Uzbekistan Update: December 15 - 31, 2025
Biweekly update on key developments in Uzbekistan
EUROUZ Executive Leadership Update
EUROUZ is pleased to announce an executive leadership transition within its Secretariat, effective as of 1st of January 2026.
Following the outcomes of the EUROUZ Annual General Meeting 2025, Mr. Oybek Shaykhov has joined the EUROUZ Board of Directors and will complete a full transition to this role, focusing on supporting the Association’s strategic vision, the development of sectoral Committees, and engagement on members’ government relations priorities.
Concurrently, Mr. Atabek Alimjanov has been appointed as the new Secretary-General of EUROUZ by unanimous decision of the Board of Directors, assuming an expanded executive mandate alongside his current role as Director of the Uzbekistan Branch. In this capacity, he will oversee all of the Secretariat’s operations and lead EUROUZ’s engagement with members, partners, and stakeholders.
This transition reflects EUROUZ’s continued institutional development and commitment to strong, effective governance.
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
February 10-12, 2026 27th Uzbekistan International Construction Exhibition - UzBuild 2026
UzBuild 2026 Kicks Off the Spring Exhibition Season at its Traditional Venue
Every year UzBuild brings together those who design, build, supply and make decisions. Join the region’s three premier construction events and become part of the international community that is driving the industry forward:
27th Uzbekistan International Construction Exhibition - UzBuild 2026
International Conference of Construction Industry – ICCI 2026
Specialised section «Building Equipment and Technologies - BuildTech 2026
EUROUZ Member EY launching a research survey titled “Best Employer in Uzbekistan According to Students and Experienced Candidates”
We kindly ask our readers to complete this survey via the link
EUROUZ & MEMBER NEWS
EUROUZ held an internal of the Compliance & Corporate Governance Committee meeting
On 18 December, EUROUZ held an internal meeting of the Compliance & Corporate Governance Committee, bringing together members for an in-depth and constructive discussion on key governance and compliance topics.
The meeting addressed recent regulatory updates, transparency and reporting requirements, AML/CFT and internal control frameworks, as well as the evolving ESG and corporate governance standards shaping the business environment in Uzbekistan. Participants exchanged practical insights and shared experiences, highlighting common challenges faced by companies across sectors. The discussion reinforced the Committee’s role as a platform for structured dialogue and peer exchange, while helping to identify priority areas for further work in support of high standards of compliance, transparency, and responsible corporate conduct.
EUROUZ held an internal meeting of the Committee on Public Relations and Strategic Communications
The session brought together members to discuss organizational matters, outline key priorities, and define strategic directions for the Committee’s work in 2026. This meeting marked the final EUROUZ Committee meeting of 2025, concluding the year with a clear vision for future plans and development.
EUROUZ welcomes new member — Italy4Trade International Srl
Italy4Trade International Srl, operating under the Italy4East Internationalization brand, is an Italian business consulting company with over 25 years of experience in international services. The company supports Uzbek and Central Asian SMEs in entering the Italian, European, and Swiss markets, offering internationalization advisory, Temporary Export Management (TEM) services, and access to Italian know-how, technologies, and strategic partners.
EUROUZ welcomes new member — KDB Bank Uzbekistan
KDB Bank Uzbekistan is a subsidiary of Korea Development Bank, a state-owned financial institution established in 1954, with a global presence in 19 countries and an international credit rating of AA. Established in Uzbekistan in 1997, the Bank has developed into a leading financial institution supporting foreign investment and the financing of strategic local projects.
EUROUZ welcomes a new member LDK Consultants
LDK Consultants operates through subsidiaries in Serbia, Jordan, Kenya, Cyprus, and Belgium, with affiliate offices in Ukraine, and works closely with government institutions, multinational corporations, and international financial institutions and donors. Active in Uzbekistan since 1995, the company has recently implemented projects focused on energy and resource efficiency, capacity building, and industrial decarbonization in cooperation with the EBRD and the World Bank.
