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To the participants of the joint conference of the International Federation of Textile Manufacturers and the International Association of Apparel Manufacturers
📅 10.09.2024
Dear participants of the conference!
Ladies and gentlemen!
First of all, from the bottom of my heart, I sincerely congratulate you, my dear ones, on the opening of today's prestigious event - the joint conference of the International Textile Federation and the International Association of Apparel Manufacturers.
I would like to express my special gratitude to the President of the International Federation of Textile Manufacturers Mr. Kei Vi Srinavasan and President of the International Association of Apparel Manufacturers Mr. Chem Altan for the fact that this joint conference is being held in Uzbekistan for the first time.
At the same time, I express my sincere gratitude to the high-ranking representatives of the industry, heads of prestigious international and regional organizations participating in this conference.
Welcome to the pearl of the ancient Great Silk Road, the land of craftsmen - the majestic city of Samarkand!
Dear participants of the conference!
In recent years we have taken decisive steps to radically improve the investment and business environment, create favorable conditions for foreign and domestic investors.
As in all spheres and sectors, we have been implementing large-scale reforms in the textile and garment industries.
First of all, the state monopoly in cotton cultivation has been abolished, and a cluster system has been created and is being consistently improved, covering the entire process from raw material procurement to the production of finished goods.
Our reforms in this area have won the recognition of prestigious international organizations, and the boycott of Uzbek cotton has been lifted. Our cooperation with the international coalition “Cotton Campaign” continues in this direction.
At the same time, as a result of creating a stable legislative framework, improving the investment environment and introducing new technologies, the volume of cotton fiber processing increased from 40 percent in 2017 to 100 percent. At the same time, the work on import of cotton raw materials and production of finished products with high added value began.
Thanks to the opportunities created in the sphere, the volume of textile production has increased 5 times, its export - 4 times.
The most important thing is that earlier a significant part, i.e. 70 percent of exports in the sector, was accounted for raw materials, while today 60 percent of exported goods are finished products.
In the first years of reforms, we identified as a priority task the development of human capital, training of the population, especially young people and women, in professions, training of qualified personnel for all sectors, and these issues will continue to be in the center of our attention.
Decent working conditions that meet international requirements are created for the employees of enterprises, and the “Better Work” and “Better Cotton” programs are systematically implemented.
Particular attention is paid to ensuring labor rights and providing full support to over 600,000 workers.
At the same time, decisive measures are taken to create national brands, attract prestigious international and foreign trademarks to our country.
Authoritative participants of the world market, such as “Teamdress” (Germany), “Cotonella” (Italy), “Indorama” (Singapore), “Posco International” and “Gwangyang” (South Korea) are effectively operating in the country.
Uzbekistan's textile industry is being actively integrated into global production processes, and the number of our reliable partners on all continents of the world is increasing.
It should be noted that long-term cooperation with foreign investors and international brands, increasing production of high value-added products, bringing national brands to the international level will remain our priorities in the textile industry in the future.
I am convinced that today's conference will serve as an effective platform for further strengthening and expanding cooperation in this area on an international scale, sharing best practices and ideas.
I hope it will contribute to further expansion of mutually beneficial cooperation between representatives of more than 500 national and international organizations, manufacturers and retailers participating in the conference, and will bring the development of the industry to a qualitatively new level.
We highly appreciate and support all mutually beneficial initiatives of our foreign partners. In particular, we are ready to provide all possible assistance in introducing the necessary standards for international brands to enter Uzbekistan.
We are ready to create all necessary conditions for prestigious international organizations to regularly hold conferences, exhibitions and fashion shows in our country, particularly in such cities as Bukhara, Khiva, Shakhrisabz, Margilan, Kokand, Namangan, Andijan, which have high tourism and industrial potential.
I am confident that the ancient history, rich cultural heritage of our country, meetings with our hard-working and generous people will make an indelible impression on you, and the huge socio-economic potential of our regions will encourage investors to implement new projects.
I congratulate you once again on the opening of the prestigious conference that is starting today and wish you all good health, happiness and prosperity, success in the fruitful work of the conference.
Shavkat Mirziyoyev,
President of the Republic of Uzbekistan
Founder of BMB HOLDING: Supporting entrepreneurs in the process of building New Uzbekistan has become one of the main goals of the reforms of our Head of state
📅 21.08.2024
In recent years, systematic work has been carried out to create a continuous chain of comprehensive support for the development of entrepreneurship in our country. As a result of the measures implemented and important decisions made over the last seven years, a new generation of entrepreneurs of New Uzbekistan has emerged.
In particular, BMB HOLDING is one of the major subjects of private entrepreneurship, playing an important role in the economic life of our country, and gaining strong positions not only in the domestic, but also in the international market.
On the eve of the 33rd anniversary of independence of the Republic of Uzbekistan, Dunyo information agency talked to Bekzod Mamatkulov, the founder of BMB HOLDING.
– Mr. Mamatkulov, in recent years BMB HOLDING has gained a great reputation not only in Uzbekistan, but also among the international business community. Today, the Holding effectively works in the areas of providing consulting services on investment projects, developing international business and trade relations, attracting foreign investments, export-import exchange, introducing innovative technologies, creating modern agro-industrial clusters. We would like to start our conversation with the organization of the Holding and the history of its development.
– After his election as President, Shavkat Mirziyoyev put on the agenda of our state’s policy such important issues as increasing economic potential, attracting investments and, most importantly, supporting entrepreneurs to bring the country to a new stage of development.
In this sense, the opportunities created for entrepreneurs have radically changed my life goals and made me want to test my potential in business.
We generated our first income through services. Developing business plans and providing consulting services was our first source of income. Later we bought land in Arnasay district of Jizzak region to implement our agricultural projects. We planted mung beans and peas as secondary crops here. The first attempts were successful. The agricultural products we grew gave better results than we expected. For the first time we were able to export our crops abroad. In particular, we started selling agricultural products to Pakistan, India and Afghanistan. Later, we had a plan to supply cotton and grain to the state on a contract basis, and we gradually expanded our financial capacity, making a profit from it.
In 2017, during the visit of the Head of state to Jizzakh region, our project to create a food cluster in Arnasay district was presented. At the meeting, the President emphasized that he would support us, like all businessmen, and expressed great confidence in us. Such attention and support of the President of the country gave us additional strength. After that, there was a desire to further expand our business activities, to test ourselves in new industries, to develop and implement joint projects with foreign partners.
In particular, in 2018, we were among the first to create the largest cotton cluster in the country. Thanks to the attention of the management and creation of favorable conditions for doing business, we created a cluster for growing medicinal plants, namely saffron. Later we organized a fruit and vegetable cluster. This big project, in turn, enabled us to set up a system of sorting, packing and deep processing of fruits and vegetables. Thus, having passed through various stages of business, our small project has now formed into BMB HOLDING. At present the Holding unites 30 enterprises. They employ more than six thousand people across the country.
– It is no secret that today the Holding realizes investment projects of international and national level. As an entrepreneur and a person who knows the business environment in foreign countries, how do you assess the investment environment in Uzbekistan? Are there aspects that do not satisfy you, are there factors that are obstacles for business?
– In the process of building New Uzbekistan, the creation of a favorable investment environment for entrepreneurs has become one of the main goals of the reforms of the Head of our state. The adoption by the President of Uzbekistan of a number of decrees and resolutions aimed at supporting entrepreneurs is yielding results today.
