Uzbekistan Update: May 1 - 15, 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 Board of Directors 2026 – 2028 Candidate Nomination
EUROUZ invites nominations for the Board of Directors for the 2026–2028 term. This is your chance to shape the future direction and activities of the Europe-Uzbekistan Association for Economic Cooperation. Candidates participating in the election are kindly requested to complete the official questionnaire, which will serve as their official candidate profile submission.
Deadline: May 28, 2026
Submit your nomination - link
Guideline for completing the nomination form: linkJun 17, 2026 EUROUZ Business Evening at Tashkent International Investment Forum (TIIF)
EUROUZ is pleased to announce the European Evening Reception, organized within the framework of the Tashkent International Investment Forum 2026. The reception will convene high-level representatives of the Government of Uzbekistan, members of the diplomatic community, CEOs of leading European and Uzbek companies, as well as institutional investors and senior executives.As one of the flagship engagements of TIIF Week, the European Business Evening provides a distinguished platform for informal dialogue, strategic networking, and strengthening business relations between Europe and Uzbekistan.
Date: June 17, 2026
Time: 18:30 PM – 21:00 PM (UZT)
Venue: HYATT Regency Tashkent (Ballroom)
Register here (mandatory) : tiif.reception.eurouz.events
EUROUZ & MEMBER NEWS
EUROUZ held its Quarterly Board of Directors Meeting
On 14 May, EUROUZ held its Quarterly Board of Directors Meeting, bringing together Board Members of the Association to review ongoing activities, discuss strategic priorities, and outline key directions for future work. During the meeting, participants exchanged views on current developments, upcoming initiatives, committee activities, membership growth, and preparations for major EUROUZ events and engagements planned for the coming months. The session also served as an important setting for constructive dialogue and coordination aimed at further strengthening the role of EUROUZ in supporting cooperation between the European and Uzbek business communities.
EUROUZ held a seminar on “Being Visible: Executive Reputation in Modern Business”
On 13 May, EUROUZ held a seminar on “Being Visible: Executive Reputation in Modern Business” within the framework of the EUROUZ Public Relations & Strategic Communications Committee, in cooperation with TEAM University in a hybrid format in Tashkent. The session brought together EUROUZ members, business leaders, executives, and invited experts to discuss the growing role of executive reputation, personal branding, and strategic communications in today’s business environment.
The programme featured practical discussions on founder visibility, reputation management, cultural intelligence, executive education, and investment attractiveness through personal brand positioning. Speakers shared insights and practical experience on how reputation increasingly influences business growth, stakeholder trust, and international market positioning.
Event Photos \ Press ReleaseEUROUZ welcomes a new member – Philip Morris International (PMI)
Philip Morris International (PMI), headquartered in Switzerland, is a leading international company with a portfolio that includes globally recognized brands such as Marlboro, alongside a growing range of smoke-free products. The company operates across multiple markets worldwide and is actively advancing its strategy toward reduced-risk alternatives to traditional smoking. In Uzbekistan, PMI is present through the import and distribution of its products, supplying the market with both conventional tobacco products and innovative smoke-free solutions.
EUROUZ welcomes a new member – Association of Young Architects of Uzbekistan
The Association of Young Architects of Uzbekistan, headquartered in Tashkent, is a dynamic professional platform uniting emerging architects, designers, and urbanists. The organization focuses on promoting sustainable design, supporting professional development, and fostering active participation in urban planning and architectural dialogue. Since its establishment in 2021, the Association has organized a wide range of forums, workshops, competitions, and collaborative projects, while building strong local and international partnerships. Its activities include research initiatives, educational programs, and public events aimed at strengthening the role of young professionals in shaping Uzbekistan’s urban environment and driving innovation in the sector.
EUROUZ welcomes a new member – Tashkent Tobacco
Tashkent Tobacco is one of the fastest-growing manufacturing enterprises in the sector, specializing in the production of filter cigarettes. The company combines international quality standards with efficient, high-performance production processes. The company’s growth trajectory reflects its strong operational capacity: from approximately 600 million cigarettes produced annually in 2018 to over 3.5 billion units as of 2024. Today, the factory offers a diversified portfolio of around 50 product lines across seven key brands.
EUROUZ Member ACWA Power Expands Uzbekistan Clean Energy Capacity
The Asian Development Bank and ACWA Power signed a $116 million financing agreement to support renewable energy and battery storage projects in Uzbekistan. The initiative includes a 200 MW energy storage system and supports the country’s broader expansion of solar and wind power generation, which exceeded 4 billion kWh by mid-May 2026. Renewable electricity output increased by 29% year-on-year, while independent producers raised total electricity generation by 49% during the first quarter. The projects support Uzbekistan’s goal of increasing the share of green energy above 50% by 2030. Authorities will continue expanding renewable infrastructure and grid modernization under ongoing energy sector reforms.
