Uzbekistan Update: June 1 - 15, 2025
Biweekly update on key developments in Uzbekistan
NOTABLE QUOTES
“We guarantee the interests of every incoming investor” President Shavkat Mirziyoyev at the Tashkent International Investment Forum on June 10
“Energy here will be cheaper than in China” EUROUZ Member ACWA Power Chairman Mohammad Abunayyan at the Tashkent International Investment Forum on June 11
"There is no other country in Central Asia with such a desire for production” EUROUZ Chairman Klaus Mangold at the panel discussion of the Tashkent International Investment Forum “Industry: Unlocking New Potential,” on June 10
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 Banking, Regulation & Economic Affairs Committee Initiation Meeting
This closed-door committee initiation meeting brings together EUROUZ members from the financial sector and related industries to discuss key regulatory developments, economic trends, and policy priorities relevant to doing business in Uzbekistan.
Date: June 27, 2025
Time: 11:30–13:00 (Tashkent Time)
Format: Hybrid (online & offline)
Venue: ITC
Exclusive to EUROUZ members
Register here
Free webinar from Atsearch Group and MTS Link on the most relevant topic of 2025 AI has been the unchanged leader of HR trends in recent years. At the webinar, we will talk about how artificial intelligence is transforming corporate learning, analyze how AI helps create personalized educational programs, increases employee engagement, and accelerates skill development.
Date: June 26 (Thursday)
Time: 16:00-17:30 GMT+3
EUROUZ & MEMBER NEWS
EUROUZ hosts main EU-Uzbekistan economic corporation panel at the IV Tashkent investment Forum
Moderated by EUROUZ Secretary-General Oybek Shaykhov, the panel featured EU Ambassador to Uzbekistan, CEO EDF Central Asia, Regional President of Linde, European Investment Bank (EIB) representative and CEO of SUEZ Europe & Central Asia. The discussion focused on advancing cooperation in transport, energy, and digital transformation under the EU’s Global Gateway strategy & EU companies engagement in Uzbekistan and Central Asia. The insights shared will continue to shape our follow-up work and collaboration in the months ahead.
European Business Evening and Reception
On June 10, 2025, EUROUZ and the EU Delegation to Uzbekistan co-hosted the European Business Evening during the Tashkent International Investment Forum. The event gathered over 250 senior representatives from European companies, IFIs, and diplomatic missions, along with leading Uzbek officials.
Keynote speakers included EUROUZ Chairman Prof. Dr. Klaus Mangold, EU Ambassador H.E. Toivo Klaar, EBRD President Odile Renaud-Basso, and Senate Deputy Chairman Sodiq Safoyev. A high-level panel explored Uzbekistan’s investment climate, regulatory reforms, and the expanding role of European capital. The event was sponsored by EUROUZ members and concluded with a networking reception to foster new partnerships.
Pictures are available via this link.
Press Release is available via this link.
EUROUZ held Annual General Meeting 2025
Bringing together over 65 participants—including members, board representatives and committee leaders. The AGM served as a key moment to review the past year’s achievements and shape the strategic direction for the year ahead. The meeting featured the presentation of the Annual Report, updates from all active committees, a financial overview, and the announcement of the new EUROUZ Board of Directors for the 2025–2026 term. It also marked the official launch of EUROUZ’s first publication: Uzbekistan Country Profile 2025 and Membership Directory.
We extend our sincere thanks to all our members and partners for their continued trust and support in strengthening the Europe–Uzbekistan economic partnership.
Pictures are available via this link.
Press Release is available via this link.
Uzbekistan Country Profile 2025 & Membership Directory – Published
We are proud to announce the publication of the inaugural edition of the Uzbekistan Country Profile 2025 and Membership Directory — the first-ever print release by EUROUZ. This limited-edition version is available exclusively to EUROUZ members. Those who have not yet received their copy are welcome to contact the Secretariat.
Developed as a trusted guide for international investors and stakeholders, this edition offers key data on Uzbekistan’s economic landscape, strategic sector insights, and highlights the strength of the EUROUZ network through the Membership Directory.
