Interview of Akramjon Nematov, First Deputy Director of the Institute for Strategic and Regional Studies under the President of Uzbekistan (ISRS), with Dunyo IA.

- The historic state visit of the President of Uzbekistan to the Kyrgyz Republic has once again drawn considerable attention within the expert community to the construction of the China–Kyrgyzstan–Uzbekistan railway. What place did this project occupy during the high-level talks in Bishkek and which aspects were at the center of the discussions between the two leaders?

- Indeed, recent state visit was truly a historic event, opening a new chapter in the development of Uzbekistan–Kyrgyzstan relations. The high-level talks took place in an atmosphere of unprecedented trust, mutual understanding, and strategic partnership, confirming that bilateral cooperation has advanced to the fundamentally new level of an alliance.

A central item on the agenda was the practical implementation of what is already widely referred to as the “project of the century” - the China–Kyrgyzstan–Uzbekistan railway. Following many years of discussion, the project has entered the active construction phase and the two leaders held detailed discussions on the progress of this unprecedented undertaking.

Of particular significance was President of Uzbekistan Shavkat Mirziyoyev's emphasis on the need to accelerate construction of the China–Kyrgyzstan–Uzbekistan railway, describing it as one of the key drivers of the region's long-term economic development.

In essence, this is far more than another infrastructure project. A new architecture of Eurasian connectivity is taking shape - one that will enable Central Asia to strengthen its strategic agency, expand access to global markets, and diversify its external economic ties. This explains why the two leaders devoted such close attention to coordinating the practical implementation of the project and to the further development of regional transport infrastructure.

It is equally important to note that, thanks to close coordination at the highest political level, construction is progressing ahead of the original schedule. Although initially planned to take at least five years, the project is now expected to be completed one year earlier than originally anticipated.

This reflects an exceptional level of resource mobilization. More than 10,000 specialists and over 7,000 pieces of heavy construction equipment are already engaged on site. The railway is opening an entirely new chapter in the development of Central Asia, fundamentally reshaping both the geopolitical and geoeconomic landscape of the region.

- What is the geoeconomic significance of this corridor for Eurasia as a whole, and how will it transform the position of the region, particularly Uzbekistan and Kyrgyzstan?

- Project fundamentally redraws the transport and logistics map of Eurasia by creating the shortest and most efficient overland route between East and West a modern “Iron Silk Road”.

Traditionally, Central Asia has been viewed in global trade primarily as a landlocked region with limited transit potential. The commissioning of this railway will transform the region from a logistical cul-de-sac into one of the principal crossroads of Eurasian trade.

Projected annual capacity of the new railway will reach 15 million tonnes. To appreciate its scale, it is worth noting that the entire railway network of Kyrgyzstan transported 10.5 million tons of cargo in 2025. In other words, once the railway reaches its designed capacity, the China–Kyrgyzstan–Uzbekistan railway alone will be capable of handling a greater freight volume than the current throughput of Kyrgyzstan's entire national railway system.

For Uzbekistan, project represents a major step toward consolidating its position as a regional transit hub, providing direct and secure access to the markets of South Asia, the Middle East and, ultimately, Europe.

For Kyrgyzstan, it will facilitate the large-scale economic integration of previously hard-to-access mountainous regions, create new jobs, and stimulate national economic development.

Railway will shorten the route from China to Europe and the Middle East by approximately 900 kilometres, while reducing cargo delivery times by seven to eight days, thereby decreasing dependence on the limited number of northern and maritime transport corridors.

However, project's significance extends well beyond shorter routes and faster delivery times. Railway is becoming a key element in shaping the new economic geography of Central Asia. It will transform the region from a passive transit area into an active organizer of Eurasian transport flows. This fundamentally changes the position of our countries within the global economy.

- How does this railway fit into the broader architecture of Eurasian connectivity alongside the Middle Corridor, Trans-Afghan routes and transport corridors through Iran?

- Rather than competing with other transport routes, it complements them by forming a single, integrated network of connectivity. First, the railway will connect directly with the Middle Corridor or Trans-Caspian International Transport Route (TITR), creating a seamless freight corridor linking China through Kyrgyzstan and Uzbekistan, across the Caspian Sea and onward to the Caucasus and Europe.

Second, by integrating with the emerging Trans-Afghan transport projects and Iran's transport network, the railway will create a powerful north-south and east-west transport crossroads. Central Asia will become a pivotal hub for continental trade, where cargo flows from China to South Asia, the Middle East, and Europe converge.

Looking at the broader picture, it becomes clear that integrating the China–Kyrgyzstan–Uzbekistan railway with the Middle Corridor, Trans-Afghan route and transport links through Iran will establish an entirely new system of Eurasian connectivity.

Central Asia will no longer depend on just one or two external transport routes. Instead, it will gain the flexibility to redistribute trade flows across multiple corridors simultaneously. This will significantly strengthen the region's economic resilience while enhancing its strategic autonomy.

The greater the number of complementary transport corridors available to Central Asia, the greater its ability to determine its own development trajectory and the less vulnerable its economies will be to external geopolitical disruptions.

That is why this project should be viewed not merely as a transport initiative, but as a long-term investment in the resilience of Central Asia as an integrated economic space.