Improvement of tax legislation, creation of the possibility of free currency conversion, reforms in the sphere of private property and a number of other positive changes related to these spheres have played their important role, and entrepreneurs are now considered as the driving force of the country’s economy. In 2020-2022, despite the fact that the coronavirus pandemic worldwide had a large negative impact on the economies and the global investment environment, Uzbekistan’s economic growth rates remained stable and its investment attractiveness continued to grow.
The fact that the inflow of foreign investments into the country has increased significantly testifies to the confidence of international business in the economic reforms in our country. Active diversification of the economy is an important achievement that has opened new opportunities for investors in all sectors, starting with industry.
Now, if we talk about the factors that are obstacles for business, aspects that do not satisfy entrepreneurs, I will tell the truth openly: at the level of the government, reforms are being implemented very intensively, positive changes are taking place. But when you go to the lower level of the system, there are still cases of inattention and carelessness somewhere. I believe that such shortcomings will be eliminated.
– We know that BMB HOLDING is engaged in the production and export of a wide variety of agricultural products. In particular, the organization headed by you has achieved great success in saffron cultivation. Today saffron grown in Uzbekistan is becoming popular in many regions of the world. Tell me, when did you come up with the idea of establishing such a complex sphere as saffron cultivation in Uzbekistan and why did you choose this particular project?
– During President Shavkat Mirziyoyev’s visits to Kashkadarya region in 2017, the issue of cultivation of medicinal plants in mountainous and foothill regions, development of this sphere in our country and export of valuable medicinal plants to the world market was prioritized. The leader of our country also inquired why it is impossible to grow saffron in Uzbekistan despite all conditions, and gave a special instruction to develop this industry. During the President’s visit to Jizzakh region, we made a detailed presentation of our saffron cultivation project. Having familiarized himself with the project, the Head of state expressed his full support to it and instructed the responsible persons to implement the program as soon as possible.
However, it was not easy to realize this project at first. When implementing this business idea, first of all, we deeply studied the demand and supply in the domestic and foreign markets, opportunities and prospects for its implementation in the conditions of Uzbekistan, our own potential in this area, as well as a number of other factors. In 2020, we started to implement the project in pandemic conditions. At first, it took a lot of patience and hard work to find specialists, to bring saffron bulbs suitable for our climate from Europe and to get the desired harvest. In the first year we planted saffron bulbs on 55 hectares of land. The high demand for the harvest and the experience gained stimulated further development and expansion of the project. Today saffron is grown on 400 hectares of land. In the next three years, it is planned to increase the area of saffron plantations to 1,000 hectares and produce 20 tons of pure saffron products per year.
At the beginning of 2024, the product BMB Za’faron for the first time in our region received the USDA Organic certificate, an environmental certificate developed by the U.S. Department of Agriculture, which allowed Uzbek saffron to enter the American markets. After several years of in-depth analytical research, Uzbek saffron grown in the Bakhmal district received the appropriate permission to export to Chinese markets according to the conclusion of the Uzbek-Chinese interdepartmental commission.
– Indeed, a lot of experience in saffron cultivation has been accumulated in recent years. At the same time, what countries’ experience do you think should be studied and implemented in order to grow a competitive product that meets the requirements of international standards and markets?
– In agriculture, each product is grown using a specific method. Such countries as Italy, Austria, South Korea, USA, and Saudi Arabia have enough experience in saffron cultivation. Of course, we study the experience of countries with climatic conditions close to ours and exchange experience with industry experts. I can say that we have mobilized all possibilities to get more crops and export them abroad. The increase in exports, in turn, contributes to increasing the inflow of foreign currency into Uzbekistan and ensuring economic stability.
To bring our national products to the world market and increase their competitiveness, the most important factors are, first of all, quality, then price and, of course, matching production capacity to demand. We have taken these aspects into account in our work and projects, especially in saffron cultivation.
– In Uzbekistan, on the initiative of the Head of our state, an open dialog with entrepreneurs is held annually. Tell me, what impact do these efforts have on the activities of the Holding headed by you?
– It would not be an exaggeration to say that the adoption of a number of resolutions and decrees on creation of favorable business environment and healthy competition in our country, comprehensive support for entrepreneurs, further liberalization of tax policy have served to eliminate the problems that have arisen for many years and hindered the free activity of entrepreneurs.
Thanks to the political will of the President of Uzbekistan, the organizational and legal foundations for the development of the industry have been strengthened, and the attention to entrepreneurs has changed dramatically. Most importantly, all this has already started to yield positive results.
In addition, an open dialog between the President of the Republic of Uzbekistan and entrepreneurs has been established. In my opinion, there is no other country in the world that has such a format.
I can confidently say that the open communication of the Head of state with the business community, which has now become a tradition and is held annually, serves as an important factor in the formation of a new competitive class of entrepreneurs in New Uzbekistan.
I visit many countries for work. In particular, my friends-partners in Italy, Germany, the United States, Austria and other countries highly appreciate the annual dialog of the President of Uzbekistan with entrepreneurs. It is no secret that people look at us with envy when they see the personal attention of the Head of state to the development of business in our country. In fact, it is a great achievement for both sides — the President meets with businessmen, listens to their systemic problems, finds solutions and solves them. Therefore, today all businessmen are looking forward to meeting with the President. This meeting has also become an important forum for businessmen to assess their activities for the year and determine plans for the future. The speeches of our country’s leader at the meeting and important initiatives aimed at further development of the industry, removal of existing obstacles, provision of benefits to entrepreneurs serve as a program for further expansion of businessmen’s activities.
I would like to give an example based on my experience. Before dialoguing with the President, I note in my notebook the issues we face in our work. Listening to the President, I always get comprehensive answers to all my questions based on deep analysis.
– In August 2022, by the decree of the President of Uzbekistan, you were awarded the “Faol Tadbirkor” sign, and in 2023 — the “Dustlik” order. Recall those moments when your entrepreneurial activity was highly appreciated by the leadership of our country.
– Before answering, I have to say one thing. Before coming to business, I worked in state and public organizations for more than 15 years. I never received even a certificate of honor, let alone a state award. Today, the leader’s focus is on people who have sincerely worked for the development of our dear country — Uzbekistan. In recognition of our work, in 2022, I was awarded the “Faol Tadbirkor” sign. In 2023, I had the honor to receive the “Dustlik” Order from the esteemed President. These are not just awards given to me, they are recognition of the work of thousands of dedicated people working in the Holding’s system. Such a high appreciation gives our team more confidence and motivation, and gives us great strength to realize the goals we have set for ourselves.
– The direction of economic diplomacy is becoming increasingly important in attracting foreign investment to Uzbekistan, finding new partners and exporting national products abroad. In this regard, does the Holding, which you head, use the opportunities of diplomatic missions of our country in foreign countries? How satisfied are you with the work of our country's embassies in this direction?
– Frankly speaking, it used to be impossible to meet with diplomats. If you went abroad and wanted to meet with the Ambassador of our country, he would not accept businessmen. This is an open statement. The Ambassador only dealt with politics. Thanks very much to our President, he brought the diplomats’ attention to the economy as well. This, of course, has opened wonderful conditions and opportunities for entrepreneurs. Openness in this sphere, in turn, has become an important step for entrepreneurs in finding foreign partners and attracting investment.
