Uzbekistan Update: February 1 - 15, 2025
Biweekly update on key developments in Uzbekistan
Notable Quotes
“Delaying Digitalisation Means Opposing Transparency," Shavkat Mirziyoyev, President of the Republic of 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 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 20, 2025 EUROUZ Annual Uzbekistan Economic Update
The Annual Uzbekistan Economic Update on February 20, 2025, will feature a distinguished panel of experts providing key insights into Uzbekistan’s economic trajectory and the major developments shaping the year ahead. This high-level hybrid event will deliver a comprehensive analysis of the country’s economic performance over the past year, along with expert projections for 2025. Discussions will cover Uzbekistan’s economic outlook, investment climate, and financial sector trends, offering valuable intelligence for businesses, policymakers, and investors.
Date: Thursday, February 20, 2025
Mode: Hybrid (in-person & online)Time: 10:00-12:30 CET / 14:00-16:30 UZT
Registration linkFebruary 26, 2025 EUROUZ Compliance Committee Initiation Meeting
The EUROUZ Compliance Committee Meeting will bring together key stakeholders to review ongoing compliance initiatives, discuss recent regulatory updates, and exchange best practices for businesses operating in EU- Uzbekistan relations. The meeting will focus on addressing emerging compliance challenges, fostering collaboration, and refining the committee's strategic direction to ensure alignment with international standards and local regulatory frameworks.
February 25, 2025 Poland-Uzbekistan Business Forum
The Poland-Uzbekistan Business Forum will take place on February 25, 2025, in Tashkent, Uzbekistan, organized by the Polish Investment and Trade Agency (PAIH) and the Investment Promotion Agency of Uzbekistan. It will feature discussion panels, expert presentations, networking sessions, and B2B meetings between Polish and Uzbek businesses from various sectors, including energy, agriculture, tourism, transport, and healthcare.
February 26 - 27, 2025 Offshore Outsourcing Conference
This exclusive, high-level event is curated for visionary leaders like you—directors and board chairs of global technology giants—seeking the next frontier in outsourcing and innovation. Uzbekistan is emerging as a global powerhouse for IT and outsourcing services. With an unparalleled combination of strategic and cost-efficient advantages, this is your opportunity to be at the forefront of transformation. We look forward to welcoming you to Uzbekistan and sharing the abundant opportunities this region has to offer.
Registration linkMarch 4, 2025 Finnish-Uzbek Economic Commission Meeting in Helsinki
The Finnish-Uzbek Economic Commission Meeting will take place in Helsinki on March 4, 2025, bringing together business leaders and officials to strengthen bilateral economic cooperation and explore new opportunities. EUROUZ members and non-members are invited to participate and engage with Finnish counterparts.
Registration linkMarch 11 - 15, 2025 International B2B Program at Intec/Z
The International B2B Program at Intec/Z 2025 will take place in Leipzig, Germany, on March 11–15, 2025, offering Uzbek companies a strategic platform to explore business partnerships, industry advancements, and collaboration opportunities in key manufacturing sectors. AHK (Delegation of German Economy in Central Asia), the official program partner, ensures high-quality networking with German industry leaders. EUROUZ members and non-members are invited to participate and connect with potential German business partners.
Registration linkUzbekistan Exhibitions for 2025
EUROUZ & MEMBER NEWS
EUROUZ Engages with ADB Experts on Investment Treaty Program
EUROUZ met with Annette Magnusson and Dorieke Overduin, experts working on investment treaties under the Asian Development Bank (ADB) initiative in Uzbekistan. The discussion focused on shaping the 2025 program, enhancing its effectiveness, and integrating EUROUZ perspectives. A key priority is capacity-building for government officials, equipping them with expertise in international investment law and sustainable development to address Uzbekistan’s specific challenges.
EUROUZ Member CLAAS Explores Agricultural Machinery Localization
Deputy Minister of Investments, Industry, and Trade of Uzbekistan, Shokhruh Gulamov, met with Michael Bayer, Vice President of German agricultural machinery manufacturer CLAAS, a member of EUROUZ. The discussions focused on supplying and localizing modern agricultural equipment in Uzbekistan. CLAAS, a global leader in agricultural machinery, produces combine harvesters, tractors, and balers, with manufacturing facilities in Germany, France, Russia, and the USA, exporting to over 140 countries.
