President of the Republic of Uzbekistan Shavkat Mirziyoyev met with Director General of the Food and Agriculture Organization of the United Nations (FAO) Qiu Dongyu on September 5.

The head of the authoritative branch structure of the United Nations system is in Tashkent within the framework of the ongoing International Forum on Food Security and Sustainable Development Goals for Landlocked Countries.

At the beginning of the meeting, the UN High Representative expressed his deep gratitude to the head of our state for supporting the successful holding of the forum, which is attended by representative delegations from more than 30 countries of the world.

In the course of the conversation, the sides considered issues of further expanding the strategic partnership between Uzbekistan and FAO in effectively responding to contemporary challenges and threats.

The sides noted with satisfaction the fruitful results of practical interaction achieved in recent years. Thus, the qualitative indicators of implementation of the country cooperation program for the period until 2025 have doubled.

There are 34 projects in the active phase of implementation. Over the last year, 7 new projects were launched, including in the field of agriculture, school feeding, veterinary medicine, agrochemistry and other spheres.

The importance of preparation and adoption of a new five-year partnership program was emphasized.

Special attention was paid to promising joint projects and activities in the field of digitalization of the agro-industrial complex, exchange of advanced knowledge and experience, attraction of innovations and investments in improving the fertility of the land fund, cultivation and processing of organic agricultural products, modernization of irrigation systems, creation of modern clusters and logistics centers, research and development.

There was also an exchange of views on the global and regional situation related to food security.

Over the past eight years, relations between Uzbekistan and Türkiye have undergone a profound qualitative transformation, evolving from traditionally friendly ties into a full-fledged strategic partnership with a strong economic, investment, and industrial dimension. While the period prior to 2017 was largely characterized by inertia, the launch of large-scale reforms in Uzbekistan marked a decisive shift in bilateral relations toward practical cooperation focused on trade, investment, and joint manufacturing.

A key role in this transformation has been played by the political will and personal engagement of the leaders of both countries - President of the Republic of Uzbekistan Shavkat Mirziyoyev and President of the Republic of Türkiye Recep Tayyip Erdoğan. Regular high-level dialogue has provided Uzbek-Turkish relations with stability, strategic coherence, and a long-term economic horizon.

Political Foundations as a Driver of Economic Convergence

Diplomatic relations between the two countries were established in 1992; however, a turning point came in October 2017 with the signing of the Joint Declaration on Strategic Partnership in Ankara. This step laid a solid institutional foundation for the rapid expansion of trade, economic, and investment cooperation.

In 2018, the High-Level Strategic Cooperation Council was established in Tashkent under the co-chairmanship of the two presidents. Its meetings in 2020, 2022, and 2024 became key platforms for aligning priorities in trade, investment, industry, transport, and interregional cooperation. Over time, political dialogue has evolved from declarative engagement into a practical instrument supporting concrete economic initiatives and project-based decisions.

Trade: Scale, Structure and Institutional Incentives

Türkiye is firmly among Uzbekistan’s largest trading partners. In 2020, bilateral trade turnover amounted to USD 2.1 billion, reaching USD 3.02 billion by the end of 2025.

Uzbekistan’s exports to Türkiye are predominantly industrial in nature, comprising non-ferrous metals and metal products, textiles, services, plastics, and food products. Imports from Türkiye consist mainly of mechanical and electrical equipment, chemical products, textiles, pharmaceuticals, and metal structures, reflecting Türkiye’s role as a key source of industrial technologies and equipment.

A significant qualitative step forward was the signing of the Preferential Trade Agreement in 2022, which entered into force in 2023. In 2025, the parties began expanding the list of goods covered by preferential treatment, creating additional incentives for trade diversification and deeper industrial cooperation.

Investment Cooperation: From Presence to Systemic Engagement

Investment cooperation is one of the most dynamically developing areas of bilateral relations. In 2024, the volume of Turkish investments utilized in Uzbekistan reached USD 2.2 billion, while in January-November 2025 it increased to USD 3.2 billion. A total of 2,137 enterprises with Turkish capital operate in Uzbekistan, including 496 joint ventures and 1,641 wholly Turkish-owned companies.

