Today, climate change stands as one of the most urgent and complex global challenges, with its negative effects being particularly acute in ecologically fragile regions under high anthropogenic pressure. One such area is the Aral Sea region, where the consequences of climate change are having a far-reaching impact on the state of natural resources, the living standards of the population, and economic activities.

The desiccation of the Aral Sea has led to a sharp change in the region's microclimate, an increase in air temperature, a decrease in precipitation, intensified wind activity, and a greater frequency of dust and sand storms. These processes are causing land degradation, water scarcity, and a decline in biodiversity. Consequently, agricultural productivity is diminishing, the pressure on drinking water supplies is mounting, and a serious threat to public health is emerging.

Climate change adaptation measures in the Aral Sea region primarily encompass a comprehensive set of actions aimed at sustainable water resource management, strengthening hydro-technical infrastructure, establishing protective forest plantations on the dried seabed, reducing land degradation, conserving biodiversity, and enhancing the climate resilience of the population.

In the New Uzbekistan, the issue of adapting to climate change is one of the priority directions of state policy.

Under the leadership of President of Uzbekistan Shavkat Mirziyoyev, numerous initiatives are being advanced at the international level to ensure environmental sustainability, protect natural resources, and adapt to climate change.

Notably, on the initiative of the President of the Republic of Uzbekistan, a special resolution "On declaring the Aral Sea region a zone of environmental innovations and technologies" was adopted at the 75th session of the UN General Assembly on May 18, 2021.

Today, programs aimed at transforming the Aral Sea region into a zone of environmental innovations and technologies, developing green infrastructure, and increasing the population's resilience to climate change are being consistently implemented. This is crucial for combating the negative environmental and public health consequences of the Aral Sea's desiccation, addressing the resulting problems, and improving the living conditions of the local population by ensuring their employment.

In his speech at the 80th session of the UN General Assembly in September 2025, the leader of Uzbekistan will emphasize that the negative consequences of the Aral Sea's desiccation must remain a constant focus of the global community. It will be noted that in recent years, 2 million hectares of salt-tolerant desert plants have been planted on the dried seabed, and by 2030, green cover will be established across 80 percent of this area.

The International Fund for Saving the Aral Sea (IFAS) is a key institutional center that develops practical solutions for climate change adaptation.

The Agency of the International Fund for Saving the Aral Sea (IFAS), operating within the IFAS system, plays a crucial role in implementing climate change adaptation measures in the Aral Sea region.

Specifically, within the framework of the "Creation of Small Water Bodies in the Amu Darya Delta (Phase II) " project, mechanisms for a stable water supply to the lake system have been improved. This is enabling the redistribution of water resources, regulation of the hydrological regime, and strengthening of the region's ecological balance.

In parallel, the reconstruction of the Muynak Canal has significantly increased its water conveyance capacity. Water distribution efficiency has improved, the water supply to the lakes has stabilized, and water losses have been considerably reduced.

Furthermore, as part of the reconstruction of the "Ribache" reservoir dam, hydraulic structures were reinforced, water discharge systems were modernized, and the risk of erosion was significantly diminished. This contributes to strengthening water security and ensuring the effective and rational use of water resources.

In the area of ecological restoration, protective forests are being established in the Akhantay and Akkum areas. Forest reclamation measures carried out on the dried seabed are helping to reduce wind erosion and salt migration processes. Through these efforts, the microclimate in the region is stabilizing, and landscape degradation is being prevented.

At the same time, the social dimension is also vital for ensuring environmental sustainability. To this end, competitions, educational campaigns, and promotional events aimed at raising ecological awareness among youth are regularly organized.

Additionally, modern models for the sustainable use of water and land resources are being introduced for the local population and farms. In this process, special attention is focused on the widespread adoption of water-saving technologies, effective management of land resources, rational land administration, and the implementation of agricultural practices adapted to climate change.

As a result of these measures, it is possible not only to mitigate environmental problems but also to raise the population's standard of living, ensure economic stability, and strengthen the region's resilience to climate change.

A Digital and Scientific Approach: A New Stage in Climate Adaptation

At the current stage, climate change adaptation processes are not limited to traditional methods but are being integrated with modern digital technologies and scientific approaches. Specifically, these include:

- real-time monitoring of hydrological and meteorological data;

- analyzing the condition of territories based on satellite imagery;

- planning and optimal allocation of water resources;

- and collecting and managing data through digital platforms.

These approaches enable the early detection of climate change impacts, the reduction of risks, and the efficient use of resources.

At the same time, international cooperation is crucial for the effective implementation of climate change adaptation measures in the Aral Sea region. In particular, through collaboration with the Swiss Agency for Development and Cooperation (SDC), efforts are underway to enhance the region's climate resilience through sustainable water resource management and the introduction of integrated approaches.

Additionally, in partnership with the Global Water Partnership (GWP), mechanisms for ensuring water security and the rational use of resources are being developed. Meanwhile, projects implemented with the Organization for Security and Co-operation in Europe (OSCE) involve monitoring the ecosystems of the Aral Sea's wetlands to assess the impacts of climate change and develop adaptation measures.

Adapting to climate change in the Aral Sea region is not merely about addressing environmental problems; it is a fundamental condition for achieving sustainable development.

The ongoing systemic reforms show that through a scientific approach, modern technologies, and institutional cooperation, sustainable solutions can be achieved even amid the most complex environmental crises.

The primary task now is to prioritize climate change adaptation in every sector and integrate it into our way of life.

This is because adapting to climate change is not just a present-day task, but a strategic responsibility to future generations.

Birodarjon Burkhonjonov,

Head of the Agency of the International Fund for Saving the Aral Sea.

In recent years, the Republic of Uzbekistan has embarked on a structured and institutionally grounded transition toward a green economy, positioning sustainability as a core driver of long-term economic resilience, competitiveness, and global integration.

This transformation reflects a comprehensive approach that combines policy reform, market-based instruments, and active international cooperation, enabling the country to move from strategic commitments to measurable outcomes.

The foundation of Uzbekistan’s green transition was laid through the adoption of a comprehensive policy framework in 2022, which established strategic priorities for green growth through 2030. This framework includes sectoral energy efficiency concepts, a national green growth program, and a detailed action plan.

Importantly, the government has set clear quantitative targets, including reducing the energy intensity of GDP by 20 percent by 2026 compared to 2022 levels. Institutional capacity has also been strengthened through the establishment of interagency coordination mechanisms and donor engagement platforms, ensuring coherent implementation across sectors. 

A major milestone in the reform process has been the introduction of a green energy certificate system, which enables verification that electricity is generated from renewable sources. This system has facilitated the development of a transparent renewable energy market and strengthened the ability of domestic producers to access environmentally regulated export markets.

