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President of Uzbekistan points to the need of enriching partnership with the UAE
President of Uzbekistan points to the need of enriching partnership with the UAE

The issues of further expansion of practical interaction and promotion of investment cooperation projects were discussed at the meeting between President of the Republic of Uzbekistan Shavkat Mirziyoyev and the delegation of the United Arab Emirates comprising Minister of Industry and Advanced Technologies Sultan Ahmed Al Jaber and Minister of Energy and Infrastructure Suhail Mohammed Al Mazroui.

At the beginning of the conversation, Sultan Al Jaber conveyed to the Head of our State sincere greetings and best wishes from the President of the Emirates Sheikh Mohamed Al Nahyan, Prime Minister of the country, Emir of Dubai Sheikh Mohammed Al Maktoum and Vice President Sheikh Mansour Al Nahyan.

In the course of the meeting, the current highest level of Uzbek-Emirati multifaceted relations was noted with special satisfaction. The volumes of mutual trade turnover, the number of joint ventures and the frequency of flights are growing. The portfolio of ongoing and promising projects with the participation of leading Emirati companies in Uzbekistan reaches $20 billion.

Green energy is the driving force behind bilateral cooperation. Today, a 500 megawatt wind farm was commissioned in Navoi region, a project implemented by Masdar.

In general, in recent years with the participation of this company power generation facilities with total capacity of 1.5 gigawatts have been commissioned in our country.

Particular attention was paid to the early preparation and implementation of major investment projects in the energy, oil and gas and chemical industries, mining, water supply, household waste processing and other fields.

The importance of continuing productive contacts at all levels and careful preparation for the upcoming high-level events was noted.

Surkhandarya the cradle of ancient civilizations
Surkhandarya the cradle of ancient civilizations

Surkhandarya region the cradle of ancient civilizations

Surkhandarya region is the southernmost region of Uzbekistan. It occupies the Gissar ridge in the north, Babatag in the east, the Kugitangtau and Baysuntau spurs in the west, and the Amu Darya in the south.

5 reasons to visit Surkhandarya:

  1. Explore mountain and ecotourism in the region
Surkhandarya region is notable for mountain and ecotourism. In the region you can see an incredibly beautiful natural landscape: caves (Teshik-Tash cave, where scientists discovered the remains of a Neanderthal child in 1938-1939), massifs, gorges. These places attract a lot of attention from travelers and adventure seekers.

  1. Explore monuments of the distant past
The region's territory is rich in historical attractions, including architectural monuments, open-air museums, ruins of ancient settlements, and ancient fortresses. Not far from the city of Termez, on the territory of the ancient settlement of Dalverzintepa, various ivory items, objects made of precious stones, coins, elegant ceramics dating back to the Greco-Bactrian era were discovered; a special place is occupied by the oldest chess pieces in the world (1st-2nd centuries AD). e.).
Additionally, visitors can explore the defensive fortress of Hanaka Kyrk-Kyz, associated with the legend of Princess Gulaim and her forty maidens bravely defending against invading nomads.

  1. Learn About Religious Monuments
In the administrative center of the region – Termez and in its surroundings, many historical attractions associated with various religions, such as Zoroastrianism, Nestorianism, Buddhism and Islam, are still preserved. The architectural complex of Hakim at-Termeziy, the memorial 
and cult complex of Sultan Saodat, the Buddhist cult center of Karatepa, the Buddhist temple complex of Fayaztepa, the Jarkurgan minaret, and the Buddhist stupa of Zurmala are the oldest religious monuments of the Surkhandarya region.

  1. Immerse yourself in the cultural heritage of the region
The cultural heritage of the city of Boysun in the Surkhandarya region and the Uzbek “shashmaqom” (musical genre) are included in the UNESCO list of intangible masterpieces of world cultural heritage.
The folklore festival “Boysun Bahori” (“Boysun Spring”) is held here annually, which reflects the unique rituals, traditions and special culture of the people.

  1. Taste the national cuisine of the region
The diversity of the nationalities of this region has made the cuisine of Surkhandarya unique, unlike any other cuisine in the world.
Here meat is included in almost all dishes. One of the most delicious dishes of this region is Tandoor Gusht.
Also popular is the dish Chuponcha - shepherd's meat, which is prepared from fresh dairy lamb.



The history of the Surkhandarya region has ancient roots dating back to the beginning of great civilizations. This unique place in Uzbekistan is known for its historical monuments and beautiful nature. The region is located in the foothills of Hissar, Bobotaga, Cohitang, which are famous for their beautiful
landscapes and unique natural formations. The rich reserves of mineral water found in the region are an important source of recreation and have healing properties. A trip to Surkhandarya, will be a fascinating experience, during which you can get acquainted with the unusual landscapes of Uzbekistan, see colorful architecture, and immerse yourself in the unique culture of this region.

Canyon Kyzyl
The Canyon Kyzyl, is located in the Surkhandarya region near the village of Baysun and is translated as “Red Canyon”. The length is 30 kilometers, and the highest point is Mount Buritakht, 1218 meters high. Here, nature has created breathtaking labyrinths, stretching for several tens of kilometers, and every turn of the relief, reveals amazing landscapes. In the spring season, the appearance of the canyon differs from the usual harsh stone appearance, since the surface is completely covered with different vegetation, among which rare medicinal herbs can be found. This place is truly amazing and deserves the status of one of the wonders of Uzbekistan.

Cave Boy-Bulok
In the Chul-Bair Mountain range, located in the Surkhandarya region, there is an amazing cave, called Boy-Bulok. It is considered the deepest in the entire Asian continent and reaches a depth of an impressive 1415 meters. Boy-Bulok is located 60 kilometers from the regional center of Baysun, and is a technically complex facility classified as the fifth complexity category.
In 1985, the first study of this unique place was carried out. Various obstacles were found inside the cave, including vertical bends, narrow vertical shafts up to 180 meters deep, and water-filled passages called half-siphons and siphons. Boy-Bulok has an impressive size that extends both down to a depth of minus 1158 meters, where the impenetrable siphon is located, and up to 359 meters. The very impressive amplitude – is 1517 meters.
Boy-Bulok, located at a depth of 1283 meters, is connected with Vishnevsky Cave. These two caves have a potential connection that is 2033 meters deep and extends for about 30 kilometers. This makes Boy-Bulok the third deepest cave in the world.

Massif Khoja Gur Gur ota
In translation, Khoja Gur Gur ota means “Father of all caves”. At an altitude of 3700 meters above sea level, there is a remote region of harsh and very wild nature. The gigantic, sloping peak of the mountain range ends with an impressive 500-meter-high cliff on one side, and deep canyons with cracks tearing the plateau on the other. Here can be seen fossilized traces of dinosaurs, fragments of basalt and crushed stone of the most bizarre shapes, as well as the burial place of the holy righteous man Khumajoy-ota. The slope of Khoja Gur Gur ota extends vertically and has entrances to many caves, many of which have not yet been explored. In addition, upon reaching the highest point of the massif, you will feel like you are standing on a huge wall separating one world from another.

Machay Cave
Machay Cave is another settlement of primitive people, which is located in the Baysun district of the Surkhandarya region. It is located near Mount Cohitang, on the right bank of the Machay River. The cave is 3.4 to 4 meters high, about 8 meters long and about 10 meters wide. It consists of two cultural layers: the upper layer belongs to the Mesolithic, and the lower layer belongs to the late Mesolithic and early Neolithic. Inside the cave, bones of a man and a woman were discovered that date back to the Mesolithic period. It is of great interest to the scientific community is the availability of material evidence of how people lived in the Stone Age. As a result of research, an abundance of artifacts was discovered in Machay Cave, which indicates the way of life of those times. The finds included 87 different stones, hundreds of weapons made from the bones of 15 different animal species, as well as stone knives, axes, handles, sawtooth weapons, arrowheads, bows and spears. The inhabitants of Machay Cave used these various weapons to skin domestic and wild animals and then use them to make clothing for themselves. These findings are of great value to the scientific community, as they allow us to better understand the lifestyle of people of that time. Surkhandarya – the cradle of ancient civilizations.