- You mentioned that, in the future, this corridor is expected to connect with the Trans-Afghan route. How is the implementation of the Termez–Naibabad–Maidanshahr–Logar–Kharlachi railway progressing today, and what impact could the success of the “project of the century” have on it?

- Work on the Trans-Afghan railway is also moving forward steadily. Active practical efforts are underway, and following the completion of field surveys, the feasibility study for this major transport corridor is expected to be finalized by the end of the year.

At the same time, the rapid pace of construction of the China–Kyrgyzstan–Uzbekistan railway and the scale of resources committed to the project clearly demonstrate Uzbekistan's capacity to successfully implement some of the world's most complex cross-border infrastructure projects.

The success of this “project of the century” significantly strengthens our engineering and organizational capabilities, demonstrates the country's unwavering political commitment and serves as a powerful catalyst for future initiatives.

Practical implementation of the China–Kyrgyzstan–Uzbekistan railway has established an exceptionally high benchmark in terms of both pace and execution, creating strong positive momentum for advancing the Trans-Afghan railway, which will provide Central Asia with the shortest overland access to the ports of the Indian Ocean.

- Some observers argue that the railway will primarily serve as a transit corridor. Will it also become a driver of industrial development and economic growth, particularly in the Fergana Valley?

- It is a misconception to view the railway solely as a transit pipeline for foreign goods. The project has been designed as both a multimodal transport corridor and an industrial development framework. Alongside its transit function, the railway will become a powerful catalyst for the development of domestic industry and manufacturing. Growth zones are already emerging around the railway's key junctions.

A good example is the construction of the Makmal freight transfer station in Kyrgyzstan. It is being designed not merely as a technical railway facility but as a fully-fledged regional transport and logistics hub, incorporating cargo terminals, warehouses, manufacturing and processing facilities, and a wide range of service infrastructure.

Industry will benefit from reliable and efficient logistics for both raw materials and finished products, reducing transportation costs while enhancing competitiveness. The Fergana Valley will be among the principal beneficiaries of the project.

As one of the most densely populated and economically dynamic regions of Central Asia and historically the heart of the region - Fergana Valley has been presented with a unique opportunity to reclaim the pivotal role it played for centuries.

Historically, some of the most important branches of the Great Silk Road passed through this region. Today, thanks to the new railway, the Fergana Valley is once again becoming a center of Eurasian connectivity. Rather than remaining on the periphery of the regional transport system, the valley will evolve into a major production, logistics, and investment hub for the entire continent.

Running through Kashgar, Torugart, Arpa, Makmal, Jalal-Abad and Andijan, the railway will connect the key nodes of this macro-region, attracting investment, revitalizing cross-border trade and removing longstanding logistical bottlenecks. This fundamentally transforms the development model of border regions. Instead of peripheral territories, they will become dynamic zones of economic growth, industrial cooperation and business activity.

Ultimately, these developments elevate Uzbek–Kyrgyz relations to an entirely new level of alliance, where jointly overcoming some of the world's most demanding engineering challenges in the high mountains fosters profound mutual trust and transforms the border into a zone of peace and shared prosperity.

- Will this corridor also be used for passenger transport and what impact could it have on tourism and business?

- From the outset, the project has been designed not only as a freight corridor but also as a passenger railway. Its technical specifications provide for passenger train speeds of up to 120 km/h, even in the challenging mountainous terrain. In practical terms, this represents a genuine transformation. Businesspeople, engineers, and executives will be able to travel quickly and comfortably between the major commercial centers of China, Kyrgyzstan and Uzbekistan, helping to create a more integrated investment environment.

It is worth recalling that the number of joint ventures between Uzbekistan and Kyrgyzstan has already reached 450, and the launch of the railway is expected to stimulate business activity many times over. The railway will also connect the spectacular mountain landscapes of the Tian Shan, iconic destinations such as Issyk-Kul, the historic cities of the Fergana Valley, as well as Samarkand and Bukhara, through a single high-speed rail network. Tourists will be able to cross borders within a matter of hours, generating a substantial multiplier effect for tourism, the service sector, and people-to-people exchanges.

- Some experts have expressed concerns that the railway could simply turn Central Asia into a market for Chinese goods. How would you respond to such assessments?

- Such views are based on an outdated perception of Central Asia as merely a supplier of raw materials. Today's reality is fundamentally different.

First, the countries of the region are implementing ambitious industrialization programs. In recent years, Central Asia has recorded some of the highest rates of industrial growth across Eurasia. In Uzbekistan, industrial output has increased by more than 70 percent over the past eight years, while manufacturing production has nearly doubled. Today, the manufacturing sector accounts for around 80 percent of the country's total industrial output. The fastest-growing industries include machinery manufacturing, electrical engineering, chemicals, pharmaceuticals, metallurgy and textiles. At the same time, the production and export of higher value-added manufactured goods continue to expand steadily.

Kyrgyzstan has likewise demonstrated impressive industrial growth. In 2025, industrial production increased by 10.6 percent, while total industrial output has more than doubled over the past five years. Manufacturing accounted for 79.7 percent of the country's total industrial production. The strongest growth has been recorded in the food processing, chemical, pharmaceutical, construction materials, and manufacturing industries. Meanwhile, new production facilities, industrial zones, and logistics centres are being established to support international transport corridors.

