In recent years, cooperation between Central Asia and Azerbaijan in the energy sector has entered an entirely new phase. This progress is primarily the result of the wise policies pursued by the countries’ leaders, based on mutual trust, friendship, and good-neighborly relations. Thanks to this strong political will, major energy initiatives that were once viewed only as future prospects have now moved into the implementation stage, becoming important projects serving Central Asia’s sustainable development and contributing to the global green transformation.

Today, Central Asia is no longer a field of competition in the energy sector; rather, it is increasingly becoming a space for cooperation based on mutual trust, shared interests, and the principles of sustainable development. This process is gaining practical significance thanks to the forward-looking policies, open dialogue, and constructive approach of the countries’ leaders.

Energy security, the rational use of water and energy resources, coordination of electricity systems, and the rapid development of renewable energy sources have become key priorities of regional cooperation. The emerging regional architecture is creating new opportunities not only for meeting domestic demand but also for participation in international energy markets.

The countries of Central Asia have established mechanisms for continuous dialogue in the fields of energy and water management. Regular working meetings among the ministries of energy and water resources of Uzbekistan, Kazakhstan, Kyrgyzstan, and Tajikistan play an important role in ensuring the stable operation of electricity systems, the efficient use of water resources, the coordination of seasonal loads, and the uninterrupted supply of energy to households and industry.

Within this framework, the strategic partnership between Uzbekistan and Kazakhstan occupies a special place. The national energy systems of the two countries are closely interconnected, and practical cooperation in coordinating electricity flows, maintaining capacity balances, and ensuring the reliable operation of the unified energy system continues to develop steadily. Regular dialogue at the level of heads of state has further strengthened this cooperation and transformed it into an important integration factor for the entire region.

The countries’ goals in the field of renewable energy are also closely aligned. In recent years, Uzbekistan has accelerated the development of green energy, implementing large-scale programs to build solar and wind power plants, energy storage systems, and modern electricity networks. Kazakhstan is likewise consistently advancing reforms aimed at developing a green economy and reducing carbon emissions. Kyrgyzstan and Tajikistan, with their substantial hydropower potential, make a significant contribution to regional energy security. Meanwhile, Turkmenistan is implementing important initiatives to modernize its energy infrastructure and expand electricity exports.

Today, the common objective of the Central Asian countries extends beyond the development of their national energy systems. The primary task is to establish a single regional energy space that is interconnected, competitive, environmentally sustainable, and open to external markets. In this context, Azerbaijan’s participation broadens the geographic scope of cooperation and creates a strategic corridor linking Central Asia with Europe.

The Green Corridor: A Strategic Bridge Linking
Central  Asia and Europe

The high level of political trust achieved among the Central Asian countries is now being translated into practice through major transnational energy projects. Among the most significant is the Green Corridor initiative, being implemented by Uzbekistan, Kazakhstan, and Azerbaijan.

This project will elevate regional energy cooperation to an entirely new level by connecting Central Asia to the European energy system through the Caspian Sea. It will create opportunities to export environmentally friendly electricity generated in the region to international markets.

The strategic partnership agreement signed in Baku during COP29 in November 2024 provided a solid legal foundation for this initiative. Subsequently, cooperation among national electricity grid operators was established, and the Green Corridor Alliance LLC was created. Currently, the Italian company CESI is conducting the project’s feasibility study.

The Green Corridor is not merely an export route; it is a strategic platform for creating an integrated electricity market in Central Asia. The project will strengthen interconnections among national power systems, facilitate more efficient use of renewable energy resources, and create new opportunities for attracting investment.

This initiative is a practical expression of the strategic partnership between Uzbekistan, Kazakhstan, and Azerbaijan and will help transform Central Asia into an important link in the global green energy value chain.

Kambarata HPP-1: A Project for Regional Energy Security

Another important example of energy integration in Central Asia is the construction of Kambarata HPP-1.

Thanks to the political support of the Presidents of Uzbekistan, Kazakhstan, and Kyrgyzstan, as well as the coordinated efforts of the governments of the three countries, this project has finally moved from decades of discussion to practical implementation.

With a planned capacity of 1,880 MW, the hydropower plant is not merely a major energy facility. It will contribute to maintaining the water-energy balance in Central Asia, improving the reliability of electricity supply, managing seasonal demand more effectively, and ensuring the rational use of water resources in the context of climate change.

The project will also bring new investment, modern infrastructure, and thousands of jobs to the economies of the three participating countries. The involvement of the World Bank further confirms the project’s international significance and economic viability.

Central Asia: A New Global Hub for Green Energy

Today, the countries of Central Asia are demonstrating an entirely new model of development in the energy sector. Competition is being replaced by trusted cooperation, while rivalry over resources is giving way to integration based on shared interests.

Regular dialogue among Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Turkmenistan is helping to ensure the stable functioning of the unified energy system, coordinate water and energy resources, and improve mechanisms for mutual support in emergency situations.

At the same time, the large-scale reforms being implemented by Uzbekistan in the development of renewable energy have become an important driver of the region’s transition to a green economy. The rapid construction of solar and wind power plants, energy storage facilities, and modern electricity grids is significantly increasing Central Asia’s overall energy potential.

Today, the countries of the region are pursuing a long-term strategy aimed not only at meeting domestic energy demand but also at supplying environmentally friendly electricity to Europe and other international markets.

