Uzbekistan Update: February 15 - 28, 2026
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 ASIA, EAST ASIA & SOUTH-EAST ASIA
1.5 NORTH & SOUTH AMERICA
1.6 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
Annual Uzbekistan Economic Update 2026, - 12 March 2026
The event will convene senior government representatives, international financial institutions, European partners, and private sector leaders to assess Uzbekistan’s macroeconomic performance, reform trajectory, and investment outlook for 2026 and beyond. The event is planned to be organised with the institutional support of the Government of the Republic of Uzbekistan, serving as a platform for open dialogue between policymakers, IFIs, and investors, while reinforcing Uzbekistan’s position as a reliable and reform-oriented partner.
Working languages: English, Russian
Register here: economicupdate.eurouz.events
Follow EUROUZ: @eurouz_official
Navruz Fest in Khiva a Special EUROUZ Cultural Gathering
EUROUZ is pleased to invite its members and partners to celebrate Navruz Sayli in Khorezm (Khiva) on 22 March, in the historic setting of Khiva.
The event will recreate the authentic atmosphere of Navruz with the traditional preparation of sumalak, a Khorezm plov dinner, national sweets, a live barak cooking station with guest participation, and a vibrant cultural program featuring traditional music and dance.
Participation package for 1 800 000 UZS includes:
• One night accommodation (double occupancy) with breakfast
• Full access to the Navruz Fest program
• Tour to Historical side of Khiva
• Airport–hotel–airport transfers
Air tickets can be purchased directly via link:
Tas–Urg–Tas: www.centrum-air.comAgent assistance: +998 70 050 77 99
Please purchase air tickets as early as possible, as tickets can be sold out.
We look forward to celebrating Navruz together in Khorezm and strengthening our community through shared traditions and cultural exchange.
Register here: navruz.eurouz.events
EUROUZ & MEMBER NEWS
EUROUZ Hosts Annual Iftar Reception in Uzbekistan
The evening was officially opened by the Secretary General of EUROUZ, Mr. Atabek Alimdjanov, who welcomed the guests and emphasized the importance of unity, dialogue, and cooperation during the holy month of Ramadan. The opening remarks were followed by a speech from Mr. Abdulkhamid Muminov, EUROUZ Board Member (representing PwC Uzbekistan), who highlighted the spiritual significance of Ramadan, its values of reflection, compassion, and solidarity, and the importance of strengthening mutual respect and support within the professional community. The reception provided a meaningful platform for reinforcing partnerships, exchanging views, and fostering stronger connections within the EUROUZ network. Event Photos
EUROUZ Board Sets Community Strategic Priorities for 2026
EUROUZ’s Board of Directors met to review current activities and set priorities for the upcoming period in Uzbekistan. The Board assessed work streams, committee performance, key initiatives, major events, member engagement, international partnerships, and sectoral dialogue platforms. Operational improvements were identified to strengthen EUROUZ’s role in business–government dialogue.
The next Board elections will take place at the June 2026 Annual General Meeting. Board members will be elected for a two-year term.
EUROUZ holds follow-up meetings on Members’ Meetings with President of Uzbekistan that took place in October 2025 in Brussels
Representatives of Maire and EUROUZ met with newly appointed Deputy Chairman of JSC “Uzbekneftegaz” Abrorjon Khudoyberganov. The meeting followed earlier discussions in Brussels between NextChem CEO Fabio Fritelli and President Shavkat Mirziyoyev, organised with EUROUZ support to ensure continuity of dialogue at senior levels.
The engagement reflects EUROUZ’s role in supporting members not only through community platforms, but also in advancing key strategic follow-ups stemming from high-level contacts.
EUROUZ Member EBRD Expands Portfolio of Private Sector Investments in Uzbekistan
The EBRD has announced a series of new private sector investments in Uzbekistan, including a €15 million financing package for Green Line Trading to expand its distribution capacity and construct a new warehouse with integrated renewable energy solutions; up to €20 million for pharmaceutical manufacturers Samarkand England Eco-Medical and Bayan Medical to modernise and scale domestic production of medicines; and a €6 million loan to expand local company’s food production and restaurant operations. The projects incorporate concessional financing under the EBRD’s FINTECC programme to support energy efficiency and green technology adoption, as well as backing from the Japan-EBRD Cooperation Fund. These latest signings mark the EBRD’s tenth private sector project in Uzbekistan already this year, placing the Bank on a strong trajectory to surpass last year’s total of 38 private sector transactions.
