Uzbekistan’s Inclusive Turn: Solutions at the Level of Each Mahalla

📅 29.01.2026

On 23 January, under the chairmanship of the President of the Republic of Uzbekistan, a videoconference meeting was held on the key tasks of poverty reduction and employment provision for 2026. In terms of both substance and the framing of issues, the meeting marked a turning point in the evolution of the country’s social policy.

The relevance of transitioning to a new model

The results of the reforms demonstrate a transition to the next stage of social policy. For the first time, poverty reduction has been placed in direct dependence on outcomes at the level of individual mahallas.

This shift is a consequence of the socio-economic results achieved. By the end of 2025, the national economy grew by 7.7%, significantly above the forecast level of 6.5%. GDP exceeded $147 bn, reaching approximately $3,900 per capita. Growth rates in all sectors surpassed those of 2024. Foreign investment reached $43 bn, while exports amounted to $33.8 bn. Inflation declined from 9.8% to 7.3% in 2025.

Sustained economic growth ensured a significant increase in budget revenues, which were consistently directed toward addressing social issues, reducing poverty, and developing mahallas. As a result, in 2025 income sources were provided for 5.4 mn people, and 330,000 families were lifted out of poverty. Unemployment declined to 4.8%, while the poverty rate fell to 5.8%.

As overall poverty indicators decline, its geography is changing. Poverty is becoming localized, concentrated, and heterogeneous. Nearly one-third of low-income households and around one-fifth of the unemployed are concentrated in a limited number of mahallas, which necessitates a transition to a new model.

Against this backdrop, the primary indicator becomes the outcome achieved at the level of each mahalla. The persistence of poverty or unemployment indicates that measures require further calibration.

Accordingly, for the first time at the national level, a systematic classification of all territories by poverty level was conducted. Based on 20 criteria, 37 “difficult” districts and 903 “difficult” mahallas were identified, home to around 120,000 poor families and approximately 155,000 unemployed citizens. At the same time, work to shape the image of a “New Uzbekistan” has also begun in an additional 33 districts and 330 “difficult” mahallas.

A distinctive feature of the new approach is that “difficult” territories are viewed as points of structural transformation. For each mahalla and district, comparative advantages are assessed, including economic, agricultural, industrial, logistics, or service-related strengths.

Individual development programmes for mahallas are being formulated. Practice shows that even in the most vulnerable areas, ensuring stable access to water and electricity, basic infrastructure, and integration with markets can multiply household incomes.

In the current year, territorially targeted development becomes the main instrument for achieving the stated goals, as clearly articulated by the President.

Infrastructure as an economic asset

A particular emphasis in the new model is placed on revising regional policy priorities. As noted by the President, residents and entrepreneurs in “difficult” districts and mahallas primarily expect improvements in roads, water supply, and electricity provision, rather than an expansion of tax incentives.

Concentrating resources on a limited number of problem territories allows infrastructure investment to be transformed from general budget spending into an instrument of targeted socio-economic impact. In 2026, $1.6 bn will be allocated for regional infrastructure development, of which $990 mn will be directed to “difficult” districts and mahallas.

At the same time, transfers from the republican budget to local budgets will double.

Additionally, allocations of $4.1 mn to each “difficult” district and $165 ths to each “difficult” mahalla are envisaged.

In total, district hokimiyats (district executive administrations) and local kengashes (local representative councils) will receive an additional approximately $330 mn exclusively to support problem territories.

A key element of this model is ensuring stable energy supply for “difficult” districts and mahallas.

In 2026, each of the 903 “difficult” mahallas is expected to host the construction of a small solar power plant with a capacity of 300 kW, with a total investment of around $110 mn. These plants will be transferred to the mahallas free of charge, creating a local energy asset. Through the generation of “green” electricity, each mahalla will gain a sustainable additional income source of $33-41 ths per year.

The proceeds are intended to be used for energy-efficient renovation of housing stock, reducing utility costs, and improving quality of life. Operation of the solar plants will involve members of low-income households, simultaneously addressing employment and infrastructure sustainability objectives.

A separate emphasis is placed on supporting the most vulnerable households. An instruction has been issued to conduct targeted assessments of 6,700 families with a member having a first-degree disability and no able-bodied household members, followed by identification of needs for energy-efficient housing upgrades and the launch of “green” renovation.

Taken together, these measures form a model of territorial and energy resilience. The effectiveness of local authorities’ performance will be subject to public evaluation, reinforcing the transition to results-oriented governance.

Comparative advantages of mahallas

The President clearly defined key socio-economic targets for 2026, including the provision of permanent employment for around 1 mn people, lifting 181,000 families out of poverty, increasing the number of poverty-free mahallas by 2.5 times to 3,500, and reducing the unemployment rate to 4.5%.

Achievement of these targets is expected to be based on the comparative advantages of specific districts and mahallas in industry, agriculture, and services. This approach allows resources to be concentrated where they generate the greatest multiplier effects for employment and household incomes.

As an example of leveraging comparative advantages based on location and specialization of mahallas, the President cited Furqat District. Its advantages include, first, cooperation with neighboring economically active centers; second, deepening specialization among nearby mahallas and combining competencies; and third, increasing value added through the launch of processing activities.

Further measures were outlined within the framework of a differentiated approach to developing problem territories.

Deepening mahalla specialization

Primary attention will be focused on deepening mahalla specialization, as welfare levels are significantly higher in mahallas with deep specialization. Practice shows that in such mahallas, welfare levels are noticeably higher, while the number of recipients of social assistance is half as large, at around 7 people per 10,000 population.

Currently, the 903 “difficult” mahallas encompass around 90,000 hectares of household and leased land. To transform this resource into a source of sustainable income, a new mechanism of a “social contract” between the state and the mahalla has been proposed. Mahallas that, by leveraging residents’ skills and rational land use, manage to increase household incomes by three to four times will receive additional financing of $165 ths for the development of road, water, and irrigation infrastructure. Implementation of this model is planned to begin with “difficult” mahallas.

To support deeper specialization, banks will allocate a total of $1.4 bn in loans. For production projects, 4% of the loan will be compensated, while for processing projects the compensation will amount to 6%.

Comparative advantages of mahallas

In 2026, $11.5 bn in credit resources are earmarked for the development of small and medium-sized businesses in mahallas, compared to $10.7 bn a year earlier. At the same time, banks have been tasked with strengthening entrepreneurship financing: alongside a planned $6 bn from external sources, the total volume of funds directed to mahalla-level projects should reach $8 bn.

