Uzbekistan Update: November 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 NOTABLE 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 Human Resources & Capacity Building Committee invites you to the Expert Seminar: Well-being at Work: Practical Strategies for Uzbekistan’s Changing Business Landscape. As Uzbekistan’s economy evolves, employee well-being is becoming a key factor of competitiveness and long-term growth. Join EUROUZ members and HR leaders to explore practical approaches that help organisations create healthier, more resilient, and productive workplaces.
Register to attend
November 20, 2025 Istanbul as a Hub: Practical Insights for Business Growth in the CIS
Join industry experts to explore current market trends, risks and opportunities. The program will offer a special focus on Central Asia alongside broader perspectives on the CIS region, tailored for international companies.
20 November | 09:00-13:00 (GMT+3) | Istanbul
Register to attend
November 20-22, 2025 Beautyworld Central Asia
Your Gateway and Hub to Central Asia’s Growing Beauty Market
We are pleased to invite you to Beautyworld Central Asia 2025, the leading international trade fair for beauty, cosmetics, and wellness in the region. From 20–22 November 2025, Tashkent will become the heart of the beauty industry as it hosts the region’s most influential exhibition. For three days, leading brands, manufacturers, distributors, and industry experts will come together to present innovations, set trends, and create new opportunities!
Register to attend
November 25, 2025 EUROUZ Healthcare & Life Sciences Committee Roundtable
We are pleased to invite you to the upcoming EUROUZ Healthcare & Life Sciences Committee Roundtable, taking place on 25 November 2025 in Tashkent. The meeting will bring together EUROUZ members and key stakeholders to discuss current challenges, policy developments, and opportunities shaping Uzbekistan’s healthcare and life sciences sector.
Register to attend
November 26, 2025 The 3rd EU–Central Asia Economic Forum
As a key platform for EU–Central Asia cooperation under the EU’s Global Gateway, the Forum will bring together senior representatives from the EU, Central Asian governments, the private sector, and international organisations to strengthen economic partnerships for shared prosperity and sustainable growth.
Register to the forum
November 26, 2025 EU–Central Asia Partnership Evening
As the official closing of Day 1 of the EU–Central Asia Economic Forum, the reception will mark the symbolic opening of the Trans-Caspian Transport Corridor and Connectivity Investors Forum, underscoring the growing importance of regional connectivity and future-oriented trade routes.
Register to attend
November 27, 2025 Trans-Caspian Transport Corridor and Connectivity Investors Forum
Building on the Global Gateway Investors Forum in Brussels (01/2024), the next Forum will review commitments, engage South Caucasus and the Black Sea region and convene key stakeholders to align priorities, mobilize resources, and accelerate corridor development.
Register to the forum
November 27, 2025 “Green and Affordable Housing” International forum
UzMRC in cooperation with the Ministry of Economy and finance of the Republic of Uzbekistan (MEF), the Central bank of the Republic of Uzbekistan (CBU) and the Asian development bank (ADB) will hold the “Green and affordable housing” International forum. The event aims to further develop Uzbekistan’s housing market, introduce “green” mortgage mechanisms, propose innovative solutions for mortgage market financing and study international best practices. It will bring together prominent representatives of the national and international housing markets as well as international financial institutions.
Register to attend
November 29 - December 1, 2025 Swiss Days in Uzbekistan 2025
Swiss and Lichtenstein SMEs exploring opportunities in Uzbekistan and in Central Asia are invited to join in driving Swiss innovation into the heart of Uzbekistan — a fast-emerging market with immense untapped potential.
The events of Swiss Days in Uzbekistan will potentially help the participating companies in positioning and strengthening visibility in highly competitive market.
Register (Swiss & Lichtenstein businesses only). A registration for international companies and for Uzbekistan companies will be separately organized by EUROUZ.
December 3, 2025 ASIA SYHRON: What to Expect in 2026?
AI is no longer just a trend – companies in Central Asia are already using it to train and motivate teams! Discover real-life cases from leaders at Uzum Fintech, Turan Bank, and Evolve AI on December 3 in a special webinar hosted by Evolve AI and Attech Global.
December 11, 2025 European Winter Night Soirée
EUROUZ invites you to the European Winter Night Soirée, an elegant year-end event filled with live music, warm conversations, and a cozy European winter atmosphere. An ideal evening to unwind, connect, and share the year’s highlights with members and partners of the EUROUZ community.
