Uzbekistan Update: June 15 -30, 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
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
July 10th, 2025 Business Seminar: Building Trust and Tax Safety in International Partnerships
SCHNEIDER GROUP invites business leaders, investors, and financial professionals to a practical seminar on ensuring tax compliance, improving the business climate, and strengthening trust with international partners in Uzbekistan. The agenda features expert insights from SCHNEIDER GROUP leadership in Uzbekistan and Kazakhstan, including real-world cases, tax risk management, and investment attraction strategies.
Participation is free, but registration is required.
For more information and to register, please contact Ms. Nazokat Rasulova:
Iteca Event Calendar Autumn 2024
EUROUZ & MEMBER NEWS
EUROUZ Board Chairman Prof. Dr. Klaus Mangold took part in the 9th German-Uzbek Business Council meeting
The 9th German-Uzbek Business Council convened in Düsseldorf, co-chaired by Uzbek Prime Minister Abdulla Aripov and EUROUZ Chairman Prof. Dr. Klaus Mangold. The forum focused on expanding Uzbekistan’s industrial exports and strengthening bilateral trade. Delegations from both countries, including major Uzbek firms, participated. With trade turnover reaching €1.3 billion in 2024, Germany remains Uzbekistan’s top European trade partner. A business dinner further emphasized long-term EU-Uzbek industrial collaboration.
EUROUZ Launches Banking and Regulation Committee
On June 27, 2025, EUROUZ formally launched its Banking, Regulation & Economic Affairs Committee, uniting around 30 senior figures from leading banks and financial institutions. Chaired by Commerzbank’s Ketevan Antidze and Crowe Uzbekistan’s Vera Bell, the committee seeks to enhance dialogue between international investors and Uzbek regulators. The inaugural meeting outlined a 2025 action plan focused on addressing regulatory challenges and fostering practical cooperation to improve Uzbekistan’s business and investment climate.
More photosEUROUZ Member ACWA Power Signs Agreements for $1.3B CCGT Plant
On June 20, 2025, ACWA Power signed a 25-year power purchase and investment agreement with the Uzbek government for the 1.5 GW Syrdarya II combined-cycle gas turbine plant. The $1.3 billion project, including government guarantees and land provisions, marks ACWA’s seventh energy investment in Uzbekistan. Construction is scheduled to begin in late 2025, contributing to national capacity and energy security.EUROUZ Member Orano Begins Uranium Production
On June 18, 2025, Orano’s joint venture Navoiyuran started industrial uranium production at the Zafarabad‑2 in-situ leaching site. This adds to the company’s existing seven uranium mines and supports Uzbekistan’s drive to develop its nuclear fuel supply chain. Production is expected to ramp up further as uranium demand and energy diversification increase.
EUROUZ Members Suez and VIIC Launch $78M Hazardous Waste Project
On June 24, 2025, Uzbekistan signed a $78 million, three-phase agreement with Saudi Arabia’s VIIC and France’s Suez International for hazardous industrial waste management. Phase 1 covers stabilization and landfill facilities; Phase 2 includes RDF and thermal treatment pilots; and Phase 3 will construct a full-scale waste-to-energy plant. The initiative supports environmental safety and sustainable infrastructure development.
EUROUZ Member AKFA Group Launches Free Medical Center Project in Tashkent
AKFA Group has officially launched the construction of AKFA Medline Social, a 35,300 m² diagnostic center providing free primary healthcare services with no queues or payments. Implemented in partnership with Central Asian University and AKFA Medline University Hospital, the facility will serve up to 3,000 patients daily and 500,000 annually across 36 specialties. Services will use cutting-edge equipment from Siemens and Roche, with digital automation ensuring fast and accessible care. Completion is scheduled for summer 2026, fully funded by AKFA Group.
UK–Uzbekistan Workshop Highlights Pathways to Eurobond Issuance and Capital Market Reform
EUROUZ Member Finasia Capital co-hosted a high-level UK–Uzbekistan workshop in London alongside the UK Department for Business and Trade, TheCityUK, and O&M Capital Partners. Delegates from over a dozen Uzbek state-owned enterprises explored Eurobond issuance, IPO preparation, corporate governance, and ESG strategies. The event also featured bilateral meetings with UK investors to discuss sector-specific opportunities and risk alignment, reinforcing Uzbekistan’s efforts to deepen international capital market integration.
