Uzbekistan Update: May 15 - 31, 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 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
Jun 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.eventsIteca Exhibitions Promotes Uzbekistan’s Autumn Trade Exhibitions
EUROUZ member Iteca Exhibitions announced the upcoming autumn exhibition season featuring international trade events across key sectors of Uzbekistan’s economy. The exhibitions provide companies with opportunities to connect with decision-makers, distributors, buyers, and government stakeholders through targeted business platforms. Iteca organizes 22 international exhibitions covering 16 industries and annually brings together more than 4,300 companies from 57 countries and over 101,000 visitors. The events are designed to support partnership building, regional market expansion, and business visibility across Central Asia. Companies can explore participation opportunities and sector-specific events through the Iteca platform.
EUROUZ & MEMBER NEWS
EUROUZ Unveils Sponsors for Tashkent Investment Forum Reception
EUROUZ proudly unveils the first wave of sponsors and chamber partners of the European Evening Reception at the Tashkent International Investment Forum 2026, a high-level gathering where Europe meets Uzbekistan. This is more than an event. It’s a platform shaping partnerships, unlocking investments, and driving the next chapter of economic cooperation. We thank our partners for their trust and vision. We look forward to welcoming our members and partners for an evening of meaningful dialogue and new opportunities.
Event PhotosEUROUZ Hosts Consultation on Veolia Energy Decarbonization Project
EUROUZ, together with Veolia Energy Tashkent and Carbon Capital Management, held a hybrid stakeholder consultation meeting on the Veolia Energy Tashkent Decarbonization Project under the Verified Carbon Standard. The initiative focuses on modernizing Tashkent’s district heating system through infrastructure upgrades aimed at improving energy efficiency and reducing greenhouse gas emissions. Representatives of the business community and other stakeholders discussed the project’s environmental impact, monitoring mechanisms, and long-term infrastructure objectives. The project also seeks to reduce natural gas consumption and improve the reliability of heating services in the capital. EUROUZ continues to support initiatives promoting sustainable development, energy transition, and international cooperation in Uzbekistan.
EUROUZ Discusses Expansion Plans with Member Uklon
EUROUZ held a meeting with its member Uklon to discuss the company’s future development plans and expansion strategy in Uzbekistan. The discussion focused on strengthening Uklon’s market presence, identifying growth opportunities, and exploring potential areas of cooperation within the country’s evolving business environment. Representatives also exchanged views on long-term enlargement perspectives and operational support mechanisms. The dialogue reflects EUROUZ’s continued commitment to supporting international companies operating and expanding in Uzbekistan.
German Economy Day in Uzbekistan organized by AHK - German Chamber of Commerce Abroad
On May 18, 2026, the German Business Day in Uzbekistan took place at the Hyatt Regency Tashkent, bringing together representatives of government institutions, international organizations, business associations, and German and Uzbek companies. The event focused on investment opportunities, vocational education, workforce development, and practical aspects of German business operations in Uzbekistan. Participants discussed mechanisms to strengthen long-term economic cooperation and expand bilateral partnerships through panel discussions and networking sessions. Representatives of the GUZ Partners project team also participated in meetings with business and institutional stakeholders to support international cooperation initiatives.
EUROUZ Member Dentons Advises on Uzbekistan’s First International IPO
On May 21, 2026, Dentons acted as Uzbek legal counsel to underwriters in the US$690 million IPO of the National Investment Fund of the Republic of Uzbekistan (UzNIF). The transaction included a dual listing on the Republican Stock Exchange “Toshkent” and the London Stock Exchange through ordinary shares and Global Depositary Receipts. Jefferies International Limited led the underwriting consortium alongside international and domestic financial institutions. The offering marked Uzbekistan’s first international public equity transaction and supported the country’s capital markets integration. Dentons advised on regulatory, structuring, due diligence, and transaction documentation matters throughout the process.
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
Uzbekistan and Serbia Discuss Expanding Bilateral Trade Cooperation
Presidents Shavkat Mirziyoyev and Aleksandar Vučić met during the World Urban Forum in Baku to discuss advancing Uzbekistan–Serbia relations. The leaders focused on expanding bilateral trade through cooperation programmes in machinery manufacturing, agricultural processing, chemicals, electrical engineering, pharmaceuticals, agriculture, and tourism. They also discussed strengthening humanitarian ties through a planned forum of university rectors and cultural exchanges between the two countries. The talks aimed to deepen economic and diplomatic cooperation while supporting broader regional engagement. The sides additionally reviewed preparations for upcoming high-level meetings and international events.
German Business Delegation Marks DUWIRAT Anniversary in Tashkent
From May 17 to 19, 2026, the Eastern Committee of the German Economy led a business mission to Uzbekistan, bringing together more than 90 representatives of German companies in Tashkent. The delegation participated in the 10th meeting of the German-Uzbek Economic Council (DUWIRAT), where government and business leaders reviewed investment projects and discussed their implementation. Volkswagen announced plans to expand its presence in Uzbekistan, building on its cooperation with Uzavtosanoat and advancing local vehicle production initiatives. Several projects were added to the German Investment Navigator platform, which supports the monitoring and resolution of investment-related issues. The meetings highlighted growing German interest in the Uzbek market and set the stage for further expansion of bilateral economic cooperation.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Uzbekistan and Kazakhstan Approve Trade Cooperation Roadmap
Presidents Shavkat Mirziyoyev and Kassym-Jomart Tokayev oversaw the signing of a roadmap on trade and investment cooperation during talks in Astana. The document outlines joint projects in automotive manufacturing, energy, chemicals, metallurgy, pharmaceuticals, logistics, construction materials, housing construction, and agriculture. The roadmap implements agreements reached during earlier bilateral meetings in Bukhara and Turkistan this year. The initiative aims to expand trade corridors and strengthen mutual investment between the two countries. President Mirziyoyev later concluded his working visit and departed for Tashkent.
Uzbekistan and Belarus Target $2 Billion Trade by 2030
Uzbekistan and Belarus discussed measures to increase bilateral trade to $2 billion by 2030 during the 12th Intergovernmental Commission meeting in the Tashkent region. The sides agreed to expand cooperation in industry, transport, logistics, electrical engineering, pharmaceuticals, construction materials, textiles, and agricultural machinery production. Bilateral trade grew by 25% in 2025 and increased by nearly 50% in January–March 2026 to $259.7 million. Officials also prepared a cooperation roadmap for 2026–2030 and supported the development of joint high-value-added manufacturing projects. The two countries additionally confirmed plans to strengthen transport corridors and freight infrastructure.
Uzbekistan Plans Potato Supply Cluster in Afghanistan
The Uzbek delegation led by Chamber of Commerce Chairman Davron Vakhabov held talks with Bamyan Governor Qari Ghulam Haidar Shafaq on expanding agricultural cooperation. The discussions focused on establishing a potato cultivation cluster in Afghanistan under guaranteed purchase agreements for local farmers. Initial estimates project annual potato imports of at least 50,000 tons to Uzbekistan, with potential deliveries rising to 300,000 tons. The initiative aims to secure affordable potato supplies for the Uzbek domestic market while supporting cross-border agricultural cooperation. The sides also discussed fertilizer storage infrastructure, fruit cultivation, and technical training programmes for Afghan farmers.
