The state visit of the President of the Republic of Korea Yoon Seok-yol at the invitation of the President of the Republic of Uzbekistan Shavkat Mirziyoyev has ended.
During the three-day visit, high-level talks were held, at the end of which the leaders signed a joint statement on further deepening and comprehensive expansion of the Special Strategic Partnership. A bilateral set of documents was received.
The heads of state participated in a joint business forum with the participation of representatives of leading Korean companies and banking and financial institutions.
The presidents visited the Technopark in Tashkent and got acquainted with the existing potential for industrial cooperation.
Today, the dialogue between the heads of state continued in Samarkand. The presidents and their wives got acquainted with the historical and architectural masterpieces of the ancient city.
After the end of the visit, President Yun Sok Yol and his wife were escorted by President of the Republic of Uzbekistan Shavkat Mirziyoyev and his wife at the airport.

President Shavkat Mirziyoyev was given a presentation on measures to further develop the jewelry industry, support jewelry production and sales, and increase exports of finished products.

Our country has a huge potential for increasing production and export of jewelry.

As the head of state noted, only 6 percent of gold mined in the country is processed, and exports of its products amount to only 78 million dollars, so it is important to create jewelry zones with special conditions for entrepreneurs, to review the provision of raw materials, training of specialists, production chain and sales system.

In this regard, the Ministry of Economy and Finance and the Chamber of Commerce and Industry have developed relevant proposals.

In particular, it is planned to improve the activity of the Uzbekzargarsanoati association, expand its powers and reorganize the management system.

In order to support manufacturers of the industry, it is proposed to apply the benefits provided for members of the Association "Uzbekzargarsanoati" to individual entrepreneurs - manufacturers of jewelry, who are members of the Association "Uzbekzargarsanoati".

The possibility of establishing a zero rate of customs duty and value added tax on equipment, packaging and marking materials that are not produced in Uzbekistan and used in the jewelry industry for the period up to October 1, 2026 is being studied.

The issues of creation of special jewelry centers including production, exhibition and trade areas were considered. Information was provided on the placement of pilot projects in Tashkent and Namangan region.

The issue of increasing the volume of jewelry exports was discussed. It was proposed to establish a zero rate of customs duty for export of jewelry made in our country to the United States of America under the GSP system.

The head of state instructed to finalize the presented measures and work out a program for the development of domestic jewelry production for the period up to 2027.

Numerous scholars and studies have confirmed the connection between the quality of education and the well-being of society. The Nobel Prize winning Gary Becker was one of the first to inquire into the impact of education on economic growth and social development. His research has shown that investing in education can improve productivity and thus economic growth.

According to experts from the Organization for Economic Cooperation and Development, the high level of education, GDP and economic development serve to augment the average life expectancy and improve public health. One should note that stepping up the duration of education by 1 year can increase GDP by 3-6 percent.

Education is considered a crucial issue for Uzbekistan, 60% of the population of whose is young people under the age of 30, with a population increase of 700 thousand a year.

Up until recently, obtaining higher education was the dream of millions of Uzbek youth. In 2016, enrollment in higher education was only 9 percent of all the school graduates, and the number of higher education institutions was 69 (with 9 private). Due to a lack of student loans to finance higher education and support systems for vulnerable segments of the population, many were unable to study failing to pay tuition fees.

There were also problems for youth in getting onboard the higher education. Those willing to obtain one were able to apply only to one institution a year. And if they did not score enough in the admission exams, they had to wait until the next year to reapply to that or another university.

In addition, such factors as taking faculty and students to forced seasonal agricultural work used to have a grave negative impact on the quality of education. So did the insufficient material incentives for the teaching staff due to the extremely low wages.

After the election of Shavkat Mirziyoyev as President of the country in 2016, the system of admission to higher education institutions started to be revised, with overall systemic transformation underway, especially when it came to the quality of education.

First, the organizational and legal framework of the industry has been revised. In particular, the 2030 Concept for Higher Education Development in the Republic of Uzbekistan was approved in 2019 by the corresponding presidential decree.

In 2020, the Oliy Majlis (Supreme Assembly, the national parliament) passed the Education law in a new edition. In accordance with it, the system opened up to market mechanisms, priority was afforded to raising the scale and quality of education to a new level, to studying advanced foreign practices and establishing broad international connections.

Apart from that, adopted in 2023, the new edition of the Constitution introduced a number of new norms on the protection of the honor and dignity of teachers, government concern for their social and material well-being. The upgraded Basic Law also granted the higher education institutions the right to academic self-government, freedom in scientific research and teaching methodologies and approaches.

Second, to be sure, education advancement requires allocation of large sums from the state budget to this area. According to research, a 1% increase in education spending will increase GDP by 0.35%. It is for this reason that the amount of funds allocated from the public budget for the maintenance and development of educational institutions in Uzbekistan has been steadily growing.

In 2023, spending on education accounted for 44 percent of total social expenditures, reaching 61.2 trillion soums.

The rapid growth in the number of public and private universities, as well as branches of foreign ones, and the introduction of market mechanisms in this area have created the basis for expanding the market in educational services. Today there are 210 universities in the country, almost half of them are private (67) and foreign universities (29).

Crucially, the youth are now free to choose. A healthy competitive environment has begun to emerge among the institutions offering higher education. Branches of prestigious foreign universities like Westminster (UK), Webster (US), Management Development Institute of Singapore, Polytechnic University of Turin (Italy) have an important role to play in the implementation of advanced standards in higher education by inviting state-of-the-art certified faculty, making a good use of the latest teaching technologies, innovations and international best practices.

