Following the results of Q1 2026, the ranking of large banks underwent notable changes. While the leading group remained intact, positions within the segment were reshuffled. In the small-bank category, movements were also significant, pointing to continued realignment and stronger competition across the sector.

The Center for Economic Research and Reforms presented the updated Bank Ranking based on the results of the Banking Activity Index for Q1 2026.

The study covers 34 commercial banks of the republic, including 20 classified as large financial institutions by scale and branch network, while the remaining 14 were categorized as small banks.

The methodology is based on the analysis of 27 indicators benchmarked against national averages and international standards, including the requirements of the Basel Committee. The ranking serves as an important tool for enhancing transparency and strengthening confidence in the financial system. This approach is consistent with international practice and is widely used by leading financial institutions.

Financial Results for Q1 2026

During the reporting period, total assets of the banking sector amounted to 932.3 tn sums ($76.3 bn), while liabilities reached 793.9 tn sums ($64.9 bn). Lending increased by 14%, while deposits grew by 32%. The aggregate capital of the banking system was fully denominated in the national currency. Net profit reached 3.1 tn sums ($254 mn), which is 36.3% higher than a year earlier.

During the period under review, the share of non-performing loans declined to 3.3%, compared with 4.5% a year earlier, indicating improved portfolio quality. At the same time, in several banks the ratio remains above the sector average. Capital adequacy indicators exceed minimum regulatory requirements by more than 1.4 times, confirming the resilience of the banking sector.

Large Banks Activity Ranking for Q1 2026

The results of Q1 2026 show that despite the relative stability at the top of the ranking, both categories of banks recorded notable positional changes.

In the large-bank segment, performance was mixed. Out of 20 banks, 7 improved their positions, 8 declined, and 5 retained their previous places. This reflects a high level of competition and the ongoing redistribution of market positions.

The most notable progress was demonstrated by Tenge Bank, which moved up by 6 positions. Three more banks — Agrobank, Invest Finance Bank, and Xalq Bank — advanced by 2 positions each. Positive momentum was also recorded by Ipak Yuli Bank, Asia Alliance Bank, and Hamkorbank, all of which improved their standing in the overall ranking.

At the same time, several large banks recorded lower activity levels. The most significant decline was observed at Orient Finans Bank and Trast Bank, which fell by 5 and 3 positions respectively.

Changes Across Key Indicators

Financial Intermediation. The leading positions were taken by Invest Finance Bank, Anor Bank and Kapitalbank. In this ranking, Davr Bank and Hamkorbank fell by 4 positions, while Ipoteka Bank declined by 1 position.

Financial Accessibility. The leaders were Agrobank, Anor Bank and BRB. Under this indicator, declines were mainly observed among leading banks: Kapitalbank (-3 positions), Hamkorbank (-7), Asia Alliance Bank (-1), Ipak Yuli Bank (-5), and Trast Bank (-6). The strongest improvement in this ranking was recorded by Tenge Bank (+8), Xalq Bank, Davr Bank (+5), and Agrobank (+4).

Capital Adequacy. The top positions were occupied by Orient Finance Bank, Trast Bank and Halk Bank. At the same time, Agrobank dropped by 4 positions, while Aloqa Bank declined by 2 positions.

Asset Quality. The leaders were Hamkorbank, Asia Alliance Bank and Ipak Yuli Bank. Turonbank fell by 5 positions, while Asakabank, Mikrokreditbank, SQB, Trast Bank and Anor Bank each declined by 2 positions.

Management Efficiency. The highest positions were held by SQB, Orient Finance Bank and NBU. At the same time, Asaka Bank dropped by 5 positions, while BRB declined by 4 positions.

Profitability. The leaders were Hamkorbank, Trast Bank and Asia Alliance Bank. Turon Bank, after falling by 3 positions, ranked last. In this ranking, Kapitalbank, Asia Alliance Bank, Anor Bank and Davr Bank declined by 2 positions, while Ipoteka Bank and Mikrokreditbank fell by 1 position.

Liquidity. The leaders were Asia Alliance Bank, Ipak Yuli Bank and Trast Bank. At the same time, Mikrokreditbank, Ipoteka Bank, Anor Bank and SQB each declined by 1 position.

Small Banks Activity Ranking for Q1 2026

The small-bank group remained relatively stable, with leading institutions retaining their positions. The main changes in this category were concentrated in the middle segment, where several banks improved their standing due to stronger financial intermediation and higher profitability.

Within this group, 8 out of 14 financial institutions improved their rankings. The most notable gains were recorded by AVO Bank and Apex Bank, both rising by 3 positions. TBC became the leader of the ranking.

At the same time, 5 banks moved down, with the sharpest decline recorded by Octobank, which lost 6 positions. Saderat Bank, Garant Bank, and Ziraat Bank each rose by 2 positions. The ranking was rounded out by Open Bank and Uzum Bank, both up by 1 position.

Jafar Khidirov, CERR

CERR Banking and Financial Sector Research Sector
Tel: (78) 150 02 02 (441)

CERR Public Relations and Media Sector
Tel: (78) 150 02 02 (417)

Тошкент шаҳрида Ўзбекистон цемент саноатида иссиқхона газлари чиқиндилари бўйича илк тизимли баҳолаш натижалари муҳокама қилинди ҳамда паст углеродли иқтисодиётга ўтиш шароитида технологик модернизациянинг устувор йўналишлари маҳаллий ва халқаро экспертлар иштирокида муҳокама қилинди.

