On 24 October 2025, Uzbekistan and the European Union signed the Enhanced Partnership and Cooperation Agreement (EPCA) — a comprehensive framework that culminates negotiations launched in February 2019 and initialled in July 2022. More than a ceremonial milestone, the EPCA codifies a strategic upgrade in our relationship with the EU. It is broad in scope — nine titles, 356 articles, and 14 annexes — and practical in ambition: to align our cooperation with the realities of a rapidly changing world economy while reinforcing the rule-of-law foundations of sustainable development at home.
The agreement’s timing is revealing. Uzbekistan’s recent balanced, multi-vector foreign policy and people-centred reforms — strengthening the rule of law, expanding public administration openness, and advancing market reforms — have laid the necessary groundwork. These steps in human rights and governance have increased international confidence, enabling a rules-based partnership with Europe. The EPCA is both a vote of confidence in Uzbekistan’s reform trajectory and a tangible roadmap to deliver measurable outcomes.
Economically, the EPCA offers a clear pathway for integration and growth. It promotes approximation to EU norms on technical regulations, product safety, and sanitary and phytosanitary measures. The agreement is designed to reduce non-tariff barriers, simplify border procedures, and make our exporters more competitive in the EU market. It encourages joint ventures and industrial clustering, extends agro-processing and manufacturing value chains, and supports energy efficiency and industrial modernisation. In short: more trade, more investment, and more quality jobs at home.
Human capital is an equally central pillar. The EPCA expands cooperation across education, science, skills development, and public health. It encourages joint university programmes, faculty and student exchanges, and research grants — mechanisms that accelerate knowledge transfer and help align our skills base with the demands of a digital and green economy. The spillovers are immediate and tangible: better public services, higher productivity, and new career pathways for our young people.
The rule-of-law dimension is another strategic gain. Deeper cooperation on judicial reform, anti-corruption, data protection, and cybersecurity increases predictability for investors and protections for citizens. The agreement’s chapter on foreign and security policy expands dialogue on conflict prevention, crisis management, non-proliferation, and export controls. This cooperation supports regional stability, which is essential for long-term growth.
Connectivity is the backbone that makes these ambitions feasible. Through synergies with the EU’s Global Gateway initiative and the Trans-Caspian Transport Corridor, the EPCA supports logistics hubs, border modernisation, and greener infrastructure. Better connectivity means lower trade costs, faster delivery times, and diversified export routes — practical levers for competitiveness. It also enables cooperation on water management, climate adaptation, and resilient energy systems — strategic priorities for a land-linked Central Asian economy.
Critically, the EPCA opens structured avenues for collaboration on critical raw materials needed for the green and digital transitions. This builds on the EU-Uzbekistan memorandum of understanding signed in 2024. It creates opportunities to upgrade domestic standards, attract responsible investment, and join higher segments of global value chains, while maintaining environmental and social safeguards.
Beyond the text, the joint statement issued at the signing underscores a shared commitment to the UN Charter and to the principles of independence, sovereignty, and territorial integrity — principles that guide our positions in international fora. It also welcomes the outcomes of the EU–Central Asia Summit, including plans for a Central Asia–EU Economic Forum and a Trans-Caspian Connectivity Investors Forum in Tashkent in 2025. In short, the EPCA is embedded in a wider, forward-looking regional agenda.
In practical terms, success requires implementation of three clear priorities: coordinated institution building, enhanced business support, and transparent, data-driven tracking. These will ensure commitments translate to outcomes.
First, institutional coordination. Translating commitments into outcomes requires a whole-of-government mechanism with clear mandates, timelines, and dashboards. A national EPCA coordination council, supported by technical working groups, should steer approximation to EU standards, monitor progress, and troubleshoot bottlenecks.
Second, business enablement. Firms need guidance to navigate new standards and opportunities. An 'EU Helpdesk' for exporters and investors would offer practical advice on certification, rules of origin, and compliance. This would turn legal text into business practice. Expanding the capacity of testing, inspection, and certification bodies will further reduce transaction costs and speed market entry.
Third, open, data-driven delivery. Customs and trade facilitation should be fully digitised through single-window systems and interoperable data exchange. Regular public reporting on milestones — such as education partnerships, financed projects, and adopted standards — will sustain credibility and invite feedback from business and civil society.
The EPCA also aligns with Uzbekistan’s WTO accession path by encouraging market-based reforms and transparent, rules-based trade. As reforms deepen, our economy will see more diversified exports, stronger investor protections, and a more competitive domestic market. These outcomes raise household incomes and expand opportunity.
This agreement is ambitious by design. Ambition alone is empty; execution alone is stagnant. The EPCA combines both — setting a high bar and supplying the means to reach it. By acting decisively, we turn this framework into a catalyst for inclusive growth, institutional maturity, and global credibility.
Ultimately, the EPCA is more than a diplomatic success; it is the engine for Uzbekistan’s reform agenda. By linking citizen welfare, business competitiveness, and international engagement, the EPCA puts us on a path to fundamental transformation. The critical task ahead is to deliver on this promise and make the Uzbekistan-EU partnership impactful and enduring.
By Eldor Tulyakov,
Executive Director, Development Strategy Centre, Uzbekistan
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:
Modernization of Transport and Urban Services:
Education and Social Sector:
Agriculture and Water Management:
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
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
Tel: (78) 150 02 02 (417)
TASHKENT, July 28. /Dunyo IA/. Uzbekistan took 1st place in the ranking of the safest countries in the world "Safety Perception Index 2023", which includes 121 countries, reports Dunyo IA correspondent.