As a result of the enhancement of the higher education market in Uzbekistan, it became possible to boost the coverage in the system from 9 percent of school graduates enrolled in 2016 to 42 percent in 2023. And the launch of correspondence and evening studies at universities has contributed to a sharp increase in the proportion of students over 24 years of age. The total number of university students now exceeds 1.3 million.

Starting from 2019, applicants have been given the opportunity to simultaneously submit documents to several universities and choose an educational institution based on the results of entrance exams and their preferences. This year, building on a relevant presidential decree, exams for admission to universities will take place under the principle “test first, then choose”.

Uzbekistan has created a unique system that provides opportunities to obtain higher education for people in need of social protection and people with disabilities. In particular, the distribution of admission quotas was approved on the basis of an additional two percent state scholarship for persons with disabilities and one percent for graduates of Mehribonlik (Mercy homes, orphanages), children’s villages and family homes in the context of higher educational institutions and forms of education.

It will not be an exaggeration to say that changing society by attracting girls to higher education is a unique path for Uzbekistan. Here one can recall a popular wisdom that if you educate a girl, you educate the whole nation. In order to ensure gender equality, as well as the consistent implementation of the UN Sustainable Development Goals, starting from the 2022-2023 academic year, new educational loans are allocated on preferential terms (interest-free) for training girls and women. As a result, in 2023, interest-free educational loans in the amount of 1,548.6 billion soums were allocated to about 137.4 thousand students.

A procedure has also been established for reimbursement of tuition fees for girls studying for graduate degree at universities. During this time, 20,260 women took a good advantage of this opportunity.

Special emphasis is placed on the issues of training youth from Uzbekistan in prestigious foreign universities. In particular, the amount of funds allocated from the state budget to the El-Yurt Umidi (Hope of the Nation) Foundation for the training of talented youth abroad has been growing. If 200 billion soums were allocated to this fund in 2022, in 2024 the amount reached 500 billion soums. Thanks to the foundation, more than 1,000 young people have received education in respected higher education institutions abroad and today work in various fields. According to the UNESCO Institute for Statistics, students from Uzbekistan ranked fifth in the world in the number of students studying abroad in 2021. The number exceeded 110 thousand. This is also clear evidence of how young people in this country are thirsty for knowledge.

The Uzbekistan-2030 Strategy urges to bringing the level of youth enrollment in higher education to no less than 50 percent, including in at least 10 higher educational institutions in the top 1,000 ranking of the most prestigious universities, and making the way for the country into the top 50 nations by 2030 in the Global Innovation Index.

As a result of reforms over the past period, two universities of Uzbekistan for the first time entered the top 1,000 higher education institutions in the world, compiled by the British company Quacquarelli Symonds (QS). The National Research University “Tashkent Institute of Irrigation and Agricultural Mechanization Engineers” (TIIAME) was named 547^th in the rating, while the Mirzo Ulugbek National University of Uzbekistan secured the 781-790th positions.

The National Research University TIIAME was among the 300 best higher education institutions in the world and among the top three universities in Central Asia in terms of “Academic reputation”, and the National University of Uzbekistan was in the top 200 in terms of “Share of foreign teachers” and took second place among universities in the region.

In addition, 53 higher educational institutions of Uzbekistan were noted in the “THE Impact Rankings” published by the Times Higher Education agency for 2024. Seven of them ended up in the top 1,000. In the ranking, the Tashkent State University of Uzbek Language and Literature came 10th in the world in terms of gender equality.

In short, well aware of the truism that investing into education means investing into your future.

Nodir Tilavoldiev,
Member of the Legislative Chamber of the Oliy Majlis
Republic of Uzbekistan

Economic relations between Uzbekistan and Azerbaijan have been steadily developing in recent years, forming a model of mutually beneficial and sustainable partnership. The introduction of a free trade regime between the two countries has strengthened the institutional foundation of this cooperation and contributes to the expansion of trade and investment ties.

Institutional Cooperation: Systematic and Continuous Dialogue

Intergovernmental institutions play an important role in the development of economic relations. In particular, within the framework of the Intergovernmental Commission, which has been operating since 1998, 14 meetings have been held, with the most recent one taking place in June 2025 in Baku. Within this platform, issues of trade, investment, and industrial cooperation are discussed on a systematic basis.

In addition, three “Uzbekistan–Azerbaijan Regional Forums” have been organized to promote interregional cooperation, and the fourth forum is planned for 2026, which indicates the continued expansion of bilateral relations.

The Uzbekistan–Azerbaijan Business Council, established in 2020, also serves as an important mechanism for enhancing economic cooperation by strengthening interaction between business communities.

Trade Turnover: Strong Growth Dynamics

The dynamics of trade turnover between the two countries demonstrate a positive trend. According to the results of 2025, total trade turnover amounted to USD 307.3 million, increasing by 14.6% compared to the previous year.

Exports reached USD 227.3 million, growing by 7.8%, while imports amounted to USD 80 million, showing a significant increase of 39.3%. This indicates a balanced and diversified development of trade relations.

In the first quarter of 2026, growth rates accelerated further: trade turnover reached USD 80.1 million, increasing by 42.5%. These figures confirm the strong momentum in the development of economic ties between the two countries.

Export Structure: Diversification and New Opportunities

In 2025, exports from Uzbekistan to Azerbaijan increased across 230 product categories. Particularly strong growth was observed in tobacco products, copper wire, grapes, nuts, household appliances, and petroleum products.