Тошкент, 2026 йил 28 апрель. Иқтисодий тадқиқотлар ва ислоҳотлар маркази (Марказ) Бирлашган Миллатлар Ташкилотининг Тараққиёт дастури (БМТТД) билан ҳамкорликда Ўзбекистон цемент саноатида углерод чиқиндиларини камайтириш масалаларига бағишланган давра суҳбатини ўтказди.

Тадбирда давлат ташкилотлари, соҳа мутахассислари, олимлар, саноат корхоналари, молия ташкилотлари ҳамда халқаро ташкилотлар вакиллари иштирок этди.

Тадбирдан мақсад цемент саноатида иссиқхона газлари чиқиндилари бўйича ўтказилган баҳолаш натижаларини муҳокама қилиш, шунингдек тармоқни технологик модернизация қилиш ва паст углеродли ривожланишга ўтиш бўйича амалий ёндашувларни ишлаб чиқишдан иборат бўлди.

Тадбирда сўзга чиққан Марказ директорининг ўринбосари Нозимжон Ортиқов тармоқни ривожлантириш ва углерод изини камайтириш ўзаро боғлиқ вазифалар эканини таъкидлади. Унинг сўзларига кўра, цемент ишлаб чиқаришни модернизация қилиш бир вақтнинг ўзида иқтисодий ўсишни таъминлаш ва тармоқнинг экологик барқарорлигини ошириш имконини беради.

Ўзбекистондаги БМТТД доимий вакилининг ўринбосари Анас Карман қурилиш соҳасининг мамлакат иқтисодиётидаги муҳим ўрнини таъкидлаб, цемент ишлаб чиқаришда паст углеродли ечимларни жадал жорий этиш зарурлигини қайд этди.

Марказ мутахассислари Абдурашид Бозоров ва Бахтиёр Исмоилов цемент саноатида иссиқхона газлари чиқиндилари бўйича комплекс базавий баҳолаш натижаларини тақдим этди. Ушбу баҳолаш иқлим ўзгариши бўйича Ҳукуматлараро экспертлар гуруҳи методологияси асосида тайёрланган.

Цемент саноатини декарбонизация қилиш Ўзбекистоннинг халқаро иқлим мажбуриятлари нуқтаи назаридан алоҳида аҳамият касб этмоқда. Янгиланган мақсадларга мувофиқ, мамлакат 2035 йилга қадар ялпи ички маҳсулотнинг углерод сиғимини 2010 йилга нисбатан 50 фоизга камайтиришни режалаштирмоқда. Шунингдек, 2060 йилга бориб углерод нейтраллигига эришиш имкониятлари ҳам кўриб чиқилмоқда.

Шу билан бирга, цемент саноати барқарор ўсишни намоён этмоқда. Сўнгги йилларда ишлаб чиқариш ҳажми икки баравардан ортиқ ошиб, 2019 йилдаги 10,5 миллион тоннадан ҳозирги кунда 20 миллион тоннадан зиёд кўрсаткичга етди. Экспертлар фикрича, инфратузилма ва қурилиш соҳасининг ривожланиши туфайли талаб юқори даражада сақланиб қолади.

Тақдим этилган маълумотларга кўра, мамлакатда йиллик умумий қуввати тахминан 37 миллион тонна бўлган 24 та цемент заводи фаолият юритмоқда. Шу билан бирга, амалдаги ишлаб чиқариш ҳажми тахминан 21,5 миллион тоннани ташкил этмоқда.

Таҳлиллар шуни кўрсатадики, энг йирик 13 та корхона умумий ишлаб чиқариш ҳажмининг қарийб 95 фоизини таъминламоқда. Бу эса ишлаб чиқаришнинг юқори даражада жамланганини кўрсатиб, технологик модернизация учун қулай шароитлар яратиш зарурлигини англатади.

Марказ баҳолашларига кўра, цементнинг асосий таркибий қисми бўлган клинкер ишлаб чиқариш босқичида углерод диоксиди чиқиндилари йилига тахминан 9 миллион тоннани ташкил этади (энергия сарфи, ёқилғи ва транспорт харажатлари ҳисобга олинмаган ҳолда). Шу муносабат билан, йирик корхоналарни модернизация қилиш тармоқда чиқиндиларни камайтириш салоҳиятининг асосий қисмини таъминлаши қайд этилди.

Тадқиқот натижалари, жумладан цемент ишлаб чиқаришнинг тахминан тўртдан уч қисмини таъминлайдиган 16 та етакчи корхона ўртасида ўтказилган сўров ҳамда халқаро кўрсаткичлар билан таққослама таҳлиллар тармоқда углерод изини камайтириш бўйича катта имкониятлар мавжудлигини кўрсатмоқда. Хусусан, бу салоҳият цемент таркибини оптималлаштириш, ишлаб чиқаришда энергия самарадорлигини ошириш ва муқобил ёқилғи турларидан фойдаланишни кенгайтириш билан боғлиқ.