Sangardak Waterfall
The Sangardak Waterfall is located among the gorges of the Surkhandarya Mountains, being one of the wonders of the country's natural world. The waterfall is situated in the Sariasi region, 205 kilometers from Termez and 30 kilometers from Denau. Sangardak Waterfall is formed from karst waters flowing inside caves, rather than from a mountain river. As a result, people have created various legends about the waterfall and believe that it has healing properties. Moreover, it is worth noting that even ancient Arabs, Greeks, rulers of Transoxiana, and other peoples came to admire the waterfall.

The Teshik-Tash Cave 
The Teshik-Tash Cave is located on the slopes of the Baysuntau mountains. In 1938, during excavations, archaeologists discovered an ancient burial there. Scientists discovered five cultural layers 1.5 meters thick. Clay layers and crushed stones separated the layers. The remains of a Neanderthal child are the most famous finding in the cave, which became famous throughout the world and made the site well-known. Soviet archaeologist A.P. Okladnikov, who discovered these remains, subsequently received the Stalin Prize.

Zarautsay Gorge
The gorge is located in the Kugitang mountains in the Surkhandarya region. These are the southwestern spurs of the Hissar ridge. The discovered cave paintings are rare examples of primitive art. All rock paintings in Zarautsay are written in red ocher, unlike other petroglyphs in Uzbekistan. Impressive hunting scenes with running bulls, goitered gazelles, saigas, arrows, chasing dogs and people with bows and axes, as well as mysterious hooded figures who clearly carry out rituals associated with hunting, can arouse interest and surprise among viewers of this unique ancient art person. Of the 200 images found in 1940, only 40 have now survived in the Zarautsay grottoes.

Dinosaur tracks
Traces of hoofed dinosaurs were discovered in the limestones of the Cretaceous period in the village of Gumatak. The footprints are on a stone slab, which is easily accessible from a car after walking only 300 meters.
Speleologists have also discovered traces of other large dinosaurs in Surkhandarya, but to see them you will need to make a separate trip.

Karyshoto Gorges
In the Surkhandarya region, there is another unusual place, the Karyshoto Gorges. The gorges have karst waterfalls along their walls despite the fact that they are located in hot and dry areas.
As a result, you feel as if you have entered a picturesque oasis. The gorge in several places prevents passage due to the rather high waterfalls. However, when you overcome them, you can see how the gorge continues in two directions.

Canyon Kaptarhona
Several thousand doves have been nesting in this canyon for a long time, which is why this place received the name Kaptarhona, which is translated from Uzbek as “dovecote”.
Once upon a time, the canyon was completely deserted, and its only inhabitants were doves, which were so numerous that one could safely call this place the kingdom of these birds.
Kaptarhona is a winding road along a narrow gorge. Various boulders are scattered along the path. Many attractive and exciting turns hide amazing views.

Khojaikon Salt Cave
In 1989, the Khojaikon Salt Cave was opened, which since then, thanks to the concentration of salt and light negative air ions in the air, has helped people cope with various ailments, such as asthma, respiratory diseases, chronic bronchitis, complications of pneumonia, as well as various skin problems.
The cave is 155 meters long and is a salt monolith inside of which there are treatment room chambers, each of which differs in temperature, humidity, pressure and trace element content. The healing procedure takes only 2-2.5 hours a day.

Meteor Lake Kanbeshbulak
Lake Kanbeshbulak is located in the Khaman tract in the west of Surkhandarya region. The lake is an exceptional natural monument.
According to scientists, this lake was formed as a result of a meteorite fall. In their opinion, it was a meteorite crater that filled with water and became known as Kanbeshbulak. The explosive red sandstones that make up the slopes of the lake indicate the origin of the bowl.

Panjob Gorge
The Panjob Gorge is located in the foothills of the Kugitang Tau ridge in the Surkhandarya region of Uzbekistan, 125 km northwest of Termez. This is a very beautiful gorge in which the small river Gazak, in the Karyshoto mountain range, cuts its way through limestone, gypsum and rock salt, creating a powerful picturesque canyon with vertical cliffs more than 200 meters high.
In some places the width of the gorges can be no more than two meters. In the narrow passages of the gorge, the most beautiful place is a 30-meter section on the right side of the canyon. In this place, water is knocked out of a rock covered with bright green moss, either as a curtain of water or in separate streams, forming a multiple rainbow under the sun's rays.

Surkhan State Reserve

The Surkhan State Nature Reserve is located in the Surkhandarya region of Uzbekistan, just 60 kilometers from the city of Termez. The reserve was created in 1986 by combining the Kugitang and Aral-Paigambar reserves. The purpose of its creation was the preservation and restoration of rare species of plants and animals.
The reserve consists of two separate parts, located in the Sherabad and Termez districts of the Surkhandarya region. The reserve occupies 24,554 hectares and is located in the southwestern spurs of the Hissar ridge at an altitude of up to 3,157 meters above sea level. The Surkhan Reserve currently has more than 130 species of birds, as well as more than 25 species of mammals, 27 species of reptiles, and 2 species of amphibians and fish.

Kampyrtepa Fortress
Kampyrtepa is an ancient archaeological site on the territory of Uzbekistan, which is an ancient port city located on the banks of the Amu Darya River (formerly known as the Oxus). It was founded at the end of the 4th century BC and existed until the beginning of the 1st century AD. The main purpose of this settlement was to serve the crossing of the Burdaguy River, as well as to serve as a hotel and customs office. Kampyrtepa served as a transit point for traders traveling along the Silk Road, where they could rest, reload their goods, pray and continue their journey.
After decades of excavations and studying written sources, it was decided that the site of Kampyrtepa is the mysterious Alexandria Oxiana, a port city that Alexander the Great built on the Amu Darya. 

Topalang Reservoir

Uzbekistan is famous for the presence of two significant rivers - the Amudarya and the Syr Darya, which flow through its territory and flow into neighboring countries. The Hissar mountain ranges serve as a source for the Topalang River, which originates on the southern slope. It should be noted that the most abundant right tributary of the Surkhandarya has a length of 117 kilometers. The main source of water replenishment in the Topalang River is seasonal snow and glacial water. It is thanks to this that the river supplies water to the Denaus, Shurchin and Kumkurgan districts of the Surkhandarya region.

Hospital “Khojaipok”

Khojaipok Hospital specializes in the treatment of various diseases, including gynecological problems, cardiovascular disorders, general therapy and neurological disorders. To achieve a positive result, various methods are used, such as hydrotherapy (including mineral baths and circular showers), heat therapy, mud therapy, physiotherapy, electrotherapy and ozone therapy.
Upon completion of the procedures, visitors can visit the natural beauty, swim in the resort's pool, play tennis or engage in other outdoor activities in the sports club.

Sanatorium “Omonkhona”

The Omonkhona Balneological Sanatorium, located in the mountains near the city of Baysun, and the Khojaipok Hospital, located at the foot of Mount Kenagi, are the most famous health complexes in the Surkhandarya region.
The thermal water in the Omonkhona sanatorium has healing properties and is part of the health programs of the sanatorium. Using magnetic therapy, laser therapy, acupuncture, water procedures, massages, liver cirrhosis, hepatitis and other diseases are treated.

Hissar Mountains

The Hissar Mountains are a mountain range that stretches 200 kilometers from east to west across the Hissar region of Tajikistan. It is the western part of the Pamir-Alai system. The highest point in Uzbekistan, Khazret-Sultan, is 4643 meters, located on the border of Uzbekistan and Tajikistan. The ridge is a place of unique geological outcrops in Eurasia. The structure consists of sandstones and crystalline rocks interspersed with granite intrusions. In addition, all ecosystems and climates of the Pamir-Alai are represented here. At the highest places there are glaciers and rocky wastelands. A famous natural attraction of the Hissar Ridge, located in the southern part of the mountains, is the cave of Amir Temur. This natural formation, stretching for 860 meters, is considered the largest underground lake in Uzbekistan. It is important to note that the cave was inhabited back in the Greco-Bactrian period (IV-III centuries BC).