At the same time, exports were carried out in 116 new product categories totaling USD 7.8 million, which reflects the ongoing expansion of trade relations between the two countries. This plays an important role in diversifying the export structure and broadening the range of goods.

Imports: Mutually Beneficial Cooperation

Significant growth has also been observed in imports. In 2025, import volume increased by 39.3%, reaching USD 80 million. The main growth was driven by sugar, aluminum, metal pipes, and petroleum products.

This indicates the growing importance of Azerbaijan in supplying Uzbekistan’s economy with essential raw materials and industrial resources.

Transport and Logistics: Strategic Connectivity

Another key area of cooperation is transport and logistics. In 2025, total cargo transportation volume reached 154.3 thousand tons, increasing by 28.3%.

In the first quarter of 2026, this figure rose by 88% to 58.7 thousand tons. The increase in transportation volumes by rail, road, and air reflects the strengthening of logistics chains between the two countries.

The growth in transit cargo transportation (1.4 times in 2025) further enhances the strategic role of Uzbekistan and Azerbaijan in regional transport corridors.

In addition, the operation of 14 regular weekly flights on the Tashkent–Baku route demonstrates a high level of transport connectivity between the two countries.

The above analysis demonstrates that economic relations between Uzbekistan and Azerbaijan are steadily developing at a high pace. The presence of institutional cooperation mechanisms, sustained growth in trade turnover, diversification of export and import structures, and the expansion of transport links significantly enhance the strategic importance of this partnership.

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

President of the Republic of Uzbekistan Shavkat Mirziyoyev met with World Bank Vice President for Europe and Central Asia Antonella Bassani on September 30.

The sides discussed topical issues of further expansion of strategic cooperation with the World Bank Group and support of this leading international financial institution to the ongoing reform program in New Uzbekistan.

At the beginning of the meeting, Vice President Antonella Bassani conveyed to the head of our state sincere greetings and best wishes of World Bank President Ajay Bangui.

During the conversation, the current high level and fruitful nature of bilateral cooperation were noted with deep satisfaction.

In recent years, our country has become one of the largest partners of the Bank - the portfolio of projects has increased several times and now exceeds 12 billion dollars.

The World Bank is supporting the implementation of important reforms aimed at ensuring the sustainability of economic and social sectors. The Bank's regional office in Tashkent has been operating since July this year.

Such areas as poverty reduction, transformation of state-owned enterprises and banks, decarbonization, support for WTO accession and others have been identified as priorities for further expansion of the partnership.

Special attention was paid to the programs of urbanization and integrated development of regions, modernization of energy and irrigation infrastructure, support to the private sector.

There was also an exchange of views on the promotion of regional projects.