Not only the scale but also the principle of credit allocation is changing. The model under which loans within the “Family Entrepreneurship” programme were issued on uniform terms at a 17.5% rate across all districts and cities is giving way to territorial differentiation. In particular, for the 37 “difficult” districts, the rate is reduced to 12%. This step transforms lending into an instrument for accelerating the development of problem territories.

In parallel, programme limits and target areas are being expanded. In all districts, the maximum size of concessional loans is increased by 1.5 times, from $2.7 ths to $4.1 ths. To support this decision, an additional $165 mn is added to the planned $297 mn.

Overall, the 2026 credit policy is shaped as a targeted development mechanism, a managed conversion of credit into employment, income, and local growth.

Institutional changes in system governance

A number of institutional changes are also envisaged to enhance the effectiveness of all governance levels involved in mahalla development.

Work in mahallas is moving away from an administrative-intermediary model and is being structured around specific projects. In this framework, the hokim’s assistant acts as a territorial development manager responsible for implementing project solutions.

To ensure integrated project governance, multi-level coordination is being introduced. Initiatives proposed by hokims’ assistants are paired with regional bankers; the first deputy hokim of the region provides operational oversight; and the “Reform Headquarters” supervises issues requiring inter-agency solutions. From February, a system of training hokims’ assistants in project management will be launched, starting with “difficult” mahallas. Each district will form a project portfolio followed by a transition to practical implementation.

One hundred “difficult” mahallas that demonstrate the best performance in job creation, income growth, and poverty reduction will receive an additional $82.5 ths each. Hokims’ assistants from these mahallas will be able to upgrade their qualifications in China, Turkiye, South Korea, and Malaysia.

In this context, work on developing mahalla master plans is being intensified. International experts are being engaged, alongside the potential of domestic universities. Final-year students in architecture programmes will be able to participate in the development of “difficult” mahallas, with the best projects being supported by state grants.

Overall, the institutional changes formalize a shift from a universal approach to a differentiated territorial policy.

Resource redistribution is justified by the structure of the economy: 62% of industrial production and 57% of services are concentrated in 50 districts and cities with high entrepreneurial potential. Growth in their budget revenues creates an opportunity to concentrate state efforts on problem territories.

This is evident from revenue dynamics: three years ago, additional local budget revenues in these 50 territories amounted to $72.2 mn, while in the current year they are expected to increase 8.5 times, to $610.5 mn.

As a result, greater attention can be directed to “difficult” districts and mahallas, where poverty and unemployment are territorially concentrated.

Conclusion

The decisions and instruments for 2026 demonstrate that Uzbekistan’s social policy is moving beyond traditional resource redistribution toward a model of managed territorial development. The new model rests on three interlinked pillars.

First, the concentration of infrastructure resources in “difficult” districts and mahallas, with the creation of long-term local assets, reduced household costs, and enhanced energy resilience.

Second, the expansion of employment based on comparative advantages and deeper territorial specialization, supported by financial incentives, access to credit, and solutions along value chains.

Third, institutional recalibration of governance, where a project-based approach and multi-level coordination align resources, responsibility, and measurable outcomes.

The essence of the current phase is that targeting becomes a technology focused on “difficult” territories. Exiting poverty is understood as an individual household trajectory, in which local conditions, skills, and infrastructure are decisive. The “Mahalla Seven” and the institution of hokims’ assistants serve as the connecting link, ensuring coordination and feedback until results are achieved.

 

Khurshed Asadov,
Deputy Director of Center for Economic Research and Reforms

CERR Assesses the Potential for Expanding Trade Between Uzbekistan and Tajikistan

📅 18.03.2026

According to estimates by the Center for Economic Research and Reforms (CERR), there is potential to increase mutual trade between Uzbekistan and Tajikistan by 30–40%. Additional opportunities for expanding economic cooperation are primarily linked to the development of industrial cooperation between the two countries.

Economic cooperation between Uzbekistan and Tajikistan has demonstrated steady positive dynamics; however, the potential of bilateral relations remains only partially realized. This was stated today by Khurshed Asadov, Deputy Director of the Center for Economic Research and Reforms (CERR), during the international scientific and practical conference “Uzbekistan – Tajikistan: New Prospects for Alliance and Regional Cooperation”, held in Tashkent.

According to the expert, relations between the two countries have reached a qualitatively new level in recent years. Cooperation, reinforced by agreements on strategic partnership and allied relations, has created an institutional foundation for the active development of economic ties.

According to CERR estimates, mutual trade between Uzbekistan and Tajikistan increased 3.8 times during 2017–2025, rising from $238 mln to $912 mln. During the same period, Uzbekistan’s exports grew 3.7 times, while imports from Tajikistan increased more than fourfold.

Today, Tajikistan ranks among Uzbekistan’s key regional partners, occupying ninth place among the countries importing Uzbek products.

At the same time, current indicators reflect only part of the possible potential of economic interaction. According to CERR estimates, mutual trade could increase by an additional 30–40% solely through the substitution of Tajikistan’s imports from third countries with products manufactured by Uzbek producers.

The expert emphasized that geographical proximity, a shared border, and well-developed transport connections create favorable conditions for deepening trade relations. In particular, significant prospects remain for expanding Uzbekistan’s industrial exports, including automobiles, household appliances, textile products, and chemical goods.

At the same time, considerable potential also exists in the sphere of industrial cooperation. According to the expert, one of the most promising cooperation models could involve the establishment of joint processing facilities in border regions, particularly focused on the processing of agricultural raw materials and the development of agrologistics centers.

Asadov also noted that further development of transport infrastructure and the expansion of transit opportunities in Central Asia could serve as an additional driver of economic integration.

As emphasized by the Deputy Director of CERR, the current level of allied relations between Uzbekistan and Tajikistan creates the foundation for transitioning to a deeper model of economic cooperation, focused on joint investments, industrial cooperation, and the development of regional infrastructure, which could become an important factor in strengthening economic connectivity and promoting the development of Central Asia.

For reference: The international scientific and practical conference “Uzbekistan – Tajikistan: New Prospects for Alliance and Regional Cooperation” was organized by the International Institute for Central Asia (IICA). The event brought together representatives of government institutions, the diplomatic corps, and expert and academic communities from both countries. Participants discussed the current state and prospects for developing trade-economic, investment, and humanitarian cooperation between Uzbekistan and Tajikistan.

CERR Public Relations Sector

Meeting of the National council on combating corruption held

📅 07.03.2025

On March 5 President of the Republic of Uzbekistan attended a meeting of the National council on combating corruption. The meeting analysed the work carried out on creating corruption-free environment and defined further goals.