These enterprises are active in textiles and furniture manufacturing, construction, trade, transport, logistics, and services. Importantly, a substantial share of them is export-oriented, strengthening Uzbekistan’s integration into regional and global value chains.

Industrial Cooperation: Transition to Joint Manufacturing

In recent years, Uzbek–Turkish cooperation has increasingly shifted from traditional trade toward industrial partnership. Turkish companies are actively involved in establishing production facilities across Uzbekistan’s regions, introducing modern technologies, management standards, and export-oriented business models.

Regular meetings of the Intergovernmental Commission on Trade and Economic Cooperation, accompanied by business forums, result in detailed roadmaps comprising dozens of measures covering industry, energy, logistics, and regional projects. This approach forms a solid foundation for sustainable industrial partnership.

Interregional Cooperation: Localized Economic Engagement

Active interregional interaction has become an essential element of the new partnership model. In 2024, targeted visits by delegations from the Fergana, Khorezm, Namangan, Navoi, Samarkand, and Jizzakh regions, as well as the city of Tashkent, were held to various regions of Türkiye.

This format enables a shift from framework agreements to concrete investment projects, creates direct B2B and B2G communication channels, and contributes to a more decentralized and resilient architecture of cooperation.

Transport and Logistics as Pillars of Trade and Investment

The expansion of trade and industrial cooperation naturally increases the importance of transport and logistics interaction. Türkiye is viewed by Uzbekistan as a key logistical gateway to European and Mediterranean markets, while Uzbekistan is becoming an important hub for Türkiye’s access to Central Asia.

The development of rail and road transport, along with intensive air connectivity - up to 97 regular flights per week across eight routes - enhances business mobility, supports investment activity, and strengthens economic integration between the two countries.

Prospective Areas of Cooperation: Converging Interests

The established economic core of Uzbek–Turkish relations provides a basis for a new phase of cooperation, shifting from quantitative growth to deeper structural and technological integration.

Localization and joint development of industrial production remain key convergence points. Uzbekistan offers industrial zones, resources, and a growing domestic market, while Türkiye contributes technology, design, managerial expertise, and access to external markets.

The textile and light industry is evolving toward the production of finished branded goods and contract manufacturing for international retail chains. Mechanical engineering and electrical equipment sectors are creating prerequisites for the establishment of assembly and production facilities. The agro-industrial complex offers opportunities for deep processing and joint exports of food products.

A separate strategic direction is the joint entry into third-country markets, where the combination of Uzbekistan’s production potential and Türkiye’s trade and logistics infrastructure creates substantial competitive advantages.

Overall, over the past eight years Uzbekistan and Türkiye have built a resilient model of strategic partnership based on trade, investment, industrial cooperation, interregional engagement, and transport connectivity. Trade turnover exceeding USD 3 billion, multi-billion-dollar investments, and thousands of joint enterprises testify to the maturity and long-term nature of bilateral relations.

Mashrab Mamirov,

At the invitation of President of the Republic of Uzbekistan Shavkat Mirziyoyev, United Nations Secretary-General António Guterres will pay an official visit to our country from June 30 to July 1.

The program of the high-ranking guest's stay in Tashkent envisages talks at the highest level.

The agenda includes issues of further expansion and strengthening of Uzbekistan's multifaceted cooperation with the UN and its institutions, as well as topical aspects of global policy and regional interaction. Special attention will be paid to supporting measures to achieve the Sustainable Development Goals in our country.

During the visit, the UN Secretary-General will also visit a number of industrial and social sites, hold bilateral meetings and events.

Translated with DeepL.com (free version)

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

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

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.

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.