To date, more than 446,000 green energy certificates have been issued and traded, reflecting growing demand for clean energy solutions and increasing private sector engagement.

Uzbekistan has taken a pioneering role in Central Asia in developing carbon market mechanisms. In cooperation with the World Bank, the country is implementing innovative approaches to carbon trading in line with Article 6 of the Paris Agreement.

Through initiatives such as the iCRAFT project, supported by the Transformative Carbon Asset Facility (TCAF), Uzbekistan is mobilizing up to $46.2 million in climate finance between 2024 and 2028. Initial results include the reduction of approximately 10 million tons of CO₂-equivalent emissions and the attraction of around $15 million in funding.

At the same time, regulatory frameworks for international carbon trading and emissions accounting are being developed, positioning Uzbekistan for full participation in global carbon markets. 

A key achievement has been the adoption of the Law on Limiting Greenhouse Gas Emissions in 2025, which establishes the legal foundation for emissions regulation, national registries, and climate policy instruments.

Complementing this, Uzbekistan has introduced a national transparency system to monitor progress toward its Nationally Determined Contributions (NDCs). This system enhances data reliability, strengthens accountability, and builds trust among international investors and development partners. 

Uzbekistan is actively developing a national green finance ecosystem aimed at mobilizing public, private, and international capital. Policy efforts include the development of green financing frameworks, institutional mechanisms, and project pipelines.

International partners play a critical role in this process. Cooperation with institutions such as the European Bank for Reconstruction and Development has enabled the implementation of green financing programs, including the Green Economy Financing Facility (GEFF), channeling substantial resources into energy efficiency and sustainable technologies.

Furthermore, Uzbekistan’s participation in the Climate Investment Funds Industrial Decarbonization Program provides access to up to $250 million in concessional financing, significantly expanding the scale of green investments. 

The transition to a green economy is closely linked to industrial modernization.

Uzbekistan is implementing targeted programs to support enterprises in adopting low-carbon technologies, improving resource efficiency, and enhancing competitiveness.

Partnerships with international organizations, including German development institutions, are facilitating policy development, capacity building, and practical support for small and medium-sized enterprises in reducing emissions and transitioning to sustainable production models.

Uzbekistan continues to strengthen its role in global climate governance through active international engagement. The country has joined the Global Methane Pledge, committing to reduce methane emissions by at least 30 percent by 2030.

Bilateral cooperation is expanding through mechanisms such as the Joint Crediting Mechanism (JCM) with Japan, as well as climate partnerships with the Republic of Korea, Germany, and Hungary under the Paris Agreement framework.

In addition, the Ministry of Economy and Finance has joined the Coalition of Finance Ministers for Climate Action, reflecting the integration of climate considerations into macroeconomic and fiscal policy. 

Digital transformation plays an increasingly important role in supporting green reforms. Uzbekistan has launched a national online platform that consolidates data on green projects, regulatory frameworks, and international practices.

This digital infrastructure enhances transparency, supports evidence-based policymaking, and improves coordination across institutions.

Uzbekistan’s transition to a green economy represents a comprehensive and forward-looking reform agenda that integrates institutional development, market mechanisms, and international cooperation.

The progress achieved to date demonstrates a clear shift from policy design to effective implementation. By strengthening governance frameworks, mobilizing green finance, and fostering global partnerships, Uzbekistan is building a resilient and sustainable economic model.

In the long term, the green transition is expected to serve not only as an environmental imperative but also as a key driver of economic growth, investment attractiveness, and deeper integration into the global economy.

Ministry of Economy and Finance

of the Republic of Uzbekistan

In recent years, cooperation between Uzbekistan and Kazakhstan in the field of information and communication technologies (ICT) has expanded steadily, acquiring strategic significance. This partnership not only strengthens economic ties between the two nations but also serves as a foundation for the formation of a unified digital space across Central Asia.

A Robust Legal Framework

The legal foundations of bilateral cooperation were established in the early years of independence and have been progressively refined since. Agreements and memoranda concluded in the areas of electrical and postal communications, cross-border telecommunications services, radio frequency coordination, and space research have created a solid basis for bilateral relations. Notably, a new agreement on radio frequency usage signed in 2025 is contributing to the harmonised development of shared digital infrastructure.

Digital Economy: Growth and Investment

Cooperation in the digital economy has intensified considerably in recent years. The number of IT Park residents with Kazakhstani capital has reached 67, with export services valued at USD 2.8 million rendered in 2025 and 755 new jobs created. The number of companies exporting services to the Kazakhstani market has reached 155, with total export volume amounting to USD 17.6 million and a combined workforce of 4,600 employees — a clear indicator of growing mutual trust and an increasingly favourable business environment.

The Central Asian Innovation Hubs platform, established through the cooperation of the region's leading technology parks, has elevated the regional startup ecosystem to a new level, enabling hundreds of startups to access international markets.

Startups and Global Integration

Special attention is being devoted to startup support within the framework of bilateral cooperation. Both countries' startups are actively participating in such prestigious events as ICT Week Uzbekistan and GITEX Global. Kazakhstani and Uzbekistani startups have attracted new investment through participation in international acceleration programmes held in the United States, the UAE, Germany, and the United Kingdom. Forty startups participated in the Draper University, AlchemistX, and Silicon Valley Residency programmes.

One hundred startups under the Central Asian Innovation Hubs umbrella participated in major international conferences, including the AI Forum in Kazakhstan, Eurasia Technology Week in Turkey, Machines Can See Summit in the UAE, GITEX in Germany, and London Tech Week in the United Kingdom.

More than 20 companies with Uzbek capital are currently operating among Astana Hub residents, including Oson, Billz, Sales Doctor, IT Academy for Engineers, Verifix, Smartup, Iman, Uysot, Smartcast, Tezbor, Platma, and BITO.

The opening of the Khan Tengri Innovation Hub in Shanghai has broadened market entry opportunities for regional startups in China.

On 3 October 2025, the Kazakhstan Market Entry global acceleration programme was launched during the Digital Bridge 2025 international conference, with 10 startups from the Republic of Uzbekistan presenting their projects on stage. The programme is being conducted in partnership with Astana Hub as an exchange initiative, under which 10 Kazakhstani startups are actively developing their products in the Uzbekistani market through the Digital Startup Awards acceleration programme.

The Digital Startup Awards — one of the region's most prominent initiatives with a total prize fund of USD 1 million — brought together startups from Central Eurasia, including Kazakhstan and other regional markets, through its incubation, acceleration, and Best Startup Project competition components. Upon completion of the programme, 14 startups successfully completed the acceleration track and 15 completed incubations. Based on results achieved and expansion potential, IT Park Ventures invested up to USD 50,000 per startup in SAFE format for acceleration participants, and up to USD 10,000 for incubation participants on the same terms.