Archaeological Museum of Termez

To celebrate the 2500th anniversary of the city of Termez in 2002, the Termez Archaeological Museum was built and opened. Today it is the only archaeological museum in Central Asia, and many of its unique exhibits date back more than 100 thousand years BC. These include 624 museum relics of global significance, displayed using the latest information and communication technologies.

Karatepa Complex

Located in the northwestern part of old Termez, Karatepa is a place of worship associated with Buddhism. On the three hills of this place there are various temples and monasteries that were built in the 2nd century AD. The architecture of Karatepa is remarkable for its unique combination of caves carved into sandstone and buildings made of pakhsa and adobe.

Zurmala Stupa

Northeast of the ruins of the ancient settlement of Termez is Zurmala, a 12-meter-tall Buddhist stupa. It was built during the Kushan period, around the 1st and 2nd centuries AD, while Buddhism was spreading in Central Asia. The modern city of Termez is located 10 kilometers west of the ancient settlement of Termez. On its outskirts one can see the remains of entire complexes of ancient Buddhist buildings, which in the Middle Ages covered agricultural fields. Over time, the Buddhist stupa turned into a clay mound, which was difficult to recognize as a ritual structure.

Mausoleum of Al-Hakim At-Tirmizi

Al-Hakim At-Tirmizi is a sacred place of worship for Muslims and an architectural monument. The mausoleum is one of the holy places of the Surkhandarya regional center. The architectural monument is located approximately 60 kilometers from the current center, northwest of old Termez. Abu Abdulloh ibn Hassan ibn Bashir Al-Hakim At-Tirmizi is an outstanding Islamic figure, author of various philosophical and religious works and founder of the order of Dervishes. About 80 works were written by the eminent At-Tirmizi who received the name Al-Hakim, which means the wise one, due to his deep knowledge and broad vision.

Mausoleum of Ak-Astana-baba

In the village of Telpek-Chinar, Sariasi district, Surkhandarya region, there is the Mausoleum of Ak-Astana-baba. Scientists believe that the mausoleum was built on the grave of the companion of the Prophet Muhammad (SAW), Saint Abu Hurair. The mausoleum has four rooms called “Chorsi Khona,” in which bricks are laid in batches, and the north-eastern part of the complex can be accessed through the roof. At the entrance to the mausoleum, there are two complex signs, about half a meter in diameter. It is still not possible to correctly interpret the semantics of these signs.

Kirk Kiz Fortress
One of the most interesting ancient places is the Kirk Kiz Fortress. Although the fortress is almost completely destroyed at present, even the ruins allow us to see the former size of the structure and marvel at the skill of the ancient architects. The symmetry of Kirk Kiz makes it unique; each archway and corridor have a counterpart located on the opposite side.
Two passages cross the building crosswise and divide it into four equal parts. There are versions that it was a country aristocratic palace, a women's madrasah, a khanaka, or a caravanserai.

Dzharkurgan Minaret
The minaret is located 5 kilometers from the city of Jarkurgan and 40 kilometers from Termez, near the village of Minor. Thanks to the deciphered inscription on the building, it was established that this architectural monument dates back to the 12th century. The inscription states that construction took place from 1108 to 1109 AD, but some scholars believe the date reads differently and construction was completed in 1110.
This building is unique with its decorative elements. At that time, mosaics were often used to decorate minarets; in the case of this minaret, we see vertical decorative corrugations that were made using a specially baked brick masonry, which was cut in a herringbone pattern from top to bottom.

Dalverzintepe Settlement
Dalverzintepe, the main city of the powerful Kushan Empire, has so far been the subject of careful study by many historians and archaeologists. With its secrets and many valuable objects found, the site attracts attention. The largest treasure in history was found here; about 36 kilograms of gold were discovered in this place in 1972.
Archaeological excavations have revealed a lot of new things about the architecture, culture and fortifications of Northern Bactria. Finds such as sculptures, paintings and figurines show the high level of culture of the people of the Kushan Era. According to many researchers, Dalverzintepe is considered the most ancient Buddhist building.

Ensemble Sultan-Saodat
On the outskirts of the city of Termez in the center of the Surkhandarya region of Uzbekistan there is the architectural ensemble of Sultan-Saodat. The memorial complex consists of tombs of the Termez Seyyids, who were considered direct descendants of the Prophet Muhammad. The complex contains various memorial and religious buildings built from the 11th to the 17th centuries. All buildings have a common architectural concept despite the fact that they were built at different times.

Hanaka Kukildor-ota

Khanaka Kukildor-ota in Termez is a holy monastery that has become one of the most revered among Muslims. Khanaka Kukildor-ota was built in the mid-1100s. It stands out among other monasteries due to its unique architecture, history and significance in the Muslim world.
The building contains numerous tombstones, as well as the burial place of the Muslim Saint Kukildor-ota. This prominent religious figure was known for his great righteousness. The monastery was built in memory of him.
After the restoration of the Khanaka, Kukildor-ota acquired a unique appearance, which is characteristic of all architectural monuments of the Timurid era.

Fayaztepa Complex

Fayaztepa is located at a distance of 4 kilometers from modern Termez, Surkhandarya region. The monastery complex consists of 13 rooms and an inner courtyard with an ivan where a refectory was attached to the monastery on the left side. In some places of the complex there are cooking fires, as well as skulls with inscriptions in Bactrian and other ancient languages. Coins of Heliocles (the Greco-Bactrian king) and Kanishki (the ruler of the Kushan Empire) were also found there. According to archaeological excavations, monks used to live in the monastery, and they also provided housing for pilgrims.
In the IV century, Fayaztepa was captured by the Sassanid army (the dynasty of Persian rulers), due to which the complex stopped functioning. Previously, the complex was called Khaya-Vihara, which translates as "the monastery of horsemen". The current name of the complex was given in honor of the director of the Surkhandarya Museum of Local Lore R.F. Fayazov, who participated in the excavations of the Buddha complex.

Neighborhoods of Derbent

The Derbent mountain village is located on an important trade route along the Sherabad River, connecting the southern regions of modern Uzbekistan, Northern Afghanistan and Tajikistan with the central cities of Samarkand, Bukhara and Tashkent, which were known at the time as Shash. The land around Derbent looks heavily damaged — high rocks either form a majestic gate, or almost merge overhead, reminding us of the bloodshed here while defending the borders of different empires.
Also, travelers can expect places that surprise with their power, strength and pristine beauty. Here you will find gorges including the famous Iron Gate, which was besieged by Alexander the Great.

The Church of Alexander Nevsky
In 1901, a temple was erected in the city of Termez in honor of the Holy Prince Alexander Nevsky. Currently, the temple is in excellent condition. The sanctuary is impressive in its scale: the bell tower and iconostasis occupy a significant space. Inside the temple there is a room measuring 24 by 16 meters. In addition, the temple is rich in icons and church objects.

Kurganzol Fortress
The Kurganzol Fortress is an impregnable structure built in 328 BC by Alexander the Great, located on a cliff near Baysun at an altitude of 900 meters. Archaeological excavations of Kurganzol began in 2003 and revealed that it belongs to the Hellenistic era. The fortress dates back to the 4th century BC and is believed to have housed about fifty soldiers, with six towers protecting the entrance. Construction took a long time to complete, as nomadic tribes frequently attacked and destroyed parts of the building during those years.
Inside the fortress, parts of residential and utility rooms, a water pool with a drain to prevent overflow, and defensive structures were discovered. Built of mud bricks, the fortress has an outstanding appearance, with walls averaging more than 2.5 meters thick.

Uzundara Fortress
Uzundara, the oldest fortress dating back to the 3rd–4th centuries BC, is located in the foothills of Baysun. The fortress featured powerful defensive structures, including double walls reinforced with 13 towers, and outer walls stretching nearly 1 kilometer in length. The fortress walls, lined with clay bricks, have almost retained their original appearance and rise up to 5 meters high.
Among the main finds discovered during the expedition are unique coins from the Hellenistic period depicting Alexander the Great, Antiochus I (king of the Seleucid state), and all rulers of the Greco-Bactrian kingdom from Diodotus to Heliocles. The fortress existed for about 150 years before being destroyed by the nomadic tribes of the Saks and Yuejs during the reign of one of the last Greco-Bactrian kings between 171 and 166 BC

Uzbekistan and the United States: Evolution of Bilateral Relations and Trajectories for Further Convergence
Uzbekistan and the United States: Evolution of Bilateral Relations and Trajectories for Further Convergence

In recent years, relations between Uzbekistan and the United States of America have gained a new impetus. Moving beyond formal diplomacy, the partnership has evolved into a deeper, multi-dimensional engagement. Today, political dialogue is active, economic and business ties are expanding, and humanitarian and people-to-people connections are steadily strengthening.