Second, the benefits are mutual. Our countries will gain exceptionally fast access to China's market of more than 1.4 billion consumers, creating significant new export opportunities for agricultural products, textiles, non-ferrous metals, chemicals, electrical equipment, construction materials, and other value-added manufactured goods.

Moreover, during the recent state visit, considerable attention was devoted to the proactive development of modern industrial zones, logistics hubs and manufacturing facilities along the entire railway corridor. Uzbekistan's initiatives are specifically aimed at promoting joint manufacturing, industrial cooperation and the localization of new production chains - not at turning the region into a mere transit corridor.

In effect, a new industrial belt of Eurasia is taking shape, with Central Asia emerging not as a final consumer market but as an integral participant in global value chains. Consequently, the railway is needed not only to transport raw materials but increasingly to support the rapidly expanding industrial production of our countries. It is becoming far more than a transport corridor - it is laying the foundation for a new model of economic development in Central Asia based on industrial cooperation, higher value-added production, and deeper integration into the global economy.

- What has been accomplished on the ground so far and is there still scope to maximize the project's benefits?

- The scale of the work already underway is truly impressive and clearly demonstrates that the “project of the century” has entered its most intensive implementation phase. Construction activities are currently being carried out simultaneously at 83 of the 107 planned sites along the Kyrgyz section of the railway. More than 10,000 specialists and over 7,000 pieces of heavy construction equipment are working around the clock.

To appreciate the magnitude of this undertaking in the exceptionally challenging terrain of the Tian Shan Mountains, where construction is taking place at elevations exceeding 3,000 metres, it is enough to look at the figures. To date, more than 19.6 million cubic metres of earth have been excavated, including over 5.26 million cubic metres for the construction of the strategically important Makmal station.

At the same time, a network of 26 tunnels is under construction. More than 13.5 kilometres of the main tunnels have already been excavated, while excavation of the auxiliary adits has exceeded 51 percent of the planned volume. Approximately one-third of the tunnelling work is being carried out using advanced mechanized methods without the use of blasting technology. Construction is also underway on 38 of the 50 bridges envisaged under the project—equivalent to 76 percent of the total - with nearly 2,400 foundation piles already installed.

In other words, highly complex engineering challenges virtually unprecedented in the region - are being solved every day. The implementation of the project is simultaneously becoming the largest platform for training engineering specialists, introducing advanced construction technologies and developing new expertise in the transport sector.

Cooperation with Chinese partners, who possess world-class experience in delivering large-scale infrastructure projects under extremely challenging conditions, enables our specialists to master cutting-edge technological solutions that will subsequently be applied to other major infrastructure projects across Central Asia.

At the same time, the construction of the railway represents only the first stage of the initiative. It is equally important to begin creating the conditions that will allow the new transport corridor to generate the greatest possible economic benefits for all participating countries.

With this objective in mind, experts from the Project Office for the Development Strategy of International Digital Transport Corridors have prepared a number of practical initiatives aimed at maximizing the railway's operational efficiency.

One proposal calls for the establishment of neutral cross-border free technological zones along both the Kyrgyz–Chinese and Kyrgyz–Uzbek borders, operating under the principle of “one stop, one control”. Such an approach would substantially reduce border-crossing times while streamlining customs procedures.

A second initiative involves creating a modern cross-border free economic zone on the Kyrgyz–Uzbek border, incorporating logistics terminals, industrial facilities and processing industries. This would transform freight traffic into a source of higher value-added production, new employment opportunities, and integrated cross-border manufacturing value chains.

In addition, it has been proposed to establish a joint engineering and design bureau that would serve as a center for developing advanced technical solutions for the operation of high-altitude railways.

Another proposal envisions introducing a single digital transport document, integrating the railway administrations and customs authorities of the three participating countries into a unified digital system.

However, the project's greatest value extends far beyond transport infrastructure. The China–Kyrgyzstan–Uzbekistan railway is, in effect, creating a new model of regional development based on interconnected economies, industrial cooperation, technological partnership, and the joint utilization of the competitive advantages of our countries. It creates the conditions for Central Asia to move beyond its traditional transit role and emerge as an independent centre of manufacturing, logistics, and value creation.

Its political significance is equally important. Only a decade ago, the implementation of such an ambitious initiative would have seemed virtually impossible due to accumulated disagreements and a lack of trust among the countries of the region. Today, thanks to a consistent policy of good-neighbourliness, open dialogue, and mutual support, Central Asia is demonstrating an entirely new level of regional cooperation.

In this sense, the railway is becoming not only a symbol of transport connectivity but also a tangible embodiment of a new political culture in the region one founded on trust, pragmatism and shared responsibility for the future.

For this reason, the significance of the project will ultimately be measured not only by the millions of tons of cargo transported or the kilometres of railway constructed, but above all by the fact that it lays a durable foundation for the sustainable development, economic self-reliance, and strategic agency of Central Asia as a whole.