In his speech, the Head of State mentioned that corruption is a serious challenge in the course of reforms.

In this connection in the past years laws were adopted and a new system on combating this vice was created. Responsible committees were formed in the parliamentary chambers, a National council and Anti-Corruption Agency were established.

Particular attention is paid to creating conditions where the public can openly raise and discuss the problem of corruption. The role and influence of the media in this sphere are raising.

Primarily, measures are taken to combat the causes of corruption. For example, the abandonment of allocation of land plots by decisions of khokims and transition to the auction system made the allocation process more open. There have also been positive changes in this area since the introduction of the “Shaffof Kurilish” program.

The adoption of the law on public procurement, digitalization of the system of elections and tenders, as well as the establishment of healthy competition allowed saving 14 trillion soums of budget funds last year.

Today, all banks provide household loans up to 100 million soums online in 5 minutes without human involvement. As a result, thousands of bankers, who used to process such applications, now work directly in mahallas, offering projects and credit programs, thus contributing to the growth of the customer base.

In the pre-school and school education system, more than 10 types of services have been fully converted to electronic format, reducing the number of applications by 2.5 times.

The higher education system was also digitalized: a system for taking tests and selecting universities based on their results was introduced, and the automated receipt of 35 types of documents reduced the number of requests by 2.2 times.

Due to the use of body cameras by traffic safety inspectors, the sale of license plates through auctions, and the elimination of paper protocols, corruption factors have been significantly reduced.

Services to the population and entrepreneurs are organized on the basis of the principle of “the state serving the people”: the requirements to provide 120 types of documents, more than 160 licenses and permits have been abolished. This led to the emergence of almost 200 thousand new entrepreneurs in the market, and the number of enterprises with foreign participation increased almost 5 times, reaching 23 thousand.

The number of electronic public services increased 15 times, reaching 721, and the number of their users exceeded 11 million.

Most importantly, these measures have strengthened the faith of the population, entrepreneurs, foreign partners, international organizations and investors in the ongoing reforms. Over the past seven years, over $120 billion in investments have been attracted, and the country's economy has doubled, reaching $115 billion last year.

The President emphasized that the fight against corruption is an ongoing process and outlined the current issues and future tasks in this sphere.

It was noted that law enforcement agencies are mainly focused on detecting and punishing corrupt acts, while preventive measures aimed at eradicating corruption factors are neglected.

In this regard, it was decided to change the working methodology of the Anti-Corruption Agency. As an experiment, compliance control in five agencies - the Ministries of Health, Construction, Water Resources, Joint Stock Companies “Uzbekneftegaz” and “Uzsuvtaminot” will be transferred to the Agency.

In addition, an in-depth study of factors of domestic and systemic corruption will be conducted at the district level, which will be used to develop specific measures and submitted to the National Council.

It was noted that 75 percent of corruption crimes are committed in the form of domestic corruption in districts and mahallas, so the composition of the regional councils on combating corruption will be completely renewed. They will be headed by chairmen of regional councils of people's deputies.

The regional councils will propose to the National Council amendments to legislation aimed at eradicating corruption factors and ensuring inevitability of punishment.

Eight years ago, a system of sectors for the integrated development of territories was introduced. They contributed to solving socio-economic problems. In recent years, the potential of the regions has increased significantly.

In this regard, it was decided that prosecutors, heads of internal affairs and tax authorities would no longer be involved in sector activities. Additional tasks have been set to prevent and combat crime.

Special attention is paid to preventing corruption in public procurement. An Expert Commission will be established for this purpose. Based on best practices, an electronic platform will be developed to monitor that the prices of goods and services purchased through public procurement do not exceed the market average by more than 20 percent. Accountability measures and fines will be introduced for violation of this requirement.

Requirements for the procurement of fixed assets at the expense of the budget and extra-budgetary funds will also be tightened. Domestic transportation and furniture will be given priority in procurement by government agencies, and a requirement for evaluation against high anti-corruption standards will be introduced for major projects.

The fight against corruption begins with the selection of professional and dedicated employees for the civil service. In this regard, instructions have been given to improve procedures for hiring and evaluating candidates.

The need to adopt a law on the declaration of income of civil servants was noted, and a draft of this law will be submitted for public discussion.

The importance of instilling the ideas of honesty in educational institutions was emphasized in order to educate a new generation intolerant of corruption, as well as to support the initiatives of young people.

Addressing the public, the President said that the fight against corruption is a national task and a matter of conscience for every patriot of the country.

- If we all join forces, we will definitely achieve significant positive results. That is why mahalla activists, the older generation, intellectuals, writers and poets, art and culture workers, businessmen, well-known figures, leaders, deputies and senators - the entire public should become united and consider corruption as a “plague on the body of society”.

During the meeting, a dialogue was held with members of parliament, government representatives and the public.

For the first time, the event held in such a format demonstrated a strong political will to fight corruption.

The Head of State presented 55 concrete initiatives, which will include the development of 5 laws, 12 decrees and resolutions, as well as strengthening the role of Parliament, National and Regional Councils and civil society institutions in the fight against corruption.

The legal basis for the fight against corruption will be strengthened: the introduction of a new system of income declaration and a procedure for preventing illicit enrichment will reduce corruption factors. The activities of the Anti-Corruption Agency and internal control structures in organizations will be strengthened.

The responsibility of heads of ministries and agencies in preventing domestic corruption will be increased. A system of public evaluation of the quality of public services will be established, and strict measures will be taken against managers with the worst performance.

The independence of control inspections will be strengthened, and corruption prevention mechanisms will be introduced in major investment projects and auctions.

By streamlining the public procurement system and restricting direct procurement, budget savings will be achieved, and diversion of public funds will be curbed.

The freed resources will be mobilized to fight crime, which will lead to greater stability in society and increase the confidence of citizens. Strengthened prosecutorial oversight of illegal inspections will contribute to improving the business and investment climate in the regions.

The achieved results will improve the position of our country in international ratings, and by 2027 conditions will be created for Uzbekistan's candidacy for the UNCAC conference.

Most importantly, the legal consciousness of the population, especially young people, will be raised, and the society will form ownership of the fight against corruption.

From the INMerge Innovation Summit to Regional Hubs: How Uzbekistan, Kazakhstan, and Azerbaijan Are Building a Unified Startup Ecosystem

📅 18.05.2026

Over the past few years, Central Asia and the Caucasus have emerged as some of the fastest-growing regions in technology and innovation. Uzbekistan, Kazakhstan, and Azerbaijan are increasingly strengthening their positions on the global startup map, attracting international investors, technology companies, and entrepreneurs. One of the key platforms bringing together the region’s innovation ecosystem has become the international INMerge summit.