In conclusion, the strategic partnership in the energy sector between Central Asia and Azerbaijan is a practical result of the policies pursued by the countries’ leaders, which are based on mutual trust, friendship, and good-neighborly relations.

Major initiatives such as the Green Corridor and Kambarata HPP-1 clearly demonstrate that the countries of the region are capable of jointly addressing complex challenges. This cooperation not only strengthens energy security but also lays a solid foundation for transforming Central Asia into a strategic green energy hub connecting Europe and Asia.

This May, Baku will serve as the world's leading platform for discussions on the future of cities. From May 17 to 22, the capital of Azerbaijan will host the 13th Session of the World Urban Forum – the United Nations' leading global forum on sustainable urbanization. The forum's theme is "Housing for All: A Better Urban Future." Organizers indicate that the forum will address both the global housing crisis and the broader impact of housing on building inclusive, resilient, and climate-adapted urban environments.

According to UN-Habitat, nearly 3 billion people worldwide currently lack access to safe and affordable housing, more than 1.1 billion live in informal settlements or slums, and over 300 million are entirely without shelter.

For Uzbekistan, participation in this forum represents an opportunity to present its unique model of urban transformation to an international audience. Having moved beyond its image as a predominantly agrarian republic with ancient historic cities, the country today projects a new reality – expanding agglomerations, large-scale infrastructure modernization, and the growing significance of regional centers.

According to the National Committee on Statistics, as of January 1, 2026, the permanent population of the Republic of Uzbekistan exceeded 38 million, with the urbanization rate reaching 51 percent, representing nearly 20 million urban residents.

These figures mark a significant historical milestone. Uzbekistan has entered a stage in which national strength is measured not only by the throughput capacity of export corridors or the number of industrial zones, but also by the quality, connectivity, environmental sustainability, and economic productivity of its cities.

In contemporary Uzbekistan, a city is no longer merely an administrative unit. It is a place where young people receive education, entrepreneurs launch businesses, families seek affordable housing, and the state tests new approaches to infrastructure, transportation, and territorial governance. Rapid urbanization, however, is frequently perceived as a source of risk.

Indeed, when a city grows faster than its engineering networks, transportation arteries, and social infrastructure – schools, hospitals, parks –it begins to generate social tension rather than opportunity.

The Uzbek experience, however, is of particular interest precisely because urbanization is increasingly treated as a manageable resource for development. This process encompasses not only the construction of new districts, but also a transition toward a fundamentally higher quality of urban environment.

As the President of Uzbekistan has noted, each 1-percent point increase in the urbanization rate generates at least 1 percent of additional economic growth, with commensurate increases in investment flows, business and startup activity, and labor productivity. For this reason, Uzbekistan is developing a unified approach to the sustainable management of urbanization across the country.

To this end, the National Committee on Sustainable Urbanization and Housing Market Development has been established, tasked with implementing state policy in the areas of urbanization, housing construction, urban renewal, and mortgage lending. The Committee will also coordinate and advance programs across these domains.

The Future of Uzbekistan's Cities

According to World Bank projections, more than half of Uzbekistan's population currently resides in cities, and this share could exceed 60% by 2050. Such a trajectory means that urban planning, transportation, waste management, utility services, and public spaces are no longer merely matters of convenience –they are becoming a key determinant of national competitiveness.

This is where the core analytical insight lies: for Uzbekistan, urbanization is not a byproduct of demographic growth but a powerful lever of modernization whose economic rationale is abundantly clear. Quality infrastructure stimulates labor mobility, a livable urban environment attracts investment and talent, and the development of regional centers alleviates pressure on the capital.

While Tashkent naturally plays a pivotal role as the primary center of gravity, the country's sustainable development requires a deliberate shift of focus toward other cities.

Supported by the Asian Development Bank, cities such as Jizzakh, Khavast, Khiva, and Yangiyer are emerging as anchor points of this new geography, where projects for modern and inclusive infrastructure are being implemented. These cities exemplify the transformation of regional centers from peripheral locations into autonomous hubs of growth.

This approach fundamentally reframes the development philosophy. At its core lies not simply the decongestion of Tashkent, but a comprehensive strategy for creating genuine alternatives in the regions –with new employment opportunities, public spaces, transportation connectivity, a business-enabling environment, and high-quality municipal services.

To give powerful impetus to entrepreneurship in the regions, establish production of high value-added goods, and introduce urban living standards and conditions in rural mahallas, a program has been approved for the creation of 33 model districts and cities embodying the "New Uzbekistan" vision. The strategic objectives set by the President of Uzbekistan in this domain are ultimately aimed at transforming the architectural character of New Uzbekistan, while ensuring a dignified standard of living for the population and confidence in the future.

All of these measures are critically important for a country with a predominantly young population, since relocation to the capital must not be perceived by young people as the only viable path to self-fulfillment. In this sense, second-tier cities offer a new life scenario –education, employment, business, and a dignified existence without having to leave one's hometown.

Large-scale investment is being mobilized to realize this potential. In December 2025, the World Bank approved a financial package for Uzbekistan totaling $250 million. The funds will be directed toward improving municipal infrastructure and urban services in 16 districts and cities. The program covers territories with a combined population of approximately 3.6 million people and is expected to directly improve living conditions for roughly 1 million people by 2030. Among the anticipated outcomes are improved transportation access for 300,000 residents, the development of parks and public spaces for 400,000 residents, and the creation of approximately 10,000 temporary jobs in the construction sector.