Register to attend
February 10-12, 2026 27th Uzbekistan International Construction Exhibition - UzBuild 2026
UzBuild 2026 Kicks Off the Spring Exhibition Season at its Traditional Venue
The Central Asia’s premier construction exhibition will once again bring together industry leaders, manufacturers, distributors, and construction market professionals to present the latest technologies, materials, and solutions for the years ahead. UzBuild 2026 encompasses all stages of construction, ranging from concept to completion, showcasing current industry trends, cutting-edge construction technologies, equipment As a major event of Uzbekistan Construction and Interior Week, and materials.
Secure your stand now and be part of the country’s construction industry must-attend event.
We’re proud to announce that the EUROUZ will serve as an Ecosystem Partner of GITEX Central Asia & Caucasus 2026, taking place on 2–3 June 2026 in Astana. The event will unite leading tech innovators, investors, and policymakers shaping the future of digital transformation across Central Asia and the Caucasus. From AI and fintech to green technologies, GITEX CAC is set to become the region’s most influential platform for innovation and collaboration.
Pre-register to attend
EUROUZ & MEMBER NEWS
The event brought together over 100 participants in a hybrid format, uniting leaders from the banking, fintech, and technology sectors, regulators, and international experts. Discussions focused on the future of digital banking ecosystems in Central Asia, fintech integration, and the rapid transformation of financial services in Uzbekistan.
EUROUZ member, Summit Motors Central Asia inaugurated the Toyota Academy Central Asia
On 7 November 2025, EUROUZ member Summit Motors Central Asia, the official distributor of Toyota in Uzbekistan, inaugurated the Toyota Academy Central Asia — a modern training centre designed to upskill specialists across Uzbekistan, Tajikistan, and Turkmenistan.
EUROUZ Member Voltalia Delivers First Power at 126 MW Sarimay Solar Plant
Voltalia has begun supplying electricity to Uzbekistan’s grid from its 126 MW Sarimay solar plant in the Khorezm region. The project covers 180 hectares and uses more than 180,000 bifacial panels under a 25-year power-purchase agreement. It is financed by the EBRD and EFSD+, supporting Uzbekistan’s renewable-energy transition and expanding low-carbon output. Full commissioning will proceed in stages as equipment testing concludes. Grid integration will continue through 2026 as production increases.
EUROUZ Member EBRD Opens Star Venture Applications for Regional Startups
The EBRD has opened applications for its Star Venture programme to support high-growth startups in Central Asia, including Uzbekistan. Selected firms will receive tailored advisory services, investor-readiness training and mentoring over a 24-month period. Eligible ventures must be under ten years old and have turnover below €1 million. The initiative aims to strengthen Uzbekistan’s innovation ecosystem and improve access to global funding networks. Applications close on 30 November 2025, with onboarding to begin early next year.
EUROUZ Member Veon Partners with Starlink to Expand Satellite Connectivity
Starlink signed an agreement with Veon to integrate satellite internet directly into Veon’s mobile networks across Central and South Asia. The partnership will allow users to connect to satellites without relying on ground-based cellular towers, improving coverage in remote and underserved areas. Initial rollout will begin in Kazakhstan and Ukraine before expanding to Uzbekistan, Pakistan and Bangladesh. The effort aligns with Veon’s network-modernisation programme and broadens Starlink’s regional reach. A detailed deployment schedule will be announced after initial testing.
EUROUZ welcomes new member - Synergy Consulting
Established in 2002 in Virginia, USA, Synergy Consulting is an independent international financial advisory firm providing a comprehensive suite of services in investment advisory, project finance, financial modeling, financial analysis, mergers and acquisitions, commercial and financial due diligence, project restructuring, and policy reform.
EUROUZ welcomes new member – Metso
Metso is a frontrunner in sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing and metals refining industries globally. Metso improves customers’ energy and water efficiency, increase their productivity, and reduce environmental risks with their product and service expertise. They are the partner for positive change.
EUROUZ featured member - Uzbekistan Technological Metals Complex
The Uzbekistan Technological Metals Complex (TMK) was established at the initiative of the President of Uzbekistan Shavkat Mirziyoyev and is a leading company implementing the full value chain in the field of critical minerals.
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
AFD Allocates €230 Million for Uzbekistan’s “Green Economy”
The Agence Française de Développement (AFD) and Uzbekistan’s Finance Ministry signed the third budget-support loan under the national green economy programme, unlocking €230 million in funding. The deal mandates that 10 % of the state budget be invested in climate-impact initiatives and that 15 % of public procurement become green within the next phase. The accord reinforces France’s sustained development partnership with Uzbekistan and aligns with the country’s push to become climate-resilient. Work will now start on defining the detailed rollout plan, with disbursements expected throughout 2026.