Telecommunications: Strengthening Interconnectivity

In the field of telecommunications, direct communication channels have been established between major operators of both countries, enabling the efficient exchange of international telephone and internet traffic. Operators including Uzbektelecom JSC, Kazakhtelecom JSC, Jusan Mobile JSC, TransTeleKom JSC, and TNS-Plus LLC are facilitating the exchange of international direct and transit telephone and telegraph traffic. Additionally, a system for sharing data on the IMEI codes of mobile devices is being introduced between the two states — a significant measure in ensuring information security and combating the circulation of unauthorised devices.

Artificial Intelligence: Forward-Looking Cooperation

Cooperation in the field of artificial intelligence is progressing consistently. Scientific and research ties have been established with the Institute of Artificial Intelligence at Nazarbayev University in Kazakhstan. Specialists from both countries are engaged in joint work on personnel training, the development of research laboratories, and the creation of innovative solutions.

Digital Government: Cross-Border Collaboration

On 17 December 2025, agreements were reached to launch a pilot project on tourism data exchange, building on Memoranda of Understanding signed between the UN ESCAP and both the Republic of Uzbekistan and the Republic of Kazakhstan.

On 13 March 2026, a meeting held at the Digital Government Project Management Centre between UN ESCAP, Korea's National Information Society Agency (NIA), and Kazakhstan's NITEC JSC announced the successful completion of the first phase of the project. During this phase, the legal and technical frameworks for cross-border data exchange among Uzbekistan, Kazakhstan, and Korea were developed, and data-driven analyses were prepared demonstrating their value in decision-making processes. Results pertaining to the activities and consumer behaviour patterns of Korean tourists in Uzbekistan proved particularly significant.

Upon the successful completion of subsequent phases, the project envisions expanding data exchange to other priority sectors and establishing a unified intergovernmental data-sharing platform among Uzbekistan, Kazakhstan, and the Republic of Korea — an initiative that will drive the development of cross-border digital cooperation and enhance the efficiency of both public and commercial services.

Information Security and Infrastructure

Efforts are under way within the framework of cooperation memoranda to develop e-government systems, digital platforms, and public data management systems. The transition of digital television broadcasting to enable the rollout of 4G and 5G networks in the 700 MHz band is being implemented in a coordinated manner across Central Asia.

ICT cooperation between Uzbekistan and Kazakhstan today carries strategic importance not only for both nations, but for the entire Central Asian region. Joint initiatives in digital economy, the startup ecosystem, artificial intelligence, and telecommunications are accelerating innovation-driven development across the region. This partnership will undoubtedly serve as a key driver in the formation of a unified digital space and the enhancement of global competitiveness.

Today, a new and ambitious strategic direction is emerging on the global energy map. The strategic partnership established between Uzbekistan, Kazakhstan, and Azerbaijan is a historic step that serves not only to strengthen regional energy security but also to elevate the global "green" transformation to a new level. At the heart of this ambitious initiative lies, first and foremost, the mutual trust, strong friendship, and high responsibility of the leaders of the three brotherly states toward future generations.

Uzbekistan's Green Development Strategy

In recent years, large-scale and intensive reforms on the use of renewable energy sources have been implemented in Uzbekistan. To date, 15 solar and 5 wind power plants with a total capacity of 5,582 MW have been commissioned in various regions of the country, producing "green" energy for the country's population and economy. Notably, the capacity of solar photovoltaic plants is 3,930 MW, and wind power plants are 1,652 MW. To ensure the stability of the energy supply, 12 additional energy storage systems with a total capacity of 1,545 MW were also commissioned.

Looking at the figures, in 2025 alone, solar and wind power plants managed to generate 10.5 billion kWh of electricity. From the beginning of 2026 to April 15, this figure exceeded 2.5 billion kWh, and the goal is to increase it to 15 billion kWh by the end of the year. By 2030, Uzbekistan will become a true "green" energy hub: the total capacity of solar and wind power plants will reach 21 GW, and 54% of the total electricity generated in the country will come from renewable sources. As a result, 18 billion cubic meters of natural gas will be saved annually, and the emission of 25 million tons of harmful gases into the atmosphere will be prevented.

Regional Solidarity: The Brothers' Strategic Choice

Relations with the countries of the region, especially with our close neighbor and strategic partner Kazakhstan, are of decisive importance in achieving such high milestones. During the recent visit of the President of the Republic of Kazakhstan Kassym-Jomart Tokayev to Uzbekistan, the leaders of the two countries outlined future priorities for the development of sectors, in particular, energy. These friendly relations guarantee the energy stability not only of the two countries but of the entire region.

Thanks to the far-sighted policy and friendship of the heads of state of the three countries—Uzbekistan, Kazakhstan, and Azerbaijan—the "Green Corridor" project is being implemented. This path, which began with a Memorandum of Understanding in May 2024, was further strengthened by the Strategic Partnership Agreement signed by the Presidents of the three countries at the COP-29 international summit in Baku in November of the same year. This historic document marked the beginning of a new era not only in energy production but also in the field of energy transmission.

"Green Corridor" - practical steps towards the future

The practical stages of the project are proceeding consistently. Within the framework of the founding agreement signed on December 27, 2024, the national operators of Uzbekistan, Kazakhstan, and Azerbaijan - JSC "National Electric Grid of Uzbekistan," JSC "KEGOC," and JSC "Azerenerji" - united for a common goal. Negotiations held in early 2025 in Tashkent with the participation of representatives from the Ministry of Energy of the Kingdom of Saudi Arabia once again proved the project's international prestige.

The establishment of the Green Corridor Alliance Limited Liability Company in Baku on July 1, 2025, laid the institutional foundation for the project. The world-renowned Italian company CESI has been involved in developing the project's feasibility study, which, according to the agreement signed with the Asian Development Bank, will be submitted by the beginning of 2027. Currently, specialists from the three countries, together with CESI, are working on a complete model (technical and economic basis) of the project.

In conclusion, this strategic partnership is not only an important pillar for exporting "green" energy to Europe but also for the transition of Central Asia and the Caspian region to a unified, environmentally friendly, and digital energy system. There is no doubt that the friendly will of the heads of state and the spirit of regional solidarity will make Uzbekistan one of the most reliable and major players in the global energy market in the future.

Ministry of Energy

of the Republic of Uzbekistan

At the beginning of the 20th century, the Aral Sea was the largest lake in Central Asia. Starting from the second half of this century, as a result of the drying up of the sea, a new desert ecosystem-the Aralkum Desert-was formed at its bottom. This area is currently considered one of the largest anthropogenic desert ecosystems in Central Asia. As a result of the decrease in sea level, more than 60,000 km² of wetlands have turned into land. 