EUROUZ Member VEON Expands Digital Finance Initiatives in Uzbekistan
VEON Group held talks with the Chairman of the Central Bank of Uzbekistan, Timur Ishmetov, to strengthen collaboration on fintech and digital payments. VEON’s Beeline Uzbekistan and BeeLab presented ongoing projects like Beepul, an e-payment platform, and outlined new anti-fraud and AML monitoring tools under development. These efforts are part of VEON’s broader commitment to Digital Uzbekistan 2030 and aim to boost financial inclusion and regulatory compliance across the country.
Deepening of legal reforms in Uzbekistan and expanding international legal cooperation were the focus of a recent meeting of Dentons team: Wendela Raas MRICS, Europe CEO, Eldor Mannopov and Bobur Shamsiev, with Akbar Tashkulov, Minister of Justice of the Republic of Uzbekistan. During the meeting, a strategic emphasis was placed on developing the potential of young lawyers, preparing them for the global legal environment, and facilitating international experience.
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
Uzbek and Austrian Parliaments Explore Cooperation
On June 17, 2025, Chairperson of Uzbekistan’s Senate Tanzila Narbaeva met with Andrea Eder‑Gitschthaler, President of Austria’s Federal Council, in an official meeting in Tashkent. They agreed to explore new opportunities for inter‑parliamentary collaboration, including legislative exchanges and institutional ties. This initiative aims to strengthen bilateral legislative cooperation. Follow‑up working‑group meetings are expected later this year.
Uzbekistan, Sweden Sign Labor Migration Declaration
On June 26, 2025, Uzbekistan and Sweden signed a declaration establishing cooperation on labor migration. The agreement outlines legal recruitment channels for Uzbek workers in Sweden and includes joint measures to combat illegal migration. This framework is designed to protect migrants’ rights and formalize labor flows. Implementation is scheduled to begin in the coming months through bilateral labor agreements.
Uzbekistan Targets Green Energy Exports to Europe by 2030
At SPIEF 2025, Deputy Prime Minister Jamshid Khodjaev announced Uzbekistan’s plans to export renewable energy to Europe as part of its green transition. The country’s installed capacity has reached 25 GW, including 3.5 GW from solar and wind, with electricity generation set to rise from 84 to 135 billion kWh by 2030. Renewable capacity will exceed 20 GW under this plan. Projects are financed through public-private partnerships with strong investor interest.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Uzbek President Proposes Expanded Central Asia–China Cooperation
On June 17, 2025, President Shavkat Mirziyoyev attended the 2nd Central Asia–China Summit in Astana with leaders from Kazakhstan, China, Kyrgyzstan, Tajikistan and Turkmenistan. He proposed establishing a "Digital Silk Road" platform, an Interregional Council on Trade and Investment, and a Central Asia–China Development Fund to boost regional infrastructure and economic ties. The summit concluded with the signing of the Astana Declaration and a treaty on eternal friendship. Preparatory working groups are set to convene by year‑end.
Central Asia–China Summit Yields Treaty and Cooperation Package
At the same June 17 summit in Astana, heads of state signed the Astana Declaration and the Treaty on Eternal Good‑Neighborliness, Friendship and Cooperation. They also agreed on a comprehensive intergovernmental package covering trade, poverty reduction, education, environmental initiatives and transit connectivity. The leaders called for a “Green” development agenda to 2030 and accelerated digital and AI cooperation. Further implementation will be driven by sectoral working groups.
Uzbekistan and Belarus Aim for $1B Annual Trade
In recent bilateral discussions, Uzbekistan and Belarus set an annual trade turnover target of $1 billion. The two governments agreed to expand cooperation across key sectors, including industrial, agricultural and technological domains, to reach this milestone. Both sides will implement a roadmap of joint projects and regular intergovernmental meetings. Progress updates are expected by year’s end.
Uzbekistan and Azerbaijan Set $1B Trade Goal by 2030
During high‑level talks in Baku, Uzbekistan and Azerbaijan reaffirmed their commitment to boost bilateral trade to $1 billion by 2030. The agreement covers cooperation in energy, transport, agriculture, and technology, and includes launching a regional forum and intergovernmental commission. Sectoral working groups will develop specific action plans. Regular progress reviews will take place via the commission.
1.3 RUSSIA & CHINA
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