EUROUZ Members Ipoteka Bank OTP Group and Beeline Uzbekistan Launch Strategic Partnership
Ipoteka Bank OTP Group and Beeline Uzbekistan signed a memorandum of strategic partnership to expand digital financial and telecommunications services in Uzbekistan. The cooperation includes the development of joint fintech products, installment programmes, loyalty services, and co-branded solutions through digital and offline channels. The partnership will also support telecom infrastructure modernization, equipment procurement, and wider network coverage under financing arrangements of up to five years. The initiative aligns with Uzbekistan’s digital transformation and Uzbekistan–2030 strategy objectives. The parties plan to implement pilot projects before expanding the cooperation nationwide.
EUROUZ Member Beeline Expands High-Speed LTE Coverage in Tashkent
On May 18, 2026, Beeline Uzbekistan completed a major network refarming project in Tashkent to improve mobile internet speed and stability across the capital. The upgrade introduced a third LTE layer using the 2100 MHz frequency band alongside the existing LTE 2600 and LTE 1800 networks, with the new layer already carrying around 15% of the city’s mobile internet traffic. The company also deployed LTE Low-Band equipment to strengthen indoor signal penetration and improve connectivity in densely built urban areas. As a result, downlink user throughput increased by more than 40%, while mobile data traffic volumes in Tashkent grew by up to 60% compared to equivalent periods in 2025. The project forms part of Beeline Uzbekistan’s broader strategy to expand digital infrastructure and enhance service quality across Uzbekistan.
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
Uzbekistan and Austria Deepen Trade and Security Cooperation
On May 7, President Shavkat Mirziyoyev received Austrian ministers Beate Meinl-Reisinger and Gerhard Karner in Tashkent. The talks focused on expanding cooperation in construction materials, tourism, healthcare, agriculture, and finance. The sides also signed agreements related to labor migration, diplomatic services, and taxation during a joint business forum. Bilateral trade turnover has tripled in recent years, reflecting stronger economic engagement between the countries. The parties agreed to maintain regular dialogue on trade, security, and regional cooperation.
Germany’s GIZ Allocates €9 Million for Uzbekistan’s Green Development
Uzbekistan’s Economy Ministry and Germany’s GIZ discussed regional development projects during talks in Tashkent. The parties agreed to allocate €9 million for green growth and infrastructure initiatives across several Uzbek districts between 2026 and 2029. The programme will support new pilot projects, including AI-based regional planning and agritourism development. The initiative aims to strengthen sustainable economic growth and regional infrastructure. Authorities also plan to expand projects to Sokh, Bakhmal, and Boysun districts.
Tashkent and Belgrade Expand Industrial and Technology Cooperation
President Shavkat Mirziyoyev met Serbian Foreign Minister Marko Đurić in Tashkent to discuss bilateral cooperation. The sides agreed to prepare a cooperation programme covering mechanical engineering, pharmaceuticals, IT, agriculture, and tourism. They also decided to hold the first Intergovernmental Commission meeting in Belgrade later this year to coordinate investment projects and trade procedures. The initiative seeks to increase bilateral trade and strengthen economic ties between Uzbekistan and Serbia. The parties will continue discussions through upcoming high-level meetings.
Uzbekistan and Czech Republic Agree on €900 Million Cooperation Package
Uzbekistan and the Czech Republic reached agreements on investment and financing projects during bilateral economic discussions. The package includes €300 million in joint projects and €600 million in financing commitments. The agreements cover cooperation in industrial development and financial support initiatives. The partnership aims to strengthen economic ties and expand investment opportunities between the two countries. Both sides are expected to continue implementing the agreed projects through bilateral cooperation mechanisms.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Afghanistan and Uzbekistan Sign $112 Million Trade Agreements
Afghan and Uzbek private sector representatives signed 10 cooperation agreements during a trade forum and business meetings in Mazar-i-Sharif. The deals are valued at $112 million and cover cross-border trade and economic cooperation initiatives. Officials from Afghanistan’s Ministry of Industry and Commerce and Uzbekistan’s Karakalpakstan government attended the event. The agreements aim to expand regional trade connectivity and strengthen bilateral economic relations. The parties plan to continue cooperation through additional business and diplomatic engagements.
Uzbekistan and Kyrgyzstan Accelerate China Railway Project
On May 15, Presidents Shavkat Mirziyoyev and Sadyr Japarov held talks during the informal OTS summit in Turkestan. The leaders discussed measures to accelerate regional transport and energy projects, including the China–Kyrgyzstan–Uzbekistan railway. They also reviewed cooperation projects in industry, agriculture, and water management amid growing bilateral trade. The discussions aim to strengthen regional connectivity and strategic partnership between the two countries. The sides agreed to continue implementing previously reached high-level agreements.
