Uzbekistan Update: December 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
Regulatory and stock exchange requirements for internal control systems;
Typical weaknesses identified by auditors during pre-listing checks;
How Big Four firms assess internal control maturity, including ITGC;
Practical steps to prepare for audit: what documentation and processes must be in place; Case-based demonstration of a “weak” vs. “effective” internal control system. Participants will receive a checklist for audit readiness and practical guidance on control design, testing procedures, process mapping, and risk-control matrices.
Register hereFebruary 10-12, 2026 27th Uzbekistan International Construction Exhibition - UzBuild 2026
UzBuild 2026 Kicks Off the Spring Exhibition Season at its Traditional Venue
Every year UzBuild brings together those who design, build, supply and make decisions. Join the region’s three premier construction events and become part of the international community that is driving the industry forward:
27th Uzbekistan International Construction Exhibition - UzBuild 2026
International Conference of Construction Industry – ICCI 2026
Specialised section «Building Equipment and Technologies - BuildTech 2026
EUROUZ Member EY launching a research survey titled “Best Employer in Uzbekistan According to Students and Experienced Candidates”
We kindly ask our readers to complete this survey via the link
EUROUZ & MEMBER NEWS
EUROUZ Co-Hosted Swiss Days 2025 Business Forum in Tashkent
EUROUZ co-hosted the official Swiss Days 2025 programme in Tashkent alongside the Embassy of Switzerland in Uzbekistan. The event convened business leaders, government officials, and experts to discuss Swiss-Uzbek cooperation in sectors key to Uzbekistan’s economic modernization. EUROUZ leadership highlighted the importance of innovation and quality in supporting Uzbekistan’s development and WTO accession. The forum underscored EUROUZ’s growing role in advancing European business engagement in Central Asia.
EUROUZ Board Reviews 2025 Progress, Sets Strategic Priorities for 2026
EUROUZ held its quarterly Board of Directors meeting in hybrid format, focusing on 2025 outcomes and planning for 2026. Board members reviewed key achievements, discussed strategic priorities, and outlined initiatives to strengthen partnerships and enhance support for EUROUZ’s 160+ members. The meeting emphasized continued engagement and long-term value creation for European businesses in Uzbekistan. Strategic guidance from the Board will shape EUROUZ’s direction and initiatives in the coming year.
EUROUZ Winter Soirée - 11/12/25
On 11 December, EUROUZ hosted its year-end networking evening, bringing together members, partners, and friends as the 2025 business agenda approaches its conclusion. The evening offered a valuable platform for meaningful exchange and reconnection ahead of the holiday season, as well as the upcoming reporting and strategic planning period. EUROUZ extends its sincere appreciation to the event sponsors — ACWA Power, Ipoteka Bank, Coca-Cola, and InterContinental Tashkent — for their valued support, and thanks all EUROUZ members for their continued engagement and trust. Together, we continue to strengthen the largest international business association in Uzbekistan.
EUROUZ welcomes new member -ECM Gruppe
ECM Gruppe is a European engineering company with offices in Berlin and Tashkent, delivering high-quality industrial, infrastructure, and real estate projects across Germany, Eastern Europe, and Central Asia. The company combines German engineering precision, international standards, and strong local expertise, supporting projects throughout their full lifecycle from master planning and design to project management and advisory. Since 2022, ECM Gruppe’s Tashkent hub has served as an innovation center, providing advanced solutions such as digital twins, VR/AR simulations, metaverse platforms, and CFD modeling for aerodynamics and microclimate, fully integrated with BIM methodologies. We are pleased to welcome ECM Gruppe to the EUROUZ network and look forward to supporting its activities in Uzbekistan and Europe.
EUROUZ Member EBRD Provides $70 Million Loan to Boost MSME Growth
The European Bank for Reconstruction and Development (EBRD) approved a loan of up to US$70 million to Hamkorbank, a leading private bank in Uzbekistan. The funds, issued in synthetic local currency, will be directed toward financing micro, small, and medium-sized enterprises (MSMEs) nationwide. MSMEs account for around 50% of Uzbekistan’s GDP and 80% of employment. This initiative supports EBRD’s broader strategy to strengthen private sector development in the country.