Uzbekistan's Positive Achievements in Urban Development and Urbanization

Those figures matter not merely as investment statistics. They demonstrate that urban infrastructure is a form of social policy.

A compelling illustration of this principle is the experience of the Aral Sea region, which can be presented as a practical case study in implementing new approaches to territorial adaptation, water resource management, community support, and climate risk mitigation.

It is here that questions of urbanization acquire particular depth. How does one develop settlements in an ecologically vulnerable zone? How does one create employment where the natural environment has suffered severe degradation? How does one integrate afforestation, water security, public health, infrastructure, and the local economy into a coherent whole?

The answers to these questions are relevant not only for Uzbekistan. They hold lessons for many regions of the world where climate change, land degradation, and water scarcity are already affecting urban quality of life. Indeed, the story of Uzbek urbanization is significant not only as a national case study, but as a reflection of a broader strategic shift underway across Central Asia.

This shift marks a move beyond the traditional perception of the region through the prism of geopolitics, energy, raw materials, and transportation corridors. Today, the relevant question is framed differently: what will the cities of Central Asia look like?

Will they simply expand, consuming land and overstretching infrastructure? Or will they evolve into spaces where economic growth is reconciled with environmental responsibility, affordable housing, public transportation, green zones, and meaningful civic participation?

Uzbekistan stands precisely at this crossroads. Its advantages lie in its scale, demographics, and growing attention to regional development. Its challenge is to ensure that the quality of urban planning keeps pace with rapid urban growth.

In this sense, Baku –as host of the World Urban Forum –becomes a symbolic platform for the entire region. For Uzbekistan, it is an opportunity to demonstrate that its urbanization agenda carries both national and international significance. The country has the potential to offer the world a pragmatic yet human-centered approach –one in which the region functions not only as an economic node, but also as a mechanism of social resilience.

Altogether, Uzbekistan today stands on the threshold of the most ambitious urbanization reforms in its history. The new strategic plan envisions decisive measures aimed at supporting demographic growth and improving the welfare of the population. This is the central meaning of Uzbekistan's new urbanization.

Tursunboy Zikirov and Alisher Nizamov,

Heads of Departments,

The Institute for Strategic and Regional Studies

under the President of the Republic of Uzbekistan

President Shavkat Mirziyoyev has been informed of the work being done in the spiritual and educational sphere.

The main priority of transformations in multi-ethnic Uzbekistan is the comprehensive protection of the rights and freedoms of all its citizens. And one of the inalienable rights is freedom of religion. Therefore, all conditions are being created in our country so that believers can perform rituals and observe religious traditions.

It is worth emphasizing that the policy of New Uzbekistan in this area is receiving great recognition not only among our people, but also among the international community.

Thus, if in the early years of Uzbekistan's independence the number of compatriots honored with the holy pilgrimage to Mecca and Medina could be counted on fingers, these days more than 15 thousand Uzbeks are performing the sacred rites.

President of Uzbekistan Shavkat Mirziyoyev's greeting to our people on the occasion of Kurban Hayit, his conversation with Chairman of the Muslim Mufti Sheikh Nuriddin Khaliknazar on the pilgrimage of our compatriots have become one of the brightest pages of this year's Hajj season.

In a short period of time, Uzbekistan has created a comprehensive system of training qualified personnel in the religious and educational sphere. In order to study and popularize the rich scientific heritage of our scholars, research centers have been launched. Examples of this are the International Islamic Academy of Uzbekistan, the Mir Arab Higher Madrasa, the School of Hadith Studies, and the international research centers of Imam Bukhari, Imam Termizi, and Imam Moturidi. Large-scale renovation and improvement of Imam Bukhari memorial complex is underway.

During today's meeting it was emphasized the necessity of wider study and propaganda of works of these great thinkers among the population, especially among the youth. Since it is in them that the true meaning of Islam, enlightening ideas of the Muslim religion are laid down. And it is especially actual now, in our troubled time, when all over the world various forces try to distort the essence of religion and to lead young people off the true path.

It was noted a great role in this work and those who now make pilgrimage in sacred Mecca. The pilgrims have recently made an appeal, where they expressed their readiness to contribute to the spiritual education of the younger generation in their districts, in their mahallas.

Also at the meeting, the head of state stressed that an important role in these processes should be played by the Center of Islamic Civilization, the activities of which will serve to widely acquaint our people and foreign guests with the invaluable heritage of ancestors, to promote the ideas of enlightened Islam. At present, scientists-historians and theologians are working on filling the activities of the center with new content.

Information about further plans of the center's activity was heard.

According to the survey results, entrepreneurs are increasingly reporting higher demand, employment growth, and an overall improvement in business conditions.

The Center for Economic Research and Reforms (CERR) presented the results of its business climate analysis based on monthly surveys of entrepreneurs across the country.

Based on the collected data, a composite Business Climate Index has been developed, reflecting both current business conditions and expectations for the next three months.

Business Climate Dynamics in Uzbekistan

As of February 2026, the composite Business Climate Index reached 65 points (on a scale from −100 to +100), which is 11 points higher than in the same period last year.