Until 2017, Uzbek-American cooperation was primarily focused on regional security issues and the situation in Afghanistan, while noticeable progress in the economy and investment was virtually absent. However, following the election of Shavkat Mirziyoyev and his visit to Washington in 2018, cooperation began to acquire a strategic character.

This marked the first visit by Uzbek leader to the United States in 16 years and signaled a new level of mutual trust. During the visit, agreements and memoranda totaling over $4.8 billion were signed, paving the way for projects involving major U.S. companies.

These positive trends have largely been driven by Uzbekistan’s domestic reforms and its pragmatic approach to regional and foreign policy. Consequently, diplomatic engagement has intensified: regular consultations at the level of foreign ministries have fostered systematic and structured cooperation.

Since the 2020s, relations have evolved into a multi-layered structure. In 2021, the format of political consultations was transformed into the “Strategic Partnership Dialogue between Uzbekistan and the United States,” encompassing the economy, security, and environmental issues. The first meeting of this new format took place in Tashkent and laid the foundation for comprehensive cooperation.

In 2024, bilateral relations reached a qualitatively new level with the official establishment of an expanded strategic partnership. This format is based on the alignment of key priorities: Uzbekistan seeks deep economic modernization, attraction of foreign investment, integration into global markets, and the formation of a competitive economy. The United States supports these efforts, affirming its commitment to the reform process and encouraging American business participation in the new opportunities emerging in Uzbekistan.

In this context, the meeting between Shavkat Mirziyoyev and Donald Trump in September of this year on the sidelines of the UN General Assembly outlined specific priorities for bilateral cooperation and established the foundation for long-term collaboration. More than ten agreements were signed with major companies, including Boeing, Cargill, and Citigroup and others.

Following this, in October 2024, a U.S. delegation led by President Biden’s Special Envoy for South and Central Asia, Sergio Gor, and Deputy Secretary of State Christopher Landau visited Tashkent. The visit reinforced mutual trust and underscored both sides’ commitment to advancing joint initiatives in key areas of the bilateral agenda.

Undoubtedly, the U.S. contribution to Uzbekistan’s economy maintains a steady dynamic: in 2024, trade turnover increased by 15%, reaching $881.7 million. The portfolio of investment projects exceeds $11 billion. These figures illustrate a steady expansion of trade and economic cooperation, even as overall volumes remain relatively modest.

At the same time, the contemporary economic agenda, however, extends beyond traditional trade. Joint industrial and investment projects, collaboration in logistics, civil aviation, agro-industrial complex, and metallurgy, as well as the implementation of digital and innovative solutions in supply chain management, are coming to the forefront.

Structural changes in Uzbekistan’s export profile are particularly noteworthy. Services now constitute 86% of the country’s main export portfolio. The United States remains the largest market for Uzbek IT services: of 800 active exporters, 448 provide digital services to the U.S., representing 45% out of total IT exports. This underscores the U.S.’s role as a strategic partner in Uzbekistan’s technology sector.

To increase the export of Uzbek goods to the U.S., the President instructed the regions of the country to establish direct connections with individual states. For instance, in August of this year, a task was set to increase textile exports to the U.S. five to sixfold. Within this initiative, the Andijan Region Textile Trade House opened a representative office in St. Louis, one of the country’s key logistics hubs.

The American company Oppenheimer plans to participate in the financing of three major projects in the Andijan Region with a total value of $1.2 billion, including the creation of a textile industrial zone worth $180 million.

Uzbekistan has again attracted U.S. attention due to the presence of critically important minerals and rare earth elements used in batteries, semiconductors, and modern defense systems. In April 2025, the countries signed an agreement on cooperation in the extraction of such resources, and in September, the American investor Cove Capital began geological exploration work.

Significant progress is also observed in the humanitarian sphere: the number of academic exchanges and educational programs is increasing, and the interest of Uzbek youth in American education has noticeably grown. Currently, 40 Uzbek universities implement partnership projects with more than 25 American universities and educational institutions. Cooperation includes academic exchange of faculty and students, joint research, and the engagement of American specialists in the educational process.

These initiatives reflect Uzbekistan’s aspiration for greater openness and integration into the international community, creating conditions for expanding contacts in tourism and cultural spheres.

In this context, starting January 1, 2026, Uzbekistan will introduce a 30-day visa-free regime for U.S. citizens. Previously, such a regime only applied to tourists over 55 years old. The new rules significantly facilitate U.S. citizens’ access to the country, promoting tourism, business travel, and cultural exchanges, as well as opening additional opportunities for establishing direct contacts between individuals and organizations in both countries.

A central element of multilateral interaction remains the regional C5+1 format, which unites the U.S. and the five Central Asian countries. The U.S. National Security Strategy indicates the intention to intensify work within this platform to promote initiatives on climate change mitigation, energy and food security, development of transport connectivity, and expansion of Central Asian countries’ access to global markets.

To sum up, the evolution of Uzbekistan-U.S. relations demonstrates how pragmatism and reform-driven policies can overcome barriers and create mutual benefits. Today, bilateral relations are comprehensive and resilient: Uzbekistan has emerged as a significant partner, recognized in Washington as a key contributor to regional stability. The trajectory of cooperation points toward constructive partnership, with Central Asia serving not as periphery, but as a bridge for sustainable development and mutually beneficial collaboration.

 

Shakhnoza Kodirova

Head of the Department the

the Institute for Strategic and Regional Studies

under the President of the Republic of Uzbekistan

Bakhtiyor Mustafayev: The visit of the President of Uzbekistan to Switzerland has set a new strategic trajectory for the country’s development
Bakhtiyor Mustafayev: The visit of the President of Uzbekistan to Switzerland has set a new strategic trajectory for the country’s development

Bakhtiyor Mustafayev, Deputy Director of the Institute for Strategic and Regional Studies under the Head of our state (ISRS), commented on the outcomes of the working visit of President of Uzbekistan Shavkat Mirziyoyev to Switzerland and his participation in the ceremony of signing the Board of Peace Charter in Davos:

- The participation of the President of Uzbekistan, Shavkat Mirziyoyev, in events held on the sidelines of the Annual Meeting of the World Economic Forum in Davos in January 2026 constituted a landmark development, reflecting the country’s transition to a new stage of international positioning.

Against the backdrop of increasing geopolitical uncertainty, Uzbekistan demonstrated an approach that aligns domestic reforms with evolving global expectations, positioning itself as a reliable and predictable partner for investment and initiatives in the field of security.

A central milestone of the working visit was the participation of the Head of State in the ceremonial signing of the Board of Peace Charter on January 22, 2026. The invitation extended to the President of Uzbekistan by the President of the United States, Donald Trump, to join this body as a founding member reflects a high level of international confidence.

Uzbekistan’s participation in the Board of Peace is grounded in clear strategic considerations.

First, this represents a natural continuation of the strategy of openness and multi-vector dialogue that Uzbekistan has consistently pursued in recent years.
Tashkent has been purposefully strengthening its presence across all major global platforms, actively participating in regional and international formats of the United Nations, the Shanghai Cooperation Organization (SCO), the Commonwealth of Independent States (CIS), the Organization of Turkic States (OTS), the Organization of Islamic Cooperation (OIC), and BRICS+.

The invitation extended to U.S. President Donald Trump to participate in the G20 Summit reflects the growing recognition of Uzbekistan as a responsible partner in global governance. Accession to the Board of Peace logically builds on this trajectory, reaffirming Uzbekistan’s capacity to engage on an equal footing with the world’s leading powers and to make a constructive contribution to the development of new mechanisms of international cooperation.