According to Uzbektourism, the rating indicates that the level of danger to the life and movement of citizens in Uzbekistan is minimal.
The five safest countries also included the United Arab Emirates, Saudi Arabia, Norway and Estonia.
Of the Central Asian countries, Kazakhstan took 14th place, Tajikistan – 17th, Kyrgyzstan – 26th.
Guinea, Sierra Leone and Mali took the lowest place in the rating.
The "Safety Perception Index" focuses on five factors: food and water, violent crime, adverse weather conditions, mental health and safety in work settings. These factors serve as an important basis for the formation of an image that will become the basis for the security rating of countries.
The fact that Uzbekistan is in first place in this ranking creates the basis for the unhindered arrival and departure of foreign tourists to our country.
Starting January 1, 2026, Value-Added Tax will be exempted for Farmers and Dehkan producers
С 1
Almost half of the population of the Republic of Uzbekistan lives in rural areas. Millions of hardworking individuals in these communities play a crucial role in ensuring the country’s food security and establishing a solid foundation for the export of agricultural products. The nation’s development cannot be limited solely to urban centers; it is equally important to ensure that life in rural and peripheral regions is comfortable and sustainable.
The care for rural residents and the stimulation of their activities merit special attention from both the state and society. Governmental support measures have become pivotal in strengthening the agricultural sector.
However, the agricultural industry still faces significant challenges, including high tax burdens and limited access to financing, which contribute to the expansion of the informal economy. According to various estimates, up to half of agricultural producers operate outside the legal framework, resulting in reduced profitability and hindering sectoral development. Without genuine incentives to transition towards a formal economy, the agrarian sector’s capacity for investment and modernization will remain constrained.
In this context, the introduction of a zero rate of Value Added Tax (VAT) starting January 1, 2026, for farmers and dehkan producers selling their own products—including vegetables, fruits, meat, milk, eggs, and other food items—is a timely and significant measure. Producers of grain and cotton are excluded from this provision, as these sectors are regulated through state-managed clusters.
The existing practice of VAT refunds on expenses related to the production of seeds, fertilizers, fuel, logistics, electricity, and other operational costs will remain in place. As a result, farmers are expected to save up to 700 billion Uzbek soms annually.
The zero VAT rate will reduce the tax burden, increase farmers’ net income, and enable the allocation of additional funds toward modernization.
According to projections, farm profitability is expected to rise from 5–7 percent to approximately 15 percent. This measure will also facilitate more accurate planning of subsidies and incentives.
Another positive impact will be the growth of domestic processing industries. When products are processed locally, demand for investment in processing facilities and export logistics chains increases, leading to job creation and improved working conditions.
The reorientation of agriculture towards food crops has been one of the strategic priorities pursued in recent years.
Areas allocated to cotton and grain cultivation are being reduced, while orchards, vineyards, and vegetable crops are being developed instead. Approximately 1,500 food production projects have already been implemented, with a total investment of around one billion dollars.
The introduction of a zero VAT rate will further stimulate processing and export activities, strengthening the potential of the agro-food sector and enhancing the competitiveness and attractiveness of its products on the international market.
For farmers and dehkans, this presents an opportunity to retain a significant portion of their income. The savings can be directed towards farm development, improving working and living conditions, and modernizing production processes. Rural areas will benefit from job creation, technology influx, higher product quality, and a favorable environment for sustainable development.
For the state, this translates into a reduction of the shadow economy, increased transparency in reporting, and more accurate planning of support measures, tax incentives, and development programs. For society at large, it means access to higher quality and more affordable food products, enhanced resilience of the rural economy, and the strengthening of domestic agro-industrial value chains.
Nadira RASHIDOVA,
Member of the Legislative Chamber of the Oliy Majlis.
Despite the 6,000-kilometer distance between Tashkent and Tokyo, the official visit of President of Uzbekistan Shavkat Mirziyoyev to Japan on December 18-20 elevated Uzbek-Japanese relations to a qualitatively new level of expanded strategic partnership for future generations.
Uzbekistan’s relations with Japan have deep historical roots. For centuries, Samarkand served as one of the key centers of the Great Silk Road, while Nara, the ancient capital of Japan, was its eastern gateway. Trade and the exchange of knowledge along the Great Silk Road, including between Uzbekistan and Japan, played a significant role in the development of international commerce and cultural interaction, forming lasting cultural bridges between civilizations. Today, Samarkand and Nara are twin cities.
Since Uzbekistan gained independence, reliable and stable relations of mutually beneficial cooperation have developed between Uzbekistan and Japan. Since the establishment of diplomatic relations, Japan has been one of Uzbekistan’s key technological and investment partners.
Economic cooperation dynamics
The most dynamic growth in economic cooperation has taken place in recent years, following the launch of comprehensive economic reforms in Uzbekistan. The Japan External Trade Organization (JETRO), the Japan International Cooperation Agency (JICA), and the Japan Bank for International Cooperation (JBIC) play an important role in advancing Uzbek-Japanese economic cooperation.
Cooperation with JICA has, in recent years, reached the level of strategic partnership. The value of the project portfolio has exceeded $8 billion, and additional initiatives worth more than $3 billion are under consideration in areas such as healthcare, energy, transport, education, industry, and other sectors. During the visit, new agreements were signed with JICA concerning the development of economic zones, agriculture, supply of medical equipment, and support for entrepreneurship, as well as the launch of a special economic zone for Japanese investors, to be developed in line with Japanese models and standards.