EUROUZ welcomes new member - ASEE
ASEE is part of the ASEE Group, member of Asseco. The mission of ASEE Group is to build a trustworthy and profitable global IT company providing customers with high-quality software and services. With more than 4,200 dedicated employees in the region, the Group operates in 24 countries, covering a market of 606 million people.
EUROUZ welcomes new member - BAT Uzbekistan
Established in 1902, BAT is one of the world’s leading FMCG companies, headquartered in London, United Kingdom. Operating in the tobacco and nicotine industry, BAT is committed to Building a Smokeless World and creating A Better Tomorrow™ by reducing the health impact of its business and offering a range of potentially reduced-risk products to adult consumers. The company employs over 46,000 people and owns 68 manufacturing facilities worldwide. Moreover, BAT Uzbekistan is fully committed to global ESG standards. Today, 100% of the energy purchased by the company is renewable, and the company has achieved Zero Waste to Landfill status.
EUROUZ welcomes new member - SPACE WIND LLC
Established in November 2022, SPACE WIND LLC specializes in the supply of professional measuring equipment for monitoring electrical safety parameters of electrical installations, analyzing power quality parameters, and conducting acceptance tests of energy infrastructure and industrial facilities. The company's expertise covers electrical safety, energy audits, renewable energy sources, and the metrology of measuring instruments. Headquartered in Tashkent and provides live demonstrations of the equipment offered to visitors.
EUROUZ welcomes new member - ACWA Power
Uzbekistan is ACWA Power’s second-largest investment destination, with 16 projects and over $15 billion USD in investments supporting the country's shift to renewable energy. The portfolio includes solar, wind, battery storage, green hydrogen, and CCGT projects, such as the 5 GW Karakalpakstan Wind, 2 GW Kungrad Wind, and the Sirdarya CCGT plant. ACWA Power’s engagement in Uzbekistan extends beyond infrastructure, focusing on local job creation, economic growth, and capacity building. Through initiatives like the Shirin Energy College, the company contributes to workforce development, reinforcing its commitment to a sustainable energy future in the region.
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
First EU-Central Asia summit to take place on 3-4 April 2025
The President of the European Council, António Costa, along with the President of the European Commission Ursula von der Leyen, will be travelling to Uzbekistan for the first-ever EU-Central Asia summit on 3-4 April. The summit will be hosted by Uzbekistan’s President Shavkat Mirziyoyev, with the participation of the leaders of Kazakhstan, Kyrgyzstan, Tajikistan, and Turkmenistan.
EU Invites Mirziyoyev to Brussels After Samarkand Summit
In April 2025, Samarkand will host the first-ever "EU – Central Asia" summit, reinforcing regional cooperation. European Council President Charles Michel has invited Uzbekistan’s President Shavkat Mirziyoyev to Brussels to finalize the Extended Partnership and Cooperation Agreement. The agreement aims to enhance trade, investment, and security collaboration between Uzbekistan and the EU. Brussels sees this as a crucial step in deepening economic and political ties with Central Asia.
Senate Hosts Meeting with EU Ambassador in Uzbekistan
The Senate of Uzbekistan held a meeting with the European Union's Ambassador to Uzbekistan. The discussion focused on enhancing bilateral cooperation and addressing regional issues. Both parties emphasized the importance of strengthening ties and exploring new avenues for collaboration.
Switzerland to Return $182M of Karimova’s Assets to Uzbekistan
Uzbekistan’s Justice Minister Akbar Tashkulov and Swiss Ambassador Konstantin Obolensky signed an agreement in Tashkent for the restitution of approximately $182 million. These funds, confiscated in a corruption case against Gulnara Karimova, will be allocated to healthcare and education projects in Uzbekistan. The money will be distributed through the UN’s Uzbekistan Vision 2030 Trust Fund, ensuring transparency.