EUROUZ welcomes a new member Abrau Capital
Based in Tashkent, Abrau Capital provides strategic, financial, and analytical advisory services to companies navigating Uzbekistan’s rapidly developing market. The firm’s core areas of expertise include strategy development, market research, corporate finance, and business process optimization.
Abrau Capital works with both international investors entering Uzbekistan and local companies pursuing expansion, restructuring, or investment projects. Combining strategic advisory with applied analytics and strong financial expertise, the firm delivers practical, data-driven solutions tailored to the specifics of the Uzbek business environment.
EUROUZ welcomes a new memer the Automobile Business Association of Uzbekistan
The Automobile Business Association of Uzbekistan is a non-governmental, non-profit organization that brings together national automobile manufacturers, component producers, importers, distributors, and dealers operating in the country’s automotive market. The Association unites key industry stakeholders to jointly promote the sustainable development and future growth of Uzbekistan’s automotive sector. EUROUZ looks forward to cooperation with the Automobile Business Association of Uzbekistan in supporting dialogue, industry collaboration, and the advancement of the automotive ecosystem.
Gov. Andy Beshear announced that AKFA Aluminum Solutions, part of Uzbekistan’s AKFA Group, will open its first U.S. manufacturing facility in Bowling Green, Kentucky. The project will create 331 jobs and strengthen U.S.-Uzbekistan trade. The facility will focus on energy-efficient aluminum production, including extrusion, anodizing, and finishing. This investment highlights Kentucky’s growing role in global manufacturing and is supported by a performance-based incentive from the Kentucky Economic Development Finance Authority.
On November 28, 2025, global law firm Dentons announced its role in the $160 million sale of a 75.2% stake in Samarkand Automobile Factory (SamAuto) to Anadolu Isuzu. The deal includes an $80 million base price and an $80 million investment plan. SamAuto, a major Central Asian commercial vehicle manufacturer, has long worked with Isuzu and Itochu. Dentons provided legal advice on both Uzbek and English law, with Ulugbek Abdullaev and Mikhail Panferov leading the transaction. This deal is part of Uzbekistan’s privatization efforts and highlights Dentons’ expertise in Central Asia..
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
Uzbekistan Seeks Hungarian Eximbank Support for Nuclear Plant
Uzbekistan’s Uzatom and Hungary’s MVM EGI held talks on financing an integrated nuclear power plant project in Jizzakh region. The sides discussed attracting export financing from Eximbank of Hungary and preparing a four-party framework agreement on implementing dry cooling systems. A July protocol envisages mechanical-draft dry cooling, equipment supply proposals, a joint venture in Uzbekistan, and educational programs and internships. The project aims to apply energy-saving technologies and reduce water use for reactor cooling. A new negotiation round with Eximbank, OTP Bank and other Hungarian institutions is scheduled in Hungary for January 2026.
Uzbekistan Holds Talks with EU on Simplifying Visa Procedures
In early December 2025, Uzbekistan officials met European Union representatives to discuss potential simplification of visa procedures for Uzbek citizens traveling to EU member states. The EU side outlined several conditions Uzbekistan must meet before the matter can be placed on the agenda of a European Commission meeting. Discussions focused on aligning procedural and regulatory requirements that could enable easier issuance of Schengen visas. The initiative is important for facilitating travel, business, education and tourism between Uzbekistan and EU countries. Further consideration at EU institutional level will depend on Uzbekistan’s fulfillment of the conditions specified by the European side.
Uzbekistan Signs EU and Ecuador Deals in WTO Accession Push
Uzbekistan signed a bilateral market access protocol with the European Union as part of its World Trade Organization accession process. A day earlier, Tashkent concluded bilateral market access negotiations with Ecuador, Uzbekistan’s second-largest trading partner in South America. These agreements follow protocols signed in September with Argentina, Australia and Honduras, bringing the total number of concluded bilateral deals to 29. The progress supports Uzbekistan’s integration into global trade rules and expansion of trade with multiple regions. According to the President’s Special Representative, Uzbekistan now needs final agreements with Russia and Taiwan to complete the bilateral phase.