Cooperation with JBIC is also developing dynamically. Today, the total project portfolio with the bank exceeds $5 billion in sectors such as petrochemicals, energy, telecommunications, infrastructure, and light industry. During the visit, discussions focused on preparing new projects and improving the effectiveness of existing initiatives worth over $10 billion.
Trade relations are also growing dynamically. Between 2017 and 2024, Uzbekistan’s trade turnover with Japan more than doubled, increasing from $166.2 million to $388.5 million. In 2024, growth accelerated, rising by 64.1% compared with 2023, from $236.8 million to $388.6 million. More than 90% of imports from Japan consist of machinery and equipment, while Uzbekistan’s exports to Japan are dominated by services and chemical fertilizers, as well as fruit and vegetable products, textiles, radioactive elements, and jet fuel.
Investment cooperation is expanding as well. Over the past eight years, the number of Japanese enterprises operating in Uzbekistan has increased tenfold, while the combined project portfolio has exceeded $20 billion. Leading Japanese companies such as Sojitz, Toyota Tsusho, Sumitomo, Itochu, Kyoto Plaza, Balcom, and Shikoku Electric are actively operating in Uzbekistan, implementing major projects in energy, geology, tourism, infrastructure development, IT, and other sectors.
For example, Sojitz Corporation is implementing projects including the construction of a combined-cycle power plant in Syrdarya region, a multidisciplinary hospital, a new international airport in Tashkent, and a wind power plant. During the visit, support was expressed for the company’s plans to modernize medical clinics and educational facilities, create a transboundary “green” energy corridor, upgrade gas compressor stations, and participate in establishing a special economic zone for Japanese investors.
Sumitomo Corporation is constructing two solar power plants and energy storage systems in Samarkand region, with a similar wind-power-based project also planned in the Republic of Karakalpakstan. During the visit, the President of Uzbekistan proposed adopting a Cooperation Program with the corporation through 2030.
Uzbekistan has longstanding cooperation with ITOCHU Corporation in mechanical engineering, geology, and infrastructure. Long-term agreements have been reached on the export of critical minerals to Japan. During the visit, new areas of cooperation were discussed, including water purification, automotive manufacturing, modernization of air traffic control systems, as well as implementation of public-private partnership projects in the social sphere.
JOGMEC, together with ITOCHU Corporation, is developing uranium deposits in Navoi and Kashkadarya regions. During the visit, plans by these companies to develop precious-metal deposits at promising sites in Uzbekistan were also reviewed and approved.
Negotiations and outcomes of the visit
During the negotiations, the sides discussed further deepening of the strategic partnership between Uzbekistan and Japan, covering all areas of interstate cooperation. The importance of strengthening existing cooperation formats, including parliamentary friendship groups, economic cooperation committees, and sectoral mechanisms in priority areas, was emphasized.
During the talks between President Shavkat Mirziyoyev and Prime Minister Sanae Takaichi, a number of priority areas for advancing strategic partnership were identified, including green energy and industrial decarbonization, information technology, critical minerals, cooperation in mechanical engineering, modernization of healthcare, and tourism infrastructure.
To implement more than $12 billion worth of new cooperation projects prepared for the visit, the President of Uzbekistan proposed establishing a joint investment platform. Plans were also announced to create a special economic zone in Samarkand region based on Japanese standards and practices, as well as to scale up the “One Village – One Product” program implemented jointly with Japanese partners. It was proposed to hold the first Uzbekistan-Japan Regional Forum in Samarkand next year.
At the meeting between the President of Uzbekistan and Japan’s Minister of Economy, Trade and Industry Ryosei Akazawa, an agreement was reached to develop an action plan to further strengthen business cooperation with the active involvement of JETRO and the Japan Association for Trade with Russia and NIS (ROTOBO).
A key element of the visit was the President’s meeting with leading representatives of Japanese business. The President emphasized that in recent years cooperation between Uzbekistan and Japan has acquired a qualitatively new character. Whereas Japanese companies previously mainly participated as contractors, today they are actively investing in Uzbekistan’s economy, establishing joint ventures, participating in management, transferring technologies, and contributing to human capital development. “As a result of these qualitative shifts, Japan has become one of Uzbekistan’s key economic and technological partners,” the President stressed.
Based on these assessments, priority areas for further cooperation with Japanese business were outlined. These include ensuring energy resilience and advancing the green transition, development of renewable energy sources and storage systems, and reducing the carbon intensity of Uzbekistan’s economy. Particular emphasis was placed on deep processing of critical minerals and establishing full value chains.
Promising areas also include the development of mechanical engineering and industrial equipment to build a modern high-tech industrial economy. Special focus was placed on advancing information technologies, including the implementation of artificial intelligence and digitalization programs.
Another important direction is the creation of modern special economic zones designed to become centers for high-tech, export-oriented industries and platforms for industrial cooperation through automation and digital control systems.
Concluding his speech to the business community, President Mirziyoyev emphasized that Uzbekistan regards Japan not only as an investor, but as a strategic partner in building the industry of the future.
The main outcome of the visit was the signing by President Shavkat Mirziyoyev and Prime Minister Sanae Takaichi of the Joint Statement on Expanded Strategic Partnership for Future Generations, which elevates Uzbek-Japanese relations to a fundamentally new level. A wide package of agreements was also adopted in education, healthcare, environmental protection, water management, transport, urban development, tourism, agriculture, and disaster-risk reduction.