The improvement in the business climate was primarily driven by rising business expectations, which increased by 13 points to 81. Additional support came from improved assessments of current business conditions, which rose by 10 points to 51.

The survey indicates positive trends across key business activity indicators. The share of entrepreneurs assessing the current business situation as “good” increased to 44%, compared to 38% in February of the previous year.

The proportion of enterprises that increased their workforce rose to 19%, up from 12% a year earlier. Meanwhile, 34% of respondents reported an improvement in business conditions over the past three months, compared to 28% last year.

In addition, 39% of respondents reported increased demand for their products, up from 22% in the same period last year.

Sectoral Dynamics of the Business Climate Index

In a sectoral breakdown, improvements in the business climate were observed across all major sectors of the economy compared to the previous year.

The most significant improvement was recorded in agriculture, where the index increased by 29 points to reach 73. This growth was driven by both improved current conditions and a substantial rise in expectations.

The share of entrepreneurs assessing conditions as “good” rose to 56%, compared to 41% a year earlier. Meanwhile, 52% reported increased demand (35% previously), and 49% noted an improvement in the business environment over the past three months (32% previously).

In the services sector, the business climate index increased by 8 points to 61. While assessments of current conditions remained relatively stable, expectations improved.

Entrepreneurs maintain strong expectations regarding demand in the coming three months, with 72% reporting anticipated growth, close to last year’s level (71%). At the same time, employment has been gradually increasing, with the share of firms expanding their workforce rising to 16%, compared to 12% previously.

In the construction sector, the business climate index rose by 8 points to 69. Improvements were observed in both current assessments and expectations. Entrepreneurs are increasingly reporting higher employment and demand, reflecting stable sectoral dynamics.

The share of respondents reporting improved business conditions over the past three months increased to 34%, compared to 26% a year earlier. Meanwhile, 27% reported workforce expansion (15% previously), and 80% expect demand to increase in the next three months, up from 77% last year.

In industry, business climate growth was more moderate, increasing by 2 points to 67. At the same time, business expectations remain high, with continued growth in demand and gradual employment expansion.

Over the past three months, 32% of entrepreneurs reported increased demand, compared to 29% a year earlier. Workforce expansion was noted by 22% (13% previously), while 77% expect further demand growth in the next three months, also exceeding last year’s level.

Barriers to Business Activity

According to the survey, 61% of entrepreneurs reported no constraints in their operations, up from 57% in the previous month, indicating an overall improvement in the business environment.

Compared to the previous month, the share of respondents reporting difficulties related to access to credit, electricity supply, transport, and logistics has declined. At the same time, there has been a moderate increase in concerns related to access to land resources, utility costs, and tax rates.

CERR Sector for Competitiveness and Investment Activity Analysis

Tel: (78) 150 02 02 (441)

CERR Public Relations and Media Sector

Tel: (78) 150 02 02 (417)

On August 5, President Shavkat Mirziyoyev familiarized himself with the presentation of measures aimed at developing competition.

The ongoing efforts to reduce the state presence in the economy and curb large monopolies have a positive impact on the competitive environment. In particular, over the last five years the competitive environment has improved in more than 25 goods. Exclusive rights that restricted competition in 7 types of activities have been abolished. The number of enterprises with state participation decreased by 42 percent, while the number of private business entities increased by 1.6 times.

Last year the Law "On Competition" was adopted in a new version. The Committee for Competition Development and Consumer Protection was given additional effective powers. According to the studies conducted on this basis, in some organizations there are such phenomena as anticompetitive decision-making, direct contracts, use of dominant position in trade.

In this regard, a Competition Development Framework has been developed to enhance the coverage and effectiveness of competition in this area. This concept defines further tasks to reduce government involvement in the economy, liberalize market access and create a level playing field for entrepreneurs.

Thus, it is planned to abolish regulations and redundant requirements that impede the free access of business entities to markets. It is envisaged to introduce relaxations aimed at reducing the regulatory burden, in particular, permitting procedures and licenses will be replaced by compulsory liability insurance.

Independent market regulators will be introduced in the spheres of natural monopolies. The participation of natural monopoly entities will be limited in commodity markets related to natural monopolies and where there is an opportunity to develop competition.

The scale of direct public procurement will be reduced, and it will be completely switched to competitive methods. It is envisaged to abolish the provision of state aid of an individual nature that restricts competition, including exclusive rights, privileges, preferences and relaxations.

By means of mutual integration of information systems of state bodies, digital monitoring of all links in the chain of pricing of socially important products will be established. A system of non-disclosure and encouragement of persons who have provided information on cases of anticompetitive agreements and actions, collusions will be introduced.

In general, as a result of the implementation of this concept, measures will be taken to gradually eliminate 17 types of state monopoly in a number of areas, such as energy, oil and gas sector, water management, road construction, railroad and airport services. Anti-competitive actions in public procurement will be curbed and transparency of these processes will be ensured. Commodity exchanges will increase supply and expand the choice opportunities for buyers.

The President gave additional instructions to continue work in this area, to ensure free market principles, and to develop entrepreneurship. The need to reduce the state's share in the economy and to gradually transfer certain functions to the private sector was emphasized. The task has been set to constantly analyze the state of competition on commodity, financial and digital markets and to make proposals to improve procedures.