Uzbekistan Studies Creation of Logistics Hub for Exports in Poland
Diplomats from Uzbekistan’s Embassy in Poland met in Warsaw with Lucjan Zwolak, Deputy Director General of Poland’s National Support Centre for Agriculture, to discuss cooperation in agriculture and logistics. The parties examined plans to establish an Uzbekistan logistics center, or hub, in Poland for handling Uzbek agricultural products. The proposed hub would serve storage and distribution needs and facilitate transit of Uzbek goods to European markets. The project is intended to improve access for Uzbek producers to EU consumers and streamline supply chains. The sides agreed to continue consultations on the format, location and implementation mechanisms of the logistics center.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Uzbekistan Begins Supplying Electricity to Tajikistan
Uzbekistan has started exporting electricity to Tajikistan, which currently receives up to 2 million kWh per day through regional power interconnections. Supplies may increase as Uzbekistan’s power system export capacity grows, using the 500 kV Regar–Guzar transmission line that links Tajikistan to external markets. The cooperation is part of coordinated water-energy management aimed at rational and sustainable use of water resources between the two countries. Uzbekistan plans to export 2.6 billion kWh to Kyrgyzstan and Tajikistan in 2025 after becoming a net electricity exporter. This shift follows expanded generation capacity and has helped prevent irrigation water shortages during low-precipitation periods.
Uzbekistan And Tajikistan Discuss Transport and Transit Cooperation
Officials from the transport ministries of Uzbekistan and Tajikistan met in Samarkand to review bilateral cooperation in road transport and transit. The sides discussed increasing throughput capacity at the Djartepa (Uzbekistan) – Sarazm (Tajikistan) border checkpoint and digitizing international road transport permit forms. They also considered raising the number of permit forms and launching pilot shipments along the multimodal China–Tajikistan–Uzbekistan transport corridor. The meeting defined future tasks and measures to enhance cross-border transport efficiency and support regional trade flows
1.3 RUSSIA & CHINA
China Bank Syndicate Lends $2.3 Billion for China–Kyrgyzstan–Uzbekistan Railway
The joint railway project company “China–Kyrgyzstan–Uzbekistan Railway” signed a loan agreement with a Chinese bank syndicate including the China Development Bank and Eximbank to finance construction of the trilateral railway corridor. The Chinese side will provide about $2.3 billion over 35 years, covering half of the project’s $4.7 billion cost, with the rest financed through equity contributions from the three states. The line in Kyrgyzstan will span 304 km and require 50 bridges and 29 tunnels totaling 120 km. Construction formally began on December 27, 2024, and the route is intended to become a key link between China, Europe and the Middle East.
China Investment in Uzbekistan Reaches $10.7 Billion
Chinese investment in Uzbekistan increased from $284 million in 2016 to $10.7 billion in the first half of 2025, according to the Eurasian Development Bank. Uzbekistan is now the second-largest recipient of Chinese investment in Central Asia after Kazakhstan. Of the $10.7 billion, $5.5 billion went to energy and $3.3 billion to manufacturing. Major projects include a $3.3 billion olefin complex in Bukhara, a $1.2 billion wind farm in Karakalpakstan, stakes in ACWA Power wind projects, and investments in Gazli Gas Storage.
Uzbekistan Finalizes WTO Accession Protocol with Russia
On December 21, 2025, Uzbekistan signed a protocol with Russia in St. Petersburg, concluding their bilateral market access negotiations under Uzbekistan’s World Trade Organization accession process. The document was signed by WTO envoy Azizbek Urunov and Russian Minister of Economic Development Maxim Reshetnikov. Urunov called the talks continuous but constructive and emphasized Russia’s active engagement. Uzbekistan will now focus on advancing multilateral negotiations and aligning national legislation with WTO rules to complete accession next year.
