Uzbekistan Update: July 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 CHANGES
3.1 LEGISLATIVE CHANGES
3.2 NOTABLE APPOINTMENTS
4. ECONOMY
4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE
4.2 IFI’s, BANKING & 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
August 4, 2026 EUROUZ Compliance & Corporate Governance Committee Meeting
EUROUZ Compliance & Corporate Governance Committee invites members to an online discussion on the continued development of the EU sanctions regime and its practical implications for companies operating in Uzbekistan and across Central Asia. Our special guest, Klaus Zillikens, EU Regional Sanctions Adviser at the EU Delegation in Astana, will deliver a presentation titled “EU Sanctions: Not a Sprint, but a Marathon,” followed by an interactive Q&A session.
The session will examine how EU sanctions have evolved through the years and what the latest measures mean for the Central Asia businesses and how companies can balance between growing compliance requirements and legitimate trade and investment activities
Participants may submit their questions in advance through our online questionnaire. Questions may be submitted anonymously or with the participant’s name and should be sent by 3 August.
Submit your question: questionnaire link
Date: 4 August, 2026
Format: Online
Participation: Open to EUROUZ members and non-members
Registration: linkSeptember 11th, 2026 EUROUZ Annual Back to Work Jazz Night
EUROUZ is delighted to invite its members to the Annual Back to Work Jazz Night, an elegant evening bringing together professional networking, live jazz music, and a refined atmosphere. The event will offer members an opportunity to reconnect after the summer season, meet business peers and partners, and enjoy an evening of music, conversation, and informal networking in one of Tashkent’s most atmospheric venues.
Date: Thursday, 11 September
Time: 18:30–21:30 UZT
Venue: Ember & Embar Terrace, InterContinental Tashkent, 17th floor
Register here
Sponsorship opportunities
Spaces are limited. Early registration is highly recommended.Meet Your Next Business Partner at TextileExpo Sourcing Hub
Looking to expand your supplier network or source new textile products? TextileExpo Sourcing Hub, taking place on 9 September as part of Global Textile Days on 8-10 September at Uzexpocentre NEC, offers a unique opportunity to connect directly with carefully selected manufacturers and international buyers in a dedicated B2B matchmaking format.
Designed for producers of textiles, apparel and textile machinery, the event enables participants to hold pre-arranged business meetings, explore new sourcing opportunities, discuss potential partnerships and lay the groundwork for future contracts. Don’t miss this exclusive platform for high-value networking and international business development.
To register/learn more: textileexpo@iteca.uz
EUROUZ & MEMBER NEWS
EUROUZ Welcomes a New Member – TEXTIMA.
Founded in Berlin in 1948, TEXTIMA is an owner-managed export company specialising in high-quality machinery, industrial plants and equipment. Originally focused on textile machinery, the company has expanded its portfolio to include solutions for plastics processing, rubber technology and the pharmaceutical industry. TEXTIMA also provides complete production lines combined with tailored financing solutions through its “Packager Model”. With seven representative offices and two subsidiaries across Eastern Europe, the Baltic States and Ukraine, TEXTIMA brings extensive international experience to its activities.
EUROUZ welcomes a new member – Knauf Group
Knauf Group is one of the world's leading manufacturers of building materials and construction systems, with more than 90 years of history. With over 320 production sites in more than 90 countries, Knauf Group has been active in Uzbekistan for more than 25 years, operating three gypsum plants in Bukhara and Fergana. Headquartered in Visé, Belgium, Knauf Insulation, as part of the Knauf Group, is one of the global leaders in insulation solutions, with more than 40 years of experience. The company operates in over 40 countries, employs around 6,000 people, and manages 28 production sites across 15 countries. In 2025, Knauf Insulation further expanded its presence in Central Asia by launching a new rock mineral wool insulation plant in Tashkent. This investment strengthens local manufacturing, supports energy-efficient construction, and improves access to high-quality insulation solutions in Uzbekistan and the wider region.
EUROUZ Member Ipoteka Appoints Adam Szentpeteri as Management Board Chairman
Effective July 27, 2026, Adam Szentpeteri assumed leadership of Ipoteka Bank OTP Group after serving as acting chairman since June 3. He will oversee strategy implementation, business-process efficiency, and the bank’s ongoing transformation. Szentpeteri joined the lender in July 2023 as deputy chairman and head of strategy and finance. He has worked within OTP Group since 2005 across retail banking, controlling, strategy, and executive roles. The bank plans to strengthen its market position and develop modern financial solutions.