The "Uzbekistan 2030" strategy aims to increase the country's gross domestic product to $160 billion and per capita income to $4,000. Achieving this goal solely through the domestic market is not possible; therefore, it is crucial to actively attract foreign investments and increase exports.
The Tashkent International Investment Forum plays a significant role in this effort. In May 2024, the third edition of the forum took place in Tashkent, becoming a significant event for the economy of Uzbekistan and the international investment community. The main objective of the forum was to enhance the inflow of foreign investments and promote economic cooperation between Uzbekistan and other countries.
The forum attracted business representatives, investors, government officials, and international organizations, facilitating dialogue and the signing of major investment agreements. In recent years, Uzbekistan has demonstrated significant growth in attracting investments, and the forum has been an important step in this direction.
In his welcoming speech, the head of state noted that Uzbekistan has attracted over $60 billion in foreign investments in recent years, with approximately $14 billion coming from international financial institutions. These investments have been directed towards social and infrastructure sectors.
The forum has gained incredible popularity, with over 2,500 participants from 93 countries, providing a platform for global dialogue and exchange of investment experiences.
It is important to highlight that the forum garnered attention from international media, with coverage from more than 110 foreign publications in 30 countries, including leading global media outlets such as CNN, Euronews, London Post, and Associated Press.
One of the key events of the forum was the presentation of regional energy projects (the construction of Kambarata-1 HPP and Yavan HPP) to foreign investors. The presentation involved the Prime Ministers of the Republic of Uzbekistan and the Kyrgyz Republic, emphasizing the importance of these projects for the entire region.
As a result of the Tashkent International Investment Forum, agreements were signed totaling $26.6 billion, indicating the high investment attractiveness of Uzbekistan and the success of the forum. For comparison, in 2022, 167 documents were signed at the forum, amounting to $11 billion, demonstrating a significant increase in investment interest in the country.
Specifically, agreements were reached on the implementation of the following major investment projects:
- Saudi Arabian company "Data Volt" will be involved in the construction of urban infrastructure in "New Tashkent" for $1 billion and will establish a "data processing center" based on green technologies for $3 billion.
- Saudi Arabian company "ACWA Power" will implement projects for the construction of a 5 GW wind power plant in the Republic of Karakalpakstan and the creation of 2 GW energy storage devices, with a total investment of $6.2 billion.
- UAE company "Amea Power" will carry out a project to build a 1000 MW wind power plant in the Republic of Karakalpakstan for $1.1 billion.
- "Saudi Tabrid" will undertake the modernization of the heating systems in Nukus, Fergana, and Kuvasay for $750 million.
- Egyptian company "Nile Sugar" will engage in sugar beet cultivation and sugar production in the Jizzakh region for $500 million.
- Chinese company "Shanghai Knud International" will implement a project for the production of textile and sewing products in the Namangan region for $205 million.
- "Wilmar International" (Singapore) will produce food products and confectionery in the Tashkent region for $200 million.
Additionally, agreements were reached with several major global companies, such as "Orascom Investment" (Egypt), "Bonafarm Grup" (Hungary), "Sayar" (USA), "Goldwind," "Sinoma" (China), "Sam Yapi" (Türkiye), "Pasha Development" (Azerbaijan), "Lasselsberger" (Austria), and "Petrosat Chexelsoton" (Iran), for the implementation of new investment projects totaling $6.6 billion.
The event included a rich program of panel sessions, discussions, business breakfasts, and roundtable discussions, focusing on key aspects of economic development. The central theme revolved around the role of the state, investors, and entrepreneurs in supporting small and medium-sized businesses.
During the session on combating corruption, experts emphasized that effective anti-corruption measures are crucial for improving the investment climate. They highlighted that creating a safe and transparent business environment plays a vital role in this process.
"The successful fight against corruption requires a comprehensive approach, including strengthening legislation and increasing the transparency of government actions," stated Akmal Burkhanov, Director of the Anti-Corruption Agency of the Republic of Uzbekistan.
The session on retail trade identified the main challenges and opportunities in the industry. Participants expressed the need for improving tax legislation and simplifying import procedures. They also emphasized the importance of creating conditions for successful adaptation of new brands in the market.
"Thanks to the resolution on reducing customs duties, we have managed to establish fair prices, as in the UK and Kazakhstan," shared Ilya Lyapustin, Sales and Marketing Director of "Tashkent City Mall."
During the business breakfast dedicated to women entrepreneurship, the significant impact of women entrepreneurs on society was emphasized. Speakers presented inspiring examples and strategies for achieving a balance between profitability and social responsibility.
Special attention was given to attracting foreign investments through residency programs.
"In recent years, Uzbekistan has proven itself as an attractive destination for global investors due to its openness to cooperation and prospects in the real estate sector," stated Akram Mukhamatkulov, representative of Henley & Partners.
The roundtable discussion on "Supply Chains and Resilience: Finding Balance in Uncertain Times" addressed the problems and strategies for ensuring the resilience of global supply chains.
"Turkey and Uzbekistan have a strategic partnership, and we can significantly strengthen cooperation by working together," noted Deputy Minister of Trade of Turkey, Sezai Ucharmak.
Experts also emphasized the importance of integrating digital technologies into investment strategies. They highlighted that digitization is not just the future but already a reality, playing a key role in accelerating investment processes and increasing transparency.
The pitch session "IT-PARK Uzbekistan: New Perspectives for Development" presented plans to transform Uzbekistan into a regional hub for information technology by 2030.
Sherzod Shermatov, Minister of Digital Technologies of Uzbekistan, highlighted the significance of recent investments. "Yesterday, we witnessed an important event - the start of the construction of the $5 billion green data center, Data Volt, a major project of direct foreign investment. We are creating a favorable environment for IT companies and launching the 'Zero Risk' program to cover all risks associated with opening and operating offices in Uzbekistan," he noted.
The roundtable discussion on "Connectivity: Reviving the Great Silk Road" brought together international experts and representatives of government bodies to explore opportunities for expanding connections, economic cooperation, and cultural exchange along the ancient Silk Road routes.
The roundtable discussion on "Integrated Urban Planning: Quality Investments, Environmental and Human Comfort" involved leading urban planners, architects, and business representatives discussing approaches to the development of the city of Tashkent. In particular, Vladislav Butenko, Managing Director and Senior Partner at BCG, emphasized the importance of integrating innovative solutions into urban planning to achieve sustainable city development. He stressed the need to consider both economic and social aspects in comprehensive planning, ensuring a balance between them.
The forum played a significant role in attracting investments for various ministries and regions of Uzbekistan. The signed agreements indicate the development of key sectors such as industry, energy, pharmaceuticals, and automotive manufacturing.
One of the major achievements of the forum was the agreement between the Ministry of Digital Technologies, the Ministry of Energy, and IT company Data Volt on the construction of a data center based on green technologies. Experts highlighted the importance of such projects for Uzbekistan. The signing ceremony was attended by Laziz Kudratov, Minister of Investment, Industry, and Trade, and Rajit Nanda, Director of Data Volt.
The third Tashkent International Investment Forum has concluded, but the planned initiatives and signed agreements promise active work in attracting investments and ensuring sustainable development. Uzbekistan has once again confirmed its role as a strategic partner on the international stage, attracting the attention of global investors and contributing to the economic growth of the region.

Tengiz Asanov,
Deputy Head of the Department of the Ministry of Investment, Industry and Trade of Uzbekistan

Today, the Consultative Meetings of the Heads of State of Central Asia provide the region’s leaders with a regular platform to align their positions on issues that shape the future of Central Asia as a whole. Over the course of eight summits, direct dialogue has evolved into sustained engagement at the level of national coordinators, relevant ministries and agencies, regions, and business communities. From an economic perspective, it is particularly important that trade, industry, transport, and investment are being addressed with due consideration for the interdependence of national development plans.

Central Asia has arrived at its current model of cooperation within a relatively short period of time. In 2017, President Shavkat Mirziyoyev proposed holding regular meetings of the region’s leaders, and the first such meeting took place in Astana in March 2018. The format was built around direct dialogue, allowing the states themselves to define the range of common issues and coordinate their positions in areas where results depend on the actions of neighboring countries. At the same time, the format has retained its fundamentally consultative nature, based on the independence of its participants.