Details emerge on EUROUZ member’s - AKFA establishment of a manufacturing operation in US
AKFA Aluminum Solutions, a division of Uzbekistan’s AKFA Group, will establish a new manufacturing operation in Bowling Green, Kentucky. The facility will produce aluminum products with advanced extrusion, anodizing, and finishing capabilities, creating 331 quality jobs. AKFA’s investment marks the first U.S. project by an Uzbekistani manufacturer and is supported with incentives from the Kentucky Business Investment programme. The operation will adhere to U.S. energy and environmental standards to reinforce a low-carbon supply chain.
EUROUZ member Asakabank Begins Placement of $82 Million Bond Issue on Uzbek Stock Exchange
On February 3, 2026 JSC Asakabank reached a significant milestone by successfully placing 1 trillion UZS in corporate bonds on the first day of listing (Republican stock exchange «Toshkent») This achievement not only marks one of the largest corporate debt securities issuances in Uzbekistan’s history but also highlights a pivotal moment in the evolution of our capital market.EUROUZ welcomes a new member – NEO INSURANCE CORP
Founded in 2023 in Tashkent, NEO INSURANCE CORP is a next-generation digital insurance company operating through a fully digital platform. The company offers a comprehensive portfolio of insurance products for individuals and businesses, including motor, health, travel, property, and liability coverage. Its mission is to modernize Uzbekistan’s insurance sector by delivering accessible, transparent, and technology-driven solutions tailored to customer needs. NEO INSURANCE has been awarded the highest service quality rating “AAA” by the National Agency for Perspective Projects (NAPP). Moody’s Investors Service assigned the company a B3-Positive insurance financial strength rating, recognizing its sustainable growth and solid financial position. In 2025, the company was named Uzbekistan’s Most Innovative and Most Customer-Oriented Insurance Company by Global Business & Finance Magazine.
EUROUZ Welcomes a New Member – RSP International
RSP International is an international consulting network delivering integrated legal, tax, accounting, and audit solutions, supporting clients across Europe and Central Asia in managing complex cross-border operations. Established in Tashkent in 2019, RSP International’s Uzbekistan office advises international investors at every stage of market entry and expansion. The team provides comprehensive support including investment structuring, legal and tax advisory, accounting and compliance, Tax Health Check, due diligence, M&A transactions, real estate projects, corporate governance, and financial reporting. Combining coordinated cross-border expertise with strong local regulatory knowledge, RSP International positions itself as a strategic bridge for cross-border investment, supporting businesses in achieving secure market access, operational stability, and sustainable long-term growth in Uzbekistan.
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«Uzbekistan is entering a new phase in the modernization of its capital markets — and 2026 may become a defining year» — Franklin Templeton
1. INTERNATIONAL COOPERATION
1.1 EUROPE
London Held First Minesterial C5+1 Meeting
On February 26, 2026, Uzbekistan’s Foreign Minister Bakhtiyor Saidov met with Sir Lindsay Hoyle, Speaker of the UK House of Commons, in London to strengthen legislative cooperation. The discussions covered enhancing parliamentary ties, regional diplomacy, and mutual support for Uzbekistan’s reform agenda. Both sides also considered academic exchanges and economic collaboration initiatives. The talks aim to broaden engagement between the two countries’ legislative bodies across multiple sectors.
Mirziyoyev Receives UK Trade Envoy Alderdice, Agrees Joint Cooperation Roadmap
President Shavkat Mirziyoyev received Lord John Alderdice, the United Kingdom’s Trade Envoy for Central Asia and Azerbaijan, during his working visit to Tashkent. The two sides discussed expanding mutually beneficial partnership, with a primary focus on trade and economic cooperation. Bilateral merchandise trade doubled over the past five years, and Uzbekistan placed over $15 billion in sovereign and corporate bonds on the London Stock Exchange. New projects were identified in energy, finance, geology, transport, chemistry, pharmaceuticals, science, and education. The meeting concluded with an agreement to adopt a joint roadmap for further developing the multifaceted partnership.
UK and Uzbekistan Host Infrastructure Conference on Transport, Energy, and Urban Development
The UK Department for Business and Trade held the UK–Uzbekistan Infrastructure Conference in Tashkent, bringing together policymakers, state enterprises, and British and Uzbek companies to discuss investment in priority infrastructure sectors. The conference focused on transport, urban development, energy, water, and healthcare infrastructure, with sessions on PPP financing models and project bankability. UK Trade Envoy Lord John Alderdice delivered the keynote address, highlighting expanding bilateral trade and investment ties. The event positioned Uzbekistan as a destination for long-term global infrastructure capital. Participants concluded with B2B meetings and seminars aimed at advancing concrete agreements and joint initiatives.