Second, Uzbekistan’s participation in the Board of Peace clearly demonstrates its firm commitment to a principled position on the Palestinian issue, where Tashkent combines humanitarian resolve with practical action.
Following President Shavkat Mirziyoyev’s public call for a ceasefire in November 2023, the country moved from words to deeds: USD 1.5 million in assistance was allocated through UNRWA, and in December 2024 Uzbekistan carried out a humanitarian evacuation of 100 wounded Palestinian women and children from Rafah.

Drawing on the successful experience of the Mehr program, Tashkent created comprehensive conditions for their medical treatment and social rehabilitation, effectively offering the international community a functioning model of practical humanitarianism. This state policy—going beyond declarations and implying real responsibility for human lives—became a key factor of trust in the formation of the Board of Peace.

Third, the Davos platform served as a catalyst for advancing Uzbekistan’s economic and investment profile toward a higher level of global competitiveness. Over the past decade, the country has demonstrated sustained economic growth: GDP has more than doubled to USD 145 billion, economic growth reached 7.7 percent in 2025, and foreign exchange and gold reserves exceeded USD 60 billion for the first time.

Structural transformation of the economy is reflected in the fact that more than 80 percent of GDP is generated by processing industries, while exports reached a historic high of USD 33.4 billion, representing a 24 percent increase. Equally significant are the social outcomes of the reforms, including a reduction in the poverty rate from 35 percent in 2017 to 5.8 percent in 2025, contributing to more inclusive economic development.

In addition, negotiations between the President of Uzbekistan and the leadership of BlackRock, the world’s largest asset manager, marked an important step toward attracting long-term and sustainable investment. Discussions on potential equity participation and the establishment of joint investment mechanisms indicate Uzbekistan’s growing integration into global investment processes. This confidence is also reflected in the activities of the European Bank for Reconstruction and Development (EBRD), whose total investments in Uzbekistan have reached nearly USD 7 billion, making the country one of the Bank’s key partners in the region.

Fourth, amid the fragmentation of the global order and the escalation of regional tensions, ensuring that the interests of Uzbekistan and Central Asia are adequately reflected in emerging security frameworks remains of critical importance. Participation in the Board of Peace serves as an instrument of preventive diplomacy based on the understanding of the interconnected nature of contemporary challenges and threats.

Uzbekistan is effectively establishing the first line of defence for its own security and for the stability of the entire region, ensuring that national and Central Asian interests are not marginalized in global decision-making processes.

In conclusion, it can be stated with confidence that President Shavkat Mirziyoyev’s visit to Switzerland has set a new strategic trajectory for the country’s development.

The combination of institutional consolidation within the Board of Peace, internationally recognized macroeconomic achievements, a consistent humanitarian stance, and the active promotion of regional interests at the global level positions Uzbekistan as a unique model of successful modernization in the contemporary world — a state that not only adapts to changes in the international system, but also earns the right to participate in shaping the global agenda of the 21st century.

 

Dunyo IA

Uzbekistan and Belgium: Toward a New Stage of Strategic Partnership with the European Union
Uzbekistan and Belgium: Toward a New Stage of Strategic Partnership with the European Union

In October, the President of the Republic of Uzbekistan, Shavkat Mirziyoyev, will pay a state visit to the Kingdom of Belgium, during which important decisions are expected to be made that will mark a qualitatively new stage in relations between Uzbekistan and the European Union. In particular, the visit will feature the signing of the Agreement on Enhanced Partnership and Cooperation.

In recent years, Uzbekistan has been actively shaping a new framework of engagement with Europe – a key pillar of stability amid current geopolitical tensions and global economic uncertainty. The ties between Uzbekistan and European countries continue to grow, and the areas of cooperation are diversifying, supported by the ongoing reforms in Uzbekistan.

Building a New Chapter in Relations

After gaining independence, Uzbekistan’s relations with the European Union developed dynamically. A Memorandum of Understanding between the Government of Uzbekistan and the European Commission was signed in 1992, followed by the establishment of diplomatic relations in 1994. The foundation of cooperation was laid by the Partnership and Cooperation Agreement (PCA) signed in June 1996 and entering into force in 1999. However, at a certain stage, cooperation faced difficulties due to the insufficient pace of democratic reforms in Uzbekistan.

With the election of Shavkat Mirziyoyev as President, the situation changed dramatically. As early as 2017, during his visit to Tashkent, Stefano Manservisi, Director-General for International Cooperation and Development of the European Commission, stated that “the EU regards Uzbekistan as a strategic partner.” The sweeping democratic and economic reforms launched in Uzbekistan helped resolve within a short period many issues that had long remained unsolved. Forced labor was completely eradicated, and reforms in the cotton sector enabled the country to abandon raw cotton exports altogether.

As reforms advanced, the legal and institutional framework of relations with Europe expanded rapidly. While previously Uzbekistan and the EU granted each other most-favored-nation treatment under the PCA, in April 2021 the EU granted Uzbekistan GSP+ beneficiary status, and in 2022 the Enhanced Partnership and Cooperation Agreement (EPCA) was initialed.

Along with internal transformation, Uzbekistan’s foreign policy architecture also changed. Priority was given to closer cooperation with neighboring Central Asian states, as well as the active expansion of ties with European countries – a vector that has strengthened steadily in recent years.

Just in the past year, Uzbekistan established strategic partnership relations with France, Italy, and Slovakia, while discussions on expanding strategic cooperation with Hungary continued. President Mirziyoyev also visited Slovenia, and Italy’s Prime Minister and Bulgaria’s President visited Uzbekistan.

A milestone in strengthening relations between Uzbekistan and Europe, and between Europe and Central Asia as a whole – was the first EU–Central Asia Summit, held in Samarkand in April 2025 under the chairmanship of Shavkat Mirziyoyev. Uzbekistan presented a broad range of initiatives to create a new model of regional cooperation between Central Asia and Europe, including: a multilateral agreement on investment protection and promotion; the launch of a Central Asia–EU Joint Chamber of Commerce; the adoption of a regional support program for SMEs and women’s entrepreneurship; the establishment of an investment platform to promote regional projects in green energy, innovation, transport, infrastructure, and agriculture.

The Samarkand Summit was highly productive. A Joint Declaration was adopted, establishing a strategic partnership between the two regions in trade, transport, energy, digital connectivity, and water management. European Commission President Ursula von der Leyen announced that the EU had prepared a €12 billion investment package for Central Asia under the Global Gateway initiative.

The Trajectory of Economic Cooperation

Uzbekistan’s deep democratic transformations have significantly improved relations with European countries. Economic reforms have enhanced the competitiveness of Uzbekistan’s economy, stimulating investor confidence and growing interest from European businesses.

The results are impressive. Over the past 8 years, Uzbekistan’s GDP has doubled, reaching $115 billion in 2024. Since 2017, investment in fixed capital has totaled $240 billion, of which foreign investment exceeded $130 billion. The country’s foreign exchange reserves surpassed $48 billion for the first time in history. Structurally, the share of industry in the economy increased from 20% to 26%, and services from 44% to 47%. Labor productivity (GDP per employed person) rose by 45%.

As a result, opportunities for mutually beneficial cooperation between Uzbek and European businesses have expanded. Between 2017 and 2024, Uzbekistan’s trade with the EU increased 2.4 times to $6.4 billion; exports grew 3.6 times to $1.7 billion, and imports 2.2 times to $4.7 billion. In 2024, the EU’s share in Uzbekistan’s total trade turnover was 9.7%, in exports 6.3%, and in imports 12%. The EU ranked third among Uzbekistan’s trade partners, after China and Russia.

The EU’s share in Uzbekistan’s total exports increased from 3.8% to 6.3% over the same period. This growth was driven by Uzbekistan’s accession to the GSP+ preferential trade system, granting duty-free access to the EU market across roughly 6,200 tariff lines. The share of Uzbekistan’s exports benefiting from GSP+ reached 59%, with a preference utilization rate of 84%, indicating efficient use of trade benefits.