As the scope of cooperation expanded, the necessary mechanisms were gradually established. In 2021, establishment of a Business Council was proposed. In 2022, the Treaty on Friendship, Good-Neighbourliness and Cooperation for the Development of Central Asia in the 21^st Century was signed. The Council of National Coordinators was established in 2023, and a year later the Central Asia 2040 Concept for the Development of Regional Cooperation was adopted. In this way, political dialogue acquired an institutional and legal framework between summits while preserving the flexibility of the original format.

Uzbekistan’s chairmanship in 2025 significantly strengthened sectoral cooperation. More than 20 major sectoral and interregional events were held, including the Interregional Cooperation Forum at the level of deputy prime ministers. Ahead of the Seventh Consultative Meeting in Tashkent, the first meeting of the Council of Ministers of Trade and Investment of the Central Asian countries and Azerbaijan was held. Discussions focused on practical objectives: increasing mutual trade to USD 20 billion, establishing production facilities under the “Made in Central Asia” brand, and attracting international financial institutions to infrastructure and industrial projects.

The current scale of economic ties makes it possible to pursue more ambitious objectives. By the end of 2025, Uzbekistan’s trade turnover with the Central Asian countries had reached USD 8.3 billion, an increase of 15.2 percent. In the same year, the volume of direct investment and loans attracted from countries in the region amounted to USD 1.3 billion. Growing trade and investment activity is creating a foundation for deeper industrial cooperation and the development of production chains among enterprises across the region.

This is the underlying rationale of “Made in Central Asia.” Enterprises from several countries can participate in the creation of a final product by distributing individual stages of production among themselves. For Uzbek businesses, such a model expands the pool of potential customers and enables production to be planned in response to demand beyond the domestic market. A practical foundation is already taking shape: an Action Plan for the Development of Industrial Cooperation for 2025–2027 has been approved, bilateral investment funds have been established, cross-border trade zones and industrial cooperation centers are being developed, and joint sectoral projects are being implemented.

The economics of production chains is directly dependent on logistics. The China–Kyrgyzstan–Uzbekistan railway, as well as the Trans-Afghan and Trans-Caspian routes, involve different groups of participating countries.

The consultative platform provides an opportunity to coordinate countries’ infrastructure plans, border crossing operations, and logistics hubs in advance. In 2025, Uzbekistan proposed establishing an Infrastructure Development Council at the level of deputy prime ministers in order to place such coordination on a permanent footing.

A more favorable business environment is also being shaped through decisions taken in bilateral and trilateral formats. Since 2023, citizens of Uzbekistan and Kyrgyzstan have been able to cross the shared border using ID cards. In 2025, Uzbekistan, Kyrgyzstan, and Tajikistan signed a treaty on the junction point of their state borders. These measures facilitate travel, business contacts, and cross-border trade.

Azerbaijan’s accession as a full-fledged participant in November 2025 expanded the permanent dialogue toward the South Caucasus and brought into the format a country located along the continuation of the Trans-Caspian routes. This makes it possible to address trade, transport, energy, and investment issues within a broader economic geography.

At the same time, the planning horizon is expanding. The Central Asia 2040 Concept established long-term priorities, while at the Tashkent summit Uzbekistan proposed developing a Comprehensive Regional Program for Trade and Economic Cooperation through 2035, adopting a Declaration on a Common Investment Space, and introducing a joint program for the development of e-commerce. For businesses, these initiatives create a more predictable horizon for planning investments, supply chains, and entry into neighboring markets.

Uzbekistan’s proposal to move toward a strategic “Central Asian Community” format also fits within this longer-term perspective, with the aim of strengthening continuity in the implementation of long-term infrastructure, industrial, and investment initiatives.

Following the conclusion of Uzbekistan’s chairmanship, the focus continued to shift toward new forms of economic connectivity. At the informal meeting of the heads of state of Central Asia and Azerbaijan in July 2026, Uzbekistan proposed substantive work on integrated industrial and technological value chains, shared digital services, and investment platforms.

The mechanisms developed in recent years make it possible to connect suppliers across several countries, establish production facilities serving broader markets, attract capital to projects of regional scale, and incorporate logistics considerations from the earliest stages of investment planning. The established channels of cooperation facilitate the transition from strategic priorities to concrete projects while preserving each state’s independence in decision-making. Translating high-level agreements into programs and measurable results is what defines the substance of the next stage.

For Uzbekistan, this represents a qualitatively new scale of regional economic policy. Central Asia is becoming a space where coordinated decisions expand the potential market for national enterprises, connect production capacities, open new routes, and strengthen the foundation for investment. This is precisely where the strategic significance of the platform lies: the countries of the region are themselves shaping the conditions for long-term growth, while Uzbekistan consistently advances initiatives that translate the potential of good-neighborly relations into tangible economic opportunities.

The beginning of the 15th century presented profound lessons, primarily for Europe and, moreover, for the entire world. These were the fruits of the activities of Amir Temur (Tamerlane), who was raised in the spirit of the traditions of Turanian statehood, drew inspiration from the life-giving ideas of Islam and elevated social thought to a new level by analyzing his life through the scales of genius.

With the brilliant personality of Amir Temur, the period known globally as the Middle Ages - an evolutionary era that brought numerous innovations to human civilization - came to an end and a new era based on industrial and intellectual revolutions began. Amir Temur’s lessons also had a positive impact on the development of the old continent, Europe. We can clearly observe this through specific parameters.