Over the last three years, over 2,000 acts contradicting the competition law have been identified locally. In most cases, these are documents of local khokimiyats and ministries. In this regard, it was noted that it is necessary to intensify the work of territorial departments of the Committee for Competition Development and improve the qualification of personnel.

It was also pointed out the importance of increasing openness and strengthening the work on publicizing the activities of the Committee. It was emphasized that this is important to prevent violations of the law and to create a transparent environment.

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.

Following the results of Q1 2026, the ranking of large banks underwent notable changes. While the leading group remained intact, positions within the segment were reshuffled. In the small-bank category, movements were also significant, pointing to continued realignment and stronger competition across the sector.

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
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Human history demonstrates that every great advancement is built upon intellectual and spiritual foundations. Today, a project emerging from the heart of Central Asia is drawing global attention for its scale and significance - Center of Islamic Civilization is not merely an architectural landmark, but an intellectual bridge connecting the past, present and future of the region.

The anticipated opening of the complex in March 2026 has already attracted the attention of leading international publications and organizations, recognizing it as one of the most significant cultural projects of the New Uzbekistan.

The foundation for the project was laid in 2017, when President Shavkat Mirziyoyev introduced the initiative at the 72nd session of the United Nations General Assembly. At that time, Leader of Uzbekistan emphasized the need to show the international community the true humanistic essence of Islam - enlightenment, peace and creation. This was not only a political statement but also a program for returning to the roots of a land that for centuries served as a cradle of science and culture.

The emergence of this monumental project coincides with a global need for spiritual transformation. In an era where Islamophobia and radicalism are spreading across different parts of the world, Uzbekistan has proposed a model to confront these challenges through science and education.

Today, this vision has materialized in a majestic complex covering ten hectares in the historic center of Tashkent. Its 65-meter azure dome and four golden gates symbolically represent the unity of all regions of Uzbekistan. Across every line of the building, architectural traditions of the Timurid era are harmoniously integrated with modern technological solutions.

Center embodies a balance of religion and science. Its main pillar, reflecting the rich architectural traditions of Ulugh Beg Madrasah, is adorned with a calligraphic inscription of the first revealed verse of the Qur’an, “Iqra” (“Read in the name of your Lord”), symbolizing the pursuit of knowledge as the highest spiritual duty of every individual.

The centerpiece of the exhibition is the 7th-century Uthman Qur’an, a unique sacred relic inscribed by UNESCO in the “Memory of the World” Register.

The architectural concept of the complex impresses not only with its grandeur but also with its full compliance with contemporary urban planning and environmental sustainability standards. Every element of the project - from the foundation to the dome - has been constructed with respect for historical heritage and designed for longevity. The landscaped grounds surrounding the complex transform it into more than a scientific center, creating a spacious cultural and educational zone accessible to both city residents and international visitors.

The exhibition concept of the Center fundamentally departs from that of traditional museums. Built upon the principle endorsed by Shavkat Mirziyoyev, “Civilization – Personalities – Discoveries”, it does more than present historical facts; it immerses visitors in a living intellectual innovation. The exhibition is organized chronologically: the pre-Islamic period, the First and Second Renaissance and New Uzbekistan - forming the foundation of the Third Renaissance.

A special feature is the “Wall of Civilizations”, which showcases humanity’s intellectual progress as a continuous process. It illustrates how the discoveries of great figures from each era - including Al-Khwarizmi, Al-Farghani, Ibn Sina, Al-Biruni, and Mirzo Ulughbek - are directly linked to modern high technologies.

The extensive use of VR and AR technologies, holograms, and artificial intelligence enables the Center to “bring to life” unique 9th-century manuscripts, digitally reconstruct the original appearance of ancient observatories and transport past discoveries into the digital realm.

This large-scale integration of digital technologies positions the Center as a museum of the future. Through smart systems, visitors not only receive visual information but can virtually interact with great scientists and participate in their laboratory experiments. The “1001 Inventions” Laboratory, designed for children, sparks early interest in engineering and natural sciences. Center thus evolves beyond a repository of knowledge, becoming an interactive educational platform that nurtures the nation’s intellectual potential.

Shavkat Mirziyoyev, President of Uzbekistan, has repeatedly emphasized that the true strength of a nation lies in its memory and cultural roots. He instructed that museum exhibitions be enriched with authentic examples of national heritage and that the rarest artifacts preserving the spirit and history of the Uzbek people be returned to the homeland.

In fulfillment of this noble vision, a delegation led by Firdavs Abdukhalikov, Director of the Center of Islamic Civilization and a special commission of scholars, Orientalists and art historians, conducted large-scale research. One of the Center’s most important tasks is the repatriation of national cultural heritage scattered abroad; in recent years, systematic cooperation has been established with prestigious auction houses and private collectors for this purpose.

Thanks to these efforts, more than a thousand unique manuscripts and artifacts have been returned to Uzbekistan. The World Society for the Study, Preservation and Promotion of the Cultural Heritage of Uzbekistan (WOSCU) has also transferred numerous unique artworks from Transoxiana and Khorasan to the Center's collection.

Scientific expeditions and diplomatic missions organized by the Government of Uzbekistan have facilitated the creation of facsimile copies of manuscripts preserved in major museums and libraries worldwide. This process underscores that the rich cultural heritage of the Uzbek people is not only the legacy of Central Asia but also an integral part of the Islamic world and human civilization. Each repatriated treasure symbolizes the determination of the New Uzbekistan to restore its cultural identity.

