Uzbekistan Update: July 1 - 15, 2025

Biweekly update on key developments in Uzbekistan

Jul 21, 2025

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‘ EUROUZ.EU market report is the most comprehensive regular English-language update on the latest developments in Uzbekistan. Est. 2019, & offering bi-weekly reports online and monthly PDF for subscribers only. Please support us by sharing & subscribing.

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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

July 24, 2025 EUROUZ Healthcare & Life Sciences Committee Internal Meeting
Bringing together EUROUZ members from the healthcare, pharmaceutical, and legal sectors, the meeting will focus on aligning strategic priorities for the second half of 2025, reviewing outcomes from the April roundtable.

Exclusive to EUROUZ members
Register here
July 25, 2025 EUROUZ HR & Capacity Building Committee Meeting Breakfast
We’re bringing the EUROUZ community together for a special summer breakfast — this time, with a clear focus: How can we better support women in business and entrepreneurship in Uzbekistan? Hosted by the EUROUZ HR & Capacity Building Committee, this in-person event will feature open conversations, practical insights, and real stories from those making change happen — across business, government, and international organizations.
Complimentary for EUROUZ Members | Self-sponsored for Non-members
Register here
September 9 - 11, 2025 Global Textile Days 2025
Iteca Exhibitions welcomes you to join one of the key events in the global textile world in 2025 — Global Textile Days! This international event brings together two major international exhibitions — Central Asia International Textile Machinery Exhibition - CAITME 2025 and TextileExpo Uzbekistan Autumn 2025. The business program will feature a high-level international textile conference with industry experts shaping the future of the sector - CENTRAL ASIA AS SOURCING HUB: SUSTAINABILITY VS GLOBAL CHALLENGES. The event provides an opportunity to participate in one of the distinguished roles: Sponsor, Speaker, Delegate, Participant.
April 28 - 30, 2026 Beauty Uzbekistan 2026 Exhibition — Where Beauty Meets Business
Beauty Uzbekistan 2026 is the key spring exhibition for beauty and personal care industry. This professional B2B event brings together brands, buyers, and distributors across core sectors: skincare, perfumery, haircare, decorative cosmetics, wellness, nail care, and salon equipment. The exhibition also features a dedicated section — BeautyDerma Central Asia — focused on aesthetic medicine and anti-ageing technologies. With international participation and rising demand, the exhibition provides a strong platform to connect and grow.