First of all, the luminous personality of Amir Temur redefined concepts such as ruler, king, and emperor for Europe. In an environment where absolute monarchy and other systems prevailed, the right to rule was passed down from generation to generation based on inheritance. The question of who would hold the reins of the state remained a matter of fate (cases of mentally challenged or disabled individuals ascending the throne occurred in European history).

Furthermore, there were periods when the internal structures of power lacked integrity: the administration functioned on its own, the military sphere acted according to the demands of the situation and the economy developed based on natural potential. Although such circumstances created a practical need for a single, strong hand to unify authority, there were no established legal or social foundations to legitimize such centralized power.

This kind of fragmentation and, moreover, chaos led to various conflicts. From this perspective, “palace games” and “palace intrigues” were commonplace and caused significant headaches. Through Amir Temur’s activities, however, it was proven in practice that one person could manage all tasks (and that a head of state could simultaneously be a military commander, a reformer in economic and spiritual spheres, a patron of science and even a creator). Consequently, concept of a state leader and guide acquired a broader meaning and essence.

Through his activities, the Sahibkiran (Sovereign) elevated Eurasian cooperation to a new level. Although conquerors from Asia such as Attila, Balamber, Genghis Khan, Batu and others captured significant parts of Europe during various historical shifts, leaving a certain mark on its history and managing to impose their policies, the traces left by their nature as steppe nomads -characterized by cruelty, intransigence and severity - came to be remembered in the life of these regions through ruins and atrocities.

Amir Temur’s policy based on compromise, safety and peace he granted to peoples who voluntarily came under his rule without resistance, as well as his creative activities (there is ample evidence of him restoring neglected graves, constructing buildings and digging canals to establish agriculture wherever he went), fundamentally changed the witnesses' perception of the Eastern ruler. Gradually, stereotypes such as “barbarians” and “savages” began to break down. Overall, views towards the East, Asia and specifically the Islamic religion shifted for the better and interest grew.

In Europe, the influence of the church was powerful and often played a brutal role. Campaigns known as the Crusades claimed countless lives. Conflicts arising from tensions between Catholics and Protestants, as well as the Inquisition - which burned enlightened thinkers like Giordano Bruno at the stake and movements like the Jesuits, were opposed to any freedom-seeking endeavor. In Amir Temur’s state, the separation of religion from the state and the clear definition of religion's role and functions within the empire represented a significant progress. This situation laid the foundation for the introduction of progressive ideas into the governance of European states.

In this regard, specific criteria began to be established and were refined over the years. Whereas previously science and education were under the control of the church, the state now began to involve itself in these sectors. Consequently, secular directions were strengthened in educational institutions, which led to the advancement of science.

The personality and name of the Sahibkiran (Sovereign) became famous throughout the world. As the “Saviour of Europe”, a golden statue of him adorned the halls of the Louvre in Paris. English playwright Christopher Marlowe initiated the process of creating the image of Amir Temur in world literature by writing the tragedy ‘Tamburlaine the Great’ (1587). In 1681, another English writer, Charles Saunders, wrote and staged the tragedy “Tamerlane”.

Those who viewed Amir Temur with an impartial eye recognized and valued him as a statesman and military leader who influenced and initiated the European Renaissance and as the one who saved Europe and Russia.