What is INMerge?

INMerge is an international innovation summit that brings together startups, investors, corporations, government representatives, and technology communities from across Central Eurasia. Over the past five years, the project has evolved from a relatively small corporate gathering into one of the region’s leading technology forums.

Today, INMerge hosts participants from Azerbaijan, Uzbekistan, Kazakhstan, Georgia, Türkiye, and other countries. Discussions focus on investment, artificial intelligence, startup development, digital infrastructure, and cross-border collaboration. Most importantly, however, the forum helps transform networking opportunities and ideas into real partnerships, projects, and investment deals.

In 2026, INMerge expanded beyond a single-city format by launching a regional Roadshow initiative. Ahead of the main summit, the team is organizing a series of events across key locations in the region. One of the central stops became Tashkent — a city that clearly demonstrated how rapidly Central Asia’s role in the global technology landscape is evolving.

Today, the three countries are shaping a new regional ecosystem, where each contributes its own strategic strengths.

Uzbekistan is now considered one of the fastest-growing tech markets in the region. Over the past year, venture investment volumes increased more than fivefold, the number of startups doubled to over 950, and Tashkent entered the world’s top 100 startup ecosystems for the first time. The country is actively opening up to international investors and steadily becoming a new destination for technology-driven businesses. Uzbekistan is already home to two unicorns.

Kazakhstan continues to focus on infrastructure development and a systematic approach to building its startup ecosystem. The country is developing a large-scale $1 billion fund of funds and has spent several years consistently creating conditions that allow startups to scale not only domestically, but internationally as well. Kazakhstan has also produced two unicorns.

In 2024, IT Park Uzbekistan and Astana Hub took another important step toward regional integration by launching the Central Asian Innovation Hubs initiative. The platform opened access for Central Asian startups to joint programs, international venues, and global accelerators. Today, Azerbaijan is increasingly exploring participation in this ecosystem, gradually contributing to the formation of a unified technological space connecting Central Asia and the Caucasus.

Azerbaijan, in turn, is becoming a platform that connects different markets and innovation communities. Baku was recently named Startup City of the Year, while INMerge Ventures became one of the country’s first locally registered venture capital funds. The city is now emerging as a hub for dialogue between corporations, investors, and technology teams from across the broader region.

At INMerge, this evolving dynamic is described as an “innovation corridor.” It is not simply about neighboring countries collaborating — it is about creating a shared ecosystem where ideas, technologies, investments, and talent can move freely across borders.

From Local Startups to the Global Stage

For startups today, building a product is no longer enough. Founders also need access to investors, strategic networks, and international markets. This is why platforms like INMerge are becoming increasingly important across the region.

One of the clearest examples is the startup competition held in Tashkent. Winners receive not only visibility and recognition, but also the opportunity to present their projects at the final summit in Baku before international investors and major corporations. This model helps connect local ecosystems into a larger regional network, giving young startups a real opportunity for international growth.

The final stage of INMerge will take place on October 8–9 in Baku, bringing together startup founders, investors, corporate leaders, and government officials who are actively shaping the future of Central Eurasia’s innovation economy.

A region that until recently remained outside the global technology spotlight is steadily becoming a new center of growth. And today, INMerge is playing a key role in accelerating that transformation.

Center for Economic Research and Reforms Ranks Uzbekistan’s Banking Sector

📅 22.01.2026

According to the CERR bank ranking results for 2025, the stable positions of most financial institutions indicate a higher competitiveness threshold across the sector. At the same time, a noticeable reshuffling has emerged within the mid-tier segment.

The Center for Economic Research and Reforms (CERR) presented an updated Bank Ranking based on the results of the Bank Activity Index for Q4 2025. The study covers 35 commercial banks of the republic, including 20 large financial institutions classified by scale and branch network, and 15 banks categorized as small. The methodology is based on the analysis of 27 indicators, benchmarked against national averages and international standards, including Basel Committee requirements. The ranking serves as an important tool for enhancing transparency and strengthening trust in the financial system. This approach is consistent with international practice and is used by leading financial institutions worldwide.

Financial results for Q4 2025

During the reporting period, total assets of the banking sector amounted to 892.9 trillion soums ($74.2 bn), while liabilities reached 759.8 trillion soums ($63.1 bn). Lending increased by 13%, while deposits grew by 31%. The share of foreign-currency transactions declined, indicating strengthening of the national currency. Net profit reached 13.5 trillion soums ($1.1 bn), which is 57.1% higher than a year earlier. Over the period under review, the share of non-performing loans decreased to 3.5% from 4.3% a year earlier, pointing to improved portfolio quality. At the same time, in some banks this indicator remains above the sector average. Capital adequacy ratios exceed minimum regulatory requirements by more than 1.4 times, confirming the resilience of the banking sector.

Activity ranking of large banks for Q4 2025

The results for Q4 2025 show that sector leaders have maintained stable positions, while reshuffling within the ranking remains limited. The most notable progress was demonstrated by SQB, which climbed three positions. Positive dynamics were also recorded by Davr Bank, Orient Finance Bank, Xalq Bank, and Ipoteka Bank, all of which improved their standings in the overall ranking. At the same time, only two large banks showed a decline in activity. Invest Finance Bank and Aloqa Bank fell by four and three positions in the overall ranking, respectively. Overall, 13 banks retained their positions in the activity ranking, which, amid intensifying competition, reflects the ability of institutions to maintain operational efficiency, adequate liquidity, asset quality, and financial stability.

Dynamics of key indicators

In financial intermediation, Tenge Bank and Ipak Yuli Bank showed a decline in efficiency in attracting and allocating resources, losing four and three positions, respectively. National Bank, Asia Alliance Bank, Anor Bank, BDB, and Mikrokreditbank also dropped by one position in this category. In terms of financial inclusion, a one-position decline was recorded for Orient Finance Bank, Xalq Bank, Agrobank, BDB, and Ipoteka Bank. Regarding asset quality, six large banks registered a decline. Agrobank lost three positions, while National Bank, Trast Bank, Anor Bank, Aloqa Bank, and Asaka Bank each lost two positions. Despite the overall positive profit dynamics in the sector, two banks posted a decline in profitability, namely National Bank and Anor Bank, which fell by two and one positions, respectively. In management efficiency, weaker positions were observed for Mikrokreditbank and Anor Bank, both down two positions. In terms of liquidity, almost one-third of all large banks in the country lost positions, with the sharpest decline recorded by Davr Bank, down six positions, while Agrobank closed the ranking, falling to the last position on this indicator.