Expanding cooperation potential
Against the backdrop of Uzbekistan’s ongoing technological transformation and innovative development, there is substantial potential to further expand economic cooperation with Japan in trade, investment, and scientific-technical exchange. The agreements reached during the visit form a solid foundation for advancing cooperation to a qualitatively new level.
According to the Center for Economic Research and Reforms, Uzbekistan has significant untapped export potential with respect to Japan. Promising export categories include copper and copper products, textile and apparel goods including home textiles, aluminum and aluminum products, fruits and nuts, as well as electrical equipment and devices.
Japan’s experience in developing innovation clusters may serve as a valuable model for Uzbekistan. In this context, promising areas include the creation of joint venture funds and startup accelerators, support for technology transfer, and commercialization of scientific developments.
Japan’s experience in smart agriculture and agricultural education is also highly relevant for Uzbekistan. Cooperation in this area offers opportunities to modernize agriculture, increase water efficiency, boost productivity, and implement sustainable farming practices.
Thus, the President’s visit to Japan has already become an important driver in deepening and expanding economic cooperation between our two countries, contributing to fuller realization of partnership potential, modernization of Uzbekistan’s economy, and strengthening the presence of Japanese business in Uzbekistan. The strengthened strategic partnership will improve quality of life and broaden opportunities for future generations.
Nozimjon Ortikov,
Center for Economic Research and Reforms
In the 21st century, the rapid development of global economic ties has further heightened the strategic importance of transport and logistics systems. From this perspective, strengthening transport cooperation among the member states of the Organization of Turkic States (OTS) —located in a key geoeconomic region connecting Europe and Asia—has become a priority.
Within the OTS framework, practical initiatives are being advanced to develop modern transport corridors, build up transit capacity, and create a single logistics space. This serves not only to deepen regional integration but also to ensure sustainable economic growth and connectivity across Eurasia.
The OTS countries are among Uzbekistan's primary trade and economic partners. Specifically, Uzbekistan maintains a large volume of trade with Kazakhstan, a free trade agreement with Azerbaijan, and most-favored-nation status with Turkey and Hungary.
In 2023, Uzbekistan's cargo transport volume with OTS member countries reached 17.5 million tons, accounting for nearly 38 percent of its total export-import shipments.
To further intensify multilateral cooperation within the Organization and strengthen the strategic partnership between its member states, the 12th Summit of the Organization of Turkic States was held on October 7, 2024, in Gabala, Azerbaijan, under the motto "Regional Peace and Security."
Following the summit, the parties adopted the 121-point Gabala Declaration. This document outlined a number of priority objectives for expanding cooperation in the political, economic, transport, communications, energy, and security spheres. The declaration paid special attention to the transport sector, identifying the further strengthening of transport connectivity between Europe and Asia, the enhancement of the region's transit potential, and the expansion of trade and economic ties as key tasks.
Additionally, the development of the Trans-Caspian International Transport Corridor (the Middle Corridor) was recognized as one of the organization's strategic priorities. Special emphasis was placed on increasing the efficiency of freight supply chains across Eurasia, diversifying transport routes, and enhancing the region's importance in the global logistics system by improving this corridor.
Furthermore, an agreement was reached at the summit to implement the "OTS+" format, aimed at expanding the geographical scope of cooperation between the Organization of Turkic States and external partners and third countries.
At this summit, the head of our state underscored the importance of connecting the Middle Corridor with the China–Kyrgyzstan–Uzbekistan railway and the Trans-Afghan Corridor, as well as digitalizing customs procedures and optimizing tariffs. The proposed initiatives were supported by the organization's member states, who expressed their readiness for joint work in these areas.
According to experts, the China–Kyrgyzstan–Uzbekistan railway is expected to create the shortest corridor from China to countries in Europe and the Middle East, reducing the distance by 900 kilometers and freight delivery times by 7–8 days.
The construction of the Uzbekistan–Afghanistan–Pakistan railway is another vital project for transregional cooperation. This project will link the South Asian railway system with the railway networks of Central Asia and Eurasia.
In recent years, as attention to the Trans-Caspian Corridor has grown, the volume of freight transported along it has been steadily increasing. In 2023, the transit of Uzbek cargo on this route through the Port of Baku exceeded 1.2 million tons, and there are plans to increase this figure to 1.5 million tons in the near future.
Uzbekistan is an active user of the strategic "China–Kyrgyzstan–Uzbekistan–Turkmenistan/Kazakhstan–Caspian Sea–Azerbaijan–Georgia–Turkey–Europe" route, which runs through the member states of the Organization of Turkic States (OTS). In cooperation with the OTS, special importance is attached to the development of this corridor. Specifically, large-scale work is underway to modernize infrastructure and coordinate logistics processes.
As the development and diversification of global logistics chains and transport corridors, along with the formation of a unified transit network, become particularly relevant, realizing the potential of the Organization of Turkic States is coming to the forefront.
Within the OTS framework, special attention is also given to implementing digital solutions in supply chains. In particular, an electronic permit exchange system (e-Permit) has been established among the Organization's member states, and the e-TIR system has been implemented with Azerbaijan. Alongside these efforts, solutions such as electronic customs, automated cargo tracking systems, and the "digital customs corridor" are being widely introduced in OTS countries.