The ecological changes occurring in this region have had a significant impact not only on the climate and soil composition but also on biological diversity. As a result, the distribution area of species adapted to wetland ecosystems has sharply decreased. At the same time, the Aralkum Desert, which emerged between the Ustyurt Plateau and the Kyzylkum Desert, led to the formation of a new bird community as a unique and unique desert ecosystem. Therefore, the scientific study of the state of the desert ecosystem formed on the dried seabed and its ornithological fauna, the distribution of species across the biotopes of these ecosystems, and adaptation mechanisms is of urgent importance.

In accordance with this, the Institute of Zoology of the Academy of Sciences of the Republic of Uzbekistan Scientific research is being conducted within the framework of the applied project AL-9424104883-R1 on the topic “Current state of the Aralkum avifauna, species adaptation to environmental changes, and conservation measures”. This project was deemed suitable based on the competition requirements announced by the Agency for Innovative Development under the Ministry of Higher Education, Science and Innovation within the framework of the 94th round and has been funded by the Fund for Financing Science and Supporting Innovation since the second half of 2025. The goal of the project is to identify important areas and biotopes for the ornithological fauna of the Aralkum Desert, to study species diversity, adaptation to environmental changes, biological characteristics, and distribution.

In accordance with the calendar plan of this applied project, a field expedition to the Aralkum Desert in the territory of Muynak district of the Republic of Karakalpakstan was carried out in October–November 2025. Ornithological studies were conducted in areas divided into 10 × 10 km grid cells using the ArcGIS software. A total of 68 grid cells were surveyed using transect and point count methods. Out of these, pedestrian transect observations were conducted in 56 grid cells, with a total length of 140 km. In the remaining 12 grid cells, point count observations were carried out. The grid-based approach to studying the area is important for identifying patterns in the distribution of birds across biotopes and for revealing their association with specific landscape elements.

As a result of scientific research conducted to date, it has been established that the Desert ecosystem formed on the dried seabed incorporates the following biotopes:

Saline deserts are characterized by high salt concentrations; specific species of halophytic plants predominate here.

Sandy deserts consist of wind-driven barchans, semi-fortified, and fortified sands, in which ephemerals, perennial herbs, semi-shrubs, and shrubs are found.

Stony and gravelly deserts cover ancient islands in the central part of the Aralkum Desert and adjacent territories.

Clay deserts are open plains in the western and southwestern parts of the Aralkum Desert.

Hills and chinkes include ancient coastal walls and adjacent hills in the western and northern parts of the Aralkum Desert.

Furthermore, in the northwestern part of this territory, there is a remnant of the Aral Sea preserved as a natural lake, as well as a number of artificial basins formed by drainage and collector waters in the southern regions, which are of great importance to hydrophilic birds as a biotope for wetlands.

During the field studies, data were collected on the autumn diversity, distribution, and abundance of 91 bird species belonging to 12 orders and 26 families across 6 types of biotopes. Among the recorded bird species, 13 species - Cygnus olor, Cygnus cygnus, Phoenicopterus roseus, Falco cherrug, Haliaeetus albicilla, Aegypius monachus, Circus macrourus, Aquila nipalensis, Aquila heliaca, Aquila chrysaetos, Chlamydotis macqueenii, Limosa limosa, and Glareola nordmanni — are included in the Red Data Book of the Republic of Uzbekistan. Additionally, 9 species are included in the International Union for Conservation of Nature (IUCN) Red List, 17 species in the Annexes to the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), and 28 species in the Annexes to the Convention on the Conservation of Migratory Wild Animals (CMS).

The research results showed that the areas of the Aralkum Desert with the highest ornithological fauna diversity correspond to sandy desert biotopes formed parallel to the chink, bordering the eastern part of the Ustyurt Plateau. This biotope was formed at the boundary of desert and steppe ecosystems, characterized by diverse vegetation and favorable habitat conditions for birds belonging to various ecological groups.

It was also found that hills and chins are of particular importance as favorable habitats for many species during the autumn season. In the remaining parts of stony and gravelly deserts and sandy deserts, highly specialized species for living in arid conditions were observed, while in saline and clay deserts, species diversity was noted to be at a minimum level.

Research has shown that the remnants of the Aral Sea, preserved as a natural lake, are of relatively low importance for waterfowl and waterfowl; conversely, artificial reservoirs in southern regions serve as an important wetland habitat for hydrophilic birds.

The Aralkum desert, formed on the dried bed of the Aral Sea, emerged as a unique new desert ecosystem within a short historical period. Conducted studies have shown that various biotopes have formed in this area, directly influencing the distribution and diversity of birds. The highest ornithological diversity was observed in sandy desert biotopes, while this indicator was low in saline and clay areas. The research results serve as an important scientific basis for identifying important habitats for birds in the Aralkum region and developing measures for their protection.

Institute of Zoology of the Academy of Sciences of
the Republic of Uzbekistan

The Center for Economic Research and Reforms presented the updated Bank Ranking based on the results of the Banking Activity Index for Q1 2026.

The study covers 34 commercial banks of the republic, including 20 classified as large financial institutions by scale and branch network, while the remaining 14 were categorized as small banks.

The methodology is based on the analysis of 27 indicators benchmarked against national averages and international standards, including the requirements of the Basel Committee. The ranking serves as an important tool for enhancing transparency and strengthening confidence in the financial system. This approach is consistent with international practice and is widely used by leading financial institutions.

Financial Results for Q1 2026

During the reporting period, total assets of the banking sector amounted to 932.3 tn sums ($76.3 bn), while liabilities reached 793.9 tn sums ($64.9 bn). Lending increased by 14%, while deposits grew by 32%. The aggregate capital of the banking system was fully denominated in the national currency. Net profit reached 3.1 tn sums ($254 mn), which is 36.3% higher than a year earlier.

During the period under review, the share of non-performing loans declined to 3.3%, compared with 4.5% a year earlier, indicating improved portfolio quality. At the same time, in several banks the ratio remains above the sector average. Capital adequacy indicators exceed minimum regulatory requirements by more than 1.4 times, confirming the resilience of the banking sector.

Large Banks Activity Ranking for Q1 2026

The results of Q1 2026 show that despite the relative stability at the top of the ranking, both categories of banks recorded notable positional changes.

In the large-bank segment, performance was mixed. Out of 20 banks, 7 improved their positions, 8 declined, and 5 retained their previous places. This reflects a high level of competition and the ongoing redistribution of market positions.

The most notable progress was demonstrated by Tenge Bank, which moved up by 6 positions. Three more banks — Agrobank, Invest Finance Bank, and Xalq Bank — advanced by 2 positions each. Positive momentum was also recorded by Ipak Yuli Bank, Asia Alliance Bank, and Hamkorbank, all of which improved their standing in the overall ranking.