Uzbekistan Considers Joining EAEU Common Customs Transit System
Uzbekistan's Prime Minister, Abdulla Aripov, announced that the country is considering joining the Eurasian Economic Union (EAEU) common customs transit system. He made this statement at the Eurasian Intergovernmental Council meeting in Almaty. The initiative aims to simplify cargo transportation procedures. Additionally, Uzbekistan proposed drafting an agreement to remove tariff and non-tariff trade barriers with the EAEU and expressed readiness to participate in the financial support mechanism for industrial cooperation projects.
UK’s Intertek to Assist Uzbekistan in Product Certification and Labeling
Uzbekistan has partnered with Intertek Group plc, a UK-based certification and quality assurance company, to align local products with international standards. Discussions began in January 2025, with Uzbekistan’s ambassador to the UK and Intertek executives addressing certification, packaging, and labeling. On February 15, Uzbekistan’s Uzstandard agency and Intertek held online negotiations, confirming a long-term collaboration. The initiative aims to enhance product competitiveness and boost exports by ensuring compliance with global quality standards.
Uzbekistan, Hungary Strengthen Defense Ties
Uzbekistan’s Ambassador to Hungary, Aybek Shakhavdinov, met Hungarian Defense Minister Kristóf Szalay-Bobrovniczky in Budapest. They discussed expanding defense cooperation, focusing on strategic security collaboration within the Organization of Turkic States. Both sides emphasized the importance of modernizing military capabilities and exchanging expertise. The meeting reflects Uzbekistan’s growing efforts to enhance regional security partnerships.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Kazakhstan Establishes Industrial Cooperation Center at Uzbekistan Border
In 2027, Kazakhstan plans to launch the "Central Asia" International Center for Industrial Cooperation near the Gulistan and Atameken checkpoints on the Uzbekistan border. The Majilis, Kazakhstan's Parliament, has ratified the intergovernmental agreement for this project. The center will span one square kilometer, featuring warehouses, terminals, and agricultural processing plants. Chinese investors have expressed interest in participating. The initiative aims to boost trade turnover between Kazakhstan and Uzbekistan to $10 billion, up from $4.3 billion in 2024.
Uzbekistan Ratifies Alliance Treaty with Tajikistan
On February 14, 2025, President Shavkat Mirziyoyev of Uzbekistan signed the law ratifying the alliance treaty with Tajikistan. The treaty, initially signed in Dushanbe in mid-April 2024, was adopted by Uzbekistan's Legislative Chamber in November 2024 and approved by the Senate in January 2025. In 2024, trade turnover between the two nations reached $702.7 million, with Tajikistan ranking among Uzbekistan's top 20 trade partners.
Uzbekistan’s Gishtkuprik Border Checkpoint Closed for Four-Month Renovation
The Gishtkuprik (Chernyaevka) border checkpoint, a key crossing between Uzbekistan and Kazakhstan, closed on February 5, 2025, for a four-month renovation, according to Uzbekistan’s Customs Committee. The project includes demolishing old structures, improving infrastructure, and expanding facilities to enhance capacity. During the closure, all traffic is being redirected to the Navoi checkpoint (Zangiota) in Tashkent region, which is operating in test mode. The upgrades aim to increase throughput and streamline border crossings once completed.
Georgian Prime Minister to Visit Uzbekistan for Bilateral Talks
1.3 RUSSIA & CHINA
Uzbekistan and Russia to Establish New Labor Migration Mechanism
Behzod Musaev, Director of Uzbekistan's Migration Agency, met with Mikhail Ivankov, Head of Russia's Federal Labor and Employment Agency, in Moscow. They agreed to implement joint projects to establish specialized training centers in Uzbekistan for citizens seeking temporary employment in Russia. Additionally, Uzbek labor migrants will be able to take Russian language exams in Tashkent as part of the process for obtaining residence and work permits. The meeting also addressed simplifying the patent application process and enhancing the operations of the Tashkent branch of the Sakharov Multifunctional Migration Center.
China, Uzbekistan, and Kyrgyzstan Trade Worth $100 Million via Railway
As of the end of 2024, the railway route connecting Lianyungang, China, with Tashkent, Uzbekistan, facilitated the exchange of goods worth approximately $100 million among China, Uzbekistan, and Kyrgyzstan. According to Xinhua, citing the press office of Lianyungang City, 2,320 freight trains have traveled along this route, transporting 4,640 containers.
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