EUROUZ Member ACWA Power Expand Strategic Cooperation in Energy and Digital Sectors
Saida Mirziyoyeva, Head of Uzbekistan’s Presidential Administration, met with ACWA Power Chairman Mohammad Abunayyan to discuss ongoing and future investment projects. The talks focused on key sectors including energy, healthcare, and digital technologies, with special emphasis on initiatives in Karakalpakstan. Both sides reaffirmed their commitment to strategic partnerships aimed at supporting Uzbekistan’s economic modernization and improving public infrastructure through long-term private investment.
EUROUZ Member UET Construction Launches Premium Housing Project to Boost New Tashkent Development
UET Construction unveiled Crystal Avenue, a premium residential complex in New Tashkent’s District 1, signaling its entry into high-end real estate development. The project is positioned in a key growth area of the emerging capital and aims to set new standards in sustainable urban living. Strategic partner AL-BINA will manage sales and investor relations, with sales starting December 6. The development supports New Tashkent’s urban and economic transformation goals.
Did you know that EUROUZ members and ALL their employees can access the Uzbek.Review portal free of charge as long as their organization remains a member?
Not a member yet?
Join EUROUZ to access exclusive market support for your business activities in the country.
1. INTERNATIONAL COOPERATION
1.1 EUROPE
EU Provides €7 Million Grant to Support Agricultural Reforms in Uzbekistan
The European Union disbursed a €7 million grant to the Government of Uzbekistan in Tashkent to support ongoing agricultural reforms under the country’s Agricultural Development Strategy 2020–2030. The grant forms part of a broader €20 million EU commitment to Uzbekistan’s agriculture sector, with €6 million previously released in 2023. The funding aims to strengthen domestic production, irrigation efficiency, and agribusiness conditions. The remaining €7 million is expected in 2026, contingent on reform milestones.
Uzbekistan Becomes Largest Investment Recipient in Eurasia
Eurasian Development Bank reported that Uzbekistan attracted over $10.7 billion in mutual investments, making it the largest recipient in the Eurasian region. The inbound investment stock accounted for about 22 % of total regional capital flows. Uzbekistan’s outbound investment also doubled to $396 million year-on-year, primarily into manufacturing in neighboring countries. This trend reflects increasing private sector participation and regional economic integration. Continued capital inflows could reshape industry diversification.
EU Prioritizes Trans-Caspian Corridor in €12B Central Asia Package
European Union outlined plans to allocate a significant portion of its €12 billion Global Gateway investment package toward developing the Trans-Caspian corridor connecting Europe and Central Asia. EU commissioners in Tashkent emphasized funding across transport, digital connectivity, critical mineral processing, and water-energy sectors. Transport infrastructure was earmarked for nearly €10 billion, with focus on Middle Corridor expansion. The programme also commits €55 million for digital links and €800 million to water and energy projects. The investments aim to enhance regional connectivity and economic cooperation.
Vienna Hosts Uzbekistan–Austria Business Forum
Uzbekistan’s Foreign Minister Bakhtiyor Saidov attended the Uzbekistan–Austria Business Forum in Vienna to discuss bilateral economic cooperation. Leading companies from both countries explored opportunities across sectors including agriculture, logistics, manufacturing, digital technology, and education. The event facilitated dialogue on expanding trade and investment ties between Uzbekistan and Austria. Uzbek officials highlighted shared interests in boosting joint economic initiatives. Follow-up bilateral engagements are expected in 2026.
Uzbekistan Opens First Official Trade House in Germany
Uzbekistan inaugurated its first official trade house in Berlin, Germany’s capital, to showcase Uzbek products including textiles, food, and electrical goods. The Chamber of Commerce and Industry hosted the opening with representatives from Uzbekistan’s embassy and German business leaders. The trade house aims to promote the “Made in Uzbekistan” brand and foster connections between Uzbek and German enterprises. It will also serve as a platform for attracting investment and technology partnerships.