Hakim SATTORIY,

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

Under the auspices of UNESCO, the “Sharq Taronalari” XIII International Music Festival will be held from August 26 to 30 in the ancient and unique city of Samarkand, known as “The Pearl of the Earth.”
“Sharq Taronalari” is considered one of the largest festivals in Central Asia. The main objectives of the festival are to promote the achievements in national music art to the wider public, to preserve and develop the cultures and traditions of nations, to support talented youth in the fields of music and singing, and to expand international creative ties while promoting the ideals of peace, friendship, and mutual tolerance.
Established in 1997 and held for the first time, the “Sharq Taronalari” International Music Festival welcomed musical groups and performers from 31 countries; by 2019, the number of participating countries had increased to 75 during the XII “Sharq Taronalari” festival.
The XIII International Music Festival “Sharq Taronalari”, scheduled for August 26-30, 2024, is expected to be attended by more than 300 representatives from about (As of August 1, 62 countries have expressed their desire to participate in the festival, and applications for participation in the festival continue to arrive these days) 70 countries.
As of today, “Sharq Taronalari” has taken its place among the famous festivals not only in Central Asia but on a global scale. This is vividly evidenced by the increasing number of participants and the countries expressing desire to participate each year, alongside the growing level of the program’s quality.
The following program is planned for the XIII International Music Festival “Sharq Taronalari”:
On August 26, a solemn opening ceremony of the XIII International Music Festival “Sharq Taronalari” will be held in the city of Samarkand.
On August 27-28, an International Scientific and Practical Conference on the theme “Music Culture of Eastern Peoples: Principles of Creative Convergence in the Processes of Globalization” is scheduled, expecting the participation of musicologists, scientists from research centers, professors and teachers from musical higher education institutions, and researching doctoral and master’s students.
From August 27-29 (at 7:00 PM), a competition will be held among the participants of the XIII International Music Festival “Sharq Taronalari,” where the performances will be evaluated by an International Jury in two directions:
Professional (classical) level of folk music and song;
Music and song created by modern composers.
For reference. (Order No. 354 of April 25, 2019, on the approval of the regulations for the holding of the “Sharq Taronalari” International Music Festival (lex.uz))
To evaluate the performances of the competition contestants, an International Jury consisting of no less than seven members will be formed by the Organizing Committee.
The Jury will include highly qualified foreign and local musicologists, renowned artists, composers, and representatives from organizations of international art festivals in foreign countries.
During the evaluation process, the national identity of the songs, the harmony and meaning of the lyrics, the level of the performer’s skills, cultural attire, and stage movement will be the main criteria for the competition.
For the performance, a live ensemble of no more than 12 musicians will be allowed to participate.
The performances of the competition participants will be evaluated by the International Jury in two directions:
Professional (classical) level of folk music and song;
Music and song genres created by modern composers.
Winners of the competition will be awarded diplomas, statuettes, and cash prizes in the following amounts by the Organizing Committee:
“Grand Prix” — 10,000 US dollars;
1st place (in each genre) 2 x 5,000 — 10,000 US dollars;
2nd place (in each genre) 2 x 3,500 — 7,000 US dollars;
3rd place (in each genre) 3 x 2,000 — 6,000 US dollars;
The “Grand Prix” will not be awarded if no worthy candidate is found according to the decision of the International Jury.
According to the decision of the International Jury, only the “Grand Prix” prize will not be shared; the cash prizes for 1st, 2nd, and 3rd places may be shared.
Participants who took part in the competition but did not win will receive a diploma of participation in the “Sharq Taronalari” International Music Festival.
Winners of the competition must participate in the concert program of the solemn closing ceremony of the “Sharq Taronalari” International Music Festival.
Participants who have won the competition (laureates) cannot participate in this competition in the following years but may be invited to the festival as honored guests. Participants who participated in the competition and did not place are entitled to participate in the next competition.
Participants recognized by the organizers, creative unions, foundations, and independent jury members and fans will be awarded special diplomas and cash prizes of 500 US dollars in categories such as “Youngest Participant,” “Best Participant Recognized by Fans,” “Best Instrumental Music Performer,” and other nominations.
Each participant of the festival will receive a certificate of active participation in the “Sharq Taronalari” International Music Festival.
Note: Participants who have won the competition (laureates) cannot participate in this competition in the following years but may be invited to the festival as honored guests. Participants who participated in the competition and did not place are entitled to participate in the next competition.
On August 30, the solemn closing ceremony of the “Sharq Taronalari” XIII International Music Festival will take place in Samarkand, where the winners will be announced and awarded.

List of winners (festivals I and XII) at the “Sharq taronalari” International Music Festival from 1997 to 2019List of award winners at the “Sharq taronalari” I International Music Festival.