Шу билан бирга, тармоқни янада ривожлантириш ва “яшил” инвестицияларни жалб этиш молиялаштириш шароитларини такомиллаштиришни, замонавий технологияларга кириш имкониятларини кенгайтиришни, тартибга солувчи жараёнларни соддалаштиришни, шунингдек малакали кадрлар тайёрлаш ва экологик тоза маҳсулотларга бўлган талабни шакллантиришни талаб этади.

Энергия самарадорлигини ошириш, клинкер улушини камайтириш, ортиқча иссиқликни қайта ишлатиш технологияларини жорий этиш ва углеродни ушлаб қолиш ечимларини ривожлантиришни ўз ичига олган чора-тадбирлар мажмуасини амалга ошириш чиқиндиларни барқарор камайтириш ҳамда тармоқ рақобатбардошлигини ошириш имконини беради.

Иқтисодий тадқиқотлар ва ислоҳотлар маркази

Жамоатчилик билан алоқалар бўлими

The development of trade and economic cooperation between Uzbekistan and Belarus, expansion of bilateral trade, enhancement of export potential, and strengthening of investment ties remain among the key priorities of economic relations between the two countries. Consistent efforts undertaken in this direction are contributing to the diversification of export markets, improvement of logistics chains, and expansion of cooperation between the business communities of both nations.

Against this backdrop, the Belagro–2026 International Agricultural Exhibition and Fair, one of the largest international events in the agricultural sector, was held in Minsk, Republic of Belarus, from 1 to 6 June 2026. An official delegation of the Republic of Uzbekistan participated in the exhibition, holding a series of meetings and negotiations focused on expanding trade and economic cooperation, increasing exports, strengthening investment partnerships, and implementing joint projects in the agricultural sector.

Within the framework of the exhibition, the National Pavilion of Uzbekistan, organized by UZAGROSTAR HOLDING, showcased a wide range of agricultural and food products produced in Uzbekistan. The pavilion was visited by Rahmatulla Nazarov, Ambassador Extraordinary and Plenipotentiary of the Republic of Uzbekistan to the Republic of Belarus; Yuriy Shuleyko, Deputy Prime Minister of the Republic of Belarus; and Aleksandr Yakovchis, Deputy Minister of Agriculture and Food of the Republic of Belarus. During the visit, the parties discussed the quality and export potential of Uzbek agricultural products, as well as their prospects in the Belarusian market.

The exhibition also served as a platform for meetings with leading Belarusian retail chains, importing companies, and wholesale market operators. Discussions focused on establishing systematic supplies of Uzbek agricultural products to Belarus, expanding the range of exported goods, increasing bilateral trade volumes, and strengthening direct cooperation between Uzbek exporters and Belarusian importers.

In particular, meetings with the management of the Noviy Lebyajiy wholesale market in the Minsk district explored opportunities for exporting fresh fruits, vegetables, and processed agricultural products under long-term contracts, establishing sustainable B2B partnerships, and creating dedicated trading areas for Uzbek producers.

Special attention was also devoted to cooperation in the livestock sector. Following negotiations with the Belarusian organization Belplemjivobyedineniye, a cooperation agreement was signed to supply high-yield pedigree cattle to entrepreneurs in the Samarkand region of Uzbekistan. The agreement represents a practical continuation of ongoing efforts aimed at improving breeding programs and increasing livestock productivity.

Furthermore, the delegation visited the Ozerco-Logistik trade and logistics center in the Minsk district to study Belarus's experience in developing logistics and customs infrastructure. The visit provided valuable insights into international cargo storage and redistribution, digital logistics systems, and customs clearance procedures, creating new opportunities for exchanging best practices in export logistics.

In the area of investment cooperation, a meeting with the leadership of the Mogilev Regional Executive Committee resulted in the signing of a Memorandum of Understanding between MARAQAND MEAT LLC of Uzbekistan and the Mogilev Regional Executive Committee on establishing a modern livestock production complex in Belarus. The memorandum establishes a legal framework for expanding bilateral investment cooperation and implementing joint projects in the agro-industrial sector.

The Uzbek delegation also visited advanced agricultural enterprises in the Vitebsk region, where they exchanged experience on the development of intensive livestock farming, efficient farm management, strengthening the feed base, introducing digital agricultural technologies, and implementing joint investment projects.

Labor force migration is a natural process worldwide. In Uzbekistan, purposeful work is being carried out to safely and orderly send such citizens abroad. The Agency for External Labor Migration has sent 70,000 people to developed countries for this purpose in the past two years.

We all know that those who want to work abroad also incur certain expenses. Therefore, migrants partially reimburse the costs of a work visa, travel ticket, foreign language, and qualification assessment. It is established that a citizen who has obtained international or equivalent certification in a foreign language is reimbursed 50% of the language learning costs.

Among all the positive work carried out in this area, there is a noted development of significant cooperation with the International Organization for Migration in protecting migrant rights, as well as with developed countries. Systematic work is underway to develop the Concept of the State Policy of the Republic of Uzbekistan in the field of migration until 2030, envisaging the achievement of criteria for guaranteed equality in the social protection of labor migrants.

Emphasizing that the Ministry of Employment and Labor Relations has established contracts between the External Labor Migration Agency and 25 German companies, Uzbek citizens are being temporarily employed in various fields. Discussions are also underway with another five companies. In the past three years alone, 821 Uzbek citizens have been sent to Germany for temporary work, while 1,670 citizens are currently undergoing training to continue their work activities in this country.

