Uzbekistan Update: March 15 - 31, 2026
Biweekly update on key developments in Uzbekistan
EUROUZ, in partnership with the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan, is pleased to invite you to the 5th Tashkent International Investment Forum (TIIF-2026), taking place on 16–18 June 2026 in Tashkent.
Held with the participation of H.E. Shavkat Mirziyoyev, TIIF is Central Asia’s premier investment platform, bringing together 3,000+ participants from 90+ countries.
Theme: Investment Resilience: New Frontiers, New Partnerships
Focused on Uzbekistan’s ongoing reforms, global integration, and new investment opportunities.
Forum highlights:
Presidential Plenary Session with global leaders and CEOs
20+ high-level panels (finance, energy, trade, AI, etc.)
6,000 m² exhibition across 10+ sectors
For EUROUZ members, TIIF offers direct access to key decision-makers and a unique platform to advance European–Uzbek partnerships.
EUROUZ is proud to be a partner of TIIF for the 5th consecutive year.
Early bird registration is now open.
Register: www.tiif.online | info@tiif.online
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 is pleased to present its Events Calendar for April–June 2026, featuring a series of high-level forums, business breakfasts, committee seminars, and community gatherings aimed at fostering structured dialogue, practical exchange, and engagement among members and partners.
• 16 April — EUROUZ Private Wealth and Compliance Forum in partnership with QUORUS
• 23 April — Exclusive Tour and Reception at Tashkent International Clinic (EUROUZ Member)
• 28 April — EUROUZ Business Breakfast on Investment Projects in partnership with SOLWARD
Compliance and Regulatory Updates: What Business Needs to Know• 13 May — EUROUZ Committee Seminar on Personal Branding for Top Managers and Business Leaders (in partnership with TEAM University, PR and Strategic Communications Committee)
• 16 June — EUROUZ Panel Discussion within the Framework of the Tashkent International Investment Forum
Theme: EU–Central Asia Strategic Partnership for Investment, Trade, and Sustainable Infrastructure Development• 17 June — Evening Reception at Tashkent International Investment Forum 2026 (preliminary registration open)
• 19 June — EUROUZ Annual General Meeting 2026 (preliminary registration open)
April 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 hereJun 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 Opportunities
Register here
EUROUZ & MEMBER NEWS
EUROUZ Position Paper - on Improving Institutional Dialogue Between the State and Business in the Development of Economic Regulation
The EUROUZ Banking, Regulation, and Economic Affairs Committee is pleased to present this position paper on recent regulatory and fiscal changes in Uzbekistan, particularly the implementation of Presidential Decree No. UP-246 of December 10, 2025, titled “On Additional Measures for the Development of Cashless Payments and Reduction of the Shadow Economy.”
Read the full position here:English version \ Russian version \ Uzbek version
We invite all stakeholders to review the position and engage in an open and constructive discussion on how we can work together for a sustainable and prosperous future.
EUROUZ Signs MoU with Foreign Investors Council under the President of the Republic of Uzbekistan
EUROUZ signed a Memorandum of Understanding with the Foreign Investors Council under the President of Uzbekistan during the Uzbekistan Economic Update 2026 event. The agreement establishes a structured platform for dialogue between international investors and government institutions. It aims to improve the investment climate and support ongoing economic reforms. The partnership will coordinate activities through joint committees and working groups. Both sides will collaborate to develop solutions supporting sustainable economic growth.
EUROUZ Hosts Navruz Fest Event in Khiva
EUROUZ hosted Navruz Fest in the historic city of Khiva. The event brought together members and partners to celebrate Navruz and strengthen connections. Participants visited the historic Itchan Kala, gaining insights into its cultural heritage. The gathering highlighted themes of unity, renewal, and tradition. Organizers expressed appreciation to partners and participants for supporting the event.
EUROUZ Member Uzbekistan Signs Risk-Sharing Deal to Expand Corporate Financing
Ipoteka Bank OTP Group and the European Bank for Reconstruction and Development signed a Risk Sharing Facility agreement to support corporate lending in Uzbekistan. The framework enhances financing capacity for medium and large enterprises through shared credit risk mechanisms. The agreement was signed by bank CEO Sandro Rtveladze and EBRD Vice President Greg Gayett. It aligns with reforms aimed at strengthening private sector development and investment. Both institutions will implement financing solutions to support sustainable economic growth.
Management Change at JCC – Strengthening the Partnership with EUROUZ
As of 1 March 2026, a new management team has taken over at JCC – Joint Chambers of Commerce Switzerland – Eastern Europe / Central Asia / South Caucasus. After 15 years of dedicated service, our valued partner and dear friend Dorit Sallis has stepped down to pursue a new professional challenge. We would like to express our sincere gratitude for her longstanding commitment, excellent cooperation, and the strong relationships she has built over the years.Her successors, Sven Henniger and Andreas Bitzi, will assume their roles as Co-CEOs. Both bring extensive experience in the CIS region and a deep understanding of the economic landscape. JCC remains firmly committed to further strengthening its partnership with EUROUZ through joint events, enhanced information exchange, and expanded collaborative activities.EUROUZ Member EBRD Invests $15.4 Million in UzCarlsberg Expansion
On March 19, the European Bank for Reconstruction and Development announced a $15.4 million financing package for UzCarlsberg in Uzbekistan. The investment will support construction of a new brewing facility and expansion of production capacity. Funds will also be used to acquire modern equipment and improve warehouse infrastructure. The project includes €200,000 in concessional finance to внедрить sustainable technologies. The initiative aims to enhance efficiency and sustainability in the food production sector.
