Uzbekistan Update: March 1 - 15, 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 RUSSIA & CHINA
1.4 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
March 22, 2026 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.
We look forward to celebrating Navruz together in Khorezm and strengthening our community through shared traditions and cultural exchange.
Register here: navruz.eurouz.eventsApril 16, 2026 Private Wealth & Compliance Forum Tashkent
The Private Wealth & Compliance Forum will bring together leading experts from the legal, compliance, financial services, and strategic advisory sectors to discuss the evolving challenges faced by private clients, family businesses, companies, and institutions. As Uzbekistan deepens its engagement with global markets, managing legal, regulatory, reputational, and financial risks has become increasingly important. The forum will provide a practical platform for dialogue on how different advisory disciplines can work together to support compliant, resilient, and sustainable wealth strategies. Register here
Jun 17, 2026 EUROUZ Business Evening at Tashkent International Investment Forum (TIIF)
The European Business Evening is EUROUZ’s flagship reception and a key event of the Tashkent International Investment Forum (TIIF). For the fourth year in a row, EUROUZ partners with TIIF to host a high-level evening connecting European and international business leaders. The reception brings together over 350 senior participants; including government officials, diplomats, CEOs, and industry leaders making it one of the Forum’s leading networking platforms.
Sponsorship Opportunities25–27 March 2026 AgroWorld Uzbekistan 2026 and 1–3 April 2026 UzFood 2026
From 25–27 March 2026, industry specialists will gather for the 21st International Exhibition on Agriculture – AgroWorld Uzbekistan 2026. The exhibition will present a wide range of solutions for the agri-industrial sector, including poultry and livestock farming, feed production, veterinary products, grain processing and storage, as well as agrochemical technologies aimed at improving crop yields and plant protection. Register here
On 1–3 April 2026, the capital will host the 25th Anniversary International Exhibition UzFood 2026, the flagship event for Uzbekistan’s food and processing industry. During the three-day exhibition, all pavilions of Uzexpocentre will become a hub for international brands and local companies presenting food processing equipment, ingredients, advanced technologies, and modern packaging and storage solutions. Register here
EUROUZ & MEMBER NEWS
EUROUZ Held annual Uzbekistan Economic Update 2026
On March 12, 2026, the European-Uzbekistan Association for Economic Cooperation (EUROUZ) held its annual Uzbekistan Economic Update, bringing together government officials, international financial institutions, European partners, investors, and business leaders. Opening remarks were delivered by EUROUZ Chairman Pierre-Paul Antheunissens, Deputy Minister of Investment, Industry and Trade Akram Aliev, and Deputy Minister of Economy and Finance Umid Abidkhodjaev. Representatives from the EBRD, EIB, ADB, and the World Bank discussed Uzbekistan’s macroeconomic outlook and reform progress. A CEO panel featuring Paynet, Franklin Templeton Central Asia, OTP Bank Uzbekistan, UzMRC, and Highland Capital explored the private sector’s role in strengthening Uzbekistan’s financial ecosystem and supporting investment-driven growth.
Event Photos
Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov held a meeting with Klaus Mangold, Chairman of the Supervisory Board of Mangold Consulting GmbH, a German firm specialising in investment project development and strategic consulting between Europe and Central Asia. The talks covered expanding trade and economic cooperation between Uzbekistan and Germany, as well as attracting European companies to priority investment projects. Both sides discussed concrete mechanisms for increasing industrial collaboration, with a focus on high-technology sectors where German expertise aligns with Uzbekistan’s ongoing economic modernisation agenda. Follow-up steps were identified to advance joint projects in the near term.
EUROUZ Member and Partner Acwa hosted the Women in Power Forum 2026
At the Women in Power Forum 2026, hosted by EUROUZ member Acwa, a Memorandum of Cooperation was announced between UN Women Uzbekistan and Acwa. The agreement marks the first partnership in Uzbekistan between a UN agency and a private company focused on expanding women’s participation in the economy. The forum brought together government officials, development banks, and private sector leaders to discuss women’s leadership and its role in supporting sustainable development and inclusive economic growth in Uzbekistan.