1997 Position held Full name Country Awards
(US)
Gran pri Simara Imanova Azerbaijan 10.000
1-place Munojat Yo'lchiyeva Uzbekistan 5000
Shannu Khurana India 5000
2-place Se Liin China 3500
Shahrom Noziriy Iran 3500
3-place Aleksandr Samojikov Russia 2000
B.Ganbat Mongolia 2000
Ramazan Stamgaziyev Kazakhstan 2000
Special Jury Prize Turkmenistan music group "Neksiya" automobile
Egyptian national music ansam
UNESCO trophy
Afganistan music group
List of awards at the “Sharq taronalari” II international music festival. 1999
Gran pri Nasiba Sattorova Uzbekistan 10.000
1-place Muhammad Omon Saudi Arabia 7000
Yun Kong Son Korea 7000
2-place “Lashari” ensemble Georgia 5000
Jaspinder Narula Xonim India 5000
3-place Olim Boboyev Tajikistan 2000
Ustod Ali Hamidxon Pakistan 2000
List of awards at the “Sharq taronalari” III International Music Festival. 2001
Gran pri - - -
1-place Alim Gasimov Azerbaijon 7000
Sohibjon Niyozov Uzbekiston 7000
Abdunabi Ibrohimov Uzbekiston 7000
2-place “Lashari” ensemble Georgia 5000
Madkhushri Ramsonder Badaltjavhariy India 5000
3-place Milliy musiqa ensemble Greece 3000
Nohide Tokguz Turkey 3000
Special Jury Prize "Altay" group Russia 1000
"Музыканты" group Kyrgyzstan 1000
Festival organizing committee trophy "Angan al-Shabab" group Egypt Maxsus mukofot
List of awards at the "Sharq taronalari" IV International Music Festival. 2003
Gran pri "Uranhay” ensemble Russia (Tuva Republik) 10.000
1-place Dilnura Mirzaqulova Uzbekiston 7000
Fozil Jamshidiy Iran 7000
2-place Ozoda Ashurova Tajikistan 5000
Zabit Nabizade Azerbaijan 5000
3-place Milliy musiqiy ensemble Afganistan 3000
An'anaviy musiqiy ensemble Bangladesh 3000
UNESCO trophy Abduhoshim Ismoilov Uzbekiston 1000
Musiqiy ensemble India 1000
Roman Kehman Israil 1000
List of awards at the “Sharq taronalari” V International Music Festival. 2005
Gran pri - - -
1-place Aygun Biylar Azeribajan 7000
Nodira Pirmatova Uzbekiston 7000
2-place "Viulan" group Italy 5000
Kuwait Academy of music string instrument ensemble Kuwait 5000
Urna Chahar Tuhchi Mongolia 5000
3-place Korean music group South Korea 3000
Shilpakala Academy musical group Bangladesh 3000
"Nazaret" Orchestra Israil 3000
Special Jury Prize National Brass Band Egypt 2000
UNESCO Special Prize musical group led by Hanif Nabizoda Afganistan 1500
List of awards at the “Sharq taronalari” VI international music festival. 2007
Gran pri Kuwait Music Institute group Kuwait 10.000
1-place South Korean music institute group South Kora 7000
2-place "An-Nil " national musical instrument group Egypt 5000
Music group Italy 5000
3-place "Ratang" group Keniya 3000
"Seri Maharani Gazal" group Malasia 3000
China National Youth Center Group China 3000
YUNESKO sovrini Youngest participant Arzu Aliyeva Azerbaijan 2000
List of awards at the “Sharq taronalari” VII international music festival. 2009
Gran pri Honored Artist of Turkmenistan Lale Begnazarova Turkmenistan 10.000
1-place Gochag Askerov Azerbaijan 7000
People's artist of Uzbekistan Matluba Dadaboyeva and ensemble of folk instruments Uzbekistan 7000
2-place "Vinalog" rok-pop group South Korea 5000
"Shem Tov Levi" ensemble Israil 5000
3-place Ensemble of folk instruments of the State Institute of musical arts Kuwait 3000
Laura Molika Italy 3000
Special Jury Prize "Kunsu" opera artists China
"Borte" group Mongolia
"Big Mountain" group US
Musiqiy group India
"Shilpakala" national ensemble of the Academy of music Bangladesh
List of recipients at the “Sharq taronalari” VIII international music festival. 2011
Gran pri "Park Jong-Vuk va Park Jonguk" South Korea 10.000
1-place "Dunhuang nude vords" China 7000
"Aysva" Lithuania 7000
2-place "Lider" musiqiy group Russia 5000
"Sato" musiqiy group Uzbekistan 5000
"Ovoi mehriboni" music group Iran 5000
3-place "Talilema" Madagascar 3000
"Chvenburebi" Georgia 3000
"Galkinish" group Turkmenistan 3000
UNESCO Special Prize Ilyos Arabov Uzbekistan
Jivan Gasparyan Armenia
Nazeket Teymurova Azerbayijan
For his contribution to the development of National Music "Huk Mongol" Mongolia
"Dror" Israil
"Yorqin ijrolar"
"Varsi brazers" India
Fan recognition "Hidden Dragen" Japan
Samarkand City Hall Award Afghanistan Institute of Arts team
Registan award of Samarkand regional government Xurshed Ibragimov Tajikistan
Special Jury Award "Bogʻ aro" Uzbekistan
List of awards at the “Sharq taronalari” IX International Music Festival. 2013
Gran pri Rashmiya Agarval India 10.000
1-place "Sadoi Pamir" group Afganistan 7000
"Lanaya" group Burkina Faso 7000
2-place "Pentan" group Great Britain 5000
"Sarihyun Gayageum Byungchangdan" group Republic Of Korea 5000
National opera and drama theatre team China 5000
3-place Abror Zufarov Uzbekistan 3000
"Chikuyusha" group Japan 3000
Catch-pop String-strong Austria 3000
Special award winners Sanam Marvi Pakistan
Galit Giat Israil
Taul Triini Estonia
Nadi Singapura Singapore
Salomat Ayapov Karakalpakstan
Sedar Hills US
"Sharq taronalari" List of awards at the X international music festival. 2015 < BR >
Gran pri "Jiangsu" women's orchestra China 10.000
1-place "Shamisenʼ group Japan 7000
2-place Chelm Poland 5000
Silver Sepp Estonia 5000
3-place "Quelite" Costa Rica 3000
UNESCO Special Prize "Ayqulash yulduzlari" Uzbekistan 1500
Samarkand City Hall Award Didgori Georgia
Samarkand regional government award "EVA" ensemble Bulgaria
Special Jury Award Afrikan voice JAR
Festival Direction award" Sharq taronalari Birjan Baziljanov Kazakhstan
Ministry of culture and Sports Award "Sedaa" Mongolia
Special awards Pung Ryu Republic Of Korea
Lingua Franca ansambli Greece, Cyprus
"Baxshi" trio Turkmenistan
"Laus Nova" group Italy
Yulduz Turdiyeva Uzbekistan
"Buta" team Azerbaijon
Ucell Communications special award Modern Maori Quartet New Zenland
List of awards at “Sharq taronalari” XI international music festival.
Gran pri Sohib Poshazoda Azerbaijan 10.000
1-place Mohichehra Shomurodova Uzbekistan 7000
"Keosong"people's artistic collective South Korea 7000
2-place Kyrgyz artistic team Kyrgyzstan 5000
Litwa artistic team Litwa 5000
3-place "Nagesh" artistic team Iran 3000
Indonesia artistic team Indonesi 3000
Turkish artistic team Turkey 3000
List of recipients at the “Sharq taronalari” XII International Music Festival.
Gran pri Mehrinigor Abdurashidova Uzbekistan 10.000
1-place "Qomuzchilar" duet Kyrgyzstan 5000
Parviz Gasimov Azerbaijon 5000
2-place "Archabil" group Turkmenistan 3500
"Xatan" group Mongolia 3500
3-place "Ayarxan" group Russia 2000
"Badaxshon" group Tajikistan 2000
Azizjon Abduazimov Uzbekistan 2000
Ulugʻbek Elmurodzoda Uzbekistan 2000

Note: The Ministry of Culture https://t.me/madaniyatvazirligi you can get more information on the official Telegram page based on the hashtag #Sharq_taronalari

The text of the article is in Uzbek!