Activity ranking of small banks for Q4 2025

In the group of small banks, relative stability persists. Leaders have retained their positions. The main changes in this category also occurred in the mid-tier segment, where several banks improved their standings due to growth in financial intermediation and higher profitability. In this group, six out of 15 financial institutions, including the ranking leader Universal Bank, retained their positions. At the same time, five banks recorded declines, with the largest drop observed at Ziraat Bank, which lost three positions, while Apex Bank rose by three positions in the overall ranking. AVO Bank and Madad Invest Bank each gained two positions, while Okto Bank gained one position and secured third place in the overall group ranking.

 

Jafar Khidirov,
Head of Banking and Financial Research Sector

Autumn elections to the Parliament of Uzbekistan will be held on the basis of a new system

📅 30.07.2024

The text of the article is in Russian!

UN Secretary-General to visit Uzbekistan

📅 30.06.2024

At the invitation of President of the Republic of Uzbekistan Shavkat Mirziyoyev, United Nations Secretary-General António Guterres will pay an official visit to our country from June 30 to July 1.

The program of the high-ranking guest's stay in Tashkent envisages talks at the highest level.

The agenda includes issues of further expansion and strengthening of Uzbekistan's multifaceted cooperation with the UN and its institutions, as well as topical aspects of global policy and regional interaction. Special attention will be paid to supporting measures to achieve the Sustainable Development Goals in our country.

During the visit, the UN Secretary-General will also visit a number of industrial and social sites, hold bilateral meetings and events.

Translated with DeepL.com (free version)

Address by the President of the Republic of Uzbekistan Shavkat Mirziyoyev at the “SCO Plus” meeting

📅 07.07.2024

Esteemed Heads of Delegations!

Once again, I would like to express my gratitude to the President of the Republic of Kazakhstan, esteemed Kassym-Jomart Tokayev, for the warm welcome and excellent organization of the Summit in Astana.

We are highly estimate Kazakhstan’s effective chairmanship of the SCO, which has facilitated the expansion of multifaceted cooperation within the Organization.

It is a great honor to have with us the heads of observer-states and dialogue partners, esteemed guests.

Dear Participants of the Meeting!

I believe that a meeting in the broad format of SCO Plus is timely and necessary.

The world needs to restore trust, justice and solidarity more than ever.

The current global political and economic landscape is characterized by fractures, wars, and conflicts that are undermining the foundations and key principles of the system of international relations.

The contradictions and protectionism that have emerged are creating fragmentation of the world economy and supply chain disruptions, which are in turn creating new dividing lines that prevent countries from cooperating effectively in trade, finance and investment, technology transfer and innovation.

The only viable solution to these challenges is to consolidate efforts in the interest of global security, development, and prosperity.

The SCO has always advocated for and has been committed to a just world order based on the universally recognized principles of international law and multilateralism, with the UN playing a central coordinating role.

In this regard, our Organization continues to serve as a focal point for many countries seeking to build broad cooperation without political and ideological biases.

Concurrently, the evolving circumstances necessitate the implementation of new strategic approaches to enhance the efficacy of the Shanghai Cooperation Organization.

Today, as it stands on the threshold of its 25th anniversary, it is imperative to develop a new agenda that aligns with the Organization’s immense potential and growing role in world politics and economy.

Building on the “Shanghai Spirit” and the founding principles of the Charter, unity and cohesion within the Organization should be preserved. I propose to intensify joint efforts with the objective of strengthening the atmosphere of trust and friendship within the SCO and to remove barriers to deeper cooperation.

First of all, it is necessary to undertake a comprehensive reevaluation of the conceptual foundation underpinning the SCO’s security-related activities.

The nature and scope of contemporary challenges have undergone a significant transformation since the establishment of the Organization.

Environmental and natural disasters, water and food shortages, cyberattacks, new methods of undermining sovereignty and economic stability pose an increasing threat.

All of this should also be taken into account when considering the strengthening of the SCO's potential, including the establishment of the Universal Center for Countering Security Threats and Challenges.

In this context, I propose to hold annually SCO Plus Dialogue on Security Issues with the participation of the heads of the competent bodies and experts of all our countries.

Uzbekistan proposes to consistently “reload” trade and economic cooperation in the SCO area, which continues to be fragmented.

So far, we could not manage to create a solid foundation for multilateral trade and inter-sectoral partnership.

For a long time, no consensus has been reached on the establishment of the SCO Development Fund and the SCO Development Bank.

Today at the summit we agreed to take comprehensive measures to simplify trade procedures and develop e-commerce, stimulate technological cooperation, including in the industries of the future.

In order to create an effective platform for business dialogue with the participation of all partners, we propose the annual holding of the SCO EXPO International Industrial Exhibition in our countries.

It is also important to actively promote economic interaction and seek opportunities for linking joint initiatives with the Economic Cooperation Organization, the Gulf Cooperation Council, the Eurasian Economic Union, ASEAN and others.

The new geopolitical realities convince us of the need to build an inclusive and integrated transport and transit system to strengthen interregional connectivity.

The global problems such as climate change and environmental disasters cannot be ignored by the Organization. Our countries are increasingly facing natural disasters, land degradation, reduced agricultural yields, air pollution and water shortages.

I believe that climate cooperation should become a key element of the new SCO agenda.

We advocate for developing an Agreement on cooperation in combating climate change, with concrete measures to achieve common goals and objectives in the area of green development.

We are also proposing the establishment of the SCO Center for Innovative Climate Solutions in Tashkent. It will conduct research on environmental sustainability and “green” growth.

Improving livelihoods and social protection should be given a central place on the Organization’s agenda.

We intend to hold a Global Conference on Sustainable Social Protection in Samarkand next year, under the auspices of the United Nations, as a contribution to achieving the goals Summit of the Future.

Finally, we need to strengthen and promote together a unique model of inter-civilizational dialogue.

The rich cultural, historical and spiritual heritage, traditions, customs and ways of life of our peoples are a powerful and resilient force for building bridges of mutual trust, good-neighborliness and lasting friendship.

This is the message contained in the recent UN General Assembly resolution on the International Day of Dialogue among Civilizations, adopted at our joint initiative.

In this context, the Samarkand Solidarity Initiative for Common Security and Prosperity, which we have put forward, aimed at overcoming the trust deficit through constructive dialogue and multilateral partnership, is more relevant than ever.