The Center of Islamic Civilization is conceived not merely as a museum, but as an active scientific and educational platform. It provides comprehensive facilities for researchers, including a library housing over 200,000 volumes, restoration laboratories, a calligraphy school, and digital archives. Center also hosts offices of prestigious international organizations - including ICESCO, IRCICA and OCIS (Oxford Centre for Islamic Studies) - highlighting its role as a major hub for scientific and educational engagement.

More than 1,500 specialists from over 40 countries contributed to the project. International experts, including Khaled El-Enany, have described the Center as a “unique civilizational complex, integrating a next-generation museum, advanced research infrastructure, a modern library, national and international archives on the history of Central Asian civilizations, digital humanities technologies and an extensive network for global scientific and cultural collaboration”.

President of Finland, Alexander Stubb, referred to the Center as an intellectual hub of the modern world, likening it to historical institutions such as the Bayt al-Hikma, Academy of Ma’mun and Ulugh Beg Madrasah, which once shaped the development of science.

At the Congress “Central Asia: Shared Spiritual and Educational Heritage – Shared Future”, Center was visited by five presidents, becoming a symbol of collective regional pride. The event also brought together more than 300 scholars and cultural figures from Central Asian countries and Azerbaijan.

In February 2026, new reports from Paris further bolstered the project’s global prestige. The International Committee of the “Prix Versailles” included Center of Islamic Civilization in Tashkent in the list of the “World's most beautiful museums of 2026”.

This recognition is further reinforced by the inclusion of the Center of Islamic Civilization in authoritative international publications and rankings, such as “Smithsonian Magazine”, “BBC Travel”, “BBC History” and “National Geographic”. This places it alongside the world’s major museum initiatives, including the “Lucas Museum of Narrative Art” (Los Angeles), “National Geographic Museum of Exploration” (Washington, D.C.) and “London Museum” (London).

Such acclaim significantly enhances the Center’s scientific and tourism potential, transforming it into a must-visit global landmark. These achievements vividly demonstrate the creative potential of New Uzbekistan and its innovative approach that meets international standards.

It is no coincidence that the Center’s opening coincides with the Holy month of Ramadan. It was in 2018, during this blessed month, that the first stone of this grand project was laid. Now, eight years later, Center of Islamic Civilization will open its doors, becoming a vital symbol of the revival and preservation of Islamic cultural heritage for future generations.

Today, Uzbekistan is gradually carving out its own niche in the global technology outsourcing market. In recent years, the sector has evolved from a predominantly domestic IT market into an export-oriented model encompassing software development, BPO, KPO, creative industries and professional services.

Today, scale of this transformation is reflected in the market's own dynamics. The volume of IT outsourcing services grew from $3.2 million in 2019 to $716.4 million in 2025. Over the same period, the number of IT companies increased from 369 to 3,400, while the volume of IT services provided reached $2.8 billion.

The most important change, however, extends beyond these figures. Uzbekistan's role in the international service delivery chain is itself changing, as the country gradually moves from performing individual technology-related tasks to hosting a broader range of corporate functions.

A young population is becoming a key advantage

The outsourcing industry depends directly on the ability to quickly build and scale teams. In this respect, demographics remain one of Uzbekistan's fundamental advantages.

The country's population stands at approximately 38 million, with around 60% under the age of 30. The working-age population is estimated at 21 million.

This demographic structure creates a substantial talent reserve for industries built on human capital. A young population alone, however, is not sufficient for outsourcing — a continuous pipeline of specialists with technical and language skills is also required.

More than 220 universities currently operate in Uzbekistan, 145 of which offer IT-related programs. Specialized IT universities graduate around 25,000 specialists annually. Language training is developing in parallel, with more than 350,000 people studying foreign languages each year. The country has around 500,000 IT specialists, ranging from full-stack and backend developers to experts in data engineering, DevOps and UI/UX.

It is precisely the combination of technical and language skills that is becoming particularly important for international outsourcing. While labor costs may be a key competitive factor at the initial stage of industry development, further growth requires the ability to assemble teams with diverse profiles and work with clients from multiple regions.

Uzbekistan's competitive advantage is therefore gradually shifting from simply offering affordable specialists toward the ability to scale qualified teams.

From software development to comprehensive outsourcing

Another change concerns the structure of the market itself.

Technology outsourcing in Uzbekistan is no longer limited to programming. The BPO segment is also expanding, covering customer support, data processing, and administrative and operational processes.

More than 540 companies and over 14,500 specialists currently operate in this segment. By comparison, BPO companies employed just 136 people in 2020.

This growth demonstrates the market's transition to the next level. International companies can now consider Uzbekistan not only as a source of developers but also as a platform for locating a range of internal functions.

KPO, a more specialized form of outsourcing requiring industry-specific expertise, is also developing. More than 300 companies operate in the logistics sector.

At the same time, the professional services market is expanding, covering accounting, auditing, recruitment, marketing, consulting and staffing and personnel placement.

This represents a fundamental change for the market. The more functions that can be localized within a single country, the greater the likelihood that a foreign company will gradually expand its presence — starting with a small support team and adding development, analytics, finance or other processes.