On 23 January, under the chairmanship of the President of the Republic of Uzbekistan, a videoconference meeting was held on the key tasks of poverty reduction and employment provision for 2026. In terms of both substance and the framing of issues, the meeting marked a turning point in the evolution of the country’s social policy.

The relevance of transitioning to a new model

The results of the reforms demonstrate a transition to the next stage of social policy. For the first time, poverty reduction has been placed in direct dependence on outcomes at the level of individual mahallas.

This shift is a consequence of the socio-economic results achieved. By the end of 2025, the national economy grew by 7.7%, significantly above the forecast level of 6.5%. GDP exceeded $147 bn, reaching approximately $3,900 per capita. Growth rates in all sectors surpassed those of 2024. Foreign investment reached $43 bn, while exports amounted to $33.8 bn. Inflation declined from 9.8% to 7.3% in 2025.

Sustained economic growth ensured a significant increase in budget revenues, which were consistently directed toward addressing social issues, reducing poverty, and developing mahallas. As a result, in 2025 income sources were provided for 5.4 mn people, and 330,000 families were lifted out of poverty. Unemployment declined to 4.8%, while the poverty rate fell to 5.8%.

As overall poverty indicators decline, its geography is changing. Poverty is becoming localized, concentrated, and heterogeneous. Nearly one-third of low-income households and around one-fifth of the unemployed are concentrated in a limited number of mahallas, which necessitates a transition to a new model.

Against this backdrop, the primary indicator becomes the outcome achieved at the level of each mahalla. The persistence of poverty or unemployment indicates that measures require further calibration.

Accordingly, for the first time at the national level, a systematic classification of all territories by poverty level was conducted. Based on 20 criteria, 37 “difficult” districts and 903 “difficult” mahallas were identified, home to around 120,000 poor families and approximately 155,000 unemployed citizens. At the same time, work to shape the image of a “New Uzbekistan” has also begun in an additional 33 districts and 330 “difficult” mahallas.

A distinctive feature of the new approach is that “difficult” territories are viewed as points of structural transformation. For each mahalla and district, comparative advantages are assessed, including economic, agricultural, industrial, logistics, or service-related strengths.

Individual development programmes for mahallas are being formulated. Practice shows that even in the most vulnerable areas, ensuring stable access to water and electricity, basic infrastructure, and integration with markets can multiply household incomes.

In the current year, territorially targeted development becomes the main instrument for achieving the stated goals, as clearly articulated by the President.

Infrastructure as an economic asset

A particular emphasis in the new model is placed on revising regional policy priorities. As noted by the President, residents and entrepreneurs in “difficult” districts and mahallas primarily expect improvements in roads, water supply, and electricity provision, rather than an expansion of tax incentives.

Concentrating resources on a limited number of problem territories allows infrastructure investment to be transformed from general budget spending into an instrument of targeted socio-economic impact. In 2026, $1.6 bn will be allocated for regional infrastructure development, of which $990 mn will be directed to “difficult” districts and mahallas.

At the same time, transfers from the republican budget to local budgets will double.

Additionally, allocations of $4.1 mn to each “difficult” district and $165 ths to each “difficult” mahalla are envisaged.

In total, district hokimiyats (district executive administrations) and local kengashes (local representative councils) will receive an additional approximately $330 mn exclusively to support problem territories.

A key element of this model is ensuring stable energy supply for “difficult” districts and mahallas.

In 2026, each of the 903 “difficult” mahallas is expected to host the construction of a small solar power plant with a capacity of 300 kW, with a total investment of around $110 mn. These plants will be transferred to the mahallas free of charge, creating a local energy asset. Through the generation of “green” electricity, each mahalla will gain a sustainable additional income source of $33-41 ths per year.

The proceeds are intended to be used for energy-efficient renovation of housing stock, reducing utility costs, and improving quality of life. Operation of the solar plants will involve members of low-income households, simultaneously addressing employment and infrastructure sustainability objectives.