The practical implementation of this initiative will contribute to strengthening inter-civilizational dialogue to overcome contradictions on the path to sustainable development.

I am confident that together we can make the Organization even more creative through the implementation of programs in the area of cultural, educational, youth and tourist exchanges.

To this end, we propose to develop a Unified Bank of SCO Humanitarian Initiatives and Programs, which will enable projects in these areas to be systematized and jointly implemented.

I am convinced that the outcomes of this meeting will give a strong impetus to the development of a multifaceted partnership within the Shanghai Cooperation Organization.

Thank you for your attention.

Festive greetings to the youth of Uzbekistan

📅 30.06.2024

Sincerely, from the bottom of my heart, I congratulate you on this wonderful holiday celebrated in our country - Youth Day.

We rely on all our people, including you - courageous and purposeful young men and women - to achieve the lofty goals of building a new Uzbekistan. Therefore, ensuring the rights and interests of young people, raising the younger generation as harmoniously developed individuals is in the center of our attention as one of the priority directions of the state policy.

In recent years, our country has created a unique vertical management system in work with young people. It makes it possible to solve many issues of youth related to training, employment, meaningful leisure and social support through youth leaders - representatives of the President in the mahallas - at the lower level.

Our young men and women are experiencing in their lives the real results of the large-scale work carried out on the basis of the "Youth Notebook" and the "Youth Balance" platform.

Thanks to the introduction of a new system that promotes the increase of youth income through allocation of land plots, this year alone, based on the recommendations of the "Makhalla Seven" 156 thousand young men and girls were given 60 thousand hectares of land on lease for a period of 30 years, which was an important step in this direction.

All of us, undoubtedly, are happy that young people effectively use the created opportunities and achieve great success in different spheres. At the prestigious international Olympiads in mathematics, chemistry, biology, physics and informatics in the past academic year alone, 55 of our schoolchildren won 8 gold, 15 silver, 32 bronze medals, 383 were awarded the Grand Prix and 1,359 were awarded 1st place in prestigious international competitions in the field of culture and art.

We experienced great joy and pride when at the recent Asian Football Cup in Qatar, Uzbekistan's Olympic team won a ticket to the Olympics for the first time in the country's history.

Such are our talented, educated and courageous young people! These young men and women are worthy representatives of the New Uzbekistan, our priceless wealth and golden fund.

My dear young friends!

The colossal work carried out in Uzbekistan in the field of youth policy is now being recognized in the global arena. Thus, last year, according to the Youth Development Index, Uzbekistan was recognized as one of the fastest developing countries in the field of youth policy. Also, Uzbekistan was included by the UN among 10 countries of the world on the exemplary realization of the "Youth Strategy - 2030". In 2022 the city of Bukhara was declared the Youth Capital of the Turkic World, and in 2024 our city of Tashkent became the first youth capital of the Commonwealth of Independent States.

It will be right to say that the World Youth Festival, which is taking place in our country for the first time these days, is another vivid confirmation of Uzbekistan's high recognition. More than 700 young men and women from 92 countries, heads and officials of more than 20 authoritative international organizations, ministries and departments of foreign countries are taking part in this forum. Most importantly, our youth are gaining more and more friends and partners around the world, their opportunities in gaining knowledge and professions, participating in global dialog and cooperation are expanding.

Dear young men and women!

A nation and state in which children are talented, educated, confident in their abilities and potential, eager to learn new things, will undoubtedly have a wonderful future. We will mobilize all our capabilities to nurture such youth of Uzbekistan.

Always remember, if you cherish your every moment, live with creativity and creation, love your Motherland without limits, you will surely reach high milestones.

I once again congratulate you all on today's holiday, wish you health, happiness and success on the way to your goals.

Uzbekistan and Kyrgyzstan: A New Stage and Future Prospects for Environmental Cooperation

📅 28.07.2026

Climate change, diminishing water resources, biodiversity loss and transboundary environmental challenges in Central Asia require closer cooperation among the countries of the region. In this context, environmental cooperation between Uzbekistan and Kyrgyzstan has developed steadily in recent years and is entering a qualitatively new stage.

The legal foundation for bilateral environmental cooperation was established by the Intergovernmental Agreement on Cooperation in the Field of Environmental Protection and the Rational Use of Natural Resources, signed on 24 December 1996. Building on this framework, the relevant ministries and agencies of both countries have maintained regular dialogue. Specialists from Uzbekistan and Kyrgyzstan actively participate in environmental forums, international conferences, scientific seminars, and training programmes, exchanging knowledge and best practices on current environmental issues.

It is noteworthy that cooperation between the two countries intensified significantly during the period 2022–2025. In 2022, representatives of Uzbekistan participated in the Seventh Steering Committee Meeting of the Global Snow Leopard and Ecosystem Protection Program (GSLEP), held in Bishkek. In 2023, a regional seminar on combating illegal wildlife trade became an important platform for enhancing the professional capacity of specialists from both countries. In 2024, cooperation continued through a training seminar dedicated to the preparation of Biennial Transparency Reports under the United Nations Framework Convention on Climate Change (UNFCCC).

On 19 July 2024, a Memorandum on the Allocation of Grant-Based Study Places at Green University was signed with the Ministry of Natural Resources, Ecology and Technical Supervision of the Kyrgyz Republic. The memorandum contributes to the development of a new model for training highly qualified environmental professionals. In addition, in December 2024, Green University, in cooperation with the Embassy of the Kyrgyz Republic, organized an event marking the International Mountain Day, representing an important step toward strengthening environmental diplomacy and scientific cooperation.

Environmental challenges do not recognize national borders. For this reason, Uzbekistan and Kyrgyzstan actively cooperate through a number of regional and international initiatives. In 2019, Kazakhstan, Kyrgyzstan, and Uzbekistan signed a Memorandum on the Management of the UNESCO Transboundary World Natural Heritage Site "Western Tien-Shan." This document became an important mechanism for preserving the region's unique mountain ecosystems. In 2021, the parties also signed a Memorandum of Understanding on the Conservation of the Snow Leopard, Its Prey Species, and Their Habitats in the Western Tien-Shan and Pamir-Alai Mountains.

In addition, the two countries cooperate actively within the frameworks of the Commonwealth of Independent States (CIS), the Shanghai Cooperation Organisation (SCO), the International Fund for Saving the Aral Sea (IFAS), GSLEP and other international platforms. In 2023, the Central Asian countries prepared a joint climate statement during COP28. In 2024, ministers responsible for environmental affairs from across the region participated in the opening ceremony of Green University. In 2025, the delegation of Uzbekistan actively participated in the Ninth Steering Committee Meeting of GSLEP, held in Cholpon-Ata.