Exports become the key indicator of market maturity

North America currently accounts for 54% of exports by companies in the ecosystem, while the European Union and the United Kingdom account for a further 17%. The CIS and Asia-Pacific regions account for 22%, while the Middle East and North Africa account for approximately 7%.

The structure of exports also shows that the market is becoming more diversified. IT services account for 45% of exports, BPO and KPO for 35%, creative industries and GameDev for 13%, and SaaS for 7%.

The next stage of development should focus not so much on increasing the number of exporting companies as on increasing the complexity of the services themselves — moving from relatively standardized processes toward analytics, engineering solutions, product management and other higher value-added areas.

Foreign business becomes part of the local ecosystem

At the same time, the nature of international presence in the country is changing.

More than 4,000 companies currently operate within the IT Park Uzbekistan ecosystem, including over 1,100 companies with foreign capital. Companies from 75 countries are represented, and more than 56,000 jobs have been created.

For the development of the outsourcing industry, this indicator is no less important than export figures.

There is a fundamental difference between a foreign company that purchases services remotely and one that decides to establish its own team or operational center in the country. In the latter case, more long-term ties with the market are formed: the company hires employees, works with local contractors and gradually expands the scope of its operations.

Therefore, competition for international projects will take place not only among service providers but also among countries capable of offering the most straightforward path to entering the market.

Uzbekistan already has mechanisms in place for this purpose, including the soft landing framework and the Zero Risk program. These mechanisms cover office space, equipment, staff recruitment and initial operational support for companies.

Cost remains an advantage, but is no longer the main argument

Operating costs remain one of the factors influencing the choice of an outsourcing location. According to the data presented, potential cost savings in professional services in Uzbekistan can average up to 40% compared with Eastern Europe.

However, building a long-term strategy solely around cost differences is not sufficient.

As the market develops, greater importance is placed on intellectual property protection, personal data, commercial law, international payments, the ability to attract foreign specialists and the predictability of the business environment.

From this perspective, the establishment of Enterprise Uzbekistan represents a continued transition from supporting an individual sector toward creating a comprehensive infrastructure for international technology businesses. The special legal regime covers commercial and civil disputes, intellectual property, personal data, banking and government services, tax and customs matters, as well as regulatory sandboxes.

Uzbekistan has already established several of the conditions necessary to enter the global outsourcing market: a large pool of young talent, a growing IT sector, expanding BPO and KPO segments, exports to key international markets, and infrastructure to support the entry of foreign companies.

Further development, however, will be measured not only by the number of companies or specialists.

The key indicators of the next stage will include the average size of export contracts, the complexity of the functions performed, the number of large international teams established within the country, and the share of high value-added services.

It is precisely this shift from rapid quantitative growth toward more sophisticated exported services that can transform the current momentum into a sustainable position for Uzbekistan in the global technology outsourcing market.

Dear forum participants!

Dear guests!

I sincerely congratulate you, all those who make a worthy contribution to the development of the holy religion Islam, on the opening of the international scientific-practical conference dedicated to the study of the scientific heritage of the great muhaddis Imam Termezi in the homeland of outstanding Muslim scholars - in Uzbekistan.

It is gratifying that today's authoritative forum is attended by renowned specialists in the field of Islamic studies - prominent scholars and ulema, experts and researchers. In your person we see the continuers of the good traditions of the great thinkers who are the pride of the Muslim world - Imam Bukhari and Imam Termezi.

May the Almighty bless you, I wish you happiness and prosperity!

Dear friends!

Speaking about our outstanding ancestors-scientists, bright representatives of the Islamic world of the Middle Ages, we, of course, among the first names of Hazrat Imam Termezi.

We are rightfully proud of this incomparable person, the favorite disciple of the great Imam Bukhari, who was honored with the high rank of Sultan of Muhaddis, who has been glorifying our region for twelve centuries with his undying works and high human qualities.

Imam Termezi is recognized in the world as one of the six great muhaddis, his collection of hadiths is among the most revered and reliable sources, and the Muslim Ummah bows before the name of this outstanding man.

Another practical expression of such recognition is the fact that the topic for discussion at today's conference was the unique works of Imam Termezi “Ash-Shamoil al-Muhammadiyya” and “Sunani Termiziyya”, as well as important issues concerning the scientific heritage of the Ulema Termezis and its relevance today.

Dear participants of the conference!

In recent years, a great work has been carried out in our country to study and popularize the invaluable heritage of many of our thinkers-theologians who made a great contribution to the development of the Islamic religion, to honor their memory, to improve the places associated with their life and activities, including Imam Termezi.

It should be noted that a magnificent memorial complex has been erected in his honor in Sherabad district of Surkhandarya province, and an international research center, a specialized Islamic secondary school and an Islamic institute have been opened in the city of Termez bearing his name.

These institutions, together with the International Islamic Academy of Uzbekistan, the Centre for Islamic Civilization, the Hadith Scientific School and other religious educational and research organizations, are studying the rich heritage of Imam Termezi in a comprehensive and in-depth manner. In particular, works of the thinker are published, scientific researches, books and artistic works are dedicated to him.

I hope that after familiarizing yourselves with the work carried out in this direction within the framework of the conference, you will express your opinions and proposals on further activation of cooperation in this field.