Uzbekistan Advances Nuclear Plant Talks with Hungary on Contracts
Uzbek and Hungarian officials met in Tashkent to discuss key contracts and technical details for Uzbekistan’s first nuclear power plant project. The meeting focused on review of agreements and coordination between Uzbekistan’s Atomic Energy Agency and Hungary’s MVM EGI Zrt. Participants examined advanced dry cooling technology and local production of plant components. The discussions aim to solidify project implementation frameworks and support continued bilateral nuclear cooperation.
Croatia Explores Opening Consulate in Samarkand
A Croatian parliamentary delegation visited Samarkand on February 20, 2026, to examine the possibility of establishing a Croatian consulate in the city. Delegates held talks with Samarkand city officials on strengthening diplomatic relations and sister-city cooperation with Dubrovnik. The discussions included expanding ties in transport, pharmaceuticals, communications and IT sectors. The visit is part of efforts to deepen Croatia–Uzbekistan collaboration across multiple fields.
Uzbekistan and Czech Republic Discuss Launching Direct Flights
Uzbek and Czech aviation representatives held online talks this week to explore direct flight connections between Prague and Tashkent. The session included Uzbekistan’s embassy officials and representatives of Václav Havel Airport Prague, focusing on route development and airline partnership options. Officials said direct flights could reduce reliance on transit hubs and support tourism and business travel. A follow-up meeting with carriers and airport planners is set for early March.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Syrdarya Region and Afghanistan Agree $300 Million Trade Deals
Officials from Uzbekistan’s Syrdarya Region and Afghan leaders signed export–import agreements worth about $300 million during a working visit to Afghanistan. The accords cover supplies of food, flour and grain, textiles, construction materials, chemicals, electrical goods and pharmaceuticals. Delegates also held B2B and G2B meetings aimed at direct cooperation and logistics links. Regional authorities said the agreements are designed to strengthen bilateral trade frameworks and project implementation.
Uzbekistan and Afghanistan Move to Activate Preferential Trade Pact
Uzbek and Afghan officials agreed to expedite the activation of a preferential trade agreement to boost bilateral commerce. In a videoconference, Uzbekistan’s deputy prime minister and Afghanistan’s trade minister discussed steps to expand economic cooperation, infrastructure and investment projects. Bilateral trade has grown from about $653 million in 2021 to $1.7 billion in 2025, with a target of $5 billion. Parties plan a post-Ramadan business forum and roadmap discussions.
Uzbekistan and Belarus Set $2 Billion Trade Target by 2030
On February 24, the President of the Republic of Uzbekistan Shavkat Mirziyoyev received the Prime Minister of the Republic of Belarus Alexander Turchin and discussed expanding bilateral trade to roughly $2 billion by 2030. During an official visit by Belarus’s prime minister, both sides reviewed cooperation in logistics, industrial production, machinery and agricultural sectors. Current annual trade is near $1 billion after a 25 % increase last year. Discussions included strengthening industrial cooperation, joint investments and interregional exchanges.
Uzbekistan, Kazakhstan and Kyrgyzstan Agree Power Plant Operating Regime
Uzbekistan, Kazakhstan and Kyrgyzstan have agreed on an operating regime for a cross-border power plant project. Representatives from the three countries held a meeting to coordinate technical parameters and energy distribution arrangements. Details include agreed procedures for electricity generation and sharing among the states. The agreement is part of broader regional energy cooperation aimed at improving grid stability and meeting growing demand in Central Asia.
Uzbekistan Prime Minister Meets Tajikistan President on Bilateral Ties
Uzbekistan’s Prime Minister Abdulla Aripov held talks with Tajikistan’s President Emomali Rahmon to discuss strengthening bilateral relations and cooperation. The leaders reviewed political, economic and cultural ties and discussed joint regional initiatives. They reaffirmed commitments to enhance trade, infrastructure links and security collaboration. The meeting emphasized mutual interests and advancing Uzbek-Tajik partnerships across sectors in 2026.
Uzbekistan and Kazakhstan Plan to Double Rail Freight to 60 Million Tons
Uzbek and Kazakh transport authorities agreed on plans to increase combined rail freight traffic to 60 million tons annually. The initiative includes joint efforts to upgrade rail infrastructure, streamline procedures and boost cargo capacities along key transit corridors. Officials said this growth will support regional trade and logistics efficiency. The plan aligns with broader cooperation frameworks to enhance connectivity between Central Asian markets.