EUROUZ & MEMBER NEWS

EUROUZ and Belgian Partners Prepare Trade Mission to Uzbekistan in November
Last week in Brussels, EUROUZ and the Wallonia Export & Investment Agency (AWEX) met with Uzbek Ambassador Gairat Fozilov to plan the Belgian Economic Mission to Uzbekistan, set for November 17–18, 2025. The parties agreed to jointly coordinate the mission's agenda, including a roundtable between Belgian and Uzbek businesses. The event will involve EUROUZ members, AWEX, Flanders Investment & Trade (FIT), and the Brussels Chamber of Commerce, aiming to deepen bilateral economic ties.
EUROUZ Hosts CJ ICM Logistics to Discuss Expansion in Uzbekistan
EUROUZ and the Uzbek Ambassador to the EU, Gairat Fozilov, welcomed CJ ICM Logistics to the organization’s Brussels office. The company, represented by senior executives including Managing Director Youcef Laredj, presented its experience in industrial logistics in Uzbekistan and detailed plans for further growth in the country. The meeting highlighted growing interest from EU-based logistics firms in Uzbekistan’s infrastructure and industrial development opportunities.
EUROUZ Member UET Construction Breaks Ground on Yangi Toshkent-1 Power Substation Project
On July 10, UET Construction launched work on the 220/35 kV Yangi Toshkent-1 substation in New Tashkent, marking a key milestone in the district’s urban and energy infrastructure. Developed in partnership with China’s HAOCHENG Industry Group, the facility will support scalable electricity distribution for future residential, industrial, and commercial zones. The 3,686 m² project reflects modern standards in digital monitoring and sustainable design. It is among the first major energy assets dedicated to Uzbekistan’s flagship smart city initiative.
EUROUZ Member Ipoteka Bank Upgraded to ‘BB’ by Fitch, Signs Strategic Deal with Shurtan Gas Complex
Fitch Ratings has upgraded EUROUZ member Ipoteka Bank OTP Group’s long-term ratings from 'BB-' to 'BB', citing Uzbekistan’s improved sovereign outlook and the bank’s strong fundamentals. Separately, Ipoteka Bank signed a strategic partnership with Shurtan Gas Chemical Complex, one of the country’s largest industrial enterprises. The agreement covers trade finance, FX operations, payroll, and cash management. The move reinforces the bank’s role in supporting major national projects and Uzbekistan’s long-term economic development.
EUROUZ Member Veolia Energy Tashkent Marks 3 Years as Capital’s Heat Operator
On July 1, 2025, EUROUZ member Veolia Energy Tashkent celebrated its third anniversary as the operator of Tashkent’s centralized heating system, under a 30-year public-private partnership with the Government of Uzbekistan. Since launching in 2022, the company has supplied heating and hot water to over 1.2 million residents, managed 1,380 km of thermal networks, and serviced 10,000+ public and residential buildings. Veolia reaffirmed its long-term commitment to sustainable modernization of the capital’s heat infrastructure.
EUROUZ Member ACWA Power Secures Backing for Nukus 2 Green Energy Project
EUROUZ member ACWA Power has signed a project support agreement for the Nukus 2 IPP during the Tashkent International Investment Forum. The deal includes financial backing from ADB, AIIB, Saudi EXIM Bank, FMO, and Standard Chartered, underlining international confidence in Uzbekistan’s renewable energy strategy. Nukus 2 is part of the country’s plan to reach 27 GW of green capacity by 2030, aligning with its energy diversification and decarbonization goals.
EUROUZ Member Finasia Capital Advises on NBU’s $300M Dual-Tranche Eurobond
On July 8, 2025, the National Bank of Uzbekistan (NBU) returned to international capital markets with a dual-tranche Eurobond issuance. The offering included:
• A $300 million, 5-year USD-denominated bond at 7.2% coupon, and
• A UZS 1.5 trillion ($217 million), 3-year bond at 17.95% coupon, settled in USD — one of the largest local currency Eurobonds by a commercial bank in Uzbekistan. The deal attracted strong investor demand, with orders exceeding $1.1 billion for the USD tranche and UZS 3 trillion for the UZS tranche. EUROUZ member Finasia Capital, led by CEO Odilbek Isakov, CFA, advised on the final phase, including execution, pricing, and investor engagement — playing a key role in enhancing international investor confidence in Uzbekistan.
EUROUZ Member SCHNEIDER GROUP Highlights Strategic Role of Accounting at AEB Moscow Conference
At the recent Accounting Conference organized by the Association of European Businesses (AEB) in Moscow, Ulf Schneider, President & Founder of EUROUZ member SCHNEIDER GROUP, moderated a panel on the evolving role of accounting. The discussion focused on how accounting professionals are moving beyond traditional reporting to take on strategic roles in business decision-making, data analysis, and navigating complex environments. The event underscored the growing importance of financial professionals as key enablers of operational resilience and innovation across Eurasian markets.
EUROUZ Member Beeline Uzbekistan Reports 11-Fold Mobile Data Growth Over Five Years
On July 16, 2025, Beeline Uzbekistan announced that weekly mobile data consumption on its network has risen 11.3 times since 2020, reaching over 23,600 terabytes. A record was set on July 10, when users transmitted 3.98 million gigabytes in one day. The share of 4G traffic has grown from 57.7% to 93.4%, with LTE users now making up nearly 70% of the base. Regions like Karakalpakstan and Bukhara have seen the fastest growth, driven by major infrastructure investment.
EUROUZ Member ICCP Central Asia Sign MoU with OSCE Academy to Advance Governance Reforms
ICCP Central Asia and the OSCE Academy in Bishkek signed a Memorandum of Understanding, marking the start of a strategic partnership to strengthen governance and integrity in Central Asia. The collaboration will focus on compliance education, regional standard-setting, and youth engagement. It combines ICCP’s expertise in anti-corruption and capacity building with the OSCE Academy’s academic network. Joint initiatives will address key rule-of-law challenges and promote institutional transparency across the region.
Ask ChatGPT
EUROUZ welcomes new member - Ahlers Logistics
Ahlers Logistics is a family-owned company with HQ in Antwerp, Belgium, with a mission to deliver high-quality services and enable our customers to focus on their core business.
EUROUZ welcomes new member - Franklin Templeton
Franklin Templeton has been shaped by more than seven decades of industry experience, investment expertise and growing global reach through organic growth and strategic acquisitions. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Since 1 May 2025 Franklin Templeton was appointed as Fund Manager and Trustee of the National Investment Fund of the Republic of Uzbekistan (UzNIF).
EUROUZ welcomes new member – BDO Uzbekistan
BDO is one of the world’s leading networks providing audit, tax, and advisory services headquartered in Brussels, Belgium. Operating in over 166 countries with more than 120,000 professionals, BDO combines global expertise with deep local knowledge to support sustainable business growth. BDO Audit LLC Uzbekistan is an independent member of the global BDO network, operating in full compliance with international professional standards and the legislation of the Republic of Uzbekistan. They offer high-quality audit services delivered by a team with international experience, along with advisory solutions based on best practices and tailored to the local market.
EUROUZ welcomes new member – Samsung Electronics Uzbekistan
Samsung Electronics Uzbekistan is playing a key role in the country’s digital transformation by offering AI-integrated smartphones, smart TVs, and connected appliances tailored to local needs. The company emphasizes sustainable innovation and intelligent connectivity in line with its global strategy. In addition to technology leadership, Samsung upholds strict ethical standards, ensuring full legal compliance and corporate responsibility. Its operations in Uzbekistan reflect a broader strategy to combine innovation with transparent and ethical business practices.

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