Uzbekistan Update: September 1 - 15, 2025
Biweekly update on key developments in Uzbekistan
Section with the most news for September 1 - 15 as of Uzbek Review:
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
October 23, 2025 Uzbekistan Economic Days in Europe - The Flagship Event of the Year
October 22-24, 2025 Ethics, Risk & Compliance Management
Gain practical knowledge, templates, and ready-made solutions from trainers with global experience. Choose from two modules: Foundations of Compliance (22 Oct) or a Full 3-day Compliance Program (22–24 Oct).
A 10% discount will be extended to all EUROUZ members who register for this training.
September 26, 2025 Intellectual Property & Competition Committee Meeting
EUROUZ is pleased to invite you to the upcoming meeting of the Intellectual Property & Competition Committee. This session will bring together legal experts and business leaders to discuss key IP and competition challenges in Uzbekistan, set priorities for 2025, and kick off new working groups. It will also mark the start of the Committee’s event program for the coming months. We look forward to active participation and valuable input from our members as we shape the Committee’s agenda together.
Register here
Ahead of the meeting, we kindly ask all members to complete a short survey to help us better understand your needs and expectations: Take the surveyEUROUZ Members Are Invited to Plastex Uzbekistan 2025!
Iteca Exhibitions is pleased to invite specialists to the 15th Anniversary International Exhibition on the Plastics and Polymers Industry – Plastex Uzbekistan 2025, the region’s largest platform for plastics, polymers, packaging, and printing technologies. The event brings together leading global suppliers and manufacturers of polymer raw materials, tools, and equipment to present their latest products and innovations.
Register and get your online badge
September 23-26, 2025 ICT Week Uzbekistan 2025
As a strategic platform, ICT WEEK Uzbekistan 2025 brings together decision-makers, thought leaders, and visionaries from across the globe to explore investment opportunities, build lasting partnerships, and accelerate the digital future of Central Asia.
Eurasian Pharmaceutical Summit & Eurasian Pharma Awards 2025
Global Pharmaceutical Leaders’ Club invites you to the 6th Eurasian Pharmaceutical Summit, bringing together key players from 11 countries across Central Asia, the Caucasus, and Eastern Europe. Thanks to its geographical scope, this summit is the only platform where development trends in both the public and commercial segments across the majority of the region can be discussed in one place.
Take a look at the summit agenda
Register now and receive a 15% discount using VIP Code: EUROUZ15
October 20, 2025 Annual Fintech & Banking Forum
Join for a day of cutting-edge insights and expert discussions on the latest fintech trends. Hear from industry leaders and keynote speakers as they share practical cases and knowledge on:
- Artificial Intelligence (AI)
- Buy Now, Pay Later (BNPL)
- Open API
- Fraud prevention & Cybersecurity and much more
Registration is required via the linkFor sponsorship opportunities, please contact at contact@fintechassociation.com
EUROUZ & MEMBER NEWS
Uzbekistan’s Green Transition & Access to Global Finance: Experience of SOEs and Implications for Private Businesses
On 16 September 2025, EUROUZ, together with partners Infrasia Capital, Finasia Capital, NAII, IMRS, and the Chamber of Commerce and Industry of Uzbekistan, successfully hosted the high-level open forum “Uzbekistan’s Green Transition & Access to Global Finance: Experience of SOEs and Implications for Private Businesses” in Tashkent.
EUROUZ Member AUIC Approves $80M Projects to Boost Regional Growth
The Azerbaijan-Uzbekistan Investment Company (AUIC) has approved projects worth over USD 80 million across manufacturing, education, and healthcare. Established in 2023, AUIC targets financing of USD 1–25 million per deal and plans to finalize at least six transactions by the end of 2025. The initiative supports deeper economic integration and sustainable growth between the two countries. AUIC will continue expanding its project pipeline, aiming to boost annual investment volume and cross-border business cooperation.EUROUZ Member Infrasia Capital CEO Odilbek Isakov on Uzbekistan’s Bond Market Rise
Odilbek Isakov, CEO and Co-Founder of Infrasia Capital and Managing Director of Finasia Capital, authored an analysis calling Uzbekistan the “Rising Star of CIS Bond Markets.” He noted issuance volume jumped 50% year-on-year to USD 3.7 billion in Jan–July 2025, backed by reforms, credit upgrades, and growing investor appetite. Uzbekistan’s proactive use of Eurobonds, local-currency tranches, and ESG debt has broadened its investor base. The trend positions the country as a benchmark for CIS peers, with further corporate issuances expected in coming quarters.EUROUZ Member CAU to Open 120-Bed Hospital with Cleveland Clinic
Central Asian University (CAU) has signed a strategic agreement with Cleveland Clinic under the Cleveland Clinic Connected program to establish a 120-bed hospital on its medical campus in Tashkent. The partnership will cover facility design, medical training, nursing school setup, simulation center development, and physician recruitment. The hospital is expected to serve up to 269,000 patients annually and will follow Cleveland Clinic’s care model. Construction begins this year, with CAU preparing to complete all quality assessment stages to join the Connected network.EUROUZ Member ACWA Power to Build Central Asia’s First Wind + Battery Plant