A key highlight of the programme was the panel discussion “Women’s Leadership in the Era of Uzbekistan’s Rapid Development,” moderated by Oybek Shaykhov, Member of the Board of EUROUZ. The session featured speakers Dr. Jon Zaidi, Zafar Khashimov, Gulnoza Ismailova, Sabina Alieva, Laylo Yakhshiboeva, Irina Matvienko, Feruza Tolipova, and Shahnoza Ikramova, who shared insights on professional growth and strengthening women’s leadership in Uzbekistan.EUROUZ Member EBRD Lends €20M to SEEM and Bayan Medical
The EBRD extended a €20 million loan to Uzbek-British pharmaceutical manufacturer Samarkand England Eco-Medical and its affiliate Bayan Medical to expand domestic drug production. Funds will finance new production lines for intravenous solutions, antibiotics, syrups, nasal sprays, and ointments at SEEM, alongside energy-efficiency upgrades and a blow-fill-seal ampoule line at Bayan Medical. The project targets reducing Uzbekistan’s pharmaceutical import dependency, currently standing at 75% of total medical goods consumed. Bayan Medical will also launch graduate internships and create employment opportunities for people with disabilities. The EBRD has now invested $6.9 billion across 205 projects in Uzbekistan.OTP Group Advances Ipoteka Bank Privatisation and Syrdarya Poultry Cluster with Uzbekistan
On March 6, Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov met Laszlo Wolf, Deputy CEO of Hungary’s OTP Group, to review the privatisation of Ipoteka Bank and discuss new joint investment projects. OTP Group, which manages €102 billion in assets across 1,656 branches and 17 million clients, confirmed plans to launch a new mobile banking platform to expand digital services in Uzbekistan. The parties also discussed a poultry cluster project in the Syrdarya region aimed at strengthening food security and developing agro-industrial value chains. Both sides confirmed mutual interest in expanding investment cooperation.EUROUZ member VEON and Beeline Uzbekistan Align with Tashkent on Digital Infrastructure at MWC Barcelona
At MWC Barcelona, VEON Group CEO Kaan Terzioglu and Beeline Uzbekistan CEO Andrey Pyatakhin met Digital Technologies Minister Sherzod Shermatov to advance Uzbekistan’s digital transformation agenda. Discussions focused on developing future-ready digital infrastructure and enhancing the resilience and sustainability of the country’s digital ecosystem. Terzioglu acknowledged the Ministry’s continued support for the industry and its commitment to expanding high-quality, customer-focused digital services nationwide. Both parties reaffirmed their intent to pursue joint initiatives as part of a broader effort to strengthen Uzbekistan’s digital landscape and accelerate progress toward inclusive digital development.EUROUZ is pleased to welcome - Cargolux
Founded in 1970, Cargolux has built a strong reputation as Europe’s largest all-cargo airline and a global leader in air freight logistics. The company operates a fleet of 30 Boeing 747-400 and 747-8 freighter aircraft and was the launch customer for both aircraft types. Today, Cargolux serves a global network of 75 destinations, supported by 85 offices in more than 50 countries and an extended trucking network connecting over 250 international gateways. The airline employs almost 4,000 professionals worldwide.
EUROUZ welcomes a new member – SITA
SITA has been present in Uzbekistan since 1992, working closely with the country’s aviation sector to support airport operations, airline connectivity, and air navigation services. The company collaborates with Uzbekistan Airways, Uzbekistan Airports, and Uzaeronavigation, contributing international expertise and advanced technology to the modernization of Uzbekistan’s aviation ecosystem. SITA’s solutions support efficient passenger processing, airport operations, and secure data communication services, helping strengthen the digital infrastructure of the aviation sector and government institutions.
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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
IFAD, EU and Hamkorbank Launch €6M Initiative to Channel Remittances
IFAD, the European Union, and Hamkorbank launched a €6 million programme in Tashkent on March 5, 2026, targeting nearly 4,000 remittance-receiving households and returning migrant workers in rural Uzbekistan. A new credit scoring model will recognise remittances and returnee savings as proof of repayment capacity, unlocking €4.5 million in tailored loans. With remittances totalling $14.8 billion in 2024 — over 10% of GDP — the initiative addresses critical barriers to rural finance. Some 900 residents, at least half of them women, will receive business literacy training through 2027.
Uzbekistan and EU Deepen Strategic Ties at 19th Parliamentary Cooperation Committee
Brussels hosted the 19th Uzbekistan–EU Parliamentary Cooperation Committee, with Senate First Deputy Chairperson Sodiq Safoyev and European Parliament delegation head Juozas Olekas leading their respective sides. The EU reaffirmed support for Uzbekistan’s reform agenda, while both parties highlighted the October 2025 Enhanced Partnership and Cooperation Agreement as a landmark for expanding cooperation in renewable energy, infrastructure, and industrial development. Discussions also covered trade, critical raw materials, transport corridors, and civil society development. The 20th session is scheduled for 2027 in Uzbekistan.
Macron Identifies Uzbekistan as Strategic Partner in Europe’s Uranium Supply
French President Emmanuel Macron named Uzbekistan among key uranium-producing nations that could help Europe reduce dependence on Russian supplies, speaking at an international nuclear energy summit in Paris on March 10. He cited Uzbekistan alongside Kazakhstan, Canada, Mongolia, and Australia as viable partners. Uzbekistan produced approximately 7,000 tons of uranium in 2025, reinforcing its growing role in global supply chains. Macron described nuclear energy as central to national sovereignty and decarbonization. France’s nuclear policy council will convene shortly to adopt new strategic measures.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Silkway Central Asia Signs $300M EPC Contract to Build Logistics Hub
On March 3, Silkway CA CEO Daniyar Tiyesov and China Railway Construction Engineering Group’s Deputy Head for Central Asia Tian Zhenhua signed an EPC contract to construct a multi-purpose logistics centre near Tashkent. The joint venture between Uzbekistan Railways and Kazakhstan’s PTC Holding will invest $300 million in the 159.4-hectare facility in the Yangiyul district, featuring Class A and B warehouses covering 167,000 sq m and container yards spanning 172,000 sq m. Over 28 km of railway track will be laid on site, with the first phase due for completion by early 2027 and full construction concluding by 2030. The project aims to develop the region’s export potential, expand transit opportunities, and increase the share of container transport by rail. At full capacity, the centre will handle up to 350,000 TEU annually, scaling to 3 million tonnes of cargo by 2035.
Uzbekistan Ratifies Preferential Trade Agreement with Afghanistan
President Shavkat Mirziyoyev signed a ratification resolution on March 6 for a preferential trade agreement with Afghanistan, originally concluded at the Tashkent International Investment Forum in June 2025. The deal eliminates customs duties on 14 goods categories and simplifies phytosanitary procedures for Afghan agricultural imports. The Ministry of Investment, Industry and Trade and the State Customs Committee will lead implementation. Both sides plan to hold a joint business forum in Kabul after Ramadan.
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.