The aforementioned initiatives are an important step toward creating a single transport space among the Turkic states. Through digital systems, new transport routes, and joint investments, the OTS countries are deepening their mutual integration and strengthening their positions within the Eurasian transport network.
IA “Dunyo”
The Center for Economic Research and Reforms (CERR) has prepared an infographic presenting key indicators of trade, economic and investment cooperation between Uzbekistan and Tajikistan over a nine-year period.
In recent years, economic cooperation between Uzbekistan and Tajikistan has been steadily expanding, now encompassing not only trade but also industrial cooperation across various sectors, particularly energy and agriculture.
A solid legal framework has been established to support bilateral cooperation across multiple areas. In 2018, the countries signed a Treaty on Strategic Partnership, followed by a Treaty on Allied Relations in 2024.
Tajikistan is among Uzbekistan’s key trade and economic partners, ranking 9th among importers of Uzbek goods and accounting for 2% of Uzbekistan’s total exports.
Bilateral trade between Uzbekistan and Tajikistan is conducted under a free trade regime, with total trade turnover approaching $1 bn.
Bilateral Trade Indicators
Trade turnover between Uzbekistan and Tajikistan increased 3.8 times over 2017–2025, from $237.9 mln to $912.4 mln. Exports grew 3.7 times, from $186.1 mln to $683.1 mln, while imports rose 4.4 times, from $51.8 mln to $229.3 mln. Uzbekistan’s positive trade balance expanded 3.4 times, from $134.3 mln to $453.8 mln.
In 2025, compared to 2024, trade turnover increased by 29.9%, exports by 24.1%, and imports by 13.8%.
The structure of Uzbekistan’s exports to Tajikistan in 2025 totaled $683.1 mln and included: industrial goods (various knitted and felt products, plastic products, rolled metal, etc.) – $222.7 mln (32.6%); machinery and transport equipment (including electrical goods) – $58.7 mln (8.6%); petroleum products (gasoline, gas oil, bitumen) – $53.1 mln (7.8%); chemical products (polymers, sulfates, silicates, fertilizers, paints) – $53 mln (7.8%); food products (animal feed, eggs, confectionery, processed meat products, etc.) – $48.2 mln (7.1%); miscellaneous manufactured goods (construction materials, ready-made garments, silk fabrics) – $21 mln (3.1%); non-food raw materials– $8.1 mln (1.2%); other goods (including goods traded by individuals) – $70.1 mln (10.3%); as well as services (mainly railway transport) – $147.4 mln (21.6%).
The structure of imports from Tajikistan in 2025 totaled $229.3 mln and included: metal ores and concentrates (zinc, copper and precious metals) – $108.9 mln (47.5%); coal – $22.3 mln (9.7%); aluminum – $25.4 mln (11%); electricity – $17.9 mln (7.8%); cotton fiber – $17.6 mln (7.8%); fruits – $7.4 mln (3.2%); ferrous metals – $5.1 mln (2.2%); poultry — $2.4 mln (1.1%); plastic waste – $1.8 mln (0.8%); sulfur, feldspar and others; as well as services (mainly railway transport) – $6.6 mln (2.9%).
Investment Cooperation
As of March 1, 2026, there are 420 enterprises in Uzbekistan with Tajik investment (2.2% of the total number of enterprises with foreign investment), including 110 joint ventures and 310 enterprises with 100% Tajik capital.
In 2025, compared to 2024, the volume of foreign direct investment (FDI) and loans attracted from Tajikistan tripled, increasing from $64 mln to $196 mln. Over 2017–2025, the total volume of attracted FDI and loans from Tajikistan amounted to $373 mln.
The main areas of activity of enterprises with Tajik capital include trade, construction materials production, food industry, transport and other services.
Enterprises with Uzbek investment are also successfully operating in Tajikistan. In particular, major joint projects are being implemented in the energy sector, including the construction of hydropower plants on the Zarafshan River. With the participation of private capital from Uzbekistan, the joint venture “Artel Avesto Electronics” was established in Tajikistan in 2019, producing more than 10 types of household appliances.
Prospects for Trade Expansion
Uzbekistan and Tajikistan share a common border and have well-developed transport infrastructure. Given the short delivery distances, transportation costs can be relatively low, which creates favorable conditions for expanding exports.
In this context, Tajikistan represents a promising market for increasing exports of finished products from Uzbekistan that are not produced domestically in Tajikistan and are imported. These include automobiles, household appliances—especially large-sized goods such as refrigerators, washing machines and air conditioners—as well as certain food products, textiles, chemical and other goods.
The President of Uzbekistan has signed the Resolution “On measures to introduce a system of continuous improvement of knowledge of the population and civil servants in the fight against corruption”.
The legal and institutional framework for preventing and combating corruption has been improved in Uzbekistan in recent years. At the same time, there is a need to raise to a new level the system of developing an intolerant attitude towards corruption among the population and civil servants, immunizing them with ‘integrity vaccine’, as well as increasing knowledge and skills in the fight against corruption based on the requirements of the time.
In this regard, the President of Uzbekistan has signed the Resolution “On measures to introduce a system of continuous improvement of knowledge of the population and civil servants in the fight against corruption”.
The Resolution will introduce a system of continuous improvement of knowledge of the population and civil servants in combating corruption.
For this purpose, from January 1, 2025, the Virtual Anti-Corruption Academy electronic platform (Virtual Academy) will be launched.