A separate emphasis is placed on supporting the most vulnerable households. An instruction has been issued to conduct targeted assessments of 6,700 families with a member having a first-degree disability and no able-bodied household members, followed by identification of needs for energy-efficient housing upgrades and the launch of “green” renovation.

Taken together, these measures form a model of territorial and energy resilience. The effectiveness of local authorities’ performance will be subject to public evaluation, reinforcing the transition to results-oriented governance.

Comparative advantages of mahallas

The President clearly defined key socio-economic targets for 2026, including the provision of permanent employment for around 1 mn people, lifting 181,000 families out of poverty, increasing the number of poverty-free mahallas by 2.5 times to 3,500, and reducing the unemployment rate to 4.5%.

Achievement of these targets is expected to be based on the comparative advantages of specific districts and mahallas in industry, agriculture, and services. This approach allows resources to be concentrated where they generate the greatest multiplier effects for employment and household incomes.

As an example of leveraging comparative advantages based on location and specialization of mahallas, the President cited Furqat District. Its advantages include, first, cooperation with neighboring economically active centers; second, deepening specialization among nearby mahallas and combining competencies; and third, increasing value added through the launch of processing activities.

Further measures were outlined within the framework of a differentiated approach to developing problem territories.

Deepening mahalla specialization

Primary attention will be focused on deepening mahalla specialization, as welfare levels are significantly higher in mahallas with deep specialization. Practice shows that in such mahallas, welfare levels are noticeably higher, while the number of recipients of social assistance is half as large, at around 7 people per 10,000 population.

Currently, the 903 “difficult” mahallas encompass around 90,000 hectares of household and leased land. To transform this resource into a source of sustainable income, a new mechanism of a “social contract” between the state and the mahalla has been proposed. Mahallas that, by leveraging residents’ skills and rational land use, manage to increase household incomes by three to four times will receive additional financing of $165 ths for the development of road, water, and irrigation infrastructure. Implementation of this model is planned to begin with “difficult” mahallas.

To support deeper specialization, banks will allocate a total of $1.4 bn in loans. For production projects, 4% of the loan will be compensated, while for processing projects the compensation will amount to 6%.

Comparative advantages of mahallas

In 2026, $11.5 bn in credit resources are earmarked for the development of small and medium-sized businesses in mahallas, compared to $10.7 bn a year earlier. At the same time, banks have been tasked with strengthening entrepreneurship financing: alongside a planned $6 bn from external sources, the total volume of funds directed to mahalla-level projects should reach $8 bn.

Not only the scale but also the principle of credit allocation is changing. The model under which loans within the “Family Entrepreneurship” programme were issued on uniform terms at a 17.5% rate across all districts and cities is giving way to territorial differentiation. In particular, for the 37 “difficult” districts, the rate is reduced to 12%. This step transforms lending into an instrument for accelerating the development of problem territories.

In parallel, programme limits and target areas are being expanded. In all districts, the maximum size of concessional loans is increased by 1.5 times, from $2.7 ths to $4.1 ths. To support this decision, an additional $165 mn is added to the planned $297 mn.

Overall, the 2026 credit policy is shaped as a targeted development mechanism, a managed conversion of credit into employment, income, and local growth.

Institutional changes in system governance

A number of institutional changes are also envisaged to enhance the effectiveness of all governance levels involved in mahalla development.

Work in mahallas is moving away from an administrative-intermediary model and is being structured around specific projects. In this framework, the hokim’s assistant acts as a territorial development manager responsible for implementing project solutions.

To ensure integrated project governance, multi-level coordination is being introduced. Initiatives proposed by hokims’ assistants are paired with regional bankers; the first deputy hokim of the region provides operational oversight; and the “Reform Headquarters” supervises issues requiring inter-agency solutions. From February, a system of training hokims’ assistants in project management will be launched, starting with “difficult” mahallas. Each district will form a project portfolio followed by a transition to practical implementation.

One hundred “difficult” mahallas that demonstrate the best performance in job creation, income growth, and poverty reduction will receive an additional $82.5 ths each. Hokims’ assistants from these mahallas will be able to upgrade their qualifications in China, Turkiye, South Korea, and Malaysia.

In this context, work on developing mahalla master plans is being intensified. International experts are being engaged, alongside the potential of domestic universities. Final-year students in architecture programmes will be able to participate in the development of “difficult” mahallas, with the best projects being supported by state grants.

Overall, the institutional changes formalize a shift from a universal approach to a differentiated territorial policy.

Resource redistribution is justified by the structure of the economy: 62% of industrial production and 57% of services are concentrated in 50 districts and cities with high entrepreneurial potential. Growth in their budget revenues creates an opportunity to concentrate state efforts on problem territories.

This is evident from revenue dynamics: three years ago, additional local budget revenues in these 50 territories amounted to $72.2 mn, while in the current year they are expected to increase 8.5 times, to $610.5 mn.

As a result, greater attention can be directed to “difficult” districts and mahallas, where poverty and unemployment are territorially concentrated.

Conclusion

The decisions and instruments for 2026 demonstrate that Uzbekistan’s social policy is moving beyond traditional resource redistribution toward a model of managed territorial development. The new model rests on three interlinked pillars.

First, the concentration of infrastructure resources in “difficult” districts and mahallas, with the creation of long-term local assets, reduced household costs, and enhanced energy resilience.

Second, the expansion of employment based on comparative advantages and deeper territorial specialization, supported by financial incentives, access to credit, and solutions along value chains.

Third, institutional recalibration of governance, where a project-based approach and multi-level coordination align resources, responsibility, and measurable outcomes.

The essence of the current phase is that targeting becomes a technology focused on “difficult” territories. Exiting poverty is understood as an individual household trajectory, in which local conditions, skills, and infrastructure are decisive. The “Mahalla Seven” and the institution of hokims’ assistants serve as the connecting link, ensuring coordination and feedback until results are achieved.

Khurshed Asadov,
Deputy Director of Center for Economic Research and Reforms

On February 21, under the chairmanship of the President of the Republic of Uzbekistan, Supreme Commander-in-Chief of the Armed Forces Shavkat Mirziyoyev a meeting was held on strengthening military security and defense capacity of the state.

The meeting was attended by members of the Security Council, heads of ministries and departments within the Armed Forces of Uzbekistan, commanders of military districts, as well as the chairmen of the Jokargy Kenges and the Council of Ministers of the Republic of Karakalpakstan, regional and Tashkent city khokims, as well as responsible persons of local authorities in the videoconference format.

At the beginning of the meeting, the adopted measures on strengthening the country's defense capacity and their results were reviewed, certain shortcomings in this work were pointed out.

It was noted that the national army is being equipped with modern weapons and equipment, the level of combat and moral-psychological training of servicemen has significantly increased. 

In view of international experience and the analyses carried out, new combat units have been formed to prevent and eliminate internal and external threats, and the organizational structure of the troops has been optimized.

It was underlined that the creation of a new system of modernization and modern equipment of the army continues - the defense industry is developing and additional enterprises have been set up. The Armed Forces of Uzbekistan have established bilateral military cooperation with more than 20 countries and successfully participated in more than 400 joint exercises.

The infrastructure of higher military schools within the Armed Forces has been completely modernized, their curricula and methodology brought in line with modern requirements. 

The social and legal protection of servicemen and their families has been strengthened. In particular, about 30,000 families have been provided with housing, and more than 2,000 children of servicemen have received benefits when enrolling in higher educational institutions. 

Military administrative sectors, government and public organizations are involved in creating favourable conditions for homeland defenders. Attention to the issues of educating young people in the spirit of patriotism and initial pre-conscription military training in schools is being intensified.

The meeting identified priority tasks for 2025 and subsequent years. 

The need to consider contemporary armed conflicts, existing threats to national security and the peculiarities of the theater of military operations when planning for the further development of the army was emphasized. 