We are now preparing a full edition for large-scale print and international distribution at major business forums and high-impact locations across Europe and beyond. This version will include dedicated sponsorship pages, offering member companies a unique opportunity to increase their visibility among decision-makers and those exploring Uzbekistan as a potential market — or Uzbek companies looking for trusted European partners.
To learn more about sponsorship options in the full edition, please get in touch.
You can read the document here.
Contact us: info@eurouz.com
EUROUZ Member Ipoteka Bank Signs $50M Deal with UzAuto Motors
On June 2025, Ipoteka Bank OTP Group signed a $50 million cooperation agreement with UzAuto Motors to support the growth of Uzbekistan’s automotive industry. The agreement aims to improve financing conditions for dealers and buyers while expanding local production value chains. It reflects Ipoteka Bank’s transformation into a full-service institution under OTP Group. The deal supports Uzbekistan’s broader goals of industrial modernization and innovation.
EUROUZ Member Rothschild & Co to Support Uzbekistan’s IPO-Driven Privatization
On June 12, 2025, Uzbekistan’s Deputy Prime Minister Jamshid Kuchkarov met with Rothschild & Co to review progress on the privatization of state-owned assets. Discussions focused on IPO preparations for major banks and strategies to attract strategic investors. Both sides agreed to apply transparent and competitive mechanisms aligned with international standards. Rothschild will continue advising on financial market reforms and open-sale IPOs to expand private sector participation.
EUROUZ Member ACWA Power Commits $6.2B to Wind Projects in Karakalpakstan
ACWA Power Chairman Mohammad Abunayyan announced expanded green investments during the Tashkent International Investment Forum. The company is developing the 5 GW Kungrad wind project, part of a broader $6.2 billion commitment in Uzbekistan’s wind energy sector. A “green cluster” in Kungrad will supply 90% renewable energy to local industry and offer discounted electricity. ACWA also launched a youth training program, admitting 100 students from Karakalpakstan to its energy college in Shirin.
EUROUZ Member Ipoteka Bank and Beepul Launch Strategic Fintech Partnership
Ipoteka Bank OTP Group and fintech firm Beelab (Beepul) signed a memorandum to co-develop digital financial products in Uzbekistan. The partnership will launch co-branded cards and microloans via the Beepul app in the coming months. Future offerings include deposit services and UZCARD/Humo virtual and physical cards. The collaboration reflects Ipoteka Bank’s digital transformation and Beepul’s goal of expanding accessible, client-focused financial tools.
EUROUZ Chairman Klaus Mangold Highlights Uzbekistan’s Industrial Potential at TIIF
On June 10, 2025, Klaus Mangold, Chairman of Mangold Consulting, addressed the Tashkent International Investment Forum, citing Uzbekistan’s industrial capacity, geographic position, and young population as key assets for manufacturing relocation. He emphasized the importance of WTO accession, bold privatization reforms, and vocational training to attract global investors. Drawing on Hungary’s automotive model, he noted Uzbekistan’s potential to become a regional industrial leader. Mangold called for legal reforms to expand foreign participation in state asset privatization.
EUROUZ Members Ipoteka Bank and ACWA Power Partner on Bukhara Wind Projects
Ipoteka Bank OTP Group and ACWA Power have partnered to develop two major wind power plants—Bash Wind and Dzhankeldy Wind—in Uzbekistan’s Bukhara region. Ipoteka Bank is providing $20 million in revolving financing for each project, supporting job creation and international investment. The initiative contributes to Uzbekistan’s goal of reaching 25% green energy by 2030. This collaboration marks one of Central Asia’s largest renewable energy efforts and strengthens the country’s low-carbon transition.
EUROUZ Member Voltalia Signs Investment Deals for 526 MW Artemisya Project
At TIIF 2025, Voltalia signed two investment agreements with the Uzbek government to launch the first phase of the Artemisya hybrid energy project in Bukhara. The phase includes 100 MW of wind capacity and a 100 MW/200 MWh battery storage system—one of Uzbekistan’s largest. The project will expand to 526 MW, integrating solar and storage to enhance grid reliability. Artemisya sets a new regional benchmark for flexible and sustainable renewable energy infrastructure.
