint Statement to guide future regional engagement.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Uzbekistan and Azerbaijan Ratify Allied Partnership Treaty
President Shavkat Mirziyoyev signed the law ratifying the Treaty on Allied Relations between Uzbekistan and Azerbaijan. Originally signed by Presidents Mirziyoyev and Ilham Aliyev in Tashkent on August 23, 2024, the treaty was approved by Uzbekistan's Legislative Chamber on February 25 and by the Senate on April 30. The agreement commits both nations to mutual support for sovereignty, territorial integrity, and sustainable development, while refraining from alliances or actions contrary to each other's interests. This ratification marks a significant step in strengthening strategic ties and mutual trust between the two countries.
1.3 RUSSIA & CHINA
Saida Mirziyoyeva Held High Level Meetings in Moscow
Saida Mirziyoyeva, Assistant to the President of Uzbekistan, held high-level talks in Moscow with Russian Prime Minister Mikhail Mishustin and senior officials from the Presidential Administration. Discussions focused on enhancing cooperation in trade, migration, education, and culture. Key outcomes included plans to streamline labor migration processes, expand joint industrial and energy projects, and establish new branches of Russian universities in Uzbekistan. Cultural initiatives, such as organizing Russian Culture Days in Uzbekistan and hosting an Uzbek art exhibition at the "New Jerusalem" museum, were also agreed upon.
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