Uzbekistan and Serbia Forge IT Export Gateway
Uzbekistan’s Digital Technologies Minister Sherzod Shermatov announced new cooperation with Serbia to route IT service exports to Europe and the United States through Belgrade. A joint enterprise will connect Serbian firms with Uzbek specialists to secure Eastern European contracts, alongside plans to explore a joint venture capital fund. The partnership includes Quebec-based server integration and new engineering hires in Uzbekistan to support clients in Western markets. The initiative strengthens Uzbekistan’s digital-export strategy and expands high-skill employment. Both sides will finalise operational mechanisms by early 2026.
Belgium Opens Embassy in Tashkent to Deepen Central-Asia Ties
Belgium’s Ministry of Foreign Affairs confirmed plans to open a full embassy in Tashkent as part of Brussels’ effort to expand engagement in Central Asia. The mission will strengthen Belgium’s presence as Uzbekistan develops into a key logistics and investment hub along the Trans-Caspian corridor. Foreign Minister Maxime Prévot noted that the embassy will support deeper cooperation and improve early identification of shared opportunities. The initiative underscores Belgium’s broader regional strategy. The embassy is scheduled to become operational in the second half of 2026.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Tashkent Hosts Central Asia–Azerbaijan Consultative Summit
Tashkent hosted the latest regional consultative summit bringing together leaders of Central Asian states and Azerbaijan to strengthen cooperation across trade, connectivity and energy. Participants endorsed a joint framework to harmonize transit procedures, expand digital-corridor infrastructure and coordinate industrial development. The meeting highlighted rising regional trade volumes and emphasized the role of new multimodal routes in reducing logistical bottlenecks. The expanded format formally integrated Azerbaijan into the consultative mechanism, broadening its geographic scope. Ministerial working groups will now draft implementation roadmaps ahead of the next summit.
Azerbaijan joined the Central Asia Consultative Format as a full participant, expanding the platform’s geographic and strategic scope.
Regional cooperation framework on trade, industry, transport and digital integration was adopted to strengthen multi-sector regional coordination.
Unified transit and logistics roadmap for Central Asia and the South Caucasus was approved to streamline procedures and standardize transport systems.
Expansion of multimodal connectivity along the Middle Corridor was agreed to strengthen links to Türkiye and European markets.
Cultural and humanitarian cooperation package was endorsed, including shared cultural projects, education exchanges and heritage initiatives.
Tokayev’s State Visit to Tashkent Sets $10 Billion Trade Target
Uzbekistan hosted Kazakhstan’s President Kassym-Jomart Tokayev for an official state visit focused on expanding strategic economic cooperation. The two countries committed to raising bilateral trade to $10 billion by 2030 under a newly approved partnership package. The agreement includes establishing UzKazTrade, launching a $1.3 billion portfolio of joint industrial projects and advancing an additional $8 billion cooperation programme. Both sides also outlined deeper collaboration in transport logistics, water management, digital technologies and culture. An interstate council will oversee implementation beginning in 2026.
Made in Asia: Central Asia Sets US$20 Billion Trade Vision in Tashkent
The Ministry of Investment, Industry and Trade of the Republic of Uzbekistan convened the first meeting of the Council of Ministers of Trade and Investment of Central Asian countries and Azerbaijan in Tashkent. Ministers agreed on a roadmap to raise regional trade turnover to US $20 billion and develop joint production platforms under the “Made in Central Asia” brand. Participating nations committed to streamlining customs, transport logistics and supply-chains to deepen industrial integration. The initiative marks a step toward institutionalising regional economic dialogue and expanding value-added manufacturing. Member states will roll out detailed operational frameworks across 2026.
Tashkent Hosts CASCA+ Transport Ministers Meeting
Transport ministers from the CASCA+ corridor met in Tashkent to advance regional freight connectivity and digital integration. The participants agreed to launch a unified digital transport platform to streamline logistics, border-control workflows and multimodal tracking. They emphasized completing the China–Kyrgyzstan–Uzbekistan railway to strengthen the Middle Corridor’s competitiveness. The meeting highlighted the need to resolve vessel shortages and Caspian Sea constraints affecting ferry operations. Working groups will now prepare the implementation roadmap ahead of the leaders’ summit in November.
1.3 RUSSIA & CHINA
Mirziyoyev and Putin Advance Strategic Partnership in Phone Call
President Shavkat Mirziyoyev held a telephone conversation with Russian President Vladimir Putin to review progress on their comprehensive strategic partnership. They discussed sustaining growth in bilateral trade and advancing joint economic projects, particularly in the energy sector. The leaders also highlighted expanding regional business cooperation and cultural-humanitarian exchanges. Both sides welcomed the outcomes of the recent Council of Regions meeting held in Moscow. Preparations now continue for the upcoming Intergovernmental Commission session and business forum scheduled for December 3.
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