In 2024, Uzbekistan’s exports to the EU were dominated by chemical products (52.1%), as well as textiles, ferrous and non-ferrous metals, minerals, and food products. Among EU members, France accounted for 47.2% of exports, Lithuania for 10%, and Latvia for 6.9%.

Uzbekistan’s imports from the EU significantly exceeded exports – a reflection of the ongoing technological modernization of the national economy. Around 16% of Uzbekistan’s total imports of machinery, equipment, and transport vehicles come from EU countries.

Investment cooperation is also expanding rapidly. In 2024, foreign investments and loans from EU countries and their financial institutions increased by 77%, reaching $4.1 billion (compared to $2.3 billion in 2023). The most active investors were Germany ($1.37 billion), the Netherlands ($1.05 billion), Cyprus ($858.9 million), the Czech Republic ($137.8 million), Italy ($99.8 million), and Sweden ($97.5 million). Today, around 1,000 enterprises with EU capital operate in Uzbekistan, with a total project portfolio of €30 billion.

A special role in recent years belongs to the EBRD, of which Uzbekistan has become one of the largest beneficiaries. The Bank’s total investments in Uzbekistan’s economy exceeded €5 billion, including around €1 billion in 2024, primarily directed toward the private sector.

Reforms in Uzbekistan have become the key driver for unlocking the significant potential of trade and economic cooperation with the European Union.

Uzbekistan–Belgium

The upcoming visit will also focus on strengthening relations between Uzbekistan and Belgium. Diplomatic relations were established following the opening of the Embassy of Uzbekistan in Brussels in 1993. In 1996, the two countries signed an Agreement on avoidance of double taxation, and in 1998 – an Agreement on mutual protection and promotion of investments, which provide legal guarantees for investors in both states.

Business contacts have intensified in parallel with Uzbekistan’s reform agenda. The visits of 2019 and 2022 set the tone for cooperation in infrastructure, energy, and the digital economy. More important than the current trade volumes has been the recognition and support of Uzbekistan’s reforms by EU partners, laying the foundation for long-term engagement.

In 2024, bilateral trade amounted to $62.3 million, including $7.3 million in Uzbek exports and $55 million in imports. Investment cooperation is gaining momentum: several dozen companies with Belgian capital now operate in Uzbekistan, including wholly owned enterprises. New technologies are being localized, for example, Jaga Climate Designers is participating in a joint venture for heating and ventilation systems, and Picanol Group is localizing the assembly of high-tech textile machinery. Belgian brands Belcolade and Prefamac are exploring opportunities to launch chocolate production with subsequent localization.

Despite modest trade volumes, there is significant potential for expanding cooperation in several areas. Given Belgium’s leading role in pharmaceuticals and biomedical research and Uzbekistan’s growing pharmaceutical market, joint ventures or industrial clusters could be developed in this sector, involving companies such as UCB and Janssen Pharmaceutica.

There is also strong potential for joint fruit and vegetable processing projects in Uzbekistan, targeting exports to the EU via Belgian logistics hubs such as the Port of Antwerp and wholesale markets. Potential partners include Greenyard and Puratos. Direct seasonal exports of fresh fruits (e.g., grapes in autumn and winter), as well as dried vegetables, spices, and organic products, could also be expanded. In light industry, there is room to increase exports of ready-made knitwear and home textiles, provided European quality and safety standards are met. The market potential is evident – Belgium imported about $7.9 billion worth of clothing in 2024.

The main challenges remain logistics and standards. Belgium functions as a major EU maritime hub centered around Antwerp, while direct routes from Uzbekistan are still limited. The near-term priority should be pilot supply chains ensuring quality and traceability, the development of cold logistics, certification under EU technical and sanitary regulations, the use of Benelux consolidation hubs, and trade finance tools for SMEs. With the gradual development of new overland routes along the Middle Corridor, Uzbekistan will gain a stronger foothold in high value-added exports without higher costs or delivery delays.

Conclusion

Uzbekistan is entering a stage of deepened economic cooperation with the European Union. During the ongoing modernization and digital transformation of its economy, European investment, technology, education, and research experience can play a key role. At the same time, Uzbekistan seeks to expand exports of industrial goods as their quality improves.

Uzbekistan is also a rapidly growing market with a young and dynamic population, now reaching 38 million people – an 18% increase since 2017. Every year, around 700,000 economically active individuals enter the labor market, forming a substantial human resource base for the economy, including joint ventures.

As a result of poverty reduction policies, living standards and household incomes have risen significantly. Whereas a third of the population once lived below the poverty line, 7.5 million people have been lifted out of poverty, and the poverty rate declined to 8.9% in 2024, with plans to reduce it further to 6% this year. These policies not only address social challenges but also expand domestic demand, increasing the interest of European businesses in entering Uzbekistan’s market.

The further deepening of Uzbekistan’s economic engagement with the EU and Belgium is an objectively mutually beneficial process – one that will define the success of the upcoming state visit of President Shavkat Mirziyoyev to Belgium.

The agreements expected to be signed will help advance joint projects in sustainable energy and infrastructure, strengthen transport and technological connectivity between Central Asia and Europe, and position Europe as a key partner in Uzbekistan’s long-term growth and modernization trajectory.

 Obid Khakimov,  

Director of the Center for
Economic Research and Reforms

Ministry of Investment, Industry and Trade of Uzbekistan Reports on Outcomes of Public Borrowings (2017–2025)
Ministry of Investment, Industry and Trade of Uzbekistan Reports on Outcomes of Public Borrowings (2017–2025)

Uzbekistan’s total external debt amounted to $75.4 billion as of October 1, 2025.

According to the Ministry of Investment, Industry and Trade of Uzbekistan (MIIT), $37.4 billion of this amount accounts for the government’s external debt.

It is important to note that the issue of investment and external financing always attracts interest and raises questions. This is natural, as society wants to understand where resources come from and what results the country achieves.

The key principle here is simple: the purpose of attracting investment and resources is to improve living standards. This is not about “impressive reports” or “eye-catching figures,” but about tangible improvements felt in everyday life-jobs and household incomes, infrastructure, access to clean water, energy and transport, and quality social services.

The economic logic is also clear: for the economy to grow faster, resources are needed- capital, technology, equipment, and new markets. If a country stops attracting resources, growth slows down: fewer jobs are created, it becomes harder to modernize logistical and social infrastructure, expand water supply, and ensure affordable energy.

Therefore, Uzbekistan is consistently working to attract investments - to accelerate economic development, boost GDP, and ultimately improve both the quality and longevity of life. Notably, since 2020, life expectancy has shown steady growth - from 73.4 years to 75.1 years in 2024.

At the same time, what matters to people are not slogans, but measurable results - changes that can be seen and assessed.

By structure, Uzbekistan’s total external debt as of October 1, 2025, amounted to $75.4 billion. Of this, $37.4 billion is government external debt, while the remaining $38 billion consists of borrowings by private and state-owned enterprises without a government guarantee (corporate debt).

Notably, according to international classifications, Uzbekistan’s government debt level is regarded as moderate and manageable. The government’s external debt of $37.6 billion amounts to roughly 26% of GDP (with official GDP around $145 billion), well below the threshold levels that are generally seen as potentially risky for macroeconomic stability worldwide.

What has been achieved through government borrowings in 2017-2025:

  • Reconstructed 1,564 km of highways
  • Electrified 470 km of railway lines
  • Built 6,793 km of drinking water networks and 664 km of sewage networks
  • Constructed 59 km of heat pipelines, 1,286 individual heating units, 166 water distribution facilities, and 31 sewage pumping stations
  • Created 2,737 MW of additional electricity capacity and laid 1,106 km of high-voltage power lines
  • Commissioned additional generation of 2,084 MW, producing 16,423 million kWh of electricity and 551.8 thousand Gcal of thermal energy

Modernization of Transport and Urban Services:

  • Purchased 4 Boeing 787-8 aircraft
  • Acquired 2 high-speed Talgo-250 passenger trains
  • Added 30 electric locomotives
  • For the subway system: 70 cars and 29 train sets
  • 1,900 buses
  • 1,000 ambulances
  • 541 units of equipment for household waste collection
  • 13 heat boilers

Education and Social Sector:

  • Established 119 educational and research laboratories in 60 universities
  • Equipped 6,213 state preschool institutions with furniture, learning materials, and office equipment

Agriculture and Water Management:

  • Restored 1,593.1 km of canals
  • Modernized 3,396 hydraulic structures
  • Drilled 423 vertical wells
  • Established modern greenhouses on 2.2 thousand hectares and intensive orchards on 12.6 thousand hectares
  • Built cold storage facilities with a capacity of 334.9 thousand tons
  • Launched processing enterprises with a capacity of 258.2 thousand tons of products
  • Created farms for 12.3 million poultry, 5,752 sheep, and 26.3 thousand cattle

These figures reflect already utilized borrowings. A significant portion of infrastructure and social sector modernization projects is still underway and will continue to deliver benefits as the work is completed.