EY-Parthenon Appoints Daniyar Adigamov to Expand Regional Advisory Practice
On July 20, 2026, EY named Daniyar Adigamov a partner in its Uzbekistan-based strategy and transactions practice. He will develop valuation, modelling, transaction support, M&A, and restructuring services across Central Asia and the Caucasus. Adigamov brings over 25 years of experience and has completed more than 400 projects across multiple industries. The appointment strengthens EY’s capacity to support investment, corporate finance, and business transformation. He will also help expand the firm’s regional advisory capabilities and client coverage.
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
Uzbekistan and Switzerland Advance Financial and Technical Cooperation
Senior central bank and government officials met in Tashkent during the IMF–World Bank Swiss Constituency Meeting. The parties reviewed joint initiatives with the EBRD, IMF, and World Bank focused on institutional capacity. They also discussed Uzbekistan’s global market integration and prospects for attracting more Swiss investment. The talks highlighted Switzerland’s financial and trading expertise as a basis for bilateral projects. Both sides agreed to maintain regular dialogue and continue technical assistance and capacity-building cooperation.
Uzbekistan Develops $1.8 Billion French Energy Pipeline
Uzbek and French officials reviewed six energy projects worth $1.8 billion that are being developed in Uzbekistan. The portfolio covers generation, transmission, gas infrastructure, storage, efficiency, digitalization, engineering, and training, while EDF is building more than 3.1 GW of gas-fired capacity. These proposals will add to three French projects worth about $2 billion already under implementation, lifting the joint pipeline above $4 billion. The expansion will increase generation and network capacity while widening French participation beyond existing EDF, TotalEnergies, and Voltalia projects.
1.2 CENTRAL ASIA, CAUCASUS & CIS.
Uzbekistan and Kyrgyzstan Target $2 Billion Trade Expansion
On July 30, 2026, Presidents Shavkat Mirziyoyev and Sadyr Japarov held bilateral talks in Cholpon-Ata. The leaders agreed to establish an Interstate Council and expand cooperation across industry, energy, logistics, agriculture, pharmaceuticals, and textiles. Bilateral commerce reached $1.2 billion in 2025, while around 450 joint ventures now operate. The package links trade growth with energy and cross-border transport infrastructure. Both governments will prepare the first Forum of Regions before year-end and advance the Kambarata HPP-1 project.
Uzbekistan and Azerbaijan Target $1 Billion Trade with Joint Projects
On July 17, 2026, Uzbek and Azerbaijani officials held intergovernmental and business council meetings in Tashkent. The parties signed agreements covering investment, industrial cooperation, project financing, geology, mineral development, and financial mechanisms. Bilateral commerce reached $307.2 million in 2025 and grew nearly 40% during January–May 2026. Planned ventures include energy blocks, tourism complexes, manufacturing plants, and regional development projects. Officials will hold an interregional forum in August and schedule reciprocal regional visits through 2027.
Tashkent Considers Afghan Farm Imports to Stabilize Food Prices
On July 25, 2026, a Tashkent delegation discussed agricultural cooperation during visits to Afghanistan’s Bamyan and Herat provinces. Officials considered importing affordable produce and establishing trade houses in both regions. They estimated Bamyan’s annual potato export potential at 300,000 tonnes, while a pilot project planted 44 tonnes of seed potatoes across 17 hectares. The initiative supports food security and direct business ties. Both sides plan to expand trade and launch joint agricultural projects.
Uzbekistan and Afghanistan Agree to Reduce Freight Carrier Fees
On July 26, 2026, transport ministers Ilhom Mahkamov and Mohammad Fazil Mazloum met in Kabul to review cross-border road transport conditions. The parties agreed to optimize charges imposed on national freight operators through reciprocal measures. Earlier reductions cut Afghanistan’s entry fee from 5,000 to 3,500 afghanis and the Friendship Bridge toll from 12,000 to 7,000 afghanis. The measure aims to improve conditions for cross-border road transport. An interagency group will finalize proposals by August 10.
FlyOne Armenia Launches Twice-Weekly Yerevan–Tashkent Charter Flights
On July 30, 2026, the carrier’s inaugural service arrived at Tashkent International Airport from Yerevan. The airline will operate Airbus A320 aircraft every Wednesday and Sunday. Shirak Avia became the first Armenian operator on the route when it began scheduled services on June 2. The additional connection expands direct air transport between Uzbekistan and Armenia. The route now has services from two Armenian airlines.
Uzbekistan Seeks Belarusian Support for First Nuclear Power Plant
On July 20, 2026, President Shavkat Mirziyoyev received a Belarusian delegation led by Deputy Prime Minister Viktor Karankevich. The meeting reviewed implementation of agreements following Mirziyoyev’s July 8–9 visit to Minsk. Officials discussed raising bilateral trade to $2 billion and advancing cooperation projects in priority sectors. The parties examined Belarusian expert support for nuclear plant design, construction, operation, and workforce training. The sides will also develop joint programmes between relevant higher education institutions.