We, the heirs of great scientists, emphasizing that Islam is a religion of peace, goodness and humanism, on the way of realization of good hopes and aspirations of mankind, consider it our most important duty to jointly enrich this incomparable spiritual treasure and preserve it for future generations.

I express my deep gratitude to the scientists and ulema of our country and to you, dear guests, to all figures of science who show real dedication for such a noble goal.

The doors of the leading research and educational institutions of Uzbekistan are always open for you.

Greeting you once again from the bottom of my heart, I wish you health, new achievements in your scientific and creative activities, and a successful conference.

Shavkat Mirziyoyev,

President of the Republic of Uzbekistan

Dear compatriots!

I cordially congratulate you, all our multinational people with the Constitution Day of the Republic of Uzbekistan celebrated on December 8.

Undoubtedly, this year we all feel the significance of this holiday especially deeply. After all, above all, it takes place in the context of historic transformations in the political-legal, socio-economic and spiritual spheres of our life. 

It should be emphasized once again that the elections to the Oliy Majlis and local Kengashes, held in the spirit of open and competitive contest on October 27 this year, became an important step towards the implementation of our updated Fundamental Law. As a result of the elections, which vividly demonstrated the high political culture, unity and cohesion of our hardworking and tolerant people on the path of building the New Uzbekistan, a new system of representative power has been formed in the country. Its constitutional rights and powers have been strengthened and its responsibility has increased manifold.

One more important aspect: we have moved from the practice of the recent past, when khokims were simultaneously in charge of local councils, to a new system in which, for the first time, councils are headed by chairmen elected among deputies. 

The transfer of more than 30 powers of khokims to local councils testifies to an even broader establishment of the principles of democracy in our society.  

In accordance with the constitutional provision that the people are the only source of state power, we will resolutely continue our reforms aimed at expanding the powers of the Parliament and local Kengashes, further increasing their activity, creating the necessary conditions for effective activity, in short, turning them into the true voice of the people. 

Dear friends!

Large-scale measures are taken in the country for consistent implementation of the priority principles of ensuring human rights, interests and dignity enshrined in the Fundamental Law. 

Thanks to the selfless labor of our people, in recent years the national economy has doubled, the per capita income has reached 3 thousand dollars, the poverty rate has decreased from 23 to 11 percent, the coverage of preschool education has exceeded 74 percent, higher education - 39 percent, and this is undoubtedly a historic result. 

In order to dynamically continue the reforms, to apply in practice the norms of the Constitution in the new edition, the issues of entrepreneurship development and, on this basis, increasing the population's income, strengthening the atmosphere of mutual respect and harmony in families and mahallas, and comprehensive support for representatives of the older generation, women and youth will continue to be at the center of our attention. 

The Fundamental Law stipulates that Uzbekistan is a social state, therefore, further improvement of cities and villages, construction of new residential buildings, health care, education, culture, art and sports institutions, modernization of road and communication networks, strengthening of targeted social protection will be of paramount importance for us. In particular, the priority task is to increase twofold the amount of funds allocated to the health sector, transition to a health insurance system and provide the population with fully guaranteed medical services. 

Within the framework of programs in the field of education, we will bring the coverage of higher education to 50 percent in the coming years. In 2025 alone, 4 trillion soums will be allocated from the state budget for the repair of existing kindergartens and construction of new kindergartens and schools.

Another important area is support for those in need of social protection, for which it is planned to allocate a total of 46.5 trillion soums and lift 1 million citizens out of poverty.

We will also raise to a new level the work on creating even more favorable conditions for persons with disabilities, their socialization, and in general on ensuring inclusiveness in society. Necessary measures will also be taken to reform the pension system. 

As you know, the new version of the Fundamental Law for the first time enshrines the rights of citizens in the sphere of ecology, emphasizing the state's obligations to protect the environment and maintain the ecological balance. 

We have declared 2025 the Year of Environmental Protection and Green Economy in the country and have set clear objectives in this field. I am confident that this will serve as an important basis for implementing the relevant constitutional norms and principles. 

I take this opportunity to urge you, dear compatriots, all our people to take an active part in the development and implementation of the State Program of the coming year. 

We have no right to forget that the protection of nature is the protection of the humans, our future. We must protect our priceless wealth - fertile fields, clean springs, rivers and lakes, mountains and plains, create new gardens and parks, green territories, so that our motherland Uzbekistan becomes even more beautiful, and future generations live in a free and prosperous country. 

Dear compatriots!

Our Constitution has always been and remains a reliable guarantor of strengthening national independence, preserving peace and stability in the country, interethnic friendship and harmony, ensuring the irreversibility of the ongoing reforms. 

We are proud of our Fundamental Law - a vivid symbol and practical embodiment of the legal consciousness and will of the people. I believe that studying every article, every norm of this unique legal document, showing respect for them should become a sacred duty and a life principle for all of us. 

I am convinced that by working in good faith, recognizing our responsibility, we will be able to further increase the effectiveness of the reforms carried out and will definitely achieve the great goals before us.

Once again I sincerely congratulate you, dear compatriots, with Constitution Day, wish you all health, peace and prosperity to your families.

May the authority and glory of our Motherland grow!

May the people of Uzbekistan - the creator of all our achievements - be happy! 

Shavkat Mirziyoyev,

President of the Republic of Uzbekistan