At the same time, several large banks recorded lower activity levels. The most significant decline was observed at Orient Finans Bank and Trast Bank, which fell by 5 and 3 positions respectively.

Changes Across Key Indicators

Financial Intermediation. The leading positions were taken by Invest Finance Bank, Anor Bank and Kapitalbank. In this ranking, Davr Bank and Hamkorbank fell by 4 positions, while Ipoteka Bank declined by 1 position.

Financial Accessibility. The leaders were Agrobank, Anor Bank and BRB. Under this indicator, declines were mainly observed among leading banks: Kapitalbank (-3 positions), Hamkorbank (-7), Asia Alliance Bank (-1), Ipak Yuli Bank (-5), and Trast Bank (-6). The strongest improvement in this ranking was recorded by Tenge Bank (+8), Xalq Bank, Davr Bank (+5), and Agrobank (+4).

Capital Adequacy. The top positions were occupied by Orient Finance Bank, Trast Bank and Halk Bank. At the same time, Agrobank dropped by 4 positions, while Aloqa Bank declined by 2 positions.

Asset Quality. The leaders were Hamkorbank, Asia Alliance Bank and Ipak Yuli Bank. Turonbank fell by 5 positions, while Asakabank, Mikrokreditbank, SQB, Trast Bank and Anor Bank each declined by 2 positions.

Management Efficiency. The highest positions were held by SQB, Orient Finance Bank and NBU. At the same time, Asaka Bank dropped by 5 positions, while BRB declined by 4 positions.

Profitability. The leaders were Hamkorbank, Trast Bank and Asia Alliance Bank. Turon Bank, after falling by 3 positions, ranked last. In this ranking, Kapitalbank, Asia Alliance Bank, Anor Bank and Davr Bank declined by 2 positions, while Ipoteka Bank and Mikrokreditbank fell by 1 position.

Liquidity. The leaders were Asia Alliance Bank, Ipak Yuli Bank and Trast Bank. At the same time, Mikrokreditbank, Ipoteka Bank, Anor Bank and SQB each declined by 1 position.

Small Banks Activity Ranking for Q1 2026

The small-bank group remained relatively stable, with leading institutions retaining their positions. The main changes in this category were concentrated in the middle segment, where several banks improved their standing due to stronger financial intermediation and higher profitability.

Within this group, 8 out of 14 financial institutions improved their rankings. The most notable gains were recorded by AVO Bank and Apex Bank, both rising by 3 positions. TBC became the leader of the ranking.

At the same time, 5 banks moved down, with the sharpest decline recorded by Octobank, which lost 6 positions. Saderat Bank, Garant Bank, and Ziraat Bank each rose by 2 positions. The ranking was rounded out by Open Bank and Uzum Bank, both up by 1 position.

Jafar Khidirov, CERR

CERR Banking and Financial Sector Research Sector
Tel: (78) 150 02 02 (441)

CERR Public Relations and Media Sector
Tel: (78) 150 02 02 (417)

Today, global demand for water resources is steadily increasing. In this context, the rational use of shared water resources in Central Asia is one of the key factors in ensuring regional security, stability, and sustainable development.

The constructive proposals and practical initiatives put forward by the President of the Republic of Uzbekistan, Shavkat Mirziyoyev, aimed at addressing global environmental challenges—particularly water security—are widely supported by countries across the region. In this regard, the introduction of modern irrigation technologies is considered the most effective solution for improving water-use efficiency in agriculture. These technologies not only help conserve water but also reduce costs related to fertilizers, fuel, and labor, while increasing agricultural productivity.

From the early stages of reforms in New Uzbekistan, enhancing the culture of water use has been elevated to the level of state policy. The “Uzbekistan–2030” Development Strategy identifies the widespread introduction of water-saving technologies across all irrigated lands as a top priority.

In his Address to the Oliy Majlis and the people of Uzbekistan, the President emphasized the importance of this issue, noting that a total of 3.3 trillion UZS will be allocated in 2026 for the implementation of water-saving technologies (approximately $275 million).

Analysis shows that since 2019, the state support mechanism—including subsidies for the adoption of water-saving technologies—has proven effective and has significantly encouraged clusters and farmers.

As a result, between 2019 and 2025:

• drip irrigation was introduced on 664,000 hectares,
• sprinkler irrigation on 124,000 hectares,
• other modern irrigation methods on 73,000 hectares,
• water-saving irrigation using flexible pipes and film-lined furrows on 124,000 hectares,
• and 1.6 million hectares were laser-leveled.

As a specialist in this field, I can confidently say that water-saving irrigation methods—particularly drip and sprinkler systems—are becoming increasingly popular among farmers.

On February 3 of this year, a presentation was held before the President focusing on improving water efficiency and expanding the use of water-saving technologies. Additional measures to scale up these efforts were discussed.

In particular, by 2028 it is planned to introduce water-saving technologies on an additional 930,000 hectares, increasing the total coverage to 3.5 million hectares, or approximately 80% of all irrigated land.

The adoption of these technologies will ensure more reliable water supply, especially for regions facing water scarcity. Reforms aimed at strengthening state support in this area are being consistently advanced.

In accordance with the Presidential Resolution dated February 5, 2026, new incentive mechanisms are being introduced for agricultural producers.

Specifically:

• the target is to expand water-saving technologies to 3.5 million hectares by 2028;
• drip irrigation will be introduced on 220,000 hectares,
• sprinkler irrigation on 110,000 hectares,
• and laser land leveling will be carried out on 600,000 hectares.

In 2026, commercial banks will allocate 2.6 trillion UZS in loans, while 800 billion UZS will be provided as subsidies.

A system for continuous professional development based on the experience of Xinjiang (China) will also be introduced.

Starting from 2027:

• water-use tax rates and subsidies will be differentiated based on water availability;
• a 1.25 coefficient will be applied for subsidies in water-scarce regions;
• and a doubled tax rate will apply where water-saving technologies are not implemented despite stable water supply.

From April 1, 2026, the use of traditional irrigation methods on subsidized lands where water-saving technologies have already been introduced will be considered unauthorized water use and will result in financial penalties.

In Uzbekistan, human capital development remains a priority. Under the “School of Water Specialists” initiative, 10,000 agricultural workers will be trained this year, and 358 specialists will undergo training abroad.

In addition, starting from the 2026/2027 academic year, higher education institutions will enhance training programs in this field, incorporating international best practices.

In conclusion, efforts to ensure the rational use of water resources, expand the adoption of water-saving technologies, and deepen sectoral reforms are reaching a new level.

Today, the time has come to elevate water conservation into a true nationwide value.