EUROUZ Member Rothschild & Co Leads MobiUz International Privatization Process
On June 9, 2025, Uzbekistan’s State Assets Management Agency launched the international privatization of 100% of state-owned telecom operator MobiUz (Universal Mobile Systems LLC). Rothschild & Co was appointed lead strategic advisor, with KPMG handling due diligence and Deloitte conducting the valuation. MobiUz reported UZS 2.086 trillion in 2024 revenue and serves 7.8 million subscribers. The three-stage process includes Expressions of Interest by August 1, followed by non-binding and binding offers.
EUROUZ Member Marillion Explores Strategic Ties with China at SCO Events
From April 9–11, 2025, Marillion Senior Partner Daniil Berlizov participated in the SCO Conference on Industrial Cooperation for Sustainable Development held in Tianjin. The event gathered over 400 government and business representatives from SCO countries to discuss investment, technology, and workforce collaboration. On April 11, Berlizov spoke at the Tianjin Overseas Investment Seminar, followed by a presentation on April 12 in Beijing at the Investment Promotion Symposium attended by 70+ public and private stakeholders. Marillion presented its integrated solutions for Chinese businesses entering new markets, reinforcing its commitment to long-term partnerships and international expansion.
EUROUZ Member Iteca Secures UFI Recognition for UzBuild 2025
UzBuild 2025 has successfully passed the UFI audit, reaffirming its status as the largest construction exhibition in Uzbekistan and Central Asia by size, exhibitor count, and visitor numbers. For 26 years, the event has upheld transparency and reliability through independent international audits. Iteca Exhibitions applies the same rigorous standards across all its events, ensuring verified data, integrity, and value for participants. The UFI certification provides a solid basis for using terms like “largest” and “flagship exhibition” in all communications.
EUROUZ welcomes new member – ALKES
ALKES is a leading investment banking and advisory firm in Uzbekistan, providing financial services to corporate, institutional, and high-net-worth clients locally and internationally. The firm actively contributes to the development of Uzbekistan’s capital markets, advising on privatization projects, corporate debt placements, green bond issuance, and M&A deals. Guided by the vision: “Creating Opportunities in New Uzbekistan – the Brightest Star of Emerging Markets,” ALKES serves as a trusted partner in one of the region’s most dynamic economies.
EUROUZ welcomes new member - Mitsubishi Heavy Industries, Ltd.
Mitsubishi Heavy Industries (MHI) founded in 1884 is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace, and defense. MHI Group combines cutting-edge technology with deep experience (including in Central Asia and in Uzbekistan in particular) to create equipment that best meets the current challenges of modernization of the electric power and oil and gas industries. Throughout the company’s business areas, MHI is contributing to achieving both stable energy supply and carbon neutrality, promoting Energy Transition. For example, now MHI provides one-stop solutions for customer needs to support the production and use of hydrogen and ammonia, as well as technologies for CCUS. In Gas & Steam Power Systems business, MHI provides a wide range of solutions, including gas turbines (with a capacity from 30 to 570 MW) with conversion to hydrogen-firing, as well as modification of existing facilities, for example boilers to enable biomass and ammonia co-firing.
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$30.5B in Agreements Signed at TIIF 2025 as Investment Surges 14.6%
From June 9–12, 2025, the Tashkent International Investment Forum attracted over 8,000 participants and resulted in $30.5 billion in signed agreements, a 14.6% increase from 2024. The forum featured 36 sessions, 450 high-level guests, and over 500 B2B and B2G meetings. Key agreements included:
1,400 MW thermal power plant in Tashkent region
500 MW and 200 MW photovoltaic solar plants in Fergana and Namangan regions
Concentrated solar power plant construction project
400 km transmission line and new substation linking Navoi TPP to Yoshlik
MoU on Central Asia Direct Investment Fund with Uz Oman Capital
Solar power and energy storage systems deployment
Gold deposit development and bamboo cultivation initiatives
Recycling plants for medical, hazardous, and agricultural waste
Youth education programs and small hydropower plant construction
Residential and office complexes in New Namangan township
These agreements support Uzbekistan’s strategy to attract FDI across energy, infrastructure, industry, and sustainability.