The Anti-Corruption Agency and the Law Enforcement Academy are in charge in organization and conduct of educational activities at the Virtual Academy. The Agency forms a contingent of civil servants who are subject to training, in agreement with the Academy, approves the annual training schedule, and monitors the quality organization of the educational process. The Agency submits annually information on the activities of the Virtual Academy to the National Anti-Corruption Council.
The key is that any citizen will have the opportunity to voluntarily study at the Academy’s basic courses. In particular, educational programs of various formats will be developed for preschool and school children, students, entrepreneurs, and representatives of nongovernmental organizations, taking into account their age, level of development and field of activity.
Increasing knowledge and skills in combating corruption at the Academy is mandatory for all civil servants.
This, undoubtedly, is of great importance in increasing the legal consciousness and culture of the population and civil servants, creating legal immunity from corruption in society, and cultivating the integrity values in the younger generation.
Training at the Virtual Academy in basic courses is organized free of charge for all users, and advanced training in special courses is fee-based.
The Agency formulates recommended annual research topics in the field of anti-corruption for higher education institutions and research organizations. All higher education and research organizations will annually submit to the Agency the results of research they conducted in the area. The Academy will maintain an electronic database on achievements, domestic and foreign experience, scientific, methodological and practical developments and research work.
Based on the Resolution, a Road Map is approved to ensure the effective functioning and strengthening of the material and technical base of the Virtual Anti-Corruption Academy electronic platform.
According to it, the Virtual Anti-Corruption Academy electronic platform and its mobile app will be launched by January 1, 2025. Special programs and content organized in the Virtual Academy for pre-school and school children, and students will be developed by October 1, 2024.
As part of the Global Resource for Anti-Corruption Education and Youth Empowerment (GRACE) Initiative, measures will be taken to create high-quality animated films, video and audio materials intended for students.
The launch of the Virtual Academy will serve to accelerate the formation of an intolerant attitude towards corruption in society, as well as the introduction of a system of continuous improvement of the knowledge and skills of the population and civil servants in the fight against corruption.
Dunyo IA
In an era characterized by growing disunity among global powers, the strategies employed by so-called “middle” states in forging stable regional relations present promising solutions for achieving international peace and cooperation. Uzbekistan, a Central Asian nation situated at the heart of the historic Silk Road, and Finland, a Nordic state with a unique experience as a neutral border state during the Cold War, exemplify how a consistent commitment to dialogue can contribute to regional stability amidst the complexities of global relations.
Geographically separated, these countries have developed strikingly similar approaches to ensuring sustainable development, peace, and stability in their regions. They address key regional security challenges by strengthening multifaceted and mutually beneficial good-neighborly relations with their neighbors. Additionally, they engage in multilateral, long-term partnerships with interested countries and organizations.
While Uzbekistan and Finland have been shaped by different historical contexts, these experiences have contributed to the development of a shared diplomatic philosophy centered around stability, cooperation, sovereign equality, mutual respect, and multilateral interaction.
Central Asia, a region steeped in ancient history, has long been a cultural and historical hub. Centuries ago, it was a unified space where politics, economics, and culture intertwined seamlessly. As one of the cradles of human civilization, Central Asia boasts a rich tapestry of history and a vibrant cultural heritage that has shaped universal values. These values emphasize cooperation over confrontation, tolerance over imposition, and the belief that the well-being of neighbors is intrinsically linked to one’s own.
Since gaining independence in 1991, Uzbekistan has consistently championed a policy of regional interaction. This policy, which gained prominence under President Shavkat Mirziyoyev in 2016, became a cornerstone of Uzbekistan’s foreign policy. Tashkent’s “diplomatic offensive” to enhance intra-regional cooperation became one of the most significant policy changes that transformed relations in modern Central Asia.
Tashkent’s unprecedented focus on dialogue and building trust with neighboring states has transformed Uzbekistan into the primary organizer of cooperation in the region. It has advocated for the development of multilateral interaction mechanisms, spanning various domains such as water resource management, transport corridor expansion, industrial cooperation, border demarcation, and regional security.
The positive impact of these policy changes has reverberated throughout the entire region. After 2016, economic cooperation witnessed a remarkable surge, leading to a nearly doubling of the total GDP of Central Asian states from $273 billion to $520 billion. Trust and strengthened ties between countries have facilitated a 4.5-fold increase in intra-regional trade, soaring from $2.4 billion to $11 billion. Moreover, the number of tourists visiting the region has doubled, further boosting its appeal.
The collective openness and enhanced stability have become attractive factors for third countries, resulting in a significant increase in the region’s foreign trade. This growth has seen a remarkable rise of over 200 percent, from $112 billion to $253 billion.
Finland’s diplomatic traditions were shaped by its unique position at the crossroads of Eastern and Western “spheres of influence.” Its vulnerable geographical location drove its pursuit of interaction and stability.
Finland consistently advocates for strengthening friendly relations with all countries, particularly its neighbors, and fostering ties within Nordic cooperation structures like the Nordic Council, the Council of Ministers of the Nordic Countries, and the Nordic Investment Bank.
This approach is reflected in Finland’s active involvement in the OSCE with aims to enhance dialogue and trust.
Finland’s 2025 OSCE chairmanship, coinciding with the 50th anniversary of the Helsinki Final Act, holds symbolic significance. It exemplifies Finland’s commitment to building bridges, fostering dialogue, and cultivating trust, aligning with its dialogue-based foreign policy. Finnish diplomacy consistently emphasizes the importance of strengthening common positions and approaches among states, reflecting Finland’s consensus-oriented diplomatic style, which Uzbekistan shares as well.