Dauranbek Kdirbaev,
Ministry of Water Resources

Head of the Department for the Implementation

The Regional Environmental Summit, to be held on 22–24 April 2026 in Astana, Kazakhstan, is of significant importance for Central Asia. Above all, it serves as clear evidence that the countries of the region are jointly seeking solutions to complex challenges such as climate change, water scarcity and land degradation. This reflects a transition to a new phase of environmental policy—one grounded in strong and sustained cooperation.

Shared Challenges Require Collective Solutions

Environmental challenges in Central Asia do not recognize national borders. The tragedy of the Aral Sea, inefficient use of transboundary water resources, desertification, and air pollution affect not just individual countries, but the future of the entire region.

In recent decades, unsustainable water management—particularly in the Amu Darya and Syr Darya basins—has increased pressure on both ecosystems and economic resilience. In this context, the regional summit represents a practical step forward—from acknowledging shared challenges to addressing them collectively.

The summit agenda outlines eight priority areas, reflecting a comprehensive approach to environmental policy. These include climate change mitigation; ensuring food security and ecosystem resilience; adaptation to natural risks and strengthening economic resilience; reducing air pollution and improving waste management; developing mechanisms to achieve environmental goals; sustainable management of natural resources; a just and inclusive green transition; and the development of environmental and digital competencies.

Thus, the summit agenda encompasses not only environmental, but also socio-economic dimensions.

Support for this initiative at the United Nations level adds considerable political and international weight to the process. It sends a strong signal that environmental issues are no longer confined to nature conservation alone—they are increasingly matters of security, economic stability and social well-being.

The participation of international financial institutions, such as the World Bank and the Asian Development Bank, is particularly important. It expands the potential to translate environmental initiatives into concrete projects, as addressing these challenges requires not only political commitments, but also substantial financial resources and advanced technologies.

The Green Transition: Opportunity or Challenge?

The concept of a “green transition” occupies a central place in the summit agenda. For Central Asian countries, this process is inherently dual in nature.

On the one hand, the transition to a green economy offers opportunities to attract investment, foster innovation and create new jobs. The development of renewable energy, resource-efficient technologies and sustainable agriculture can serve as key drivers of economic growth.

On the other hand, this transition requires large-scale reforms. Modernizing outdated infrastructure, upgrading industry, and strengthening environmental awareness among the population are complex and demanding tasks. This is precisely why the emphasis on a “just and inclusive green transition” is of fundamental importance.

Uzbekistan: Advancing Reforms and Environmental Initiatives

For Uzbekistan, the summit provides an important platform to present its environmental policy on the international stage. In recent years, the country has been implementing large-scale initiatives and programmes such as “Yashil Makon,” “Toza Havo,” “Bio Meros,” “Territory Without Waste” and “Eco-Culture,” demonstrating its proactive stance on the environmental agenda.

Particular attention is being given to the restoration of the Aral Sea region. Practical measures undertaken in this area position Uzbekistan as a significant partner not only regionally, but also globally, creating favorable conditions for attracting investment and expanding international cooperation.

Key Expected Outcomes of the Summit

The summit is expected to result in the signing of a number of strategically important documents, including a Joint Declaration of the Heads of State of Central Asia; a Regional Cooperation Programme with the United Nations for 2026–2030; memorandums on biodiversity, ecotourism, and ecosystem protection; agreements on the establishment of a regional early warning system for wildfires; and initiatives to create a transboundary “Peace Park.”

These documents will form a solid foundation for long-term cooperation and financing of environmental projects.

Conclusion: A Regional Response to Global Challenges

The Regional Environmental Summit highlights the growing role of Central Asia in the global environmental agenda. The forum represents an important step toward the development of a unified regional strategy aimed at reducing climate risks, conserving natural resources and ensuring sustainable development.

In recent years, cooperation between Uzbekistan and Kazakhstan in the field of information and communication technologies (ICT) has expanded steadily, acquiring strategic significance. This partnership not only strengthens economic ties between the two nations but also serves as a foundation for the formation of a unified digital space across Central Asia.

A Robust Legal Framework

The legal foundations of bilateral cooperation were established in the early years of independence and have been progressively refined since. Agreements and memoranda concluded in the areas of electrical and postal communications, cross-border telecommunications services, radio frequency coordination, and space research have created a solid basis for bilateral relations. Notably, a new agreement on radio frequency usage signed in 2025 is contributing to the harmonised development of shared digital infrastructure.

Digital Economy: Growth and Investment

Cooperation in the digital economy has intensified considerably in recent years. The number of IT Park residents with Kazakhstani capital has reached 67, with export services valued at USD 2.8 million rendered in 2025 and 755 new jobs created. The number of companies exporting services to the Kazakhstani market has reached 155, with total export volume amounting to USD 17.6 million and a combined workforce of 4,600 employees — a clear indicator of growing mutual trust and an increasingly favourable business environment.

The Central Asian Innovation Hubs platform, established through the cooperation of the region's leading technology parks, has elevated the regional startup ecosystem to a new level, enabling hundreds of startups to access international markets.

Startups and Global Integration

Special attention is being devoted to startup support within the framework of bilateral cooperation. Both countries' startups are actively participating in such prestigious events as ICT Week Uzbekistan and GITEX Global. Kazakhstani and Uzbekistani startups have attracted new investment through participation in international acceleration programmes held in the United States, the UAE, Germany, and the United Kingdom. Forty startups participated in the Draper University, AlchemistX, and Silicon Valley Residency programmes.

One hundred startups under the Central Asian Innovation Hubs umbrella participated in major international conferences, including the AI Forum in Kazakhstan, Eurasia Technology Week in Turkey, Machines Can See Summit in the UAE, GITEX in Germany, and London Tech Week in the United Kingdom.

More than 20 companies with Uzbek capital are currently operating among Astana Hub residents, including Oson, Billz, Sales Doctor, IT Academy for Engineers, Verifix, Smartup, Iman, Uysot, Smartcast, Tezbor, Platma, and BITO.

The opening of the Khan Tengri Innovation Hub in Shanghai has broadened market entry opportunities for regional startups in China.

On 3 October 2025, the Kazakhstan Market Entry global acceleration programme was launched during the Digital Bridge 2025 international conference, with 10 startups from the Republic of Uzbekistan presenting their projects on stage. The programme is being conducted in partnership with Astana Hub as an exchange initiative, under which 10 Kazakhstani startups are actively developing their products in the Uzbekistani market through the Digital Startup Awards acceleration programme.

The Digital Startup Awards — one of the region's most prominent initiatives with a total prize fund of USD 1 million — brought together startups from Central Eurasia, including Kazakhstan and other regional markets, through its incubation, acceleration, and Best Startup Project competition components. Upon completion of the programme, 14 startups successfully completed the acceleration track and 15 completed incubations. Based on results achieved and expansion potential, IT Park Ventures invested up to USD 50,000 per startup in SAFE format for acceleration participants, and up to USD 10,000 for incubation participants on the same terms.