Overall, as a result of the comprehensive measures implemented during 2017-2025, over 2 million jobs were created, exports increased by 270%, and GDP per capita grew by 418%.

What is fundamentally important is that resources can only be mobilized under strict rules, transparency, and oversight. In his Address to the Oliy Majlis and the people of Uzbekistan, the President highlighted that parliamentarians will oversee the entire project cycle - from selection and competitions to implementation and results. Project statuses, stages, and milestones will be published in real time, ensuring full transparency of competitions, tenders, and the fulfilment of obligations.

Uzbekistan’s approach to investment is clear and straightforward: the country needs resources for growth, while simultaneously ensuring full oversight, transparency, and measurable results for the population. This is exactly how the work is organized - openly, in stages, with clear accountability.

 

Dunyo IA

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

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

The President signed into law a law affecting the lives of more than 10 million people
The President signed into law a law affecting the lives of more than 10 million people

President Shavkat Mirziyoyev signed the law "On Recognition of Rights to Unauthorized Land Plots and Buildings and Structures Constructed on Them".

Many citizens of our country have been waiting for the resolution of this issue, which concerns the lives of millions of families. According to preliminary data, there are currently more than 3 million 600 thousand land plots, the legal documents for which are not formalized or incomplete.

In this regard, the head of state at a video conference call on land registration and cadastre held on November 21, 2023, noted the need for a legal solution to this issue. Accordingly, a draft law was developed with the participation of specialists in the sphere and deputies. The positive experience of Italy, Bulgaria, Croatia, the Czech Republic and other countries was taken into account. The draft was finalized and considered in the chambers of the Oliy Majlis.

The law consists of 6 chapters and 35 articles, which recognize rights to the following land plots and property:

1) land plots unauthorizedly seized by citizens before May 1, 2018 through the construction of individual housing, and buildings and structures built on them;

2) land plots occupied by citizens and organizations before May 1, 2018 in excess of the area specified in the document, as well as buildings and structures built on them;

3) land plots, the recognition of rights to which within the framework of the "one-time action" has not been completed, as well as buildings and structures constructed on them;

4) land plots allocated by decision of the regional (city) khokim until June 8, 2021, but not approved by the regional khokim or the Kengash of People's Deputies;

5) residential premises on the territory of horticultural and vine-growing associations and the land plot occupied by them;

6) land plots of entrepreneurs located in small industrial zones before March 9, 2020;

7) land plots occupied by buildings and houses privatized by state warrant;

8) land plots occupied by buildings and houses for which the ownership right has been recognized by the decision of the hokim.

The law also clearly defines the main conditions for recognizing rights. For example, the land plot should not be allocated to other persons or put up for auction; there should be no dispute over the land plot; there should be no contradiction with the general plan.

Recognition of rights is carried out step by step by region. Approval of information and documents concerning unauthorized land plots and buildings and structures built on them is carried out through the automated information system of the Cadastre Agency. The relevant information is also entered into this system by 15 authorized organizations.

Completeness and legality of the collected documents are checked by the regional justice department. The results will be announced on the website of the Cadastre Agency and in makhalla corners. Citizens who have received a positive conclusion will be sent an SMS-message, on the basis of which a one-time payment will be made. After that, the rights will be recognized quarterly by the decision of the regional Kengash of People's Deputies.

The bodies of prosecutor's office, internal affairs, agro-inspection, ecology, cadastre establish state control over the implementation of the law. The law also pays special attention to public control. Thus, public groups will be created in each mahalla by decision of district councils of people's deputies. These groups will include a deputy of the district council elected from the district where the mahalla is located, the chairman of the mahalla and active citizens.

A one-time payment is charged for the recognition of rights to land plots under residential houses, privatized or buildings and structures recognized on the right of ownership. The amount of the payment is 5 basic calculation units in the city of Tashkent, 3 BRV in the city of Nukus and regional centers, 2 BRV in cities and 1 BRV in other settlements. Persons included in the Unified Register of Social Protection and persons with disabilities are given a discount.

The one-time payment is directed to cover the costs of the cadastre and justice bodies and the Uzbekcosmos Agency. The remaining funds will be directed to the activities of the initiative budget, i.e. to the mahallas.

The law will come into force in 3 months, before that explanatory and preparatory work will be carried out on the ground. The law will be in force until January 1, 2028.

It should be noted that in the Republic of Karakalpakstan work in this direction has already begun. The Decree of the President of Uzbekistan of July 28, 2023 allowed to recognize the rights to undocumented residential houses and land plots located in the region by the decision of Jokargy Kenes of the Republic of Karakalpakstan.

After that, working groups were established in all districts and cities to examine 43,432 houses built in the Republic of Karakalpakstan without title documents. The location, condition and time of construction of the houses were verified on the basis of an analysis of land records and space images.

Following a comprehensive discussion, ownership of 27,590 residential houses and the right to lease the land on which they are located were recognized.

The results of this noble policy have had a positive impact on the lives of more than 100,000 citizens living in 27,590 houses. They now have the right to legally register their housing, sell it to another person, and put family members on permanent registration. Also, owners will now be able to receive preferential loans for repairs or additional construction, and in case of seizure of housing for public needs to demand compensation in accordance with the law.

The law "On Recognition of Rights to Unauthorized Land Plots and Buildings and Structures Constructed on Them" will expand the scope of this noble work throughout the country. If we assume that each of more than 3 million 600 thousand land plots concerns on average 3-4 citizens or entrepreneurs, this law will solve the problems of more than 10 million people and create a legal basis for their future life.

Uzbekistan, Kazakhstan, and Azerbaijan will export "green" energy to Europe through the "Green Corridor" project
Uzbekistan, Kazakhstan, and Azerbaijan will export "green" energy to Europe through the "Green Corridor" project

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

Uzbekistan's Green Development Strategy

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

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

Regional Solidarity: The Brothers' Strategic Choice

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

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

"Green Corridor" - practical steps towards the future

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

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

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

 

Ministry of Energy

of the Republic of Uzbekistan

Building Peace through Knowledge: Uzbekistan’s Expanding Cooperation with UNESCO
Building Peace through Knowledge: Uzbekistan’s Expanding Cooperation with UNESCO