The current transformation of global supply chains and the search for sustainable alternative routes between Asia and Europe are bringing issues of transport connectivity to the forefront. In this context, the development of reliable corridors running through Central Asia and the South Caucasus takes on strategic importance, becoming a key factor in ensuring the sustainability of regional trade, diversifying transport routes, and strengthening economic integration across Eurasia.

Uzbekistan and Georgia occupy complementary geographical positions at the crossroads of key Eurasian routes. For Uzbekistan, a landlocked country, Georgia serves as a vital maritime gateway to Europe via its Black Sea ports. In turn, for Georgia, the partnership with Uzbekistan opens up access to the rapidly growing markets of China and South Asia. This complementarity forms a solid foundation for long-term transportation and logistics cooperation.

The Trans-Caspian International Transport Route (Middle Corridor) plays a central role in this cooperation, with Uzbekistan and Georgia playing a particularly important role. By the end of 2025, steady growth was recorded: the volume of Uzbek cargo transported along this route doubled, reaching 1.2 million metric tons. These results confirm the corridor’s growing popularity and its emergence as a viable alternative to traditional transport routes between the East and the West.

A positive trend is also evident in bilateral freight traffic. By the end of 2025, the total volume of freight traffic between Uzbekistan and Georgia stood at 146.8 thousand metric tons, an increase of 5 percent. Exports grew by 27 percent to 53,400 metric tons, while imports rose by 26 percent to 71,500 metric tons.

Rail transport showed the highest growth rates. In 2025, the volume of rail freight traffic between the two countries reached 53,1 thousand metric tons, an increase of 56 percent. Exports grew by 71 percent, imports by 65 percent, and transit shipments by 49 percent, indicating significant untapped potential in this sector.

The key instrument for increasing rail freight traffic between the two countries and transit through them is the CASCA+ international route, which connects countries in the Asia-Pacific region—China, Kyrgyzstan, Uzbekistan, Turkmenistan, Azerbaijan, Georgia, Turkey, and Europe. To develop this route, Uzbekistan has established a Coordination Committee, and the parties have designated logistics companies responsible for organizing transit container trains.

As part of this route, the railway administrations of the participating countries are granted annual tariff preferences of up to 70%, which leads to an increase in mutually beneficial freight volumes. In addition, on June 8–9 of this year, another six-party meeting was held among the participating countries, resulting in the signing of a protocol to increase freight volumes along the CASCA+ corridor.

Air service is also developing rapidly. Regular flights operate on the Tashkent–Tbilisi and Tashkent–Batumi routes. In 2025, Uzbek airlines operated 608 scheduled and charter flights to and from Georgia, a 12 percent increase over the previous year. In the first five months of 2026, the number of flights doubled compared to the same period last year, reflecting growing mutual interest and the strengthening of humanitarian ties between the peoples of the two countries.

The strategic outlook for cooperation is shaped by major railway projects being implemented with Uzbekistan playing a leading role. The construction of the “China – Kyrgyzstan – Uzbekistan” railway creates the shortest overland route from China to Central Asia and, via the Caspian Sea, to the South Caucasus. In turn, the Trans-Afghan Railway project (“Uzbekistan – Afghanistan – Pakistan”) opens a direct route to the markets of South Asia.

Integrating these projects with existing transport corridors through the countries of the Caucasus and Central Asia will strengthen their interconnectivity and efficiency. Thus, cooperation between Uzbekistan and Georgia is taking on the character of a strategic partnership aimed at strengthening the interconnectedness of Central Asia and the South Caucasus.

Sh. Akhmedov, Leading Specialist at the Center for the Study of Transportation and Logistics Development Issues under the Ministry of Transportation of the Republic of Uzbekistan

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

A Robust Legal Framework

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

Digital Economy: Growth and Investment

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

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

Startups and Global Integration

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

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

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

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

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

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

Telecommunications: Strengthening Interconnectivity

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

Artificial Intelligence: Forward-Looking Cooperation

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

Digital Government: Cross-Border Collaboration

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

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

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

Information Security and Infrastructure

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

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

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

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

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

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

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

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

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

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

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

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

In October, the President of the Republic of Uzbekistan, Shavkat Mirziyoyev, will pay a 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.