France to Provide €30 Million for Energy-Efficient Housing in Uzbekistan
French Development Agency (AFD) signed a €30 million non-sovereign loan agreement with Uzbekistan Mortgage Refinancing Company to finance energy-efficient housing projects. The funding is intended to support construction and retrofit initiatives that improve residential energy performance. The agreement marks an expansion of cooperation between France and Uzbekistan in sustainable urban development. Uzbek authorities expect the projects to stimulate local construction markets and reduce energy consumption. Implementation details and timelines are to be announced by involved parties.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Uzbekistan–Afghanistan Border Reopens at Termiz–Hayraton Crossing
Uzbekistan and Afghanistan reopened the Termiz–Hayraton border crossing on the Friendship Bridge for citizens of both countries, marking the first reopening since 2021. The points of entry will simplify travel and enhance export opportunities, according to the Chamber of Commerce and Industry. Visa requirements remain in force for both Uzbek and Afghan nationals. Authorities expect exports to potentially rise to $2.5 billion in 2026 with support measures for businesses.
Central Asian States Agree Water Allocation for 2026
Central Asian countries reached a 2026 water use and reservoir operation agreement during the 91st Interstate Commission for Water Coordination meeting in Ashgabat. Uzbekistan will receive 22 billion m³ from the Amu Darya and 3.347 billion m³ from the Syr Darya between October 2025 and October 2026. Total Amu Darya withdrawals were set at 55.4 billion m³, with allocations also for Tajikistan and Turkmenistan. The deal ensures shared reservoir operation and supports irrigation and ecological needs.
Uzbekistan President Hosts Azerbaijani Delegation on Energy Partnership
Uzbekistan’s President Shavkat Mirziyoyev received Azerbaijan’s Minister of Energy, Parviz Shahbazov, in Tashkent to discuss expanding strategic bilateral cooperation. Discussions focused on stable trade growth and collaboration in oil and gas, geological exploration, renewable energy, and chemical industries. Officials reaffirmed strong bilateral ties and mutual commitment to deepening economic and energy sector links. Further initiatives on joint projects were encouraged during the meeting.
Uzbekistan President Highlights Energy Projects with Kyrgyz Official
Uzbekistan’s President Shavkat Mirziyoyev met Kyrgyzstan’s Energy Minister Taalaybek Ibrayev to discuss strengthening cooperation in the energy sector. They reviewed bilateral relations, noting a 17 % increase in trade and rising freight transport volumes this year. The presidents emphasized collaborative energy delivery, green energy initiatives, and advancing major projects including the Qambar-ota HPP-1. The dialogue underscored ongoing efforts to enhance regional energy linkages.
Uzbekistan President Stresses Peace and Trust at Turkmenistan Forum
President Shavkat Mirziyoyev spoke at an international forum in Ashgabat marking 30 years of Turkmenistan’s permanent neutrality and the 2025 “International Year of Peace and Trust.” He emphasized strengthening peace, trust, and cooperation among nations, supporting Turkmenistan’s neutrality principles and joint initiatives with the UN. The president outlined plans for regional dialogue, youth programs, and cultural forums. Uzbekistan also backed a proposal for 2027 as the Year of Preventive Diplomacy.
1.3 RUSSIA & CHINA
Uzbekistan and China to Launch Joint Satellite in 2026
Tashkent confirmed plans for Uzbekistan and China to launch a joint remote-sensing satellite named Samarkand-2028 in 2026. Uzbekistan’s digital technologies agency will develop an AI module to analyse imagery for air quality, crop health, and forest monitoring. The strategic memorandum was signed with China’s Star.Vision to advance satellite tech cooperation. This initiative supports Uzbekistan’s broader space technology development agenda.
Uzbekistan and Bashkortostan Outline Expanded Cooperation Plans
Uzbekistan and Russia’s Bashkortostan region signed a roadmap in Tashkent to expand trade, tourism, education, and cultural cooperation. Vice-Prime Minister Jamshid Khodjaev and Bashkortostan Head Radiy Khabirov agreed on concrete activities with deadlines and responsibilities. Uzbekistan remains a key trading partner for Ufa, with bilateral trade nearing $198 million last year. The roadmap aims to deepen economic ties and operationalise joint projects into 2026.
Uzbekistan President Reviews Expansion of Tech Partnerships with China