Uzbekistan and Kyrgyzstan are also implementing joint projects with a number of leading international organizations. These include cooperation with Fauna & Flora International (FFI) to combat illegal wildlife trade, participation in the Green Central Asia programme implemented by GIZ, initiatives on climate risk management and integrated land resources management, as well as projects of the International Union for Conservation of Nature (IUCN) aimed at strengthening landscape resilience to zoonotic diseases. These initiatives contribute to improving environmental governance across the region, enhancing scientific capacity, and promoting the adoption of modern environmental technologies.

Today, the two countries face a number of new priorities for cooperation.

First, involving the Kyrgyz Republic in the activities of the existing Uzbekistan–Kazakhstan Joint Working Group on Water Quality in the Syr Darya Basin and Environmental Protection would contribute to more effective management of transboundary water resources.

Second, strengthening dialogue on the joint management of protected natural areas within the Western Tien-Shan would help conserve biodiversity, protect wildlife migration corridors and expand scientific cooperation and information exchange.

Third, promoting the development of a Regional Environmental Performance Review for the countries of Central Asia, with the support of the United Nations Economic Commission for Europe (UNECE), would establish a unified regional mechanism for assessing the effectiveness of environmental policies. Equally important is the expansion of joint scientific research on ecology, water resources, glacier monitoring, high-mountain snow cover, and biodiversity, with particular emphasis on strengthening transboundary environmental security.

Today, environmental cooperation between Uzbekistan and Kyrgyzstan is evolving into a strategic partnership. Joint initiatives in the areas of climate action, water security, biodiversity conservation, the green economy, and scientific innovation are of great importance not only for the two countries but also for strengthening the environmental sustainability of Central Asia as a whole.

There is every reason to believe that further expansion of scientific cooperation, stronger transboundary environmental monitoring, broader international partnerships, and the continued development of environmental diplomacy will elevate the strategic partnership between the Republic of Uzbekistan and the Kyrgyz Republic to a new level, contributing to sustainable development across the region.

 

Gender equality as one of the principles of building a New Uzbekistan

📅 12.07.2024

Uzbekistan — is a country of irreversible, rapid reforms. One of the priorities of the development strategy of the New Uzbekistan is the policy of achieving gender equality in the country.

Under the "Uzbekistan-2030" development strategy, large-scale measures are being implemented to increase women's political, social and economic activity, protect mothers and children, promote gender equality and safeguard women's rights and interests.

Thanks to the political will of the leadership of Uzbekistan, the Gender Strategy of Uzbekistan until 2030 was developed, the laws “On guarantees of equal rights and opportunities for women and men”, “On protection from oppression and violence” were adopted, as well as legislative norms on mandatory gender expertise of all regulations and introduction of gender audit. Thus, a mechanism has been introduced to study the state of the gender approach in all government organizations and to develop measures to ensure equal rights and opportunities for women and men by the Federation of Trade Unions as public control. Liability for domestic violence has been strengthened. Over the past 5 years, more than 40 Presidential decrees and Resolutions have been adopted aimed at ensuring gender equality. Meanwhile, legislation for women is being improved and opportunities are expanding. In 2023, the Electoral Code of Uzbekistan established provisions that the number of women when nominated from political parties to representative bodies of power should be at least 40% of the total number of nominated candidates for deputies and in the proportional election system, nominate at least two women out of each five candidates for parliament. Since 2019, a Gender Commission on increasing the role of women in society, gender equality and family has been created in the Senate. The Committee for Women and Family Affairs was newly created, more than 9 thousand positions were established, up to mahallas, specifically dealing with issues of women and family throughout the country and at all levels, rehabilitation centers began to operate to provide assistance to women victims of violence.

Systemic measures taken at the initiative of the head of state, President of Uzbekistan Shavkat Mirziyoyev, in order to reduce poverty, establish “women’s notebooks”, reduce unemployment among women and support women’s entrepreneurship, preferential loans for women have yielded tangible results throughout the country. A number of restrictions on women’s occupation and choice of professions were lifted. Advisory councils on gender issues were created in all ministries and departments. As a result, the number of women in parliament reached 33%, in business their number doubled and reached 25%, in political parties 44%, in higher education 40%. In 2023 alone, more than 13,3 billion soums of loans were allocated for the implementation of over 279 thousand women’s business projects, and about 300 billion soums of subsidies were provided to almost 57 thousand women. Based on the “Women's Notebooks” system, the problems of 994 thousand women were solved, the state allocated 1 trillion 234 million soums for these purposes.

As a result of studying the situation of women in mahallas, targeted assistance was provided to more than 690 thousand families in need of social protection.

In 2024, it is planned to provide 8 thousand women and girls included in the “Youth Notebook” with subsidies to start their own business and purchase equipment, and 10 thousand with preferential loans. It is planned to launch a “Business Marathon” project for 50 thousand young women with the participation of qualified specialists to provide practical assistance in setting up a business.

In the field of education, great attention is also paid to gender equality. The country has taken a number of effective measures to protect women and girls; a gender approach is being introduced into curricula and teaching methods, as well as in STEM education, especially in rural areas. Currently, more than half of the 1 million 300 thousand students, i.e. 653 thousand, are girls. In the master's program, the share of girls is 60% of master's students. The state encourages and fully pays for the contracts of women and girls studying for a master's degree from the state budget. In 2023-24 1,914 girls from needy families were accepted to study at universities using additional government grants. 181,500 girls received preferential educational loans. At the expense of local budgets, the contract amount of more than 2 thousand students from families in need of social protection, orphans or students deprived of parental care was covered for 14 billion soums.

Improving the opportunities and conditions for the education of women and girls in the country gave impetus to an increase in interest in mastering modern knowledge and professions, for example, within the framework of the educational project “One Million Programmers”, 47% were girls. Creating favorable conditions for women in education gives real results in unlocking their potential. Over the past seven years, more than 5 thousand women have been awarded the academic titles of Doctors of Philosophy and Doctors of Science. More than 14 thousand women are conducting their research at universities in Uzbekistan.

Achieving gender equality — is a global task on the agenda of universal international organizations such as the UN and other regional structures. Uzbekistan is actively developing international cooperation in this area. As a party to the 1979 Convention on the Elimination of All Forms of Discrimination against Women and the 1995 Beijing Declaration of the Platform for Action, the country regularly submits national reports to the Committee and develops national action plans.