Оbid Khakimov,  

Director of the Center for
Economic Research and Reforms

The resilience of Finland’s development model and the dynamism of Uzbekistan’s reforms provide a solid foundation for deepening bilateral cooperation. Finland combines technological leadership, efficient governance, and a robust social policy. Its mixed model of development with strong public regulation and an active private sector is based on long-term planning, technological excellence, and social equality.
A balanced economic policy keeps inflation at 2–3%, while maintaining a high AA+ credit rating. The national research infrastructure is funded as a key element of state strategy. Total spending on research and development exceeds 3% of GDP, reaching €8.4 billion in 2023, up 6.3% from the previous year. The contributions came from the public sector, universities, and private business.
Finland’s economy remains open and export-oriented. In 2024, foreign trade reached €146.5 billion, including €72.2 billion in exports and €74.3 billion in imports. Its technological specialization, advanced digital environment, and high human capital create a predictable setting for investors.
At the same time, Uzbekistan has become a driver of reform in Central Asia over the past eight years. The country’s GDP has doubled to reach $115 billion. Since 2017, fixed capital investments have totaled $240 billion, with over $130 billion coming from foreign sources. International reserves exceed $48 billion. The structure of production has evolved: the share of industry rose from 20% to 26%, services from 44% to 47%, and labor productivity increased by 45%. Regulatory reforms expanded the space for private capital, while transport and energy infrastructure projects established a new foundation for industrialization and export growth.
As a result of these reforms, Uzbekistan’s trade with the European Union has entered a stable growth trajectory. Between 2017 and 2024, trade turnover between Uzbekistan and the EU increased 2.4 times from $2.6 billion to $6.4 billion. In 2024, exports rose by nearly 27% compared to 2023, while imports remained at a comparable level.
A New Stage of Political and Economic Relations
Particularly strong momentum has emerged in Uzbek–Finnish relations. Regular high-level contacts have given fresh impetus to the bilateral dialogue. On 12 November 2024, on the sidelines of the COP29 Summit in Baku, President of Uzbekistan Shavkat Mirziyoyev met with President of Finland Alexander Stubb. The two leaders discussed prospects for cooperation in the fields of the green economy, renewable energy, innovation, and education, and exchanged views on sustainable development and climate policy.
The political dialogue continued with a telephone conversation on 9 September 2025, during which the heads of state explored ways to expand economic and humanitarian cooperation. Furthermore, an official visit of the President of Finland to Uzbekistan is expected in late October 2025, aimed at consolidating earlier agreements and opening new areas of partnership.
This process is creating a favorable foundation for strengthening trade and economic ties, introducing Finnish technologies, and attracting investment into Uzbekistan’s priority sectors. From 2019 to 2024, bilateral trade more than tripled to reach $152 million. Uzbekistan’s exports to Finland increased almost 17 times to $4.73 million, while imports from Finland nearly tripled to $147 million. Over the past year alone, Uzbek exports to Finland grew by 56%, and imports rose 3.2 times. From January to August 2025, trade volume exceeded $68 million.
Trade flows reflect each country’s comparative advantages: Uzbekistan supplies industrial goods and services, while Finland exports machinery, transport equipment, chemicals, and food products.
Prospects for Cooperation
The emerging agenda for trade and economic cooperation draws on Finland’s experience in engineering, clean technologies, digital healthcare, education, and R&D management – areas closely aligned with Uzbekistan’s goals for technological renewal, energy efficiency, and human capital development. At the same time, Uzbekistan’s favorable business climate and major infrastructure projects are reducing operational costs for foreign companies.
Given Uzbekistan’s development priorities and conducive investment conditions, there is significant potential to further deepen Uzbek–Finnish cooperation across several areas. According to the Center for Economic Research and Reforms, Uzbekistan’s exports to Finland could expand even in the short term, particularly in sectors where Uzbek producers have existing capacity and advantage – textiles and garments, fruits and nuts, footwear, leather goods, stone and cement products, as well as copper and semi-finished copper products.
Logistics could be organized through the ports of Helsinki and HaminaKotka, with Turku as a potential reserve. Distribution channels could be developed via major retail networks and distributors, including Kesko and S Group. Key success factors include certification under EU standards, stable supply chains, and regular contracts.
Industrial cooperation should move toward deeper processing with full production cycles, for example, in knitwear, wool, and leather, from spinning and dyeing to finished apparel. Potential partners include Finnish companies such as Lapuan Kankurit and Pirtin Kehräämö, as well as the Aalto University School of Arts, Design and Architecture. In agriculture, joint breeding programs using Finnish sheep lines and supported by LUKE (Natural Resources Institute Finland) could strengthen the raw-material base of Uzbekistan’s textile clusters.
In the digital and green transformation sphere, collaboration could extend to telecom infrastructure and critical systems management with companies such as Nokia. In energy, there is potential for cooperation in localizing components for solar installations and storage systems, developing smart grids, and improving generation efficiency in hot climates, with participation from Finnish firms Valoe, Fortum Solar, and Wärtsilä.
For research and materials science, engaging institutions such as VTT and LUT University would help build a sustainable technological and human-resource base in Uzbekistan, while opening new regional export niches.
In mechanical engineering, cooperation could develop with Metso and Valmet on equipment components, servicing, and partial localization. In logistics and cargo handling solutions, Finnish companies Konecranes and Cargotec offer relevant expertise. In climate monitoring and water-chemical solutions, potential partners include Vaisala and Kemira.
A cross-cutting priority remains human capital. Joint programs with the University of Helsinki, Tampere University, and University of Oulu are needed to establish industrial internships and introduce Finnish methods for training engineers, technologists, and quality specialists for high-tech industries.
At the institutional level, further progress will require harmonizing border procedures, launching green corridors, implementing digital customs systems, and ensuring mutual recognition of certificates. It will also be important to develop industrial and agro-processing clusters, logistics hubs, and training programs for workforce development.
In the near future, Uzbek–Finnish cooperation may reach a stable, long-term trajectory. For Finland, Uzbekistan represents a reliable supplier of manufactured goods and components, and a new market for technology and equipment. For Uzbekistan, deeper cooperation provides access to advanced solutions and Northern European distribution channels.
In conclusion, the combination of Finland’s effective governance model, innovation, and environmental responsibility with Uzbekistan’s large-scale reforms creates a strong foundation for joint practical projects in manufacturing, energy, telecommunications, and education. Such a partnership can not only enhance the technological level of Uzbekistan’s economy but also give new quality to Uzbek–Finnish relations – anchored in long-term, sustainable, and mutually beneficial development.

Afzal Artikov,
Chief researcher,
Center for Economic Research and
Reforms under the Administration
of the President of the Republic of Uzbekistan

Dear participants of the conference!

Ladies and gentlemen!

First of all, from the bottom of my heart, I sincerely congratulate you, my dear ones, on the opening of today's prestigious event - the joint conference of the International Textile Federation and the International Association of Apparel Manufacturers.

I would like to express my special gratitude to the President of the International Federation of Textile Manufacturers Mr. Kei Vi Srinavasan and President of the International Association of Apparel Manufacturers Mr. Chem Altan for the fact that this joint conference is being held in Uzbekistan for the first time.

At the same time, I express my sincere gratitude to the high-ranking representatives of the industry, heads of prestigious international and regional organizations participating in this conference.

Welcome to the pearl of the ancient Great Silk Road, the land of craftsmen - the majestic city of Samarkand!

Dear participants of the conference!

In recent years we have taken decisive steps to radically improve the investment and business environment, create favorable conditions for foreign and domestic investors.

As in all spheres and sectors, we have been implementing large-scale reforms in the textile and garment industries.

First of all, the state monopoly in cotton cultivation has been abolished, and a cluster system has been created and is being consistently improved, covering the entire process from raw material procurement to the production of finished goods.

Our reforms in this area have won the recognition of prestigious international organizations, and the boycott of Uzbek cotton has been lifted. Our cooperation with the international coalition “Cotton Campaign” continues in this direction.

At the same time, as a result of creating a stable legislative framework, improving the investment environment and introducing new technologies, the volume of cotton fiber processing increased from 40 percent in 2017 to 100 percent. At the same time, the work on import of cotton raw materials and production of finished products with high added value began.

Thanks to the opportunities created in the sphere, the volume of textile production has increased 5 times, its export - 4 times.

The most important thing is that earlier a significant part, i.e. 70 percent of exports in the sector, was accounted for raw materials, while today 60 percent of exported goods are finished products.

In the first years of reforms, we identified as a priority task the development of human capital, training of the population, especially young people and women, in professions, training of qualified personnel for all sectors, and these issues will continue to be in the center of our attention.

Decent working conditions that meet international requirements are created for the employees of enterprises, and the “Better Work” and “Better Cotton” programs are systematically implemented.

Particular attention is paid to ensuring labor rights and providing full support to over 600,000 workers.

At the same time, decisive measures are taken to create national brands, attract prestigious international and foreign trademarks to our country.

Authoritative participants of the world market, such as “Teamdress” (Germany), “Cotonella” (Italy), “Indorama” (Singapore), “Posco International” and “Gwangyang” (South Korea) are effectively operating in the country.

Uzbekistan's textile industry is being actively integrated into global production processes, and the number of our reliable partners on all continents of the world is increasing.

It should be noted that long-term cooperation with foreign investors and international brands, increasing production of high value-added products, bringing national brands to the international level will remain our priorities in the textile industry in the future.

I am convinced that today's conference will serve as an effective platform for further strengthening and expanding cooperation in this area on an international scale, sharing best practices and ideas.

I hope it will contribute to further expansion of mutually beneficial cooperation between representatives of more than 500 national and international organizations, manufacturers and retailers participating in the conference, and will bring the development of the industry to a qualitatively new level.

We highly appreciate and support all mutually beneficial initiatives of our foreign partners. In particular, we are ready to provide all possible assistance in introducing the necessary standards for international brands to enter Uzbekistan.

We are ready to create all necessary conditions for prestigious international organizations to regularly hold conferences, exhibitions and fashion shows in our country, particularly in such cities as Bukhara, Khiva, Shakhrisabz, Margilan, Kokand, Namangan, Andijan, which have high tourism and industrial potential.

I am confident that the ancient history, rich cultural heritage of our country, meetings with our hard-working and generous people will make an indelible impression on you, and the huge socio-economic potential of our regions will encourage investors to implement new projects.

I congratulate you once again on the opening of the prestigious conference that is starting today and wish you all good health, happiness and prosperity, success in the fruitful work of the conference.


Shavkat Mirziyoyev,

President of the Republic of Uzbekistan

Comprehensive monitoring of key business activity indicators across the regions of Uzbekistan shows growth across all major metrics.

According to оперативные данные from the Tax and Customs Committees, the Central Bank, and the Uzbek Republican Commodity Exchange, the Center for Economic Research and Reforms conducts ongoing monitoring of regional business activity in the Republic of Uzbekistan.

As of January this year, tax revenues demonstrated stable positive dynamics, increasing by 39.2% compared to the same period last year.

The most notable increase in revenues was recorded in the Syrdarya, Navoi, Khorezm, and Kashkadarya regions, where growth rates averaged approximately 49%.

Personal income tax revenues increased by 15.1%, property tax revenues by 19.6%, and land tax revenues by 20.3%.