Today, Uzbekistan continues to steadily strengthen its cooperation with the international community in education, science, culture, and innovation. In this process, the country’s partnership with UNESCO holds a special place. Uzbekistan became a member of UNESCO in 1993 – a historic step that paved the way for integrating the national education system, scientific potential, and rich cultural heritage into the global intellectual space.
The opening of the UNESCO Office in Tashkent in 1996 marked a new milestone in bilateral relations. Moreover, the National Commission of the Republic of Uzbekistan for UNESCO was established to ensure sustainable cooperation, which has since become an active platform for dialogue and partnership.
Throughout this collaboration, Uzbekistan has consistently implemented international norms and principles in education, science, and sports. One of the important steps in this direction was the ratification, in 1997, of the 1960 Convention against Discrimination in Education, aimed at promoting equality and fairness in the education system. In the same year, Uzbekistan also acceded to the 1989 Convention on Technical and Vocational Education, which contributed to expanding opportunities for young people to acquire modern professions and practical skills, linking education closely with real life.
These measures have played a key role in strengthening Uzbekistan’s position in the global educational space and demonstrate the country’s firm commitment to promoting human capital development. By joining these conventions, Uzbekistan reaffirmed its dedication to equality and quality in education, youth health and well-being, and to aligning vocational education with international standards.
The Global Convention on the Recognition of Qualifications in Higher Education
At present, Uzbekistan is taking practical steps toward joining UNESCO’s Global Convention on the Recognition of Qualifications concerning Higher Education. This document aims to harmonize international education systems, ensure mutual recognition of diplomas and qualifications, and expand academic and scientific mobility. The initiative will help make Uzbekistan’s higher education system more open and competitive globally, enhance cooperation with foreign universities, and improve the international employability of Uzbek graduates.
On December 10, 2021, Tashkent hosted a High-Level Meeting of Experts on Strengthening Stakeholder Cooperation for the Adoption and Implementation of the Global Convention on the Recognition of Qualifications. National and international experts, government representatives, and higher education institutions discussed the significance of Uzbekistan’s accession to the convention as a key step in integrating the national higher education system into the global academic space.
UNESCO Chairs in Uzbekistan
One of the most effective areas of cooperation between Uzbekistan and UNESCO is the establishment and activity of UNESCO Chairs. Currently, there are nine UNESCO Chairs operating at higher education institutions across the country. Each of them contributes to strengthening international cooperation in education, science, culture, communication, and information, as well as to advancing research potential and promoting the principles of sustainable development.
UNESCO Chairs are established under the UNITWIN (University Twinning and Networking) Programme, launched in 1992 to encourage the exchange of experience and knowledge among universities and to expand global academic cooperation. Today, the network brings together over 700 chairs and research centers in 114 countries around the world.
In most cases, the activities of UNESCO Chairs are financed directly by the universities themselves — reflecting their aspiration to enhance academic prestige and to operate in close cooperation with the international scientific community.
A vivid example of such cooperation is the UNESCO Chair in Education for Sustainable Development at Urgench State University. The Chair has organized more than 20 events involving teachers, researchers, students, NGOs, and international experts. It has also held conferences, launched student exchange programmes, and published joint research papers. Such initiatives not only strengthen the capacity of the national education system but also promote Uzbekistan’s integration into the global scientific and intellectual community.
Rural Development and Human Potential: Supported by UNESCO and the European Union
Uzbekistan is steadily advancing international cooperation in promoting rural development, youth employment, and the enhancement of modern professional skills. A vivid example of this is the project “Development of Employment Skills in Rural Areas of Uzbekistan,” funded by the European Union and implemented by the UNESCO Office in Tashkent.
The six-year project (2020–2026), with a total budget of €9.6 million, is a clear reflection of the strong partnership between the European Union and UNESCO in supporting education reforms in Uzbekistan. The main goal of the initiative is to ensure sustainable economic growth by training specialists equipped with up-to-date knowledge and skills that meet the needs of the rural labor market.
Within the project, Uzbekistan’s agricultural education system is undergoing major modernization. Specialists are being trained in such forward-looking fields as intensive horticulture, greenhouse management, agricultural product processing and storage, water management and land reclamation, and the operation of water-saving irrigation systems — all oriented toward practical skills demanded by the modern labor market.
A significant component of the project is the development of a National Vocational Education Strategy, new occupational standards, and educational programmes in agriculture and water management. In addition, pilot educational institutions are being equipped with modern laboratories, learning facilities, and teaching technologies.
Four pilot colleges — in Qorovulbozor, Qo‘shko‘pir, G‘ijduvon, and Qizirik — have been selected to implement the project. They have received modern tractors, technical equipment, computers, and refrigeration units for agricultural product storage. Moreover, four Advanced Vocational Training Centers are being renovated and equipped with up-to-date facilities.
During implementation, the rural labor market was analyzed to assess demand for mid-level specialists. Based on the results, six pilot specializations — including Automated Water Management Systems Technician, Animal Husbandry, Greenhouse Management, Irrigated Land Reclamation, Crop Science, and Farm Management — were introduced, and student admissions began in the 2023/2024 academic year.
In May 2024, an international conference titled “National Frameworks for Quality Assurance” was held within the project, focusing on aligning Uzbekistan’s vocational education system with international quality standards and strengthening human capital.
Additionally, under UNESCO’s “Delta Framework” programme, national ICT competencies are being developed, and special training courses for teachers of pilot institutions are planned.
This initiative serves not only to modernize the vocational education system but also to foster sustainable rural development, enhance youth employability, and improve the quality of life in local communities.
Science and Innovation for a Peaceful and Sustainable Future
In recent years, Uzbekistan has witnessed growing enthusiasm for new scientific ideas, research, and innovation. A shining example of this is the “InnoWeek.Uz” International Week of Innovative Ideas, held annually since 2018. Each year, the event provides a unique platform for bridging science and practice, engaging young researchers in innovation, and expanding global scientific cooperation.
“InnoWeek.Uz” has become a true celebration of creativity, discovery, and technological advancement — a space where scientific potential, imagination, and passion for progress converge. Creating the future through research and innovation, and opening new paths to development through knowledge, lies at the heart of this initiative.
The “InnoWeek.Uz–2024” edition marked a new milestone, featuring the “Science & Innovation for a Peaceful and Sustainable Future” Forum organized under the auspices of UNESCO. The forum brought together young scientists, researchers, and experts from around the world to exchange views on the role of science and innovation in promoting peace and sustainable development. The participants shared their research achievements and discussed new opportunities for global collaboration in science and technology.
Through their work, young scientists inspired others by seeking solutions to modern challenges, developing technologies that serve human welfare, and advancing harmony between nature and society. Discussions at the forum highlighted the role of innovation in economic and social progress, the contribution of science to peacebuilding, and the prospects for future scientific cooperation.
All these initiatives implemented in cooperation with UNESCO deepen Uzbekistan’s ongoing reforms in education, science, and culture, while strengthening the country’s ties with the global community.
Today, knowledge and creativity, tradition and innovation, national values and modern approaches unite in Uzbekistan with one shared goal — progress and a sustainable future.
As UNESCO’s noble motto proclaims, “Building peace through education, science and culture” — this principle embodies both the moral and practical essence of Uzbekistan’s policy today. The nation continues to move forward with determination, fostering peace, development, and prosperity through enlightenment and science.

Kongratbay Sharipov,
Minister of higher education, science and innovationof the Republic of Uzbekistan

Preliminary results of parliamentary elections in Uzbekistan announced
Preliminary results of parliamentary elections in Uzbekistan announced

The text of the article is in Uzbek!

The Second Asian Women’s Forum to be held in Bukhara on May 13–15
The Second Asian Women’s Forum to be held in Bukhara on May 13–15

A meeting of the Organizing Committee for the Second Asian Women’s Forum was held at the Senate of the Oliy Majlis.

The meeting was chaired by the Chairperson of the Senate, Tanzila Narbaeva.

The meeting was attended by members of the Organizing Committee, senators, heads of relevant ministries and agencies, as well as representatives of non-governmental non-profit organizations.

It should be noted that the Head of state, during the 80th session of the United Nations General Assembly held on September 23–29, 2025, proposed transforming the Asian Women’s Forum into a permanent platform.

To this end, it was decided to hold the forum jointly with UN Women and the United Nations Population Fund on May 13–15 this year in the city of Bukhara.

The forum will address issues related to empowering women in the region in areas such as politics, economy, healthcare, education, social protection, climate, environment, and governance. It is expected to enhance both global and regional cooperation, with active exchange of experience.

The event will also serve as a platform to present to international participants the reforms implemented in Uzbekistan under the leadership of the Head of State, including measures to support women, socio-economic opportunities, and conditions created in employment, entrepreneurship, education, and social protection, as well as achievements in community development and tourism potential.

Particular attention will be given to the implementation of key international frameworks, including the Convention on the Elimination of All Forms of Discrimination against Women, UN Security Council Resolution 1325, the Beijing Declaration and Platform for Action, and the Sustainable Development Goals.

During the meeting, participants discussed organizational aspects related to the forum, including its agenda, content, and arrangements for bilateral meetings with foreign delegations.

Following the meeting, relevant ministries and agencies were assigned specific tasks to ensure the forum is held at a high level.

 

Dunyo IA,

Tashkent