EUROUZ Member VEON Appoints New Leadership to Drive Digital Strategy
On March 17, VEON announced senior leadership changes across its operations and headquarters to strengthen digital growth. The appointments include:
Yevgeniy Nastradin as CEO of Beeline Uzbekistan
Andrey Pyatakhin as Chief Operating Officer of Beeline Uzbekistan
Jabbor Kayumov as CEO of Beeline Kazakhstan
Ahmet Kayhan as Chief Payments and Digital Assets Officer
EUROUZ welcomes a new member – ODAŞ CA.
Operating in the Khorezm region, ODAŞ CA represents one of the key private energy projects in Uzbekistan. The company’s natural gas combined cycle power plant, developed with modern gas technology, plays an important role in strengthening the region’s electricity supply and supporting growing energy demand. As part of the ODAŞ Group’s diversified portfolio across energy, mining, and tourism, the project reflects a strong commitment to efficient energy generation, infrastructure development, and international expansion.
EUROUZ welcomes a new member – Sistronik Sistem A.Ş.
Sistronik Sistem A.Ş. delivers turnkey engineering solutions across a wide range of high-technology infrastructure projects, combining expertise in engineering, design, system integration, and implementation. The company has extensive experience in energy generation, transmission, and distribution, executing projects in high-voltage systems and providing comprehensive solutions in electrification, instrumentation, and automation. With strong expertise in international standards and system integration, Sistronik implements projects both domestically and internationally, contributing to the development of modern infrastructure. The company also places a strong emphasis on sustainable development, environmental responsibility, and innovation through continuous investment in R&D and engineering capabilities.
EUROUZ welcomes a new member – Satguru.
Established in 1989 and headquartered in Dubai, UAE, Satguru Travel & Tourism operates in the travel and tourism industry, providing a wide range of services including corporate travel management, airline ticketing, leisure travel, and destination management across global markets. With a strong international presence, Satguru has successfully expanded into multiple regions, including Central Asia. Its office in Uzbekistan plays an important role in managing both inbound and outbound travel services, supporting corporate and leisure clients, and contributing to the development of regional partnerships.
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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
Uzbekistan Signs Seasonal Farm Labour Deal with Italian Agricultural Association
Uzbekistan and Italy signed a seasonal employment agreement during high-level talks in Tashkent, allowing Uzbek workers to take agricultural contracts of three to nine months in Italy. The accord was formalised between the Uzbek Migration Agency and Associazione Imprese Ortofrutticole, a body representing over 35 fruit and vegetable firms. Agriculture ministers from both countries participated in the negotiations alongside Migration Agency head Bekhzod Musayev. A pilot project launching in 2026 will place 100 Uzbek workers in Italian farms specialising in apples, kiwis, and strawberries. Successful implementation may expand the quota in subsequent years.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Uzbekistan and Tajikistan Set $2 Billion Trade Target During Presidential Visit
On March 26, Presidents Mirziyoyev and Rahmon convened the first session of the Supreme Intergovernmental Council in Tashkent. The two leaders set a bilateral trade target of $2 billion by 2030, up from current levels. Key measures include accelerating the Oybek–Fotekhobod border trade center and launching digital certification and E-Permit customs platforms. A new industrial cooperation program spans mining, energy, agriculture, and electrical engineering. Both presidents signed a five-year action plan on cultural ties and reaffirmed coordinated security positions within Central Asian regional frameworks.
Key agreements and agreements signed during the summit included:
Top-Level Agreements
Joint Statement on Deepening Strategic Partnership and Allied Relations: Signed by Presidents Shavkat Mirziyoyev and Emomali Rahmon.
Economic and Trade Agreements
Program to Increase Trade Turnover: Aimed at strengthening bilateral trade.
Industrial Cooperation Program: Focusing on enhancing industrial partnerships.
Agreement on the Mutual Use of Electronic Systems for certification of the origin of goods.
Agreement on Cooperation in the Use of the “E-Permit” information system.
Plans and Roadmaps (2026-2028)
Action Plan for Industry and Innovation (2026–2028): Focused on industrial development and technical collaboration.
Action Plan for Mining and New Technologies (2026–2028): Targeted at developing the mining sector.
Roadmap for Development of Cooperation in Tourism (2026–2028): To boost tourism exchange.
Roadmap for Further Development of Cooperation in the Agro-Industrial Complex (2026–2028).
I’ve linked each agreement to the most relevant source covering that specific item — primarily the News Central Asia and UzDaily summit outcome reports, and the Asia-Plus article on the full signing package. Where multiple agreements were covered in the same source, I pointed them to the same URL.
Mirziyoyev Receives Kazakh Foreign Minister to Advance Strategic Partnership
President Shavkat Mirziyoyev met Kazakhstani Foreign Minister Yermek Kosherbayev in Tashkent during an official visit. The talks centered on strengthening bilateral strategic partnership across parliamentary, governmental, and business levels. Both sides identified cooperation on rare metals as a new priority, alongside expanded collaboration in space exploration and the creative economy. Growing trade turnover and active intergovernmental commission work underpin the relationship. The parties also coordinated positions on upcoming bilateral and multilateral regional agendas.
Uzbekistan and Afghanistan Launch Joint Business Council Targeting $5 Billion Trade
Uzbekistan and Afghanistan formally established a bilateral Business Council at the Tashkent Chamber of Commerce and Industry. The council comprises 32 representatives from both countries, covering construction materials, pharmaceuticals, food products, textiles, and petroleum sectors. Both sides set a target of $5 billion in mutual trade, supported by digital customs systems, expanded financial services, and a structured action plan. The council provides a direct entrepreneurial dialogue channel to accelerate cross-border investment. Regular exhibitions, business forums, and B2B meetings will sustain implementation momentum.