In this way, cooperation in the field of labor migration between Uzbekistan and Germany is actively developing, ensuring the preparation of our citizens for work, providing professional training and language learning opportunities, and creating favorable conditions for employment.

The External Labor Migration Agency has been holding discussions on labor migration issues with several countries in 2024, such as Great Britain, Hungary, and Slovakia, highlighting the increasing importance of these efforts.

In addition to the above, under the initiative of President Shavkat Mirziyoyev, each returning labor migrant is provided with a subsidy of 500,000 soums per month from the Labor Support Fund for one year. It is estimated that approximately 100 billion soums will be allocated to these measures for a year.

Assisting returning migrants in finding employment is also being considered as an important issue, and based on the Saykhunabad experience, financial support is provided for the production of goods and income generation, as well as other types of labor services. Medical facilities may also provide free medical checks for returning migrants and their family members. Additionally, starting from October 15, 2023, "Inson" Social Service Centers have been established in the Republic of Uzbekistan to provide social assistance to children whose parents work abroad, which is a significant step.

It is important to note that today, not only state organizations but also non-governmental organizations play a significant role in regulating and supporting labor migration. In this regard, it is relevant to mention educational courses and service organizations providing assistance in collaboration with the External Labor Migration Agency.

In short, a safe, orderly, and legal system for labor migration has been established in Uzbekistan, creating new mechanisms for citizens wishing to go abroad. It encompasses three main stages: The first stage involves organizing preparatory work for citizens intending to work abroad. Vocational and language training is conducted in 14 "Job Placement" service centers nationwide, 30 vocational training centers, 136 communities, 24 colleges, and 13 technical colleges.

Second stage: Providing legal and social assistance to labor migrants abroad. For this purpose, agencies dealing with labor migration issues have been established in several countries to provide services to Uzbek citizens working abroad. Labor Migration Affairs Attachés have been appointed at Uzbekistan's Embassies.

Third stage: Assisting in the reintegration of labor migrants returning to Uzbekistan. Inspectors at the Labor Support Centers are engaged in activities aimed at the reintegration of labor migrants returning to the country.

In conclusion, it is essential to emphasize that appropriate measures are being taken to ensure suitable working conditions and social protection for Uzbek citizens engaged in labor activities abroad. Collaboration with our foreign partners continues on all relevant migration issues. Systematic efforts are being made to further develop initiatives related to the professional orientation and language proficiency of labor migrants.

Bobomurod Yarashev,

teacherof the University of

Public Safety of the Republic of Uzbekistan

The first meeting of the Termez Dialogue on Connectivity between Central and South Asia, dedicated to the theme "Building a Common Space for Peace, Friendship, and Prosperity," will be held in Termez on May 19-21, 2025. This meeting is expected to be attended by representatives of the foreign policy agencies of Central and South Asian countries, which are becoming the focus of world politics, as well as representatives of specialized UN organizations, international and regional organizations such as the CIS, the SCO, the CICA, and leading specialists and experts in relevant fields.

Central and South Asia have long been connected by reliable trade routes and have served as a bridge between the countries of the Middle East, Europe, and China. The peoples of this region share historical and civilizational commonalities, having repeatedly existed within common state associations in the past, as well as within a single political, economic, and humanitarian space. Over many centuries, relations between the two regions have been strengthened by numerous migration flows, intensive trade exchanges, rapid dissemination of scientific ideas, and cultural cross-pollination.

As a result of the spread of Zoroastrianism, Hinduism, Buddhism, and Islam in these regions, unique ethnocultural associations formed, which left a deep mark on human history.

The incorporation of the peoples of this region into such states as the Bactrian and Kushan kingdoms, the Turkic Khaganate, Khorasan and Transoxiana, the Ghaznavid, Timurid, and Mughal empires had a great influence on their historical, cultural, and political development. Common customs, traditions, lifestyles, and holidays were formed; spiritual values were created in Persian, Turkish, and Arabic. Medieval cities such as Bukhara, Samarkand, Termez, Balkh, Herat, Ghazni, Agra, and Delhi were shared centers of science.

The mutual competition of colonial powers negatively affected the traditional ties, trade, and cultural exchange of the peoples of Central and South Asia. Trade and economic relations in South Asia changed, and local supply systems, main industries, and economies became dependent on supplies from outside the region. This development weakened the traditional cultural ties between South Asia and Central Asia.

Today, jointly addressing existing problems that threaten peace and stability in the region is one of the important factors in the social, cultural, and economic development of these countries. Therefore, the renewal of their close historical ties is becoming increasingly relevant. Taking the above into account, the Termez Dialogue on the Connectivity between Central and South Asia is being organized.

The location chosen for the dialogue is connected to the geostrategic position of this city, situated at the crossroads of Central and South Asia, or at the intersection of interregional connectivity routes. Termez has long been a center of trade, economy, and crafts, serving as a link between the vast regions of Central and South Asia. Therefore, from a geopolitical perspective, the city can be considered a "natural bridge" connecting Central and South Asia, the most suitable place for bringing the peoples of the region closer together through its historical location and cultural heritage.