It has been indicated that artificial intelligence, robotic systems, missiles, drones and means of countering them are widely used in today's regional conflicts. In this connection, it has been instructed to create new units in the armed forces to combat drones, use robotic equipment, air defense, and cyber structures utilizing artificial intelligence technologies.

The Supreme Commander-in-Chief emphasized the need to further improve the combat readiness of the army, raise the level of combat training, create a unified automated troop management system using artificial intelligence technologies, as well as introduce dual training in military education and training of military personnel. 

Priority tasks have been set to improve the activities of the “Corps of Master Sergeants”, which is the backbone of the army, further develop the defense industry, provide social support to servicemen and their families, educate young people in the spirit of patriotism and involve them in military sports.

Reports and proposals by the Minister of Defense, commanders of military districts and other responsible persons were heard at the meeting.

Bismillahir Rahmanir Rahim!

Honorable chairman!

Distinguished heads of delegations!

I would like to extend my deep gratitude to the Custodian of the Two Holy Mosques, His Majesty the King of Saudi Arabia Salman bin Abdulaziz Al Saud, and His Highness the Crown Prince and Prime Minister Mohammed bin Salman Al Saud for hosting this important summit today on the most urgent and painful issue on the global political agenda - the problem of Palestine.

Regrettably, since the historic meeting in Riyadh in 2023, the scope of this unfair and violent war has further widened.

Despite the resolute efforts and urges of the international community, flagrant violation of international norms and resolutions continues to this day.

We are all dismayed by the fact that now the flames of war encompass Lebanon as well.

As my colleagues have noted in their statements, these devastating and horrific attacks, which have caused the deaths of thousands of innocent children, women and the elderly, are turning into the darkest page of the new history of humanity.

One cannot watch without broken heart how social infrastructure facilities, schools, hospitals, mosques and even entire cities are turning into ruins, leaving millions of civilians homeless and doomed to hunger and disease.

Worst of all, as we all can see, this tragedy on the international arena is being approached through double standards.

This dramatically increases the potential for spillover of the war and poses a serious threat to international security.

Dear participants of the summit!

Uzbekistan fully supports all practical initiatives aimed at addressing the Palestinian-Israeli problem through peace and diplomacy.

In this regard, we believe that today's Summit will demonstrate common political will and unity, develop effective global and regional mechanisms and specific solutions, and swiftly put them in practice.

In first place, here we are referring to the need to drastically increase the role and influence of the United Nations and the Security Council in addressing this long-standing conflict.

Immediate cessation of military action, provision of safe humanitarian corridors and, most importantly, the initiation of peace negotiations should be at constant focus of this universal international structure.

Second. On November 15, the long suffering Palestinian people will celebrate their National Day - the Declaration of State of Palestine.

I am confident that this nation with an ancient and rich history has every right to establish an independent and free state within the borders of 1967, with East Jerusalem as its capital.

In this regard, we fully support the activities of the Global Alliance for Implementation of the Two-State Solution, organized at the initiative of Saudi Arabia.

Third. In order to prevent an unprecedented humanitarian crisis in Palestine and Lebanon, we need to expand the scope of assistance from our countries and within the framework of leading international organizations.

We support increasing the necessary assistance to the activities of UNRWA and other United Nations institutions, which have great experience.

In this regard, we express our readiness to provide free medical care to war-affected Palestinian children and women in Uzbekistan's hospitals.

We also intend to discuss the issue of extending practical assistance to the Palestinian people at the forthcoming GCC-Central Asia Summit in Samarkand next year.

Fourth. As part of the Organization of Islamic Cooperation, we should attach greater attention to ensuring the sanctity and preservation of the Holy Al-Aqsa Mosque and other unique historical and cultural sites in Jerusalem.

Dear heads of delegations!

I hope that our extraordinary meeting today will be a big step towards addressing the Middle East problem.

I pray to Allah Almighty to bestow peace and tranquility upon the world and further strengthen the unity of our Ummah.

Thank you for your kind attention.

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