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

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

Financial results for Q4 2025

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

Activity ranking of large banks for Q4 2025

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

Dynamics of key indicators

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

Activity ranking of small banks for Q4 2025

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

Jafar Khidirov,
Head of Banking and Financial Research Sector

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

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 recent years, taking into account international standards and advanced foreign experience, ensuring the protection of the rights of convicts, respect for their honor and dignity, education of morality and conscientious work for further social adaptation in society upon release, a fundamental improvement of the penal enforcement legislation in the Republic of Uzbekistan has been carried out with the introduction of effective legal mechanisms.

Currently, there are a number of international conventions and provisions aimed at protecting the rights of convicts, which are regulated by the International Covenant on Civil and Political Rights. (1966), "Convention against torture and other cruel, inhuman or degrading treatment or punishment" (1984), "Declaration on the protection of all persons from torture and other cruel, inhuman or degrading treatment or punishment" (1975), "Standard minimum rules for the treatment of convicts (Nelson Mandela rules)" (2015), "UN rules for the protection of minor children deprived of liberty " (1990), "Basic principles of the treatment of convicts" (1990).

Based on the norms of these international documents developed and adopted by the international community on standards for the treatment of convicts, systematic work is underway in the country to humanize execution and reduce negative consequences during their execution, as well as strengthen the legislative, organizational and legal framework for the protection of human rights, the implementation of international human rights standards into national legislation and other important norms human life activities that have been accepted for implementation by the Republic of Uzbekistan as a subject of the above-mentioned and other international treaties.

It is important to note that "Standard minimum rules for the treatment of prisoners" of UN 1955 are generally recognized minimum standards for the detention of prisoners and have great importance and influence on the improvement of legislation, criminal law policy and the practice of penitentiary institutions around the world.

The revised text of these standard minimum rules of December 17, 2015 at the 70th session of the UN General Assembly № A/RES/70/175 was unanimously adopted in the form of a resolution. These Rules became known as the "Nelson Mandela rules" as a sign of respect for his memory after the death of the famous statesman, the President of South Africa, who outlined these rules based on the experience of spending a long part of his life in prison.

It is also necessary to pay attention to the fact that, following the visit to Uzbekistan of the Special Rapporteur of the UN Human Rights Council, the topic "Promotion and protection of human rights and fundamental freedoms in the fight against terrorism" recommendations were made to bring the legislation of the Republic of Uzbekistan into line with the minimum standard rules for the treatment of prisoners (Nelson Mandela rules), in order to improve the conditions of detention of convicts in penal institutions, to ensure the rights to freedom of religion, which formed the basis of the “Road maps”, developed in accordance with the National Action Plan of the Republic of Uzbekistan.

In order to ensure the fulfillment of these tasks, the conditions of detention of convicts in penal institutions of the Republic of Uzbekistan are considered on the basis of the requirements of the standard minimum rules for the treatment of prisoners (Mandela rules), which are gradually being implemented in accordance with these rules.

On the basis of international standards of the rights and duties of convicts, taking into account the best practices of foreign countries, the system of execution of punishments is being radically improved, the problems that have accumulated over the years are being solved.

In the new version of the Constitution of the Republic of Uzbekistan the right to life is an inalienable right of every person and is protected by law. The most serious crime is an attempt on a person's life. The death penalty is prohibited in the Republic of Uzbekistan. Essence is that no one can be intentionally deprived of life. This norm is in line with the Convention for the Protection of Human Rights and Fundamental Freedoms, as well as the International Covenant on Civil and Political Rights. The human right to life is recognized as a natural and inviolable right arising from the moment of his birth, and belongs to a person regardless of the existence of statehood and laws.

In recent years, as part of the work to bring national legislation into line with international standards, for the first time the right to be elected was granted to convicts, except for persons who committed serious and especially serious crimes (Part 6 of Article 128 of the Constitution of the Republic of Uzbekistan). The number of convicts held in institutions of general, strict, special, prison and educational regime has doubled, for correspondence, receiving visits, parcels, transfers and parcels, conducting telephone conversations.

In addition, those sentenced to imprisonment are guaranteed psychological assistance and non-application of disciplinary measures for violations committed at the time of mental disorder, and the right to a pension is established for those serving sentences in penal colonies.

Law of the Republic of Uzbekistan June 30, 2020 introduced a new norm into the Penal Enforcement Code defining the procedure for the application of incentive measures for persons serving sentences, expanded measures aimed at ensuring the personal safety of convicts while serving their sentences.

At the request of the convicts, long-term visits can be replaced by short-term visits or remote video calls or telephone conversations, and short-term visits are replaced by remote video calls or telephone conversations. Persons serving sentences from low-income families are employed in high-paying jobs.

In the process of ongoing reforms, special attention was paid to creating decent conditions for convicts, for this purpose, the pre-trial detention facility -64/1, which had a negative character and was popularly nicknamed "Tashturma", was closed in Tashkent. Instead, a new pre-trial detention facility №1 has been built and is functioning in  Zangiata district of the Tashkent region, fully meeting international standards. Similarly, the institution "Jaslyk" in Karakalpakstan was abolished, and the convicts held in it were transferred to other colonies of the republic.

In recent years, there has been a tendency in our country to use alternative, non-custodial measures, which has reduced the number of convicts sent to penal institutions. This situation has made it possible over the past four years to reduce three penal colonies of the general regime, one each in Navoi, Kashkadarya and Tashkent regions.

In the Republic, the legislative, executive, and departmental authorities constantly monitor compliance with the rule of law and ensure the rights and legitimate interests of persons serving sentences in places of deprivation of liberty.

Thus, with the introduction of the post of Commissioner of the Oliy Majlis of the Republic of Uzbekistan for Human Rights (Ombudsman) He was granted the right to freely visit penal institutions. The Ombudsman and the Prosecutor have separate mailboxes designed for applications and complaints from these persons. The Prosecutor's Office and the Ombudsman regularly examine the observance of laws in penal institutions. The management of the Department for the Execution of Punishment constantly carries out field visits to places of deprivation of liberty in order to study the complaints and statements of convicts and make an appropriate decision and its immediate execution.

It should be added that, according to the recommendations of the UN charter bodies and treaty committees, the national preventive mechanism is being improved on the basis of the "Ombudsman Plus" model. The Ombudsman, and the Children's Ombudsman, the National Center for Human Rights and the Business Ombudsman have also been given the authority to monitor penal institutions.

As a result of the ongoing reforms, completely new priorities of the State penal enforcement policy have been developed and put into practice, providing for the following main aspects.

In particular, the Penal Enforcement Code has been supplemented with a new Article 102 "Procedure for the application of incentive measures", which abolished restrictions on visits of juvenile convicts with their parents or persons replacing them; convicted pregnant women with children are granted additional rights to long visits with minor children lasting up to five days - four times a year as well as long - term visits with the possibility of living outside the territory of the institution, the application of incentive measures to convicts - at least twice a year; if there is a threat to the safety of a person sentenced to imprisonment, it is established that he can apply, verbally or in writing, to any employee of the institution for the execution of punishment in order to ensure the declared safety, while the requirement is defined – upon receipt of such a statement about the need for immediate action, measures should be taken immediately to ensure his safety. An important requirement is also to prevent the unjustified use of rudeness, physical force and special means by employees and military personnel during the search of convicts; timely and appropriate conduct of long and short-term visits, telephone conversations, remote video communication, short-term remote video communication or telephone conversation.

It should be noted that such measures of encouragement for convicts are also enshrined in the penal codes of Spain, Turkiye, Japan and some other countries.

In accordance with the norms of the Penal Enforcement Code of the Republic of Uzbekistan, penitentiary institutions provide measures to protect the health of convicts, ensure their education, free use of libraries and other authorized sources of information (radio, television, movies and video films, etc.).

The "Import model" of prison management in Norway with a developed penal enforcement system is of interest. To implement this model, work is underway to establish a system of providing services (education, library use, health care) in places of detention.

It is also necessary to mention the Law of the Republic of Uzbekistan dated December 7, 2021, which, in order to humanize minors in the Penal Enforcement Code, provides for a norm defining the placement of persons in educational colonies not from the age of 13, but from 14. This has become one of the important steps towards reliable protection of the rights and legitimate interests of minors in the process of criminal and judicial proceedings in our country.

In order to further deepen the large-scale reforms being implemented in the system of Ministry of Internal Affairs, decree of March 26 and Resolution of April 2, 2021, the Main Directorate for the Execution of Punishment was transformed into the Department for the Execution of Punishment under the Ministry of Internal Affairs, it defines the legal basis for the department's activities to ensure the order of serving punishment by digitalizing the penal enforcement system, which will eliminate errors related to the human factor.

In addition, the law of the Republic of Uzbekistan dated February 15, 2023 "On State pension provision for citizens" provides that any work performed by persons sentenced to imprisonment while serving their sentence in penal institutions may be envisaged that the convicted person will be included in the work record in case of tax payment. This procedure is now defined in Article 96 of the Penal Enforcement Code of the Republic of Uzbekistan in a new edition, which has been renamed as "Payment of social tax and pension provision for convicts." Its first part defines "The expenses of institutions for the execution of punishment for the payment of labor sentenced to imprisonment that are subject to social tax", along with this, convicts have the right to transfer funds and use other services provided to convicts.

An important legislative decision is the prohibition of the use of a punishment measure with the use of a "straitjacket". This provision is based on Article 26 of the Constitution of the Republic of Uzbekistan, which states: "No one may be subjected to torture, violence, or other cruel, inhuman or degrading treatment or punishment" directly acts to prevent the use of torture and other cruel, inhuman or degrading treatment or punishment in penal institutions.

As a result of the ongoing reforms in the system of state penal enforcement policy, it is stipulated that common living quarters for persons with disabilities of groups I and II sentenced to imprisonment should be equipped with special means and devices; it is allowed to watch films, television and radio broadcasts, except for the time allotted for night rest; criteria for treatment are defined convicts.

In addition, it is important to eliminate corruption factors in assessing the behavior of convicts by including the length of service in the institution in the total length of service for their further retirement and, most importantly, by establishing strict criteria that determine the way to correct convicts.

The above allows us to conclude that the reforms carried out in this area are yielding positive results. In particular, recently the offenses of convicts in places of deprivation of liberty and after their release have been reduced; to a greater extent, the conditions of serving a sentence in the form of imprisonment comply with international standards, the incentive mechanisms applied to convicts serving sentences and those who have embarked on the path of correction are being improved, they ensure the protection of the rights, freedoms and legitimate interests of convicts, allowing them not to violate their interests; Public groups and citizens' self-government bodies are actively involved in the educational process of correcting convicts; offenses by law enforcement agencies have significantly decreased.

Mirzayusup Rustambayev,

Head of the University of Public Safety of the Republic of Uzbekistan, Doctor of Law, Professor

The text of the article is in Uzbek!

On the Inaugural Meeting of the Peace Council in Washington

At the invitation of the President of the United States Donald Trump, President of the Republic of Uzbekistan Shavkat Mirziyoyev paid a working visit to Washington on February 17–19 to participate in the inaugural meeting of the Peace Council. The visit combined a substantive political agenda with an extensive economic program and resulted in a number of agreements aimed at further strengthening Uzbek-American strategic partnership and expanding bilateral cooperation across key sectors.

Expanding Participation in Addressing Global Challenges

The Peace Council is an intergovernmental initiative put forward by President Trump within the framework of the Gaza peace plan endorsed by the UN Security Council in November 2025. The establishment of this platform is intended not only to coordinate humanitarian assistance but also to create institutional mechanisms for long-term stabilization, reconstruction, and socio-economic recovery of the Gaza Strip, while reducing the risks of renewed escalation in the Middle East.

The Charter of the Peace Council was signed on January 22, 2026, on the sidelines of the World Economic Forum in Davos. Signatories included leaders and representatives of Azerbaijan, Argentina, Armenia, Bahrain, Bulgaria, Hungary, Indonesia, Jordan, Kazakhstan, Qatar, Morocco, Mongolia, the United Arab Emirates, Pakistan, Paraguay, Saudi Arabia, Türkiye, Uzbekistan, and Kosovo. Subsequently, Belarus, Albania, Cambodia, Egypt, El Salvador, Jordan, and Kuwait officially joined the group of founding states, expanding the Council’s geographic and political representation.

By joining the founding members at the invitation of the U.S. President, Uzbekistan reaffirmed its commitment to peaceful diplomacy, respect for international law, and shared responsibility for maintaining global stability. Uzbekistan recognized Palestine in 1994 and consistently supports the right of the Palestinian people to establish an independent state in accordance with international legal norms and UN resolutions.

Uzbekistan’s policy toward Gaza combines principled political positioning with practical humanitarian engagement. In 2023, Uzbekistan allocated $1.5 mln through UNRWA. In December 2023, 100 wounded Palestinian women and children were evacuated and provided with medical treatment and rehabilitation services. In 2025, Uzbekistan developed a comprehensive state support mechanism for Palestinian citizens received in the country, including asylum procedures, access to healthcare, education for children, and employment assistance. A dedicated fund under the National Agency for Social Protection was established to finance these measures through budgetary and charitable resources.

The inaugural meeting of the Peace Council held on February 19 in Washington brought together leaders and representatives of more than 40 countries. Discussions focused on humanitarian relief, infrastructure restoration, and ensuring the sustainability of the post-conflict recovery process. At the opening of the session, President Trump announced that nine countries – Kazakhstan, Azerbaijan, the UAE, Morocco, Bahrain, Qatar, Saudi Arabia, Uzbekistan, and Kuwait – had jointly pledged $7 bn in assistance to Gaza, while the United States committed an additional $10 bn to support the Council’s activities.

In his address, President Mirziyoyev expressed full support for the peace initiative and confirmed Uzbekistan’s readiness to participate practically in its implementation. Particular emphasis was placed on the principle that any external governance framework for Gaza must rely on internal public support in order to ensure legitimacy, stability, and long-term effectiveness.

Highlighting the importance of coordinated international efforts, the President noted that joint actions would help secure the sustainability of the post-conflict process and accelerate socio-economic recovery. Uzbekistan also declared its readiness to contribute to the construction of residential housing, schools, kindergartens, and healthcare facilities in Gaza, thereby supporting both humanitarian and development objectives.

The Palestinian and Gaza issue has remained on the international agenda for decades without a comprehensive solution. In this context, the creation of the Peace Council represents one of the most structured multilateral attempts in recent years to address the crisis, while Uzbekistan’s participation among the founding states reflects the growing recognition of its constructive diplomatic role.

Expanding Trade and Economic Cooperation

Alongside political dialogue, the economic dimension of the visit formed a central pillar of bilateral engagement. In recent years, Uzbekistan and the United States have steadily restored institutional mechanisms of strategic partnership and expanded practical cooperation.

Cooperation with the U.S. Export-Import Bank resumed in 2017 after a 13-year hiatus. Agreements were concluded between Amazon and Uztrade, while science, technology, and economic modernization were identified among priority cooperation areas. In 2018, a $100 mln memorandum on trade financing was signed between Eximbank and Uzbekistan’s National Bank for Foreign Economic Activity. Cooperation with Openbucks supported the development of e-commerce and digital payment infrastructure.

A major milestone was reached in September 2025 during the 80th UN General Assembly in New York, where negotiations between the two presidents resulted in the formation of a portfolio of contracts and prospective projects exceeding $100 bn. The agreements covered aviation, mining and chemicals, energy, finance, and innovation. Specific arrangements included cooperation with Denali Exploration Group on rare earth elements, Re Element Technologies in rare earth metals, Flowserve on modernization of pumping stations, Valmont Industries on water-saving technologies, and Palo Alto Networks in artificial intelligence.

During the Washington visit, President Mirziyoyev held meetings with U.S. Secretary of Commerce Howard Lutnick, Eximbank President John Jovanovic, DFC CEO Ben Black, and U.S. Trade Representative Jamieson Greer. Discussions focused on expanding financing for major industrial and infrastructure projects, supporting high-tech equipment exports, launching a bilateral Investment Platform, advancing Uzbekistan’s WTO accession, and strengthening regional trade cooperation under TIFA. The agreement establishing the Investment Platform was formally signed during the visit.

Additional bilateral documents were concluded covering construction of fuel station networks, sprinkler irrigation technologies, extraction and supply of critical minerals, development of poultry clusters, agro-industrial cooperation, financial market development, and investment climate reforms. The economic agenda was identified as one of the key pillars of Uzbek-American strategic partnership, with priority cooperation areas including critical raw materials, petrochemicals, energy, agriculture, and industrial modernization.

Trade and Investment Dynamics

The intensification of bilateral cooperation has already produced tangible economic results. Between 2017 and 2025, trade turnover increased 4.7-fold from $215 mln to $1 bn. Exports grew 9.1-fold to $291.7 mln, while imports rose 3.9-fold to $712.3 mln.

Exports to the United States are dominated by services (81%), including programming, financial, information, and transport services. Petroleum products account for 8.6%, machinery and equipment 3.7%, food products 3.5%, and industrial goods 3.3%.

Imports from the United States are led by machinery and equipment (59%), including aircraft, vehicles, computing equipment, engines, pumps, and industrial installations. Services account for 20.5%, chemicals 9.7%, industrial goods 3.8%, food products 3.2%, and manufactured goods 2.2%.

Investment cooperation has expanded dynamically. U.S. FDI and loans increased nearly 64-fold from $8.6 mln in 2017 to $383.2 mln in 2025, with cumulative inflows exceeding $2.9 bn. As of February 2026, 346 enterprises with U.S. capital operate in Uzbekistan, including 146 joint ventures and 200 wholly foreign-owned firms. Investments are concentrated in manufacturing, mining, construction, services, and agriculture.

Prospects for Deeper Economic Partnership

Recent dynamics indicate a transition from trade expansion toward long-term technological and industrial partnership. While services dominate exports, significant untapped potential remains in agro-processing, textiles, non-ferrous metallurgy, and higher value-added manufacturing.

Given annual U.S. imports of $118 bn in textiles and apparel, $539 bn in food products, and $213 bn in pharmaceuticals, even limited market penetration could significantly expand Uzbek exports and rebalance their structure.

Technology cooperation represents a separate strategic track. The United States accounts for 45% of Uzbekistan’s IT exports, with 448 of 800 exporters supplying digital services to the U.S. market. The next phase may involve joint industrial production in electronics and microelectronics with companies such as NVIDIA, Intel, and Qualcomm, enabling integration into global value chains.

Energy cooperation could support infrastructure modernization and renewable energy deployment, while pharmaceutical localization and joint R&D with companies such as Pfizer, Johnson & Johnson, and Merck offer additional avenues for technology transfer and investment.

Privatization and PPP initiatives create further opportunities. By 2030, the private sector share in Uzbekistan’s economy is projected to reach 85%, with stakes in 2,000 enterprises planned for sale and $30 bn in PPP projects to be launched. Cooperation with U.S. capital markets, including the NYSE and Nasdaq, may further support the development of Uzbekistan’s financial infrastructure.

Conclusion

President Mirziyoyev’s visit to Washington and participation in the inaugural Peace Council meeting carry both diplomatic and economic significance.

Uzbekistan’s engagement in the Council strengthens its international standing and expands its contribution to addressing global challenges. At the same time, the agreements reached and the expanding portfolio of joint projects elevate Uzbek-American relations to a new stage characterized by deeper institutional cooperation, industrial integration, and long-term strategic trust.

Viktor Abaturov,

Center for Economic Research and Reforms

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The formula of "comprehensive strategic partnership" in relations between Uzbekistan and Türkiye has in recent years ceased to be merely a diplomatic definition and increasingly reflects the actual substance of bilateral cooperation. Political dialogue, economic collaboration, humanitarian contacts, and transport connectivity form the stable pillars of systemic Uzbek-Turkish relations.

Analysis of the current state of partnership between the two countries confirms that Tashkent and Ankara have successfully established an institutional architecture for comprehensive strategic partnership. The key mechanism of bilateral interaction is the High-Level Strategic Cooperation Council co-chaired by the presidents of both states, with its fourth meeting scheduled for 2026. This format ensures systematic political dialogue and coordination of joint efforts across a broad spectrum of areas.

An important factor in the effective functioning of this institutional system is the active and trusting dialogue between Presidents Shavkat Mirziyoyev and Recep Tayyip Erdoğan, maintained through regular telephone conversations and meetings on the sidelines of international events. Such dynamics impart a personal dimension to strategic interaction and create a favorable environment for deepening practical cooperation at the levels of governments, businesses, and expert communities of both countries.

Uzbek-Turkish relations gain an additional dimension through cooperation within the Organization of Turkic States (OTS). The participation of Tashkent and Ankara in this organization's activities allows bilateral initiatives to be elevated to a broader regional level and to find synergy with other countries of the Turkic world. OTS summits, including those held in 2025, have demonstrated participants' commitment to giving practical substance to cooperation from economy and transport to culture and digital development.

For Uzbekistan and Türkiye, this creates opportunities for advancing joint projects, harmonizing approaches to the regional agenda, and strengthening their positions in a broader geopolitical space.

Uzbek-Turkish cooperation carries significant regional and international dimensions. During a meeting in the "4+4" format in January 2026, the parties discussed regional and international issues, including the situations in Afghanistan, Gaza, Ukraine, and Syria. This demonstrates the two states' intention to coordinate their positions on key items of the international agenda.

Against the backdrop of strengthening political understanding and institutional consolidation of Uzbek-Turkish partnership, the economic component of bilateral relations acquires particular importance, becoming a key driver for their further development.

Trade and economic cooperation between Uzbekistan and Türkiye has demonstrated consistent progress in recent years. The target of raising bilateral trade turnover to USD 5 billion in the medium term and to USD 10 billion in the longer term remains relevant and reflects the potential of bilateral ties. Trade volume in 2025 exceeded USD 3 billion, indicating significant progress compared to figures from eight years prior.

Particularly noteworthy is the structure of economic interaction. The relationship involves not only trade but also the formation of a stable investment presence. By the end of 2025, more than 2,100 enterprises with Turkish capital participation were operating in the country a testament to the establishment of a sustainable Turkish business ecosystem in Uzbekistan and one of the highest figures among Uzbekistan's foreign partners. The dynamics of direct investment from Türkiye clearly confirm the progressive strengthening of this area of cooperation: USD 2.2 billion was invested in Uzbekistan in 2024, and USD 2.9 billion during January–October 2025.

The parties are conducting systematic work to expand economic cooperation. In particular, during the 4th meeting of the Joint Strategic Planning Group held on January 21, 2026, progress was noted in implementing the Action Plan of the 8th meeting of the Joint Economic Commission (JEC). The key role of the JEC as an effective mechanism for developing practical trade and economic cooperation between Uzbekistan and Türkiye was emphasized.

For Uzbekistan, cooperation with Türkiye is valuable in that Turkish businesses bring not only capital but also managerial expertise, technologies, and production culture. For Türkiye, the Uzbek market is attractive as a dynamically developing economy with a population exceeding 38 million and growing domestic demand. In this sense, interaction increasingly takes on the character of mutual complementarity.

One of the notable trends of 2025 was the development of transport connectivity between the two countries, primarily in the aviation sector. The number of weekly flights reached 97, with routes expanding to 8 destinations. The broadening of geography and frequency of direct flights between Tashkent, Samarkand, Namangan, Andijan, Ankara, Istanbul, and Izmir promotes growth in business mobility, tourist flows, and humanitarian contacts. The launch of new routes by both national and private carriers became an important practical step toward further rapprochement.

The increase in flight numbers offers not only passenger convenience but also broader economic effects. It facilitates contacts between entrepreneurs, simplifies participation in exhibitions and negotiations, and makes accompanying joint projects more accessible. Prospectively, this also creates prerequisites for developing air cargo transportation, which could further strengthen trade and economic ties.

Energy cooperation also demonstrates positive dynamics. Turkish companies are actively participating in modernizing Uzbekistan's energy infrastructure, including projects for developing renewable energy sources.

Particular emphasis must be placed on the special role of cultural and humanitarian interaction in developing bilateral relations. Common historical, cultural, and linguistic roots create a favorable foundation for expanding cooperation in education, science, culture, and tourism. Branches of leading Turkish universities operate in Uzbekistan, joint educational programs are implemented, and student and faculty exchanges take place.

Tourist exchange between the two countries shows sustained growth. By the end of 2025, Türkiye entered the top five countries by number of tourists visiting Uzbekistan. In turn, Türkiye remains one of the most popular tourist destinations for Uzbek citizens. Development of tourism ties contributes to strengthening intercultural dialogue and people-to-people diplomacy.

These figures reflect not only the attractiveness of the Turkish tourism market but also the general expansion of population mobility. In the long term, it is precisely cultural and humanitarian ties that form the solid social foundation of bilateral partnership.

Analysis of 2025 dynamics allows identification of several directions that could become key to further deepening Uzbek-Turkish partnership:

First, development of industrial cooperation. The existing network of joint enterprises could become the basis for more complex projects oriented not only toward the domestic market but also toward exports to third countries. Such an approach corresponds to the strategic objectives of both economies.

Second, transport, logistics, and infrastructure. Expansion of air connectivity is an important step, but the potential for cooperation in this sphere is significantly broader and includes development of multimodal transportation, warehousing infrastructure, and digital trade solutions.

Third, services and human capital. Türkiye possesses considerable expertise in tourism, medicine, construction, and education. For Uzbekistan, interaction in these areas opens opportunities not only for adopting experience but also for jointly entering regional markets.

Uzbek-Turkish relations are developing on a positive and constructive basis, confirming the maturity and stability of bilateral interaction. The parties demonstrate readiness for dialogue, pragmatism, and a commitment to considering mutual interests. The growing number of joint enterprises, expanding transport links, increasing tourist flows, and stable political dialogue form a solid foundation for further development of cooperation.

Alisher Kadirov,

Head of Department of the Institute of Strategic and Regional Studies under the President of the Republic of Uzbekistan

The upcoming official visit of the President of the Republic of Uzbekistan to the Republic of Türkiye reflects the deepening strategic partnership between the two countries. One of the most dynamic areas of this cooperation is labor migration, built on mutual trust and a shared human-centered vision.

In recent years, Uzbekistan has fundamentally transformed its migration policy, placing human dignity, legal employment, and social protection at the core of its reforms. This approach aims to ensure that citizens working abroad do so safely, legally, and with full respect for their rights.

Cooperation with Türkiye exemplifies this new philosophy. The entry into force of the bilateral agreement on the protection of the rights of labor migrants and their family members marked a significant milestone in strengthening legal and institutional guarantees for migrants.

Regular dialogue between migration and labor authorities, joint forums, and practical coordination mechanisms have contributed to more orderly and transparent labor mobility. Notably, agreements reached to legalize the status of Uzbek citizens without administrative penalties, particularly in sectors with high labor demand, demonstrate a shared commitment to humane and pragmatic solutions.

Another key dimension of cooperation is skills recognition and certification. Collaboration with Türkiye’s professional qualification institutions enables Uzbek citizens to obtain internationally recognized certificates, enhancing their employability both in Türkiye and beyond.

Partnerships with leading Turkish companies further expand legal employment opportunities, including participation in large-scale construction and infrastructure projects. These initiatives are complemented by the active role of Uzbekistan’s Migration Agency representation in Türkiye, which provides legal, social, and advisory assistance to citizens and safeguards their rights.

Today, negotiations have begun between the two countries on developing a “Social Protection” agreement. Through this agreement, Uzbek citizens working in Türkiye and Turkish citizens working in Uzbekistan will be able to reclaim their social insurance contributions. This will allow workers to formalize their employment and secure legal protections.

Uzbekistan and Türkiye view labor migration not as a challenge, but as a driver of development, stability, and human well-being. The forthcoming presidential visit is expected to elevate this cooperation to a new level, reinforcing a model of migration governance rooted in humanity and mutual benefit.

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,

Dear compatriots!

I cordially congratulate you, the multinational people of Uzbekistan on the coming New Year 2025.

Despite the difficult situation in the world, the outgoing year has been prosperous for our country.

Thanks to the selfless labor, socio-political activity of our people, the idea of New Uzbekistan is becoming a reality.

The past elections to the Oliy Majlis and local councils have reaffirmed that we have entered a new stage of democratic reforms.

New high-tech industrial complexes, infrastructure and logistics networks, roads and railroads have been built in the country, business, IT and tourism spheres are developing. The incomes and quality of life of the population are increasing.

Our skillful dehkans and farmers, clusters have harvested rich crops. The whole country is being improved.

Kindergartens and schools, universities, cultural and sports facilities are being built. Thousands of our compatriots are welcoming the New Year in new homes.

Our energetic, enterprising young people are achieving success in all spheres. Their record achievements at the Olympic and Paralympic Games have opened a new page in the history of national sport.

The role and influence of civil society institutions, including the mahalla, are being strengthened. The sphere of spirituality and enlightenment is developing. Our country's initiatives of global significance are receiving broad support.

Uzbekistan's authority in the international arena as a competitive country and a reliable partner is growing.

All this has become possible thanks to sustainable development, the atmosphere of friendship and harmony in our society.

On this festive evening, I express my sincere gratitude to you, my dear ones, to all our people-creators for your conscientious labor and service to the Motherland.

Dear friends!

We have declared 2025 the Year of Environmental Protection and Green Economy.

Our main goal is to create a sustainable balance between the economic system and our environment. We will create even greater business opportunities.

We will resolutely continue to work to ensure the inviolability of private property and actively attract foreign investment.

The focus will be on the social sphere, increasing wages, pensions, scholarships and benefits.

We will mobilize all forces and opportunities to bring up our children harmoniously developed, with modern knowledge and professions.

We will increase attention to the development of science, education, health care, culture, art and sports.

We will continue to prioritize the care of veterans, women and youth, as well as improving the effectiveness of social protection.

We will raise to a new level the work on strengthening the potential of our Armed Forces, support for servicemen and their families.

In a word, all together, united, we will act to realize the main principle - “In the name of man, in the name of his happiness!”.

Dear friends!

Once again, I sincerely congratulate you - our compatriots abroad, as well as partners and friends of Uzbekistan around the world - on this wonderful holiday.

I wish you health, happiness, prosperity and well-being to every family, to our beloved Motherland!

May all our good dreams and hopes come true!

May our native Uzbekistan prosper!

Happy New Year to you, my dear ones!



Shavkat Mirziyoyev,

President of the Republic of Uzbekistan