1. INTERNATIONAL COOPERATION
1.1 EUROPE
Uzbekistan and Slovakia Establish Strategic Partnership Framework
On June 9, 2025, President Mirziyoyev and Slovak Prime Minister Robert Fico signed a declaration elevating bilateral relations to a strategic partnership. The agreement outlines cooperation in trade, energy, agriculture, education, and industrial standards through a 2025–2026 roadmap. MoUs were signed in textiles, chemicals, auto components, and pharmaceuticals. A joint commission will oversee implementation and foster deeper institutional ties between the two countries.
Uzbekistan and Sweden Expand Oncology Cooperation at Pharma Forum
On June 9, 2025, Uzbekistan and Sweden held a healthcare roundtable in Tashkent during the 4th International Pharmaceutical Forum, focusing on oncology diagnostics and treatment. The event brought together the Uzbek Health Ministry, the Karolinska Institute, AstraZeneca, and Sweden’s Medical Products Agency. Discussions covered joint research, cancer screening initiatives, and capacity building in early detection. The partnership aims to modernize Uzbekistan’s oncology services through knowledge transfer and innovation.
SACE Signs Five Export Support Deals in Uzbekistan, Kazakhstan
On May 30, 2025, Italy’s export credit agency SACE signed five MoUs in Tashkent and Astana to bolster Italian exports and commercial ties The deals include €300 m with Samruk Energy, €50 m with Uzbekinvest, €0.5 m with Imagro–Bering Servis, €200 m with Pietro Fiorentini–Hududgaztaminot–Texnopark, plus a financial partnership via Halyk Bank–Citi. The agreements cover key sectors—energy, textiles, gas infrastructure—and offer guarantees and insurance for SMEs. These measures are aimed at reinforcing Made‑in‑Italy presence and supporting export-oriented bilateral projects.
Italy and Uzbekistan Strengthen Partnership with €3B in Agreements
Italy’s SACE signed €550 million in guarantees and insurance deals to support Italian exports, while a separate agreement allows 1,500 skilled Uzbek workers to be employed in Italy from 2026. The visit also marked intensified regional collaboration with Lombardy and the launch of joint commissions to implement long-term projects.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Tajikistan, Uzbekistan, Kazakhstan Agree Summer 2025 Reservoir Regime
Energy and water ministers from Tajikistan, Uzbekistan, and Kazakhstan agreed in Dushanbe on a joint operational regime for the Bahri Tojik reservoir during the June–August 2025 period. The agreement sets coordinated water releases—909 million m³ to Kazakhstan, 270 million m³ to Kyrgyzstan, 1.9 billion m³ to Tajikistan, and 8.8 billion m³ to Uzbekistan—to balance supply amid climate variability. Inflows recorded at 12.32 km³ and outflows of 11.13 km³ between October 2024 and March 2025 exceeded planned volumes, securing sufficient summer reserves. The trilateral framework is aimed at sustainable water security and equitable resource management.
1.3 RUSSIA & CHINA
Uzbekistan–China Trade Hits $13B Amid Deepening Ties
On June 1–2, 2025, Uzbekistan hosted the 2nd Uzbekistan–China Interregional Forum in Samarkand to strengthen economic and regional cooperation. Deputy Prime Minister Jamshid Khodjaev reported that bilateral trade reached $13 billion by the end of 2024, and Chinese investment in Uzbekistan has increased fivefold since 2017. Over 3,700 joint ventures now operate in Uzbekistan with Chinese capital. New agreements were signed across energy, logistics, agriculture, and infrastructure. The China–Kyrgyzstan–Uzbekistan railway remains a key focus for long-term connectivity.
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