Currently, the countries of Central and South Asia represent a territory of global significance, with a population of more than 2 billion people and great educational potential. The region is experiencing high demographic growth, with the majority of the population consisting of young people, and there are enormous opportunities for realizing intellectual potential. While the population of South Asian countries is about 2 billion people, the number of people living in Central Asia is about 82 million, and the population of Central Asian states is growing year by year. The countries exhibit a "disparity in literacy levels." For example, among the leading countries of Central Asia, the average adult literacy rate is 99 percent, while in South Asia it is 74 percent.

One of the pressing problems is the uneven quality of education, insufficient coverage of preschool and higher education, especially among girls and residents of remote areas. In South Asia, youth unemployment remains high, and in some countries, this figure exceeds 40 percent. At the same time, the employment rate of women is one of the lowest in the world. In addition, the infrastructure of educational systems is not sufficiently developed, and the shortage of specialists and teacher qualifications also creates a number of problems.

In this context, cooperation in the field of science and education is becoming increasingly relevant. Scientific cooperation in the context of digitalization and geopolitical instability will allow for maintaining dialogue between academic circles. At the same time, limited academic mobility and weak coordination between scientific communities significantly hinder the development of states' potential in science, innovation, and technology.

In this regard, it is necessary to encourage joint research and innovation work, the organization of scientific and educational internships, experience exchange programs, the development of startups, and the holding of competitions.

The adoption of a joint program of academic and research exchanges under the auspices of UNESCO is becoming relevant. It is also necessary to launch an online platform between universities and research structures of the countries of Central and South Asia.

This will contribute to the creation of a sustainable regional network of scientific diplomacy, the formation of a common agenda in the field of education and technology, and the emergence of a unified scientific space.

The above-mentioned steps will serve as a powerful tool for the development of scientific diplomacy, which will facilitate interaction between the countries of the two regions.

From this point of view, the integration of intellectual resources in Central and South Asia, strengthening cooperation in the field of education, and developing cooperation platforms to improve the quality of education are important for the future of the region. The transformation of demographic potential into human capital is the main condition for sustainable development, economic growth, and a worthy place in global competition for both regions. In this regard, the development of education as one of the priority areas of regional cooperation, the development of partnerships for the exchange of experience and training of personnel in various countries is most relevant.

The countries of the region, in particular India and other South Asian countries, have in recent decades been occupying an increasingly prominent place in the world community in the field of science, technology, and innovation. Information technology, aeronautics, pharmaceutical production, and artificial intelligence are rapidly developing in India. For example, in 2014, the Indian Space Research Organisation (ISRO) made history as the first Asian country to launch an artificial satellite into Mars orbit. In 2023, as part of the "Chandrayaan-3" project, a successful landing on the Moon's surface was achieved. These results demonstrate the country's independent and innovative capabilities in the scientific field.

In the field of information technology, India has become one of the world's largest IT outsourcing centers. Cities such as Bangalore, Hyderabad, Pune, and Chennai have become major hubs for Google, Microsoft, Amazon, IBM, Oracle, and many other multinational corporations. Every year, millions of specialists in technical and technological fields are trained in the country. Among India's higher education institutions are prestigious scientific centers like the Indian Institutes of Technology (IITs) and Indian Institutes of Science (IISc), which also rank highly in global ratings. It's worth noting that scientific research in artificial intelligence, bioengineering, quantum computing, and cybersecurity is widespread in the country.

Pakistan is also making progress in science, especially in nuclear energy and military technologies. Centers such as COMSATS University and the Pakistan Institute of Engineering and Applied Sciences (PIEAS) play a crucial role in the country's scientific development. In particular, government programs are being implemented to strengthen international cooperation in IT and cybersecurity.

In Bangladesh, alongside the textile and light industry, information technology is developing rapidly. Based on the "Digital Bangladesh" strategy, the country has widely implemented e-government, digital, and distance learning services. In 2021, over 120 IT parks were established in Bangladesh, demonstrating the country's commitment to digitalizing its economy.

Afghanistan's scientific and technological potential remains limited, and issues related to political stability are hindering its development. Nevertheless, some universities and educational institutions in the country, particularly Kabul University, participate in scientific projects with the support of various international educational organizations.

In this context, developing a joint strategy for digital connectivity between Central and South Asia is crucial. Adopting such a document will create significant opportunities for stimulating trade and investment, improving access to education and healthcare, strengthening regional cooperation, and increasing competitiveness on the global stage.

Coordinating efforts of Central and South Asian countries to widely implement the digital economy will contribute to improving digitalization processes in all spheres of life. Moreover, this will advance the implementation of the SDG initiative to ensure safe Internet access for the population and will open up great opportunities for education and medical services.

Overall, deepening digital connectivity between Central and South Asia will bring significant economic and social benefits to both regions, create a solid foundation for expanding trade, economic, energy, and transport links, and enhance the competitiveness of the region's states on the global arena.

In general, the Termez Dialogue is an important initiative that contributes to elevating the interaction between Central and South Asian states to a new level in the process of today's geopolitical and civilizational transformations. This dialogue, particularly in the fields of education, science, and new technologies, will stimulate, consolidate, and expand the intellectual potential of the two regions. This is because in both regions, the majority of the population consists of young people who show high interest in education, are capable of scientific research, and quickly adapt to digital technologies.

Today, countries such as India, Pakistan, and Bangladesh have achieved world-class successes in information technology, biotechnology, nuclear physics, medicine, and artificial intelligence, while Uzbekistan, Kazakhstan, and other Central Asian countries are also taking active measures to update scientific infrastructure, expand international cooperation, and implement modern educational projects. The Termez Dialogue is a unique opportunity to combine this experience and achievements, establish student and scholar exchanges, create joint research centers, and develop startups and innovative platforms in IT and STEM.

This dialogue has great historical significance in ensuring regional stability, creating a foundation for peace, progress, and intellectual development through science and education. The states of Central and South Asia have the potential to become the leading intellectual center in the entire Eurasian space based on the principle of mutual trust and shared future, integration in the spheres of education and science.

On September 20-24, President of Uzbekistan Shavkat Mirziyoyev will pay a working visit to the city of New York to attend the events of the 80th jubilee session of the United Nations General Assembly.

According to the press service of the Head of our state, President of Uzbekistan will deliver a keynote address on the first day of organizing the general debate of the UN General Assembly plenary session.

It’s noteworthy that during the current jubilee session of the UNGA topical issues of ensuring global security and stability, achieving Sustainable Development Goals, reforming the system of the UN and international financial architecture, combatting the consequences of climate change and other modern challenges, will be reviewed.

On the sidelines of the summit, the Leader of Uzbekistan will hold talks with the UN Secretary-General António Guterres, heads of foreign states and governments, leaders of authoritative international financial institutions. 

In the framework of the business program in the United States, it’s planned to hold meetings and events with participation of the leading American companies and financial-investment structures. It’s planned to sign a package of new agreements and contracts.

The head of our state familiarized himself with the presentation on the development of master plans of districts and cities.

This task was set at the video conference call dedicated to priority tasks in the economy, which took place on January 16 this year. The responsible persons presented information on the work done, as well as the expected results from the implementation of master plans.

During this time master plans were developed for 14 districts and cities. They provide for the construction of 759 apartment buildings, 22 shopping centers and more than 800 service facilities.

In addition, 136 more master plans are planned based on driver areas in 112 neighborhoods.

For example, 38 high-growth neighborhoods need to build sufficient housing, public spaces and recreational parks.

In 20 districts with high tourism potential, there is an opportunity to increase the flow of tourists by 2.5 times by increasing the number of hotels and developing ecological, hunting, medical, sports and extreme tourism.

More than 400 motels, campgrounds, canteens, stores and car services can be created in 68 districts, through which main roads pass.

In general, thanks to the projects based on master plans, 40 thousand jobs are expected to be created, as well as annual budget revenues of 350 billion soums.

The head of our state emphasized the need to accelerate the creation of convenient infrastructure, shopping and entertainment places, as well as high-income jobs for the population.

The task has been set to create a vertical system of development and monitoring of master plans.

The 21st century is increasingly being referred to as the era of cities. Today, urbanization extends far beyond the domestic policies of states. The quality of the urban environment directly influences countries’ investment attractiveness, economic resilience, and ability to adapt to climate challenges. Cities are increasingly becoming platforms for international cooperation, technology exchange, and the promotion of new models of sustainable development. In this era, cities are turning into a new diplomacy, a new economy, and a new form of global influence.

It is under these conditions that the 13th Session of the World Urban Forum is taking place in Baku under the theme “Housing for All: Safe and Resilient Cities and Communities.” This representative summit is dedicated to finding solutions to the global housing crisis, which today affects nearly 3 billion people.

It is symbolic that the global discussion on the future of cities is being held in one of the most dynamically transforming cities of Eurasia. Hosting the forum in Azerbaijan reflects the growing importance of the Caspian–Central Asian region as a new center of infrastructural, logistical, and urban development.

Over recent years, this vast region has gradually transformed not only into a major transport hub connecting East and West, but also into a space of large-scale urban transformation.

Baku itself has in recent years become a notable example of modernization in urban infrastructure, transportation systems, and public spaces. Additional significance is attached to Azerbaijan’s policy of restoring and modernizing liberated territories, where particular attention is paid to the concepts of “smart” and “green” cities.

Most cities and countries across Eurasia are changing rapidly. Central Asia is experiencing one of the most significant spatial transformations of recent decades. Population growth, the expansion of urban agglomerations, and increasing pressure on infrastructure require fundamentally new approaches to urban development.

All these processes are unfolding amid intensifying climate challenges. The consequences of the Aral Sea desiccation, water scarcity, and rising temperatures make urban resilience not only an environmental issue, but also a matter of the region’s long-term security.

According to the International Energy Agency, modern buildings consume around 30% of global energy and account for approximately 26% of global emissions. As a result, by the middle of the century more than 1.6 billion urban residents may face water shortages and climate-related risks. Close international cooperation in the sphere of sustainable urban development is becoming an inevitable paradigm.

It is therefore no coincidence that the urban agenda plays a prominent role in Uzbekistan’s development. In recent years, the development of urban environments, infrastructure, and housing construction has become one of the key priorities of the New Uzbekistan strategy. In the country, the construction process is viewed as the foundation for long-term economic growth, sustainability, and quality of life.

The participation of the President of Uzbekistan in the World Urban Forum reflects the country’s aspiration to integrate more actively into global urban policy. Of particular importance is the republic’s participation in the international exhibition Urban Expo, where the “New Tashkent” project, the “Yangi O‘zbekiston” residential complexes, and large-scale reforms in urban planning and housing policy are being presented.

Urbanization has become one of the key pillars of the New Uzbekistan strategy. According to forecasts, the country’s population may increase from 38 million to 50 million people over the next 15 years. Under these conditions, the development of cities, housing, and infrastructure becomes a matter of the state’s strategic future.

In recent years, Uzbekistan has been implementing the largest infrastructure and housing modernization program in the region. According to the Address of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to the Oliy Majlis and the people of Uzbekistan, over the past nine years the country has constructed 210 million square meters of residential and non-residential facilities. In 2025 alone, multi-apartment residential buildings with a total area of 8.1 million square meters were commissioned, amounting to approximately 135,000 apartments.

Particular attention is being paid to the development of regions and small cities. Uzbekistan is pursuing a more balanced model of urbanization that предусматривает the development not only of the capital, but also of regional centers. An important element of the new urban policy is the environmental agenda. The country is introducing principles of “green” construction, expanding urban greening initiatives, and implementing the nationwide “Clean Air” project aimed at improving air quality.

The main symbol of the new era of urbanization is becoming the “New Tashkent” project — a modern next-generation megapolis with sustainable infrastructure, green areas, digital services, and a modern transport system. At the first stage, the project envisions infrastructure for 600,000 residents, while after full completion the population of New Tashkent may reach 2 million people.

“New Tashkent” demonstrates the country’s development priorities and redefines the very philosophy of the urban environment in Central Asia. The reforms initiated by the Leader of Uzbekistan have already transformed the country’s cities into a factor enhancing the nation’s international competitiveness.

At the forum, the President of the Republic of Uzbekistan Shavkat Mirziyoyev presented his own comprehensive vision of what the cities of the future should become under conditions of rapid urbanization, climate challenges, and technological change. Traditionally, the Head of State addressed not only the national agenda, but also pressing issues concerning the global future of the modern urban environment.

One of the key initiatives is the idea of “balanced urbanization,” which implies the harmonious development not only of megacities, but also of small and medium-sized cities. At a time when the world’s largest cities are facing infrastructure overload, housing shortages, and deteriorating environmental conditions, this approach is becoming increasingly relevant.

In essence, this concerns the formation of a fairer and more sustainable model of urban development, where opportunities for comfortable living are created not only in capitals, but also in the regions.

Special attention has also been paid to the digital transformation of the urban environment. In particular, the initiative to establish a network of “smart and safe cities” for the exchange of technologies, advanced solutions, and experience in the fields of artificial intelligence, digital governance, and urban security appears highly relevant.

Against the backdrop of rapid technological advancement, such an initiative appears especially timely and reflects the country’s aspiration to participate more actively in shaping the new global technological agenda.

A separate topic of discussion was the climate resilience of cities. In the context of the intensifying climate crisis, there is a growing demand for promoting the principles of “green” urbanization and expanding environmental standards.

All these proposals are particularly relevant for Central Asia, where issues of water, ecology, and urban sustainability are already becoming matters of the region’s long-term security.

Importantly, today Uzbekistan is not limiting itself merely to discussing global challenges, but is striving to offer its own solutions. The large-scale reforms being implemented in the country, the construction of “New Tashkent,” and the promotion of modern approaches to urban development are gradually shaping a new image of Uzbekistan — a state ready not only to adapt to global changes, but also to participate in shaping the cities of the future.

This is precisely why it is becoming increasingly evident that, in the future, Uzbekistan is ready to become one of the international platforms for seeking constructive solutions on issues of global urbanization, sustainable development, and the formation of a new urban architecture for the 21st century.

In conclusion, it should be noted that the modern world is increasingly entering an era of global competition among cities, infrastructures, and quality of life. It is cities that in the coming decades will determine economic resilience, investment attractiveness, and the technological level of states. Against this backdrop, Central Asia is gradually turning into one of the new spaces of large-scale urban transformation in Eurasia.

By implementing the strategy of New Uzbekistan, our country is already shaping its own model of a modern, sustainable, and people-oriented city of the future. Large-scale reforms, infrastructure development, the promotion of the “green” agenda, and the “New Tashkent” project demonstrate the aspiration not only to adapt to global changes, but also to become one of the centers shaping the new urban architecture of the region.

Author: Guli Nizamova, Leading Research Fellow at the Center for Foreign Policy Studies and International Initiatives

Today, one of the priority areas of state policy in Uzbekistan is focused on expanding forested areas, increasing green coverage, mitigating the negative impacts of climate change, and ensuring environmental sustainability. In order to achieve effective results in these areas, studying advanced foreign experience and adapting it to the country’s climatic conditions is of particular importance. In this context, the participation of a delegation of representatives of the Forestry Agency under the National Committee on Ecology and Climate Change of Uzbekistan in a training and practical seminar organized during their visit to the Republic of Turkey in October 2025 was of significant importance.

The seminar, organized in cooperation between the Forestry Agency and the Ministry of Agriculture and Forestry of the Republic of Turkey, enabled participants to familiarize themselves with Turkey’s experience in forest establishment, restoration, ecological classification, and sustainable forest management. In particular, on the first day of the seminar, Turkish specialist Ahmed Yalvach delivered a detailed presentation on modern approaches applied in the development of forestry.

Within the framework of the practical visit, Turkey’s advanced experience in establishing and managing nurseries, creating forests using the “terrace” method in mountainous areas, developing “green belts” around cities, and establishing green public parks in urban and district areas was studied.

In addition, members of the delegation closely examined the activities of nurseries operated by the Seydikemer and Gökova Forestry Departments located in Muğla Province. Notably, the Seydikemer nursery, established in 1983, covers an area of 144 hectares and has an annual production capacity of 1.5 million seedlings. The Gökova nursery, occupying more than 61 hectares, stands out with its capacity to produce up to 7 million seedlings per year.

It was emphasized that special attention to seed collection, storage, and laboratory analysis in these nurseries allows the production rate of high-quality seedlings and saplings to reach 90–95 percent. Participants studied the practical experience of Turkish specialists in establishing mother plantations, caring for seedlings and saplings, and grafting techniques.

The delegation members were also introduced to the use of greenhouses, in vitro laboratories, modern equipment, and mechanisms for managing seasonal work processes. The experience-sharing activities were conducted in an atmosphere of open dialogue and professional cooperation.

In conclusion, cooperation between Uzbekistan and Turkey in the forestry sector has acquired a practical dimension, contributing to the adoption of advanced practices, enhancement of specialists’ capacity, and the formation of a sustainable ecological environment in Uzbekistan. The knowledge and skills gained within the framework of this cooperation will play an important role in further improving the national forestry system.

The development of trade and economic cooperation between Uzbekistan and Belarus, expansion of bilateral trade, enhancement of export potential, and strengthening of investment ties remain among the key priorities of economic relations between the two countries. Consistent efforts undertaken in this direction are contributing to the diversification of export markets, improvement of logistics chains, and expansion of cooperation between the business communities of both nations.

Against this backdrop, the Belagro–2026 International Agricultural Exhibition and Fair, one of the largest international events in the agricultural sector, was held in Minsk, Republic of Belarus, from 1 to 6 June 2026. An official delegation of the Republic of Uzbekistan participated in the exhibition, holding a series of meetings and negotiations focused on expanding trade and economic cooperation, increasing exports, strengthening investment partnerships, and implementing joint projects in the agricultural sector.

Within the framework of the exhibition, the National Pavilion of Uzbekistan, organized by UZAGROSTAR HOLDING, showcased a wide range of agricultural and food products produced in Uzbekistan. The pavilion was visited by Rahmatulla Nazarov, Ambassador Extraordinary and Plenipotentiary of the Republic of Uzbekistan to the Republic of Belarus; Yuriy Shuleyko, Deputy Prime Minister of the Republic of Belarus and other officials. During the visit, the parties discussed the quality and export potential of Uzbek agricultural products, as well as their prospects in the Belarusian market.

The exhibition also served as a platform for meetings with leading Belarusian retail chains, importing companies, and wholesale market operators. Discussions focused on establishing systematic supplies of Uzbek agricultural products to Belarus, expanding the range of exported goods, increasing bilateral trade volumes, and strengthening direct cooperation between Uzbek exporters and Belarusian importers.

In particular, meetings with the management of the Noviy Lebyajiy wholesale market in the Minsk district explored opportunities for exporting fresh fruits, vegetables, and processed agricultural products under long-term contracts, establishing sustainable B2B partnerships, and creating dedicated trading areas for Uzbek producers.

Special attention was also devoted to cooperation in the livestock sector. Following negotiations with the Belarusian organization Belplemjivobyedineniye, a cooperation agreement was signed to supply high-yield pedigree cattle to entrepreneurs in the Samarkand region of Uzbekistan. The agreement represents a practical continuation of ongoing efforts aimed at improving breeding programs and increasing livestock productivity.

Furthermore, the delegation visited the Ozerco-Logistik trade and logistics center in the Minsk district to study Belarus's experience in developing logistics and customs infrastructure. The visit provided valuable insights into international cargo storage and redistribution, digital logistics systems, and customs clearance procedures, creating new opportunities for exchanging best practices in export logistics.

In the area of investment cooperation, a meeting with the leadership of the Mogilev Regional Executive Committee resulted in the signing of a Memorandum of Understanding between MARAQAND MEAT LLC of Uzbekistan and the Mogilev Regional Executive Committee on establishing a modern livestock production complex in Belarus. The memorandum establishes a legal framework for expanding bilateral investment cooperation and implementing joint projects in the agro-industrial sector.

The Uzbek delegation also visited advanced agricultural enterprises in the Vitebsk region, where they exchanged experience on the development of intensive livestock farming, efficient farm management, strengthening the feed base, introducing digital agricultural technologies, and implementing joint investment projects.

As a result of the visit, the parties reached a number of agreements aimed at expanding exports of Uzbek agricultural products to the Belarusian market, strengthening cooperation between exporters and importers, improving logistics routes, establishing imports of pedigree cattle, and implementing joint investment projects.

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

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

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

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

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

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

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

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

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

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

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

Modernization of Transport and Urban Services:

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

Education and Social Sector:

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

Agriculture and Water Management:

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

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

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

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

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

Dunyo IA