Customs payments grew by 19.8% year-on-year. The highest growth rates were observed in the Navoi, Jizzakh, and Namangan regions, averaging approximately 67%.

Stable positive dynamics were also recorded in the Samarkand region and the Republic of Karakalpakstan, where revenues increased on average by 31%.

According to the analysis of foreign economic indicators, exports of goods increased by 19.5%. The most significant growth in export deliveries was observed in the Tashkent and Navoi regions, increasing on average by 47%.

At the same time, a notable expansion in lending activity was recorded. During the reporting period, the volume of loans issued by commercial banks increased by 2.7%. The highest growth was observed in the Samarkand, Bukhara, and Khorezm regions, averaging approximately 58%.

The active development of the private sector is confirmed by a significant increase in the number of newly registered business entities. In January 2026, a total of 7,116 new enterprises were registered. The largest number of new business entities was recorded in the city of Tashkent (1,712). Among the regions, the leaders were Tashkent region (735), Samarkand region (610), and Khorezm region (550).

The volume of transactions on the Uzbek Republican Commodity Exchange increased 1.8 times. Growth in exchange activity was recorded in most regions of the country, particularly in the Syrdarya region, where activity increased 11.1 times. In addition, growth was observed in the Khorezm, Surkhandarya, Bukhara, Jizzakh, and Kashkadarya regions, averaging 6.5 times.

Sultonmurod Ozodov,

Center for Economic Research and Reforms

On 19 February of this year, a meeting was held between J. Kuchkarov, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Uzbekistan, and A. Mesarović, Deputy Prime Minister and Minister of Economy of the Republic of Serbia. During the talks, the parties discussed the current state of and prospects for bilateral trade, economic and investment cooperation.

At the beginning of the meeting, the Deputy Prime Minister of Serbia conveyed sincere greetings and best wishes from President of Serbia A. Vučić to President of the Republic of Uzbekistan Sh. Mirziyoyev. She also expressed gratitude for Uzbekistan’s principled position in support of Serbia’s territorial integrity.

The Serbian side noted that, in recent years, Serbia has become one of Europe’s leading countries in attracting investment. It was emphasized that new technologies, robotics, the automotive industry and high-tech manufacturing are developing rapidly.

The Uzbek side, in turn, provided information on Uzbekistan’s stable macroeconomic growth, the high rate of GDP growth, declining inflation and the ongoing reforms aimed at improving the investment climate.

During the meeting, the Serbian side raised the issue of facilitating a reduction in customs duties on Serbian-made Stellantis electric vehicles exported to Uzbekistan.

In response, the Uzbek side noted that electric vehicle manufacturers were already operating in Uzbekistan and had assumed certain obligations. At the same time, the Uzbek side stated that the matter would be considered in accordance with the established procedure.

The Serbian side also stated that, within one month, it would submit an official document outlining priority areas relating to investment, preferential trade and the expansion of cooperation. The Uzbek side expressed its readiness to consider these proposals, within the scope of its authority and in accordance with the established procedure. The Serbian side was also informed that the Ministry of Investment, Industry and Trade is the competent regulatory authority in the fields of investment and trade.

In addition, the Uzbek side expressed interest in Serbia’s defence industry capabilities and proposed implementing joint projects in this area.

The text of the article is in Uzbek!

Uzbekistan is undergoing a large-scale transformation of its social protection system, aimed at improving the well-being of its citizens and enhancing the effectiveness of social services. A key driver of this process is the national development strategy “Uzbekistan – 2030”, which focuses on the comprehensive and high-quality modernization of the country’s social policy.

In recent years, Uzbekistan has introduced innovative approaches to supporting vulnerable groups, including low-income families, the elderly, persons with disabilities, victims of violence, women in difficult situations, and children deprived of parental care.

Reforms are being implemented both at the legislative level and through specific programs and projects. A significant milestone was the establishment in 2023 of the National Agency for Social Protection (NASP) under the President of Uzbekistan – the only consolidated, ministerial-level body of its kind in the region, responsible for coordinating the implementation of a new generation of social policy.

Unlike neighboring countries, where social functions are divided among several institutions, Uzbekistan has integrated all components of social protection into a single digital system managed by NASP. This has improved coordination, efficiency, accountability, and has led to real improvements in the lives of vulnerable population groups.

In 2021, Uzbekistan ratified the UN Convention on the Rights of Persons with Disabilities (CRPD). The country offers a range of benefits to companies and organizations that employ individuals with disabilities. Many institutions, streets, and bus stops across the country are gradually being adapted to accommodate people with disabilities.

A key focus of the reforms is the development of “Inson” Social Services Centers, established in 208 districts and cities across the country. These centers operate on a one-stop-shop model and provide over 100 types of social assistance, including psychological and legal counseling, food assistance, and targeted aid for 12 categories of citizens, such as persons with disabilities, low-income families, and the elderly.

All centers are fully digitized, integrated with state systems, and operate on an individualized support model. Each citizen undergoes a needs assessment and receives a personalized support plan with ongoing guidance through the recovery or reintegration process.

In every makhalla (community unit), social workers are assigned based on a tiered “region–district–makhalla” structure, according to the number of families and individuals in need.

In the second quarter of the year 2025, 1.787 million applications were submitted to “Inson” Centers. Of these, 1.204 million were processed, while 496,200 are under review. The most in-demand services include compensation for gas and electricity costs, child benefits, support for low-income families, and access to health resorts for seniors and persons with disabilities.

The “From Poverty to Prosperity” program, enacted by Presidential Decree on September 23, 2024, addresses issues of social orphanhood and care for children deprived of parental care. It focuses on the creation of conditions as close as possible to a family environment and on an individual approach to each child. Accordingly, measures have been developed to place such children in foster care and provide them with social services. In particular, priority is given to preserving the family setting when placing a child in foster care. The main forms of placement are guardianship, custody, or adoption. Placement in a specialized institution is considered only as a measure of last resort.

Children with difficult life situations are temporarily placed in family orphanages within “Inson” Centers before being placed in foster care. Each child is assigned an individualized development plan, with records managed through the “Social Protection” system, which tracks both identified orphans and families willing to foster.

In this way, “Inson” Centers serve as legal representatives for such children, safeguarding their interests, monitoring living conditions, the use of support provided, and ensuring caretakers fulfill their obligations.

During his visit to the “Inson” Social Services Center in Tashkent’s Shaykhantahur district, President Shavkat Mirziyoyev emphasized: “This is a place where every persons concerns are taken care of and where they strive to make people happy. Through such a system, social justice and human dignity are established in our society”.

Special attention in Uzbekistan is given to families raising children with disabilities. As part of a public-private partnership, a specialized center “Imkoniyatlar Olami” (“World of Opportunities”) was created to provide services to children from birth to three years of age. Previously, such infants were exclusively under the care of their parents, and were admitted to specialized institutions only from the age of three. Now, if a risk of disability is identified during pregnancy, expectant mothers can receive help and counseling here, which will strengthen the care of the child. Psychological support is also provided.

Starting March 1, 2025, a day care services for children with disabilities aged 3 to 18 began operating under a public-private partnership model. It offers a wide range of services – social, rehabilitative, educational, and more. The initiative by NASP aims to support children’s social adaptation and enables parents, previously unable to work due to caregiving responsibilities, to return to employment.

A pilot project in Tashkent – the private kindergarten “Wunderkind” in the Yashnabad district successfully operates such a day care service, offering pedagogical, social, and rehabilitative care for children with special needs.

Another example is Family-type home No. 1 in the Mirzo-Ulugbek district. It currently houses nine children – seven with various medical conditions (Down syndrome, dysplasia, anemia, heart defects), and two without. Education and care are customized: three attend specialized kindergartens, three go to general kindergartens, and three are home-schooled.

The home emphasizes individualized care, love, and a nurturing environment that replicates family life. Caregivers follow development plans and integration programs tailored to each child’s needs and capabilities.

“Children choose their meals and even help prepare them, fostering responsibility and independence”, one caregiver noted.

Currently, nine such homes operate across Uzbekistan – five in Tashkent, two in Kashkadarya, and two in Samarkand.

In accordance with the Presidential Decree “On measures to expand the scope of social services provided to individuals in need of care”, the “Step Towards an Active Life” program is being implemented. Under this initiative, adults with disabilities or those requiring constant care receive free social services through vouchers. These include home-based care, supervision, assistance with hygiene, meals, and psychological support.

An example of the program’s implementation is a center located in the Nodirabegim makhalla of Mirzo-Ulugbek district. It has capacity for nine people and currently serves seven. The center is staffed by five experienced professionals.

Iroda Khamidova, a primary school teacher at Wunderkind:

“Our special day care center for children with disabilities, designed for nine children, currently serves seven. Two caregivers and an assistant are assigned to them. The center operates five days a week for nine hours a day and includes a psychological service.

Educators focus on building essential skills such as holding a spoon or expressing creativity with a pencil. The center was established under a Presidential initiative to support children with special needs.

Here, we’ve created all necessary conditions, including a psychologist’s office where not only children but also parents receive consultations and moral support. Seeing their child in a safe and attentive environment reassures them”.

Farhod Kamilov, Chief Specialist of NASP’s Department for the Development of Medical and Social Services for Persons with Disabilities:

“From March 1, 2025, we launched a pilot day care service in seven regions of Uzbekistan, including Tashkent.

By October 1, we plan to expand the service nationwide. Agreements with entrepreneurs in all districts have already been signed as part of public-private partnerships.

Currently, the day care program covers 1,200 children. We believe it is essential to raise public awareness about their specific needs.

Territorial NASP offices operate psychological, medical, and pedagogical commissions. They conduct comprehensive assessments of children with special educational needs and recommend the most suitable path – inclusive, special, or day care service.

It is important to understand that day care is not an educational institution; it focuses solely on caregiving and development. The entrepreneur provides 9-hour daily care, allowing parents to work or do other things.

With mutual agreement, it may be extended up to 12 hours, but the child must always return home to their family.

Our main goal is to reduce, or ideally eliminate, the need for residential care institutions. That is why these day care services were created. Our main goal is to reduce or ideally prevent the placement of children in long-term institutional care. It is with this purpose that such day care services have been established”.

 Dunyo IA