It’s worth noting that both countries adhere to the same fundamental principles of international law. Respect for national sovereignty, non-interference in internal affairs, and the inviolability of borders serve as practical guidelines shaping Uzbekistan and Finland’s foreign policy, regional behavior, and international positioning.
Tashkent’s approaches to regional interaction resonate with Helsinki’s priorities for cooperation with the Nordic and Baltic countries. Uzbekistan’s efforts in resolving border disputes and collaborating on water resources in the region mirror Finland’s approach to peacebuilding and fostering cooperation.
Furthermore, both countries have established themselves as advocates of results-oriented cooperation. They are pragmatic architects of projects that create mutual benefits and strengthen regional stability and interregional connectivity.
Under the leadership of President Sh. Mirziyoyev, Uzbekistan is actively promoting the development of transport infrastructure within Central Asia and with neighboring regions, including the West, East, and South. For instance, the development of the “Middle Corridor” (Trans-Caspian International Transport Route) has led to a remarkable six-fold increase in cargo shipments along it over four years, from 2020 to 2024, reaching a substantial volume of 4.5 million tons. Tashkent is also actively involved in the construction of the China-Kyrgyzstan-Uzbekistan railway and is promoting connectivity between Central and South Asia.
Economic cooperation and environmental protection are additional pillars of Uzbekistan’s regional strategy. These aspects play a crucial role in Uzbekistan’s environmental programs, particularly in mitigating the consequences of the Aral Sea disaster.
Finland, following a similar pattern of project-oriented cooperation, has been an active participant in initiatives of the Nordic Council and the Barents Euro-Arctic Council. These initiatives encompass cross-border cooperation in environmental protection, innovation, and people-to-people contacts. Finland also promotes initiatives of the Trans-European Transport Network and Arctic connectivity.
Known for its leadership in environmental protection, Finland actively participates in cross-border economic projects with partners from the Nordic and Baltic countries.
Alongside their close cooperation with countries in their respective regions, Uzbekistan and Finland pursue a policy of strategic multilateralism. Both countries actively participate in various regional and global institutions, reflecting their shared views that modern challenges require collective responses. They believe that “middle powers” can exert effective influence through institutional engagement.
Since 2016, Uzbekistan has significantly increased its involvement in regional organizations, primarily the Shanghai Cooperation Organization (SCO), the Organization of Turkic States (OTS), and various United Nations bodies.
Additionally, the “Central Asia +” (C5+1) platform, now comprising over 10 partner countries and organizations, actively promotes interregional cooperation. Notably, the inaugural “Central Asia – European Union” summit held in April 2025 resulted in an agreement on “deep and comprehensive cooperation” between the two regions.
Finland’s international engagement, while having a longer history, also follows a similar pattern of active institutional participation. As a member of the European Union since 1995 and multiple international organizations, Finland maintains its traditional interactions with regional structures in Northern and Baltic Europe.
As the international landscape becomes increasingly intricate, Uzbekistan and Finland encounter similar challenges that test their historically established unique diplomatic approaches.
Uzbekistan faces the primary challenge of sustaining the momentum for deepening regional partnership and intensifying cooperation with external actors amidst escalating geopolitical tensions, environmental threats, and economic shocks.
From Uzbekistan’s perspective, responding to the changing geopolitical landscape and the economic transformation needs of Central Asia requires strengthened cooperation, both among Central Asian countries and between regions.
Finland’s challenge lies in finding a balance between its commitments within the EU and NATO and its traditional role as a mediator in building consensus and dialogue, particularly in organizations like the OSCE, where it continues to promote “strengthening dialogue and trust.”
Overall, Uzbekistan and Finland exemplify successful regional cooperation based on a consistent commitment to dialogue and interaction. Despite their distinct geographical and historical contexts, both countries have adopted similar foreign policy approaches focused on conflict prevention, institutional engagement, and pragmatic regionalism.
In an interconnected world characterized by great power rivalry, the diplomatic approaches of Uzbekistan and Finland serve as a reminder that sustainable security and prosperity are achieved through dialogue, cooperation, and practical collaboration, rather than diktat, isolation, or empty rhetoric.
And unsurprisingly, these foreign policy approaches positively impact the lives of their citizens. It’s not a coincidence that Finland consistently ranks as the “happiest country in the world” for the eighth consecutive year in the World Happiness Report. Similarly, Uzbekistan leads in the level of happiness among Central Asian countries in the same ranking.
Sharif Akhmedov,
Chief Researcher at the Institute for Strategic and Regional Studies under the President of the Republic of Uzbekistan
Тошкент шаҳрида Ўзбекистон цемент саноатида иссиқхона газлари чиқиндилари бўйича илк тизимли баҳолаш натижалари муҳокама қилинди ҳамда паст углеродли иқтисодиётга ўтиш шароитида технологик модернизациянинг устувор йўналишлари маҳаллий ва халқаро экспертлар иштирокида муҳокама қилинди.
Тошкент, 2026 йил 28 апрель. Иқтисодий тадқиқотлар ва ислоҳотлар маркази (Марказ) Бирлашган Миллатлар Ташкилотининг Тараққиёт дастури (БМТТД) билан ҳамкорликда Ўзбекистон цемент саноатида углерод чиқиндиларини камайтириш масалаларига бағишланган давра суҳбатини ўтказди.