ACWA Power has secured a $51 million financing package with the Asian Development Bank (ADB) to develop the Nukus 2 wind farm and a 100 MWh battery storage system in Karakalpakstan, Uzbekistan. The project will add 200 MW of clean capacity, generate about 728,000 MWh annually, and cut more than 406,000 tonnes of CO₂ emissions. It will also include new transmission infrastructure to improve grid stability. Construction marks a milestone in Uzbekistan’s renewable strategy, with operations expected to start by 2027–28.EUROUZ Member NAII Signs Strategic Cooperation with CAFA
The National Agency for Innovative Initiatives (NAII) has signed a strategic cooperation memorandum with the Central Asian Football Association (CAFA) to boost youth football development and innovation in Uzbekistan. The agreement includes joint training programs, talent identification systems, and infrastructure support. The partnership aims to enhance match organization, referee education, and analytics capacity at both national and regional levels.EUROUZ Member Ipoteka Bank Writes Off $11.8M in Textile Loans
Ipoteka Bank has approved the write-off of $11.8 million in bad loans issued to the Parvoz Xumo Ravnaq Trans textile group and its affiliates. This follows earlier decisions that bring the group’s total written-off debt to around $22.5 million. The bank also reported losses of $26.5 million in the first half of 2025, making it the most loss-making bank in Uzbekistan over the period. The write-off is part of efforts to clean up the balance sheet and restore financial stability.EUROUZ welcomes new member – White Hill law firm
White Hill law firm specializes in brand protection and business law. Managed by Sherzod Utkirkhujaev, a prominent IP lawyer, they help businesses secure their brands, innovations, and legal standing in the marketplace supported by their deep expertise in intellectual property and business law.
EUROUZ welcomes new member: Tashkent International Arbitration Centre (TIAC)
In the context of the growing role of arbitration as one of the key mechanisms for resolving commercial disputes, the Tashkent International Arbitration Centre (TIAC), acting as one of the main organizers of Uzbek Arbitration Week, provides an effective and institutionally independent infrastructure for their resolution.
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
Uzbek Workers Fill Gap as Bulgarian Population Shrinks
Around 20,000 Uzbek workers have filled labor shortages in Bulgaria, particularly in agriculture, tourism, and hospitality. Employers highlight their reliability and note that stable salaries in Bulgaria attract many Uzbeks compared to irregular work opportunities at home. The inflow helps Bulgaria mitigate the economic effects of its shrinking workforce, ensuring seasonal production and services remain operational. For Uzbekistan, these jobs provide vital remittances that support household incomes and ease domestic unemployment pressures. Both governments are preparing agreements to regulate recruitment, streamline permits, and expand cooperation in labor mobility.
Date Set for Uzbekistan to Sign Enhanced Partnership Agreement with EU
Uzbekistan and the European Union will sign the Enhanced Partnership and Cooperation Agreement (EPCA) in Brussels on October 24, 2025, with President Shavkat Mirziyoyev expected to attend. The EPCA replaces the 1999 agreement, expanding cooperation in trade, competition, customs, migration, and security. Negotiated since 2019 and initialed in 2022, it integrates WTO-aligned rules and establishes mechanisms for dispute resolution and regulatory convergence. TFollowing the signing, both sides will begin adapting domestic legislation and launching joint structures to oversee its implementation.
EU Expects Uzbekistan to Sign EPCA in Brussels October 24
The EU has confirmed that Uzbekistan’s President will be invited to Brussels on October 24, 2025, to sign the Enhanced Partnership and Cooperation Agreement (EPCA). The agreement expands bilateral cooperation into areas such as customs, investment, migration, and border security, while replacing the outdated 1999 framework. Negotiations began in 2019 and concluded in 2022, but the signing was delayed by the pandemic and administrative processes. The EPCA is important for Uzbekistan as it strengthens trade, improves investment conditions, and aligns its rules with international standards.
European Union Launches First Ever Migrant Resource Centre in Uzbekistan
The EU, together with Uzbekistan’s Migration Agency and ICMPD, opened the country’s first Migrant Resource Centre (MRC) in Tashkent on August 26, 2025. The centre will provide counselling, job information, and advice on safe and legal migration to prospective migrants, returnees, and families. It also raises awareness of risks such as human trafficking and irregular migration, complementing an MoU signed in March 2025. Expansion of MRC services to regional offices is planned, widening outreach and support across the country.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Uzbekistan to Supply 900 million kWh Electricity to Kazakhstan in 2026
Uzbekistan will export 900 million kWh of electricity to Kazakhstan from March through December 2026, under a bilateral agreement struck during talks in Cholpon-Ata. The arrangement aims to cover anticipated power shortages in Kazakhstan’s southern energy region while some of its power plants undergo scheduled maintenance. A trilateral meeting with Kyrgyzstan also resulted in protocols to balance water and energy use in the region. Under those arrangements, Kyrgyzstan will release water from the Toktogul Reservoir in exchange for electricity supplied by Uzbekistan and Kazakhstan.
1.3 RUSSIA & CHINA
Uzbekistan, China Boost “All-Weather Strategic Partnership”
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