Telecommunications: Strengthening Interconnectivity

In the field of telecommunications, direct communication channels have been established between major operators of both countries, enabling the efficient exchange of international telephone and internet traffic. Operators including Uzbektelecom JSC, Kazakhtelecom JSC, Jusan Mobile JSC, TransTeleKom JSC, and TNS-Plus LLC are facilitating the exchange of international direct and transit telephone and telegraph traffic. Additionally, a system for sharing data on the IMEI codes of mobile devices is being introduced between the two states — a significant measure in ensuring information security and combating the circulation of unauthorised devices.

Artificial Intelligence: Forward-Looking Cooperation

Cooperation in the field of artificial intelligence is progressing consistently. Scientific and research ties have been established with the Institute of Artificial Intelligence at Nazarbayev University in Kazakhstan. Specialists from both countries are engaged in joint work on personnel training, the development of research laboratories, and the creation of innovative solutions.

Digital Government: Cross-Border Collaboration

On 17 December 2025, agreements were reached to launch a pilot project on tourism data exchange, building on Memoranda of Understanding signed between the UN ESCAP and both the Republic of Uzbekistan and the Republic of Kazakhstan.

On 13 March 2026, a meeting held at the Digital Government Project Management Centre between UN ESCAP, Korea's National Information Society Agency (NIA), and Kazakhstan's NITEC JSC announced the successful completion of the first phase of the project. During this phase, the legal and technical frameworks for cross-border data exchange among Uzbekistan, Kazakhstan, and Korea were developed, and data-driven analyses were prepared demonstrating their value in decision-making processes. Results pertaining to the activities and consumer behaviour patterns of Korean tourists in Uzbekistan proved particularly significant.

Upon the successful completion of subsequent phases, the project envisions expanding data exchange to other priority sectors and establishing a unified intergovernmental data-sharing platform among Uzbekistan, Kazakhstan, and the Republic of Korea — an initiative that will drive the development of cross-border digital cooperation and enhance the efficiency of both public and commercial services.

Information Security and Infrastructure

Efforts are under way within the framework of cooperation memoranda to develop e-government systems, digital platforms, and public data management systems. The transition of digital television broadcasting to enable the rollout of 4G and 5G networks in the 700 MHz band is being implemented in a coordinated manner across Central Asia.

ICT cooperation between Uzbekistan and Kazakhstan today carries strategic importance not only for both nations, but for the entire Central Asian region. Joint initiatives in digital economy, the startup ecosystem, artificial intelligence, and telecommunications are accelerating innovation-driven development across the region. This partnership will undoubtedly serve as a key driver in the formation of a unified digital space and the enhancement of global competitiveness.

The Center of Islamic Civilization in Uzbekistan has been recognized as the “Best Museum of the Turkic World” by the International Organization of Turkic Culture (TURKSOY), reports Dunyo IA correspondent.

Sultan Raev, Secretary General of the organization, announced this during an international scientific conference dedicated to the 690th anniversary of Amir Temur's birth.

Constructed in a short period at the initiative of the President of Uzbekistan, Shavkat Mirziyoyev, the Center is highly regarded today not only as a unique architectural masterpiece but also as a symbolic bridge connecting Eastern and Western civilizations. Through its concept, content, and scientific-educational focus, it vividly demonstrates the creative and enlightening potential of Islamic civilization.

While ceremoniously presenting the “Best Museum” certificate to the leadership of the Center, Secretary General Sultan Raev specifically highlighted President Shavkat Mirziyoyev's policy aimed at the profound study and global promotion of the Islamic civilization's heritage:

-  Thanks to the special attention of Honorable President Shavkat Mirziyoyev, the legacy of Amir Temur and Islamic culture are being deeply explored today. New scientific and artistic works are being created and modern scientific-educational centers are being established. I can say with confidence that there is no comparable center in the world. This is, undoubtedly, a vivid manifestation of the ideas of the Third Renaissance. At times, the world limits itself to mere statements. However, Uzbekistan is setting an example through its practical actions and tangible results.

In turn, Firdavs Abdukhalikov, Director of the Center of Islamic Civilization in Uzbekistan, shared his insights regarding this prestigious recognition:

-  Established under the direct initiative and visionary authorship of our Honorable President, the Center has emerged as one of the most significant mega-projects in the Turkic world. The Head of State personally participated in and oversaw every stage of its creation. Today, every visitor leaves the Center with a world of impressions. As is well known, TURKSOY is a prestigious international organization uniting states such as Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan, and Türkiye and is often referred to as the “UNESCO of the Turkic World”. Currently, the museum heritage of these nations encompasses nearly 1,300 museums. The Center of Islamic Civilization in Uzbekistan, with its creative vision, profound conceptual depth and innovative solutions, holds a special place among these institutions, manifesting itself as a unique cultural and scientific phenomenon.

Furthermore, F. Abdukhalikov specifically highlighted the growing international interest in the Center's activities. In particular, the Hungarian government has expressed interest in studying the Center's experience and collaborating on the implementation of a similar project. Additionally, the leadership of the German state of Bavaria has stated its readiness to support initiatives aimed at promoting Islam through enlightenment.

At the conclusion of the event, it was emphasized that this award serves as a vivid testament to the Center's high international prestige, its scientific and cultural significance, and its profound recognition across the Turkic world.

A Calligraphy School has been established at the Center of Islamic Civilization in Uzbekistan, reports Dunyo IA correspondent.

This significant scientific and educational project was announced during a seminar titled “The Calligraphy Heritage of the Timurid Era – Continuity of Traditions” dedicated to the 690th anniversary of the great commander Amir Temur's birth.

The seminar served as an important platform for a broad discussion on the spiritual and cultural significance of calligraphy, bringing together leading experts in the fields of Islamic art, history, and philology.

-  The initiative to establish the Calligraphy School at the Center of Islamic Civilization was proposed by our Honorable President on January 29, 2025. A year later, this initiative has been endorsed by all international organizations and the project was officially launched within the framework of the conference dedicated to the Timurid civilization. The establishment of the Calligraphy School is a logical continuation of the large-scale reforms aimed at preserving and promoting cultural heritage in our country, - said Firdavs Abdukhalikov, Director of the Center of Islamic Civilization, in his address to the event participants.

As noted, during the Timurid era, the art of calligraphy reached its zenith and became a symbol of cultural advancement. According to data presented by scholars, after establishing a centralized state, Amir Temur gathered the most skilled calligraphers from various regions to the capital. Styles such as Thuluth, Nasta‘liq and Kufic reached their peak, and famous manuscript copies, such as the renowned “Baysunghur Quran,” were inscribed.

International experts highly commended this initiative. In particular, Mahmud Erol Kılıç, Director General of IRCICA, shared his insights on the role of Islamic calligraphy in world culture and its high aesthetic and spiritual value. Coşkun Yılmaz, Chairman of the Turkish Institution of Manuscripts, provided information on the unique manuscripts preserved in the Süleymaniye Library, emphasizing that a significant portion of them is linked to the history of Central Asia. Sali Shahsivari, Director of the Al-Furqan Islamic Heritage Foundation in the UK, evaluated the Timurid period as an era of genuine educational and cultural awakening.

It was emphasized that the Calligraphy School will function not only as an educational institution but also as a scientific research and cultural center. Within its framework, plans include training specialists, preserving and restoring manuscripts, as well as developing international cooperation.

The Fifth Tashkent International Investment Forum will take place on June 16–19, 2026. This year’s theme – “Investment Resilience: New Frontiers, New Partnerships” – frames the agenda around a set of pressing questions: how to protect capital amid global uncertainty, what institutional mechanisms enhance investment resilience in frontier markets, and where the new partnership routes lie.

The forum’s context is set by macroeconomic results. According to the National Statistics Committee, Uzbekistan’s GDP grew by 7.7% in 2025 and exceeded $147 billion – the fastest pace since 2021 and among the highest in the Europe and Central Asia region. Fitch Ratings and S&P Global upgraded the country’s sovereign rating from BB– to BB for the first time, while Moody’s revised its outlook to “positive.” International reserves, per the Central Bank, surpass $77 billion. Exports rose 24% to $33.8 billion. Foreign direct investment increased by 46.9%, with FDI accounting for 40.5% of total capital investment. For an economy that attracted only $4 billion in annual foreign investment in 2017, the surge to $42 billion by 2025 represents a fundamentally different scale of growth. This tenfold increase over eight years underscores a profound transformation in the nation's investment landscape.

The forum is scaling alongside the economy. Last year’s TIIF drew over 8,000 participants, including some 3,000 international delegates from 97 countries. Guests included Bulgarian President Rumen Radev, Slovak Prime Minister Robert Fico, heads of government from all Central Asian states, EBRD President Odile Renaud-Basso, and New Development Bank President Dilma Rousseff. The aggregate value of signed investment contracts and trade agreements reached $30.5 billion. Yet what best speaks to the platform’s maturity is not the number of signings but the conversion rate – the share of agreements that translate into operating assets is increasingly the metric that matters to returning investors.

The centrepiece of this year’s forum will be the Tashkent International Financial Centre (TIFC), established by presidential decree in March 2026. Behind the headline sits a specific institutional architecture: a special legal regime based on common-law principles, a dedicated financial services regulator, an arbitration centre (TIAC), and tax exemptions through 2076. TIFC is part of a global trend toward specialised financial hubs that offer international market participants a familiar legal environment and regulatory predictability. Its defining feature is integration within the country’s legal framework: the centre operates under a special legal regime rather than creating a separate jurisdiction, reducing regulatory fragmentation and simplifying engagement with the domestic economy. A panel session featuring leaders of major global financial centres and international investors operating in Uzbekistan will address the central question: what are the practical conditions under which TIFC can attract international market participants.

The TIIF 2026 programme is structured around four thematic pillars: investment resilience and capital protection mechanisms, financial infrastructure and capital market development, trade connectivity and logistics corridors, and energy transition and climate finance. Key sessions include a discussion of the regulatory framework for alternative investment funds (a legal basis for private equity and venture capital being adopted for the first time), a panel on the Middle Corridor and trans-Caspian logistics, a session on sovereign ratings across Central Asia, and a practitioner-led workshop on blended finance instruments in frontier markets. A dedicated arbitration and dispute resolution track features two panel sessions co-organised with the Tashkent International Arbitration Centre (TIAC), the British-Uzbek Legal Association (BrULA), and the British Embassy. Topics range from the institutional design of Uzbekistan’s arbitration ecosystem – including the innovative Dispute Avoidance Protocol (DAP) – to the country’s positioning within the global investment protection architecture: ISDS frameworks, bilateral investment treaty reform, and New York Convention enforcement.

The energy agenda warrants particular attention. Uzbekistan has set an ambitious target of raising the share of renewables in electricity generation to 54% by 2030. Currently, the country operates solar and wind facilities with a combined installed capacity exceeding 4 GW, with a project pipeline envisaging an additional 19 GW of green capacity. Alongside this, the public-private partnership mechanism continues to develop: as of early 2025, PPP agreements worth approximately $28 billion had been signed in the country. For investors, this represents a large, structured market with standardised PPA contracts and a clear entry mechanism – a subject that will be examined in detail during the forum’s energy panel.

TIIF 2026 retains its bilateral business forum format, reflecting the expanding geography of Uzbekistan’s economic partnerships. Confirmed platforms include business forums with the Republic of Korea, the United States, Croatia, Hungary, Turkey, and Albania, as well as a China–SCO countries investment dialogue; the lineup continues to grow as the event approaches. The plenary session featuring heads of state and government will set the tone for the business programme. Running in parallel is an exhibition of industrial and investment potential spanning approximately 6,000 sq m – in 2025, a comparable facility facilitated over 500 B2B and B2G meetings for 100 participating companies.

At the same time, the forum agenda implicitly flags unresolved challenges. The corporate governance session raises the question of transitioning from concentrated to dispersed ownership – a process without which the stock market will remain illiquid. The discussion of privatisation and state asset IPOs calls for a candid conversation about pacing and institutional quality. The responsible business conduct panel, anchored in OECD standards, recognises that tax incentives alone are insufficient for accessing institutional capital – what is needed is verifiable supply chain transparency and functioning National Contact Point mechanisms.

The business programme is complemented by networking formats: an FIC and EY business breakfast on digitalisation and AI, the annual SQB Investor Day, an ESG Award ceremony, and the European Business Evening. The informal component – an invitational tennis tournament, TIIF Open, and an evening run – is designed for delegates who prefer to build relationships beyond the conference hall. The anniversary evening concludes with a collaboration with the Stihia electronic music festival – a detail that captures the tone in which Uzbekistan presents itself to an international audience.

For Uzbekistan, TIIF has long ceased to be a showcase. It is a working instrument of investment policy, whose effectiveness is measured not by the number of signing ceremonies but by the volume of capital that actually enters the economy between forums. The fifth, anniversary edition takes place at a moment when the country is simultaneously launching an international financial centre, adopting an alternative investment funds law, and receiving a sovereign rating upgrade – a convergence that creates a window of opportunity for investors prepared to operate in frontier markets with a growing institutional base.