Тадбирда давлат ташкилотлари, соҳа мутахассислари, олимлар, саноат корхоналари, молия ташкилотлари ҳамда халқаро ташкилотлар вакиллари иштирок этди.
Тадбирдан мақсад цемент саноатида иссиқхона газлари чиқиндилари бўйича ўтказилган баҳолаш натижаларини муҳокама қилиш, шунингдек тармоқни технологик модернизация қилиш ва паст углеродли ривожланишга ўтиш бўйича амалий ёндашувларни ишлаб чиқишдан иборат бўлди.
Тадбирда сўзга чиққан Марказ директорининг ўринбосари Нозимжон Ортиқов тармоқни ривожлантириш ва углерод изини камайтириш ўзаро боғлиқ вазифалар эканини таъкидлади. Унинг сўзларига кўра, цемент ишлаб чиқаришни модернизация қилиш бир вақтнинг ўзида иқтисодий ўсишни таъминлаш ва тармоқнинг экологик барқарорлигини ошириш имконини беради.
Ўзбекистондаги БМТТД доимий вакилининг ўринбосари Анас Карман қурилиш соҳасининг мамлакат иқтисодиётидаги муҳим ўрнини таъкидлаб, цемент ишлаб чиқаришда паст углеродли ечимларни жадал жорий этиш зарурлигини қайд этди.
Марказ мутахассислари Абдурашид Бозоров ва Бахтиёр Исмоилов цемент саноатида иссиқхона газлари чиқиндилари бўйича комплекс базавий баҳолаш натижаларини тақдим этди. Ушбу баҳолаш иқлим ўзгариши бўйича Ҳукуматлараро экспертлар гуруҳи методологияси асосида тайёрланган.
Цемент саноатини декарбонизация қилиш Ўзбекистоннинг халқаро иқлим мажбуриятлари нуқтаи назаридан алоҳида аҳамият касб этмоқда. Янгиланган мақсадларга мувофиқ, мамлакат 2035 йилга қадар ялпи ички маҳсулотнинг углерод сиғимини 2010 йилга нисбатан 50 фоизга камайтиришни режалаштирмоқда. Шунингдек, 2060 йилга бориб углерод нейтраллигига эришиш имкониятлари ҳам кўриб чиқилмоқда.
Шу билан бирга, цемент саноати барқарор ўсишни намоён этмоқда. Сўнгги йилларда ишлаб чиқариш ҳажми икки баравардан ортиқ ошиб, 2019 йилдаги 10,5 миллион тоннадан ҳозирги кунда 20 миллион тоннадан зиёд кўрсаткичга етди. Экспертлар фикрича, инфратузилма ва қурилиш соҳасининг ривожланиши туфайли талаб юқори даражада сақланиб қолади.
Тақдим этилган маълумотларга кўра, мамлакатда йиллик умумий қуввати тахминан 37 миллион тонна бўлган 24 та цемент заводи фаолият юритмоқда. Шу билан бирга, амалдаги ишлаб чиқариш ҳажми тахминан 21,5 миллион тоннани ташкил этмоқда.
Таҳлиллар шуни кўрсатадики, энг йирик 13 та корхона умумий ишлаб чиқариш ҳажмининг қарийб 95 фоизини таъминламоқда. Бу эса ишлаб чиқаришнинг юқори даражада жамланганини кўрсатиб, технологик модернизация учун қулай шароитлар яратиш зарурлигини англатади.
Марказ баҳолашларига кўра, цементнинг асосий таркибий қисми бўлган клинкер ишлаб чиқариш босқичида углерод диоксиди чиқиндилари йилига тахминан 9 миллион тоннани ташкил этади (энергия сарфи, ёқилғи ва транспорт харажатлари ҳисобга олинмаган ҳолда). Шу муносабат билан, йирик корхоналарни модернизация қилиш тармоқда чиқиндиларни камайтириш салоҳиятининг асосий қисмини таъминлаши қайд этилди.
Тадқиқот натижалари, жумладан цемент ишлаб чиқаришнинг тахминан тўртдан уч қисмини таъминлайдиган 16 та етакчи корхона ўртасида ўтказилган сўров ҳамда халқаро кўрсаткичлар билан таққослама таҳлиллар тармоқда углерод изини камайтириш бўйича катта имкониятлар мавжудлигини кўрсатмоқда. Хусусан, бу салоҳият цемент таркибини оптималлаштириш, ишлаб чиқаришда энергия самарадорлигини ошириш ва муқобил ёқилғи турларидан фойдаланишни кенгайтириш билан боғлиқ.
Шу билан бирга, тармоқни янада ривожлантириш ва “яшил” инвестицияларни жалб этиш молиялаштириш шароитларини такомиллаштиришни, замонавий технологияларга кириш имкониятларини кенгайтиришни, тартибга солувчи жараёнларни соддалаштиришни, шунингдек малакали кадрлар тайёрлаш ва экологик тоза маҳсулотларга бўлган талабни шакллантиришни талаб этади.
Энергия самарадорлигини ошириш, клинкер улушини камайтириш, ортиқча иссиқликни қайта ишлатиш технологияларини жорий этиш ва углеродни ушлаб қолиш ечимларини ривожлантиришни ўз ичига олган чора-тадбирлар мажмуасини амалга ошириш чиқиндиларни барқарор камайтириш ҳамда тармоқ рақобатбардошлигини ошириш имконини беради.
Иқтисодий тадқиқотлар ва ислоҳотлар маркази
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