In recent years, great importance has been attached to cooperation in the field of gender equality with the countries of Central Asia. The Forums of Women Leaders of Central Asia and the Asian Women's Forum in 2024 were successfully held, where representatives of more than 40 countries and international organizations participated.

Lola Saidova, Doctor of Law, Professor,

Chief Researcher of the ISRS under the

President of the Republic of Uzbekistan

Uzbekistan and Finland: An Economic Partnership Built on Technology and Trust

📅 06.11.2025

Historical Background

The history of Uzbek - Finnish relations dates back to the early 1990s, when Finland became one of the first countries to recognize the independence of the Republic of Uzbekistan - on 30 December 1991. Just two months later, on 26 February 1992, diplomatic relations were officially established, marking the beginning of a new chapter based on mutual respect, trust, and a shared commitment to technological progress.

The first high-level visits in 1992 laid the foundation for political dialogue. During that year, Uzbekistan took part in the signing ceremonies of the OSCE Helsinki Final Act and the Paris Charter. In October of the same year, Finnish President Mauno Koivisto paid an official visit to Tashkent, further consolidating the partnership. Since then, cooperation between the two countries has developed steadily across political and economic spheres.

Legal and Institutional Framework

Today, the legal framework governing Uzbek-Finnish relations comprises eight active documents, including two interstate and six intergovernmental agreements. These include the 1992 Agreements on Mutual Protection of Investments and on Trade, Economic, and Technological Cooperation, as well as treaties on air and road transport (1996 and 1997) and agreements on avoiding double taxation and on customs cooperation.

New initiatives reflecting the modern stage of partnership are under consideration - such as a draft agreement on visa exemption for holders of diplomatic passports, a memorandum on cooperation in environmental protection, and a protocol on consultations between the foreign ministries.

Cooperation Priorities: Technology, Ecology, and Innovation

Finland, recognized globally as a leader in innovation, sustainable development, and green technologies, serves as a valuable model for Uzbekistan in its transition toward a digital and energy-efficient economy.

In 2017, a business delegation of nine Finnish companies specializing in engineering, agribusiness, telecommunications, and logistics visited Uzbekistan to participate in the AgroWorld Uzbekistan international exhibition. This visit gave new impetus to direct business-to-business engagement.

In April 2019, Tashkent hosted a delegation led by Mikko Koiranen, Deputy State Secretary of Finland for Foreign Economic Relations. The delegation included 29 representatives from leading companies and organizations - such as Nokia Siemens Networks, ABB, Wärtsilä, Uponor Infra, Tikkurila, ISKU, and Airbus Defense and Space. Discussions focused on implementing Finnish technologies in Uzbekistan, joint energy and raw material processing projects, and opportunities in smart cities and water management.

Later, in November 2019, Antti Koskelainen from the Finnish export credit agency Finnvera visited Tashkent, marking an important step toward deeper financial and investment cooperation. Meetings with the Ministry of Investment, Industry and Trade, the Ministry of Finance, and the Agency for State Asset Management addressed mechanisms for crediting and insuring Finnish export operations in Uzbekistan.

Trade: A Threefold Growth in One Year

Economic cooperation between Uzbekistan and Finland continues to expand. The two countries enjoy Most-Favored-Nation trade status, and regular meetings of the Joint Intergovernmental Commission on Trade, Economic, and Scientific-Technical Cooperation (five sessions to date, the latest held in Tashkent in February 2023) ensure a dynamic dialogue.

Trade turnover has shown remarkable growth in recent years: from USD 48.45 million in 2020 to USD 151.7 million in 2024 - an increase of over threefold. This upward trend reflects intensified business ties and growing interest among Finnish companies in the Uzbek market.

Investment and Business Cooperation

Finland is viewed in Uzbekistan not only as a trading partner but also as a source of innovation and investment. Currently, 14 enterprises with Finnish capital operate in Uzbekistan - four joint ventures and ten with 100% foreign ownership - active in sectors such as electronics, software, energy, agriculture, food processing, chemicals, and telecommunications equipment.

Finnish businesses are showing strong interest in renewable energy, waste recycling, eco-construction, water management, and sustainable agriculture. Uzbekistan, in turn, offers attractive conditions for investors - tax incentives, developed industrial infrastructure, and access to a 75-million-strong Central Asian market.

Finland’s Economic Potential: Opportunities for Partnership

Finland is one of Europe’s most advanced and innovative economies, known for its high living standards, sound macroeconomics, and strong industrial base. In 2024, its GDP exceeded USD 320 billion, with GDP per capita around USD 58,000. The economy is well-balanced, with services accounting for over 70%, industry 27%, and agriculture 2.5%. Inflation remains one of the lowest in Europe - around 3% - ensuring a stable and predictable business environment.

For Uzbekistan, cooperation with Finland opens wide-ranging opportunities for industrial, investment, and technological partnership, including:

• Energy: joint projects in renewable energy, smart grids, and energy storage; development of solar panel and wind equipment manufacturing.
• Water and Environment: Finnish expertise in water purification, waste processing, and efficient water management, particularly relevant for agriculture and urban infrastructure.
• Engineering and Electronics: creation of joint ventures in industrial equipment, automation systems, and telecommunications.
• Construction and Green Materials: Finnish participation in energy-efficient building projects, production of eco-friendly insulation and finishing materials, and smart home systems.
• Education and Science: joint engineering and IT education programs, establishment of research laboratories, and introduction of dual education models based on Finnish experience.
• Agro-Industry: cooperation in precision farming, agricultural digitalization, and production of eco-friendly export-oriented goods.

Finland’s experience in sustainable development and digital transformation makes it a strategic partner for Uzbekistan’s “green economy” agenda and industrial modernization. At the same time, Uzbekistan - with its abundant natural resources, young workforce, and expanding domestic market - offers Finnish companies favorable conditions for localization and regional expansion.

A Look Ahead

The partnership between Uzbekistan and Finland goes beyond traditional economic cooperation. It stands as an example of how innovation and sustainability can form the foundation of long-term, mutually beneficial relations. Joint projects in digitalization, green energy, and education are paving new avenues for the exchange of expertise, technologies, and investments.

Finland regards Uzbekistan as a reliable partner in Central Asia, while Uzbekistan views Finland as a strategic ally in advancing its “smart growth” model and building a knowledge-based economy.

The synergy between Finland’s pragmatic northern experience and Uzbekistan’s dynamic eastern development creates a powerful foundation for further strengthening bilateral relations - grounded in trust, innovation, and mutual respect.