Today, the diplomatic missions of Uzbekistan in foreign countries play a very important role in the activities of the Holding Company, and we feel their support at every stage of realization of our numerous projects. The introduction of the position of Advisor to the Ambassadors of Uzbekistan on economic issues has been very useful for us entrepreneurs. It should be noted that BMB HOLDING has established close relations of economic cooperation with embassies of foreign countries in Uzbekistan, in particular with diplomatic missions of Russia, China, USA and a number of European countries such as Poland, Austria and Latvia.
In a word, the role of diplomatic missions of Uzbekistan and foreign countries in our country is very important in effective realization of the company’s projects.
– Today BMB HOLDING operates in the field of cultivation and production of agricultural products. Our readers are also interested in the future plans of the Holding.
– Our plans for the near future are huge. In particular, the work on establishment of deep processing of agricultural and fruit and vegetable products, and the launching of textile factories in Syrdarya region is in full swing. We also want to implement projects in the field of medicine. Our first project in this direction will be the creation of a health center in Navoi region in 2025. Also, a chain of restaurants and hotels “Zafaron” will be launched in Tashkent city and Tashkent region.
Along with this, we plan to implement the project “Energy-efficient technologies and equipment for production, mining and processing of natural decorative stone” worth 50 million US dollars together with the organization Toksel Makina from Turkey.
– Our last question may be off-topic, but many people are also very interested in this area. We would like to ask about your projects in sports, especially in soccer. What are your goals in soccer and futsal? Also, please, provide information about BMB HOLDING brand ambassadors in the sphere of chess.
– This is an interesting question. BMB HOLDING considers the development of sports in our country, especially soccer and futsal, as one of the main directions of its activity. The Holding was one of the sponsors of Sogdiana soccer club in 2021 and Lokomotiv soccer club in 2022. Since 2023, our Holding has been one of the sponsors of the professional soccer league of Uzbekistan.
At the same time, the BMB PROFESSIONAL FUTSAL CLUB team started its activity in the system of the Holding. A number of famous local and Brazilian futsal players were invited to the team. For the last two years the team won the Cup of Uzbekistan and the Super Cup of Uzbekistan. Today the basis of our team is made up of futsal players playing in the national team of Uzbekistan on mini-football.
On June 30, on the occasion of Youth Day in Uzbekistan together with the Agency for Youth Affairs within the framework of the project of the brand ORRO ROSSO in Milan (this brand is currently the official partner of the Italian soccer club Milan and Monza) we organized a trip to our country of four famous former players of the soccer club Milan, world and European champions Dida, Sergino, Panucci and Zaccardo. I believe that the visit of famous soccer players to Uzbekistan has served to increase the interest and activity of our youth in sports.
As you know, the Futsal World Cup will be held in our country from September 14 to October 6 this year. BMB HOLDING as the main partner organization is preparing for this futsal holiday.
Besides, BMB HOLDING actively supports talented young chess players. Recognizing them as the face and ambassadors of the Holding, we call them brand ambassadors. In particular, FIDE Master of Sports Humoyun Bekmurodov won a silver medal at the X Chessable Sunway Sitges International Chess Festival 2023 held in Barcelona (Spain), and also won the Dubai Police Global Chess Challenge tournament held in Dubai (United Arab Emirates) on May 3-13 this year.
Another of our young chess players is Umida Omonova, a student of the International Chess School, world champion in blitz and rapid, FIDE Master of Sport, member of the Uzbekistan national team, holder of the state award named after Zulfiya, brand ambassador of BMB HOLDING. She also won the 18th round of the Uzbekistan Championship held in April this year.
Another thing is that BMB HOLDING mobilizes all its capabilities and potential in the direction of further prosperity of New Uzbekistan, which is being built under the leadership of the Head of state, improvement of welfare of our people and development of the Motherland.
- Thank you for taking the time to talk to us.
- Thank you.
Dunyo IA
Uzbekistan–Belarus economic cooperation: promising projects in the Agri-food sector
📅 03.07.2026
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.
Through the Caspian to New Markets
📅 21.07.2026
Development of the “Central Asia Plus” Formats
In recent years, Central Asia has increasingly acted as a unified region in international relations. Alongside bilateral ties, “Central Asia Plus” formats have been developing, allowing the countries to coordinate their shared interests and discuss trade, investment, industrial cooperation, transportation, energy, and security with external partners.
Existing formats include “Central Asia–European Union,” “Central Asia–Russia,” the C5+1 platform with the United States, as well as dialogue mechanisms with China, Japan, South Korea, and other partners. These mechanisms do not replace bilateral cooperation but complement it with a regional agenda.
Central Asia’s Multivector Cooperation
The first “Central Asia–European Union” summit, held in Samarkand in April 2025, focused on developing a strategic partnership between the two regions. Particular attention was paid to investment, technological modernization, green energy, critical minerals, transportation, and logistics.
Uzbekistan proposed establishing an investment platform to advance regional projects and developing coordinated conditions for expanding the Trans-Caspian Transport Corridor. It also proposed holding a meeting of the transport ministers of the countries located along the route.
The second “Central Asia–Russia” summit, held in October 2025, focused on expanding trade, industrial cooperation, and collaboration in energy and transportation.
Uzbekistan proposed holding annual summits, establishing a coordination council at the deputy prime minister level, and creating an integrated transportation and logistics framework combining national road, rail, and air connectivity programs. Particular attention was also paid to developing the North–South Corridor and resilient production chains.
Thus, the “Central Asia Plus” formats enable the region to develop cooperation in several areas simultaneously. Their purpose is not to choose a single partner or route, but to expand economic ties and strengthen the region’s resilience to external changes.
Establishing a New C5+1 Format
The “Central Asia + Azerbaijan” format differs from other platforms because Azerbaijan is directly connected to the region through the Caspian Sea and is a key component of transportation routes leading toward the South Caucasus, Türkiye, and Europe.
For Central Asia, Azerbaijan is an important transit, investment, and industrial partner. For Azerbaijan, the Central Asian countries represent a growing market and a source of cargo flows for its port, railway, and logistics infrastructure. The new format therefore has not only political significance but also a specific economic dimension.
At the seventh Consultative Meeting of the Heads of State of Central Asia, held in Tashkent on November 16, 2025, a decision was made to grant Azerbaijan full participation. This became the first meeting of regional leaders in the expanded format.
President of Uzbekistan Shavkat Mirziyoyev proposed gradually transforming the consultative dialogue into a strategic “Central Asian Community” format. Initial steps included strengthening the institutional framework of the meetings, establishing a rotating secretariat, and elevating the status of national coordinators to special representatives of the presidents.
In trade and economic cooperation, Uzbekistan proposed developing a Comprehensive Regional Program for Trade and Economic Cooperation through 2035. The document is expected to address the removal of administrative barriers, simplification of customs and tax procedures, joint use of industrial and free economic zones, and other measures to increase intraregional trade.
Initiatives were also proposed to establish a common investment space and develop e-commerce. These measures include coordinating basic approaches to investor protection, creating regional digital marketplaces, and developing reliable digital payment systems.
Particular attention was paid to transportation and energy infrastructure. Uzbekistan proposed establishing an Infrastructure Development Council at the deputy prime minister level. Priorities included the construction and modernization of roads, railways, border checkpoints, energy networks, green corridors, and digital infrastructure.
Transportation initiatives covered the China–Kyrgyzstan–Uzbekistan railway, the Trans-Afghan route, and the Trans-Caspian transportation routes connecting Central Asia with the markets of the Caucasus, Türkiye, and Europe.
In 2026, the meeting is expected to continue under Turkmenistan’s chairmanship in the new “Central Asia and Azerbaijan” format.
Economic Foundation of Cooperation
The expansion of the regional format is taking place against the backdrop of growing trade and investment ties between Uzbekistan and the Central Asian countries.
In 2025, Uzbekistan’s trade turnover with the countries of the region reached $8.3 billion. Exports totaled approximately $3.2 billion, while imports amounted to $5.1 billion. Kazakhstan remained Uzbekistan’s largest regional trading partner, accounting for 60.2% of its trade with Central Asian countries. Turkmenistan and Kyrgyzstan each accounted for 14.5%, while Tajikistan accounted for 11%.
As of June 2026, Uzbekistan was home to 2,384 enterprises with capital from Central Asian countries. These included 1,283 enterprises with Kazakh capital, 442 with Tajik capital, 362 with Kyrgyz capital, and 297 with Turkmen capital.
The total volume of direct investment and loans attracted from the countries of the region in 2017–2025 amounted to $2.5 billion. In 2025 alone, this figure reached $1.3 billion.
At the same time, the potential of intraregional trade has not been fully utilized. According to calculations by the Center for Economic Research and Reforms, replacing some goods imported from third countries with intraregional supplies could increase trade within Central Asia by $11.4 billion, more than doubling its current volume. Unlocking this potential requires reducing tariff and non-tariff barriers, improving information exchange among businesses, and developing regional production chains.
Uzbekistan’s economic relations with Azerbaijan are also strengthening. Between 2017 and 2025, bilateral trade increased 9.5-fold, from $32.5 million to $307.3 million. Uzbekistan’s exports reached $227.3 million, while imports from Azerbaijan amounted to $80 million.
Uzbekistan’s exports mainly consist of manufactured goods, machinery and transportation equipment, food products, beverages, finished goods, and services. Imports are dominated by food and manufactured goods, machinery, transportation equipment, and chemical products.
Uzbekistan is home to 460 enterprises with Azerbaijani capital. Their number has increased 6.5-fold since 2017. In 2025, Azerbaijani investment in Uzbekistan totaled $173.7 million, bringing cumulative investment to $318.6 million.
An additional instrument was created in 2023 with the establishment of the Azerbaijan–Uzbekistan Investment Company, which has authorized capital of $500 million and can finance projects in Uzbekistan, Azerbaijan, and third countries.
Cooperation is also developing in the automotive industry, textiles, construction, agriculture, and other sectors.
The Middle Corridor and Azerbaijan
Expanding trade and industrial cooperation requires reliable transportation infrastructure. For Uzbekistan, which has no direct access to the sea, developing alternative routes is essential to strengthening the resilience of foreign trade.
The Middle Corridor connects China and Central Asia with the South Caucasus, Türkiye, and Europe. Cargo from Uzbekistan can be transported through Kazakhstan or Turkmenistan to Caspian ports, shipped by sea to Azerbaijan, and then delivered to European markets through Georgia and Türkiye or across the Black Sea.
Azerbaijan occupies a central position in the western section of the route. Its transportation infrastructure includes the Alat International Sea Trade Port, the Caspian merchant fleet, and the Baku–Tbilisi–Kars railway.
The capacity of the Alat Port is expected to increase from 15 million to 25 million metric tons, while the capacity of the Baku–Tbilisi–Kars railway has been expanded to 5 million metric tons. A unified digital platform is also being developed to simplify transportation operations and trade between Caspian ports.
According to the World Bank, if the necessary infrastructure and organizational reforms are implemented, freight traffic along the Middle Corridor could triple by 2030, while delivery times could be reduced by half.
During the first nine months of 2025, transit freight between Uzbekistan and Azerbaijan exceeded 1 million metric tons. This indicates growing prospects for using Azerbaijan’s transportation infrastructure as a transit route for Uzbek cargo.
The opening of the Zangezur Corridor is also expected to create additional opportunities for all Central Asian countries.
Opportunities for Uzbekistan and Central Asia
For Uzbekistan, the Middle Corridor provides an additional route to the markets of Azerbaijan, Georgia, Türkiye, and the European Union. This makes it possible to diversify transportation routes and reduce foreign trade dependence on a limited number of corridors.
Delivery times and predictability are especially important. They directly affect the competitiveness of textiles, fruits and vegetables, electrical equipment, automobiles, and other high-value-added products. Coordinating rail and maritime transportation schedules, introducing digital documentation, and reducing border-crossing times could lower exporters’ costs.
The corridor’s development will also create demand for dry ports, multimodal terminals, warehouses and cold-storage facilities, repair enterprises, and insurance, financial, and digital services. Transportation can therefore be viewed not only as a means of delivering goods but also as a separate area of investment and industrial development.
Additional opportunities are associated with the construction of the China–Kyrgyzstan–Uzbekistan railway. Its integration with the Middle Corridor would establish a shorter and more resilient transportation link between China, Central Asia, the Caucasus, and Europe.
For Central Asia as a whole, developing the route would make it possible to consolidate cargo flows, harmonize transportation procedures, and increase the region’s attractiveness to international investors. A larger and more stable cargo base would support regular train and vessel services, reduce per-unit costs, and expand the geographic reach of shipments.
The Middle Corridor is not viewed as a replacement for northern or southern routes. Its main purpose is to expand available options, strengthen logistics resilience, and create additional connections to external markets.
The Importance of Industrial Cooperation
Transportation cooperation will have a long-term impact if it is linked to the development of manufacturing. Growth in transit alone will not ensure the full realization of the new format’s economic potential.
Uzbekistan, other Central Asian countries, and Azerbaijan could establish joint production chains in the automotive industry, textiles, agricultural processing, electrical engineering, construction materials, chemicals, and machinery manufacturing.
An analysis by the Center for Economic Research and Reforms shows that regional enterprises could supply one another with raw materials, components, and finished products, reducing their dependence on imports from third countries.
One promising area is the establishment of joint industrial zones and logistics centers along the Middle Corridor. The idea of creating “mirror” special economic zones in Uzbekistan and Azerbaijan has not yet reached the implementation stage, but it offers significant development potential.
At the same time, growing bilateral trade, the work of the joint investment company, and expanding transportation links are creating conditions for revisiting this initiative.
Such zones could specialize in product assembly and processing, consolidation of export shipments, warehousing operations, and transportation services. Establishing interconnected production facilities in Uzbekistan and Azerbaijan would combine Central Asia’s industrial potential with the transportation infrastructure of the South Caucasus.
Conclusion
The first meeting in the expanded format established a political and institutional foundation for cooperation between Central Asia and Azerbaijan. The next meeting, under Turkmenistan’s chairmanship, could focus on the practical development of the Middle Corridor and the expansion of industrial cooperation.
In transportation, the main priorities include coordinating tariffs and procedures, developing regular rail and maritime services, modernizing port and border infrastructure, digitizing documentation, and exploring opportunities to connect the Middle Corridor with the China–Kyrgyzstan–Uzbekistan railway.
In industry, priorities could include establishing joint production chains, developing industrial zones, implementing projects through the Azerbaijan–Uzbekistan Investment Company, and attracting international financial institutions to infrastructure and manufacturing projects.
For Uzbekistan, the “Central Asia + Azerbaijan” format creates opportunities to expand exports, diversify transportation routes, and attract investment in manufacturing and logistics. For other Central Asian countries, it provides an additional route to Western markets.
The format’s future significance will depend on how consistently the participating countries develop the Middle Corridor and complement the transportation agenda with industrial and investment cooperation. The upcoming meeting could provide practical momentum for implementing the most ambitious and mutually beneficial projects.
Edvard Romanov,
Center for Economic Research and Reforms
Environmental protection in Uzbekistan is an integral part of the sustainable development strategy and the country’s contribution to solving global problems
📅 05.07.2024
Uzbekistan, located in the heart of Central Asia, faces unique environmental challenges that require an integrated approach and strategic planning. In recent years, the country has been taking active steps to protect the environment by integrating sustainable development into national programs and projects. These efforts are not only aimed at improving the environmental situation in the country, but also make a significant contribution to solving global problems. Uzbekistan actively participates in global initiatives to combat climate change. The country ratified the Paris Agreement in 2016, committing to reducing greenhouse gas emissions and adapting to climate change.
Environmental policy issues play a key role on the agenda of the New Uzbekistan. Measures to transform the sphere of ecology and environmental protection to improve the activities of our ministry, actions to combat climate change and its consequences, a moratorium on tree cutting, the introduction of clean “green” energy, solid waste management, the development of “green” transport infrastructure, expansion networks of protected natural areas, measures to restore ecosystems and preserve biodiversity, combat desertification and drought, unify environmental legislation in accordance with international standards, supporting the introduction of modern information technologies, show positive trends.
One of the key aspects of Uzbekistan’s environmental strategy is the development of a “green economy”. The state program “Green Economy” for 2019-2030 is aimed at reducing the carbon footprint, increasing energy efficiency and developing renewable energy sources (RES).
Moreover, the government of Uzbekistan has set ambitious goals to increase the share of renewable energy sources in the country’s overall energy balance. As part of the Development Strategy “Uzbekistan - 2030” and subsequent plans. As President of Uzbekistan Shavkat Mirziyoyev stated at the third Tashkent International Investment Forum held in early may this year, our country strives to create more than 20 gigawatts of renewable energy capacity by 2030 and increase its share in the energy sector. balance up to 40 percent. These goals include the construction of new solar and wind power plants, as well as the modernization of existing energy infrastructure.
In 2019, the law “On Renewable Energy Sources” was adopted, which creates a legal basis for the development of the green energy sector. The law provides benefits and preferences for investors, which stimulates the attraction of both domestic and foreign investment.
The development of “green energy” in Uzbekistan is actively supported by international organizations and financial institutions. Cooperation with the International Renewable Energy Agency (IRENA), the World Bank, the Asian Development Bank and other structures plays an important role. Investments and technical support from these organizations contribute to the rapid implementation of innovative technologies and best practices in the field of renewable energy sources.
Just last year, together with the strategic partners of Uzbekistan - the companies Masdar, Gezhouba, China Energy”, large wind and solar power plants with a capacity of 1.4 gigawatts were launched. Also, together with ACWA Power, we began implementing a project for the production of “green” hydrogen.
Currently, work is underway on the implementation of 28 eight projects in this direction. It is noteworthy that these important projects are carried out exclusively through foreign direct investment on the basis of public-private partnerships.
Achieving global sustainable development goals is no less important for the country.
In Uzbekistan, in 2022, an updated Resolution of the Cabinet of Ministers “On additional measures to accelerate the implementation of National Goals and Objectives in the field of sustainable development for the period up to 2030” was adopted, which confirms Uzbekistan’s strong determination in achieving the global Agenda for the period up to 2030 year in a comprehensive partnership with all UN member countries to achieve sixteen national sustainable development goals.
The National Goals and Objectives in the field of sustainable development for the period until 2030, the Plan of Measures for the effective implementation of the National Goals and Objectives in the field of sustainable development for the period 2022–2026, as well as the National Development Strategies of Uzbekistan, approved by the Government of our country, serve the implementation of the Goals of Sustainable Development development.
The achieved results in implementing the national goals and objectives of Uzbekistan are generally approved and recognized by the international community.
The basic principle of the new Uzbekistan “In the name of the honor and dignity of man” is consonant with the UN principle on sustainable development “Leave no one behind”.
In the Interagency Ranking of Sustainable Development Goals published by the UN (SDR) in 2023, Uzbekistan took 69th place among 166 countries, increasing its ranking by 8 points.
The Voluntary National Reviews prepared in 2020 and 2023 on the implementation of the national Goals and objectives of sustainable development of Uzbekistan until 2023 were positively assessed by the UN.
Uzbekistan has achieved significant results on all Sustainable Development Goals, which were balanced and interconnected with the implementation of the “Strategy of Action for Five Priority Areas of Development of the Republic of Uzbekistan in 2017 - 2021”
An analysis of the current state of protected natural areas in Uzbekistan and current trends in this area shows that in recent years the number and area of protected natural areas in the country have been increasing. Reforms are being carried out in the forestry sector, as a result of which the amount of forest land in the country has noticeably increased.
In this context, the initiative of President Shavkat Mirziyoyev “Yashil makon” (“Green space”) has become a truly national project. The forest area in relation to the total land area of Uzbekistan has increased over 7 years from 8.3% to 8.7%. The share of protected areas increased 2.0 times.
Uzbekistan actively participates in international mechanisms for environmental protection and human development. Various initiatives are being implemented to preserve biodiversity, restore ecosystems in the Aral Sea region, protect the ozone layer and mitigate the effects of climate change, and waste management. There are also policies and programs aimed at ensuring people's access to healthy food and clean water. Uzbekistan cooperates with the European Union, its institutional bodies for environmental protection and sustainable development, as well as with individual states such as Germany, Finland, Turkey, and South Korea.
The country is a party to 14 international conventions, as well as more than 20 protocols, agreements and memoranda of understanding in the field of environmental protection and sustainable development.
Uzbekistan regularly takes an active part in the annual meetings of the UN Framework Convention on Climate Change. During the 27th meeting, held in 2022, the Uzbek delegation advocated consolidating efforts to achieve carbon neutrality, promoting renewable energy sources, climate change adaptation projects, combating desertification and land degradation, introducing water-saving technologies and other climate actions in Central Asia.
Another significant aspect was that the UN supported the initiative of President Shavkat Mirziyoyev to hold the first International Climate Forum in Samarkand in 2024, dedicated to climate change issues, which provides for a discussion of opportunities for international cooperation to reduce risks and threats in the Central Asian region and issues of attracting climate finance . During the 78th session of the UN General Assembly in September of this year. In New York, the President of Uzbekistan took the initiative to adopt the UN General Assembly resolution «Central Asia in the face of global climate threats: solidarity for common prosperity» and proposed discussing its main provisions at the Samarkand Forum.
Cooperation with the countries of Central Asia is critically important to address the many environmental challenges facing the region. Cooperation in this area contributes not only to improving the environmental situation, but also to strengthening regional stability and sustainable development.
Another significant aspect was that the UN supported the initiative of President Shavkat Mirziyoyev to hold the first International Climate Forum in Samarkand in 2024, dedicated to climate change issues, which provides for a discussion of opportunities for international cooperation to reduce risks and threats in the Central Asian region and issues of attracting climate finance . During the 78th session of the UN General Assembly in September of this year. In New York, the President of Uzbekistan took the initiative to adopt the UN General Assembly resolution “Central Asia in the face of global climate threats: solidarity for common prosperity” and proposed discussing its main provisions at the Samarkand Forum.
One of the most significant areas of cooperation between Uzbekistan and neighboring countries is water resources management. The transboundary rivers Amudarya and Syrdarya are vital for all countries in the region. Uzbekistan actively participates in international forums and initiatives aimed at the rational use of water resources and conflict prevention. Joint projects with Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan include modernizing irrigation systems, introducing water-saving technologies and improving water basin management.
The problem of the drying up of the Aral Sea is one of the most acute environmental disasters in the region. The Aral Sea region is of international importance. In the second half of the 20th century, the state of the Aral Sea entered a phase of instability. This period, caused by anthropogenic impact, is characterized by a decrease in the volume and flow of water, an increase in salinity, a decrease in fish biodiversity and other negative processes. The shrinking Aral Sea has a significant impact on the ecosystems of all neighboring countries, its critical situation extends directly to Turkmenistan, Kazakhstan and Uzbekistan, in particular to the Republic of Karakalpakstan, Khorezm, Bukhara and Navoi regions, and indirectly to Tajikistan and Kyrgyzstan.
Restoring the Aral Sea requires joint efforts of all coastal states. Uzbekistan actively cooperates with Kazakhstan within the framework of the International Fund for Saving the Aral Sea (IFAS), implementing projects on reforestation, improving water supply and combating dust storms. These measures not only help improve the environmental situation, but also help mitigate the socio-economic consequences of an environmental disaster.
Desertification and land degradation are a serious problem for the countries of Central Asia. Uzbekistan is actively participating in regional projects aimed at combating these phenomena. Collaborative efforts include planting shelterbelts, restoring pastures, improving land management and introducing sustainable agricultural practices. Cooperation with Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan allows for the exchange of best practices and technologies, which contributes to the effective fight against desertification.
Positive trends include the adoption of measures to increase the area of green space, a reduction in areas allocated for cotton and an increase in areas for growing vegetables, grains, fruits and fodder crops, as well as an increase in government support for the introduction of water-saving irrigation technologies.
Cooperation in the field of environmental education and knowledge exchange plays an important role in solving environmental problems in the region. Uzbekistan, together with neighboring countries, is implementing programs to increase environmental awareness of the population, train specialists and conduct joint research. This includes organizing conferences, seminars, training programs and exchanges of students and scientists. Such interaction contributes to the formation of a sustainable environmental culture and the training of qualified personnel to solve environmental problems.
Cooperation between Uzbekistan and the countries of Central Asia in the field of environmental protection is a key element of the regional sustainable development policy. Joint efforts to manage water resources, restore the Aral Sea, develop renewable energy sources, combat desertification and environmental education contribute not only to improving the environmental situation, but also to strengthening regional stability and prosperity. Uzbekistan continues to actively participate in international and regional initiatives aimed at solving common environmental problems, demonstrating its commitment to the principles of sustainable development and international cooperation.
In general, environmental protection in Uzbekistan is an integral part of the country’s sustainable development strategy. The measures taken to develop a green economy, combat climate change, protect water resources and promote sustainable agriculture not only improve the environmental situation in the country, but also make a significant contribution to solving global environmental problems. Uzbekistan demonstrates that an integrated and strategic approach to environmental protection can lead to a sustainable future, both nationally and globally.
A system will be created in Uzbekistan to continuously improve the knowledge of citizens and civil servants in the fight against corruption
📅 26.06.2024
The President of Uzbekistan has signed the Resolution “On measures to introduce a system of continuous improvement of knowledge of the population and civil servants in the fight against corruption”.
The legal and institutional framework for preventing and combating corruption has been improved in Uzbekistan in recent years. At the same time, there is a need to raise to a new level the system of developing an intolerant attitude towards corruption among the population and civil servants, immunizing them with ‘integrity vaccine’, as well as increasing knowledge and skills in the fight against corruption based on the requirements of the time.
In this regard, the President of Uzbekistan has signed the Resolution “On measures to introduce a system of continuous improvement of knowledge of the population and civil servants in the fight against corruption”.
The Resolution will introduce a system of continuous improvement of knowledge of the population and civil servants in combating corruption.
For this purpose, from January 1, 2025, the Virtual Anti-Corruption Academy electronic platform (Virtual Academy) will be launched.
The Anti-Corruption Agency and the Law Enforcement Academy are in charge in organization and conduct of educational activities at the Virtual Academy. The Agency forms a contingent of civil servants who are subject to training, in agreement with the Academy, approves the annual training schedule, and monitors the quality organization of the educational process. The Agency submits annually information on the activities of the Virtual Academy to the National Anti-Corruption Council.
The key is that any citizen will have the opportunity to voluntarily study at the Academy’s basic courses. In particular, educational programs of various formats will be developed for preschool and school children, students, entrepreneurs, and representatives of nongovernmental organizations, taking into account their age, level of development and field of activity.
Increasing knowledge and skills in combating corruption at the Academy is mandatory for all civil servants.
This, undoubtedly, is of great importance in increasing the legal consciousness and culture of the population and civil servants, creating legal immunity from corruption in society, and cultivating the integrity values in the younger generation.
Training at the Virtual Academy in basic courses is organized free of charge for all users, and advanced training in special courses is fee-based.
The Agency formulates recommended annual research topics in the field of anti-corruption for higher education institutions and research organizations. All higher education and research organizations will annually submit to the Agency the results of research they conducted in the area. The Academy will maintain an electronic database on achievements, domestic and foreign experience, scientific, methodological and practical developments and research work.
Based on the Resolution, a Road Map is approved to ensure the effective functioning and strengthening of the material and technical base of the Virtual Anti-Corruption Academy electronic platform.
According to it, the Virtual Anti-Corruption Academy electronic platform and its mobile app will be launched by January 1, 2025. Special programs and content organized in the Virtual Academy for pre-school and school children, and students will be developed by October 1, 2024.
As part of the Global Resource for Anti-Corruption Education and Youth Empowerment (GRACE) Initiative, measures will be taken to create high-quality animated films, video and audio materials intended for students.
The launch of the Virtual Academy will serve to accelerate the formation of an intolerant attitude towards corruption in society, as well as the introduction of a system of continuous improvement of the knowledge and skills of the population and civil servants in the fight against corruption.
Dunyo IA
Uzbekistan-Turkey: Development of Cooperation in Environmental Protection
📅 28.01.2026
Uzbekistan and Turkey are consistently developing bilateral and multilateral cooperation in the fields of ecology and environmental protection, paying special attention to the exchange of experience, the introduction of modern technologies, and the professional development of specialists.
Representatives of the National Committee for Ecology and Climate Change of the Republic of Uzbekistan regularly participate in seminars, training courses, and other events organized by international structures in the Republic of Turkey. Such cooperation formats serve to strengthen professional ties and adopt advanced approaches in the field of environmental management.
One of the significant stages of cooperation was a meeting with a delegation from "OSTIM Energik," a company specialized in clustering technologies in renewable energy and ecology under Turkey’s Middle East Industry and Trade Center (OSTIM). During the negotiations, the parties discussed prospects for cooperation on air purification systems, the construction of water treatment facilities, the development of renewable energy sources, as well as the processing of domestic and agricultural waste.
Within the framework of developing practical cooperation, a business trip was organized for a delegation from the State Center for Ecological Expertise under the Committee. The goal was to study advanced foreign experience in the field of Environmental Impact Assessment (EIA), including modern methods of ecological expertise and monitoring.
Additionally, a joint event was held in Tashkent with the participation of the Turkish company "Cengiz Group" regarding the reduction of the number of vehicles and the strengthening of environmental control over them. This initiative was aimed at reducing pollutant emissions and increasing environmental responsibility in the transport sector.
A distinct direction of cooperation is related to the development of scientific and educational ties. Partnerships have been established between the Turkish State Meteorological Service and the Hydrometeorology Research Institute of Uzbekistan, in collaboration with the Faculty of Ecology at Ege University in Izmir and the Central Asian University for the Study of Environment and Climate Change. This cooperation is directed towards retraining specialists and enhancing their professional skills in environmental protection and climate research.
The active cooperation between the two countries continues on international platforms as well. Within the framework of the climate forum held in Samarkand on the theme "Global Climate Challenges and Central Asia – Solidarity for Common Prosperity," a youth session was held with the participation of Turkish representatives. This constituted a significant contribution to shaping a new generation of environmental leaders.
The participation of the Ecology Committee delegation, led by Aziz Abduhakimov, Advisor to the President of the Republic of Uzbekistan on Environmental Issues and Chairman of the National Committee for Ecology and Climate Change, in the "Zero Waste" international forum organized by the "Zero Waste Foundation" in Istanbul was also a significant milestone. During the forum, global approaches to waste reduction, the development of a circular economy, and the introduction of sustainable consumption principles were discussed.
Furthermore, a delegation from the Forestry Agency under the Committee visited the Mugla province and the city of Antalya to study Turkey’s best practices in forestry, sustainable forest resource management, and the prevention of ecosystem degradation.
In conclusion, the cooperation between Uzbekistan and Turkey in the field of ecology and environmental protection is of a systemic and multifaceted nature, covering technological, scientific, educational, and institutional directions. The implementation of joint initiatives serves to introduce modern environmental solutions, increase the stability of natural ecosystems, and strengthen international partnership in the interests of sustainable development.
Makhmud Khaydarov,
Chief specialist Department of international cooperation and rankings of the Ministry of Ecology, Environmental Protection and Climate Change
Preliminary results of parliamentary elections in Uzbekistan announced
📅 28.10.2024The text of the article is in Uzbek!
Tashkent as Central Asia’s Investment Capital: What to Expect from the Fifth International Investment Forum
📅 11.04.2026
The Fifth Tashkent International Investment Forum will take place on June 16–19, 2026. This year’s theme – “Investment Resilience: New Frontiers, New Partnerships” – frames the agenda around a set of pressing questions: how to protect capital amid global uncertainty, what institutional mechanisms enhance investment resilience in frontier markets, and where the new partnership routes lie.
The forum’s context is set by macroeconomic results. According to the National Statistics Committee, Uzbekistan’s GDP grew by 7.7% in 2025 and exceeded $147 billion – the fastest pace since 2021 and among the highest in the Europe and Central Asia region. Fitch Ratings and S&P Global upgraded the country’s sovereign rating from BB– to BB for the first time, while Moody’s revised its outlook to “positive.” International reserves, per the Central Bank, surpass $77 billion. Exports rose 24% to $33.8 billion. Foreign direct investment increased by 46.9%, with FDI accounting for 40.5% of total capital investment. For an economy that attracted only $4 billion in annual foreign investment in 2017, the surge to $42 billion by 2025 represents a fundamentally different scale of growth. This tenfold increase over eight years underscores a profound transformation in the nation's investment landscape.
The forum is scaling alongside the economy. Last year’s TIIF drew over 8,000 participants, including some 3,000 international delegates from 97 countries. Guests included Bulgarian President Rumen Radev, Slovak Prime Minister Robert Fico, heads of government from all Central Asian states, EBRD President Odile Renaud-Basso, and New Development Bank President Dilma Rousseff. The aggregate value of signed investment contracts and trade agreements reached $30.5 billion. Yet what best speaks to the platform’s maturity is not the number of signings but the conversion rate – the share of agreements that translate into operating assets is increasingly the metric that matters to returning investors.
The centrepiece of this year’s forum will be the Tashkent International Financial Centre (TIFC), established by presidential decree in March 2026. Behind the headline sits a specific institutional architecture: a special legal regime based on common-law principles, a dedicated financial services regulator, an arbitration centre (TIAC), and tax exemptions through 2076. TIFC is part of a global trend toward specialised financial hubs that offer international market participants a familiar legal environment and regulatory predictability. Its defining feature is integration within the country’s legal framework: the centre operates under a special legal regime rather than creating a separate jurisdiction, reducing regulatory fragmentation and simplifying engagement with the domestic economy. A panel session featuring leaders of major global financial centres and international investors operating in Uzbekistan will address the central question: what are the practical conditions under which TIFC can attract international market participants.
The TIIF 2026 programme is structured around four thematic pillars: investment resilience and capital protection mechanisms, financial infrastructure and capital market development, trade connectivity and logistics corridors, and energy transition and climate finance. Key sessions include a discussion of the regulatory framework for alternative investment funds (a legal basis for private equity and venture capital being adopted for the first time), a panel on the Middle Corridor and trans-Caspian logistics, a session on sovereign ratings across Central Asia, and a practitioner-led workshop on blended finance instruments in frontier markets. A dedicated arbitration and dispute resolution track features two panel sessions co-organised with the Tashkent International Arbitration Centre (TIAC), the British-Uzbek Legal Association (BrULA), and the British Embassy. Topics range from the institutional design of Uzbekistan’s arbitration ecosystem – including the innovative Dispute Avoidance Protocol (DAP) – to the country’s positioning within the global investment protection architecture: ISDS frameworks, bilateral investment treaty reform, and New York Convention enforcement.
The energy agenda warrants particular attention. Uzbekistan has set an ambitious target of raising the share of renewables in electricity generation to 54% by 2030. Currently, the country operates solar and wind facilities with a combined installed capacity exceeding 4 GW, with a project pipeline envisaging an additional 19 GW of green capacity. Alongside this, the public-private partnership mechanism continues to develop: as of early 2025, PPP agreements worth approximately $28 billion had been signed in the country. For investors, this represents a large, structured market with standardised PPA contracts and a clear entry mechanism – a subject that will be examined in detail during the forum’s energy panel.
TIIF 2026 retains its bilateral business forum format, reflecting the expanding geography of Uzbekistan’s economic partnerships. Confirmed platforms include business forums with the Republic of Korea, the United States, Croatia, Hungary, Turkey, and Albania, as well as a China–SCO countries investment dialogue; the lineup continues to grow as the event approaches. The plenary session featuring heads of state and government will set the tone for the business programme. Running in parallel is an exhibition of industrial and investment potential spanning approximately 6,000 sq m – in 2025, a comparable facility facilitated over 500 B2B and B2G meetings for 100 participating companies.
At the same time, the forum agenda implicitly flags unresolved challenges. The corporate governance session raises the question of transitioning from concentrated to dispersed ownership – a process without which the stock market will remain illiquid. The discussion of privatisation and state asset IPOs calls for a candid conversation about pacing and institutional quality. The responsible business conduct panel, anchored in OECD standards, recognises that tax incentives alone are insufficient for accessing institutional capital – what is needed is verifiable supply chain transparency and functioning National Contact Point mechanisms.
The business programme is complemented by networking formats: an FIC and EY business breakfast on digitalisation and AI, the annual SQB Investor Day, an ESG Award ceremony, and the European Business Evening. The informal component – an invitational tennis tournament, TIIF Open, and an evening run – is designed for delegates who prefer to build relationships beyond the conference hall. The anniversary evening concludes with a collaboration with the Stihia electronic music festival – a detail that captures the tone in which Uzbekistan presents itself to an international audience.
For Uzbekistan, TIIF has long ceased to be a showcase. It is a working instrument of investment policy, whose effectiveness is measured not by the number of signing ceremonies but by the volume of capital that actually enters the economy between forums. The fifth, anniversary edition takes place at a moment when the country is simultaneously launching an international financial centre, adopting an alternative investment funds law, and receiving a sovereign rating upgrade – a convergence that creates a window of opportunity for investors prepared to operate in frontier markets with a growing institutional base.
Surkhandarya the cradle of ancient civilizations
📅 26.06.2025
5 reasons to visit Surkhandarya:
- Explore mountain and ecotourism in the region
- Explore monuments of the distant past
- Learn About Religious Monuments
and cult complex of Sultan Saodat, the Buddhist cult center of Karatepa, the Buddhist temple complex of Fayaztepa, the Jarkurgan minaret, and the Buddhist stupa of Zurmala are the oldest religious monuments of the Surkhandarya region.
- Immerse yourself in the cultural heritage of the region
The folklore festival “Boysun Bahori” (“Boysun Spring”) is held here annually, which reflects the unique rituals, traditions and special culture of the people.
- Taste the national cuisine of the region
Here meat is included in almost all dishes. One of the most delicious dishes of this region is Tandoor Gusht.
Also popular is the dish Chuponcha - shepherd's meat, which is prepared from fresh dairy lamb.
The history of the Surkhandarya region has ancient roots dating back to the beginning of great civilizations. This unique place in Uzbekistan is known for its historical monuments and beautiful nature. The region is located in the foothills of Hissar, Bobotaga, Cohitang, which are famous for their beautiful
landscapes and unique natural formations. The rich reserves of mineral water found in the region are an important source of recreation and have healing properties. A trip to Surkhandarya, will be a fascinating experience, during which you can get acquainted with the unusual landscapes of Uzbekistan, see colorful architecture, and immerse yourself in the unique culture of this region.
Canyon Kyzyl
The Canyon Kyzyl, is located in the Surkhandarya region near the village of Baysun and is translated as “Red Canyon”. The length is 30 kilometers, and the highest point is Mount Buritakht, 1218 meters high. Here, nature has created breathtaking labyrinths, stretching for several tens of kilometers, and every turn of the relief, reveals amazing landscapes. In the spring season, the appearance of the canyon differs from the usual harsh stone appearance, since the surface is completely covered with different vegetation, among which rare medicinal herbs can be found. This place is truly amazing and deserves the status of one of the wonders of Uzbekistan.
Cave Boy-Bulok
In the Chul-Bair Mountain range, located in the Surkhandarya region, there is an amazing cave, called Boy-Bulok. It is considered the deepest in the entire Asian continent and reaches a depth of an impressive 1415 meters. Boy-Bulok is located 60 kilometers from the regional center of Baysun, and is a technically complex facility classified as the fifth complexity category.
In 1985, the first study of this unique place was carried out. Various obstacles were found inside the cave, including vertical bends, narrow vertical shafts up to 180 meters deep, and water-filled passages called half-siphons and siphons. Boy-Bulok has an impressive size that extends both down to a depth of minus 1158 meters, where the impenetrable siphon is located, and up to 359 meters. The very impressive amplitude – is 1517 meters.
Boy-Bulok, located at a depth of 1283 meters, is connected with Vishnevsky Cave. These two caves have a potential connection that is 2033 meters deep and extends for about 30 kilometers. This makes Boy-Bulok the third deepest cave in the world.
Massif Khoja Gur Gur ota
In translation, Khoja Gur Gur ota means “Father of all caves”. At an altitude of 3700 meters above sea level, there is a remote region of harsh and very wild nature. The gigantic, sloping peak of the mountain range ends with an impressive 500-meter-high cliff on one side, and deep canyons with cracks tearing the plateau on the other. Here can be seen fossilized traces of dinosaurs, fragments of basalt and crushed stone of the most bizarre shapes, as well as the burial place of the holy righteous man Khumajoy-ota. The slope of Khoja Gur Gur ota extends vertically and has entrances to many caves, many of which have not yet been explored. In addition, upon reaching the highest point of the massif, you will feel like you are standing on a huge wall separating one world from another.
Machay Cave
Machay Cave is another settlement of primitive people, which is located in the Baysun district of the Surkhandarya region. It is located near Mount Cohitang, on the right bank of the Machay River. The cave is 3.4 to 4 meters high, about 8 meters long and about 10 meters wide. It consists of two cultural layers: the upper layer belongs to the Mesolithic, and the lower layer belongs to the late Mesolithic and early Neolithic. Inside the cave, bones of a man and a woman were discovered that date back to the Mesolithic period. It is of great interest to the scientific community is the availability of material evidence of how people lived in the Stone Age. As a result of research, an abundance of artifacts was discovered in Machay Cave, which indicates the way of life of those times. The finds included 87 different stones, hundreds of weapons made from the bones of 15 different animal species, as well as stone knives, axes, handles, sawtooth weapons, arrowheads, bows and spears. The inhabitants of Machay Cave used these various weapons to skin domestic and wild animals and then use them to make clothing for themselves. These findings are of great value to the scientific community, as they allow us to better understand the lifestyle of people of that time. Surkhandarya – the cradle of ancient civilizations.
Sangardak Waterfall
The Sangardak Waterfall is located among the gorges of the Surkhandarya Mountains, being one of the wonders of the country's natural world. The waterfall is situated in the Sariasi region, 205 kilometers from Termez and 30 kilometers from Denau. Sangardak Waterfall is formed from karst waters flowing inside caves, rather than from a mountain river. As a result, people have created various legends about the waterfall and believe that it has healing properties. Moreover, it is worth noting that even ancient Arabs, Greeks, rulers of Transoxiana, and other peoples came to admire the waterfall.
The Teshik-Tash Cave
The Teshik-Tash Cave is located on the slopes of the Baysuntau mountains. In 1938, during excavations, archaeologists discovered an ancient burial there. Scientists discovered five cultural layers 1.5 meters thick. Clay layers and crushed stones separated the layers. The remains of a Neanderthal child are the most famous finding in the cave, which became famous throughout the world and made the site well-known. Soviet archaeologist A.P. Okladnikov, who discovered these remains, subsequently received the Stalin Prize.
Zarautsay Gorge
The gorge is located in the Kugitang mountains in the Surkhandarya region. These are the southwestern spurs of the Hissar ridge. The discovered cave paintings are rare examples of primitive art. All rock paintings in Zarautsay are written in red ocher, unlike other petroglyphs in Uzbekistan. Impressive hunting scenes with running bulls, goitered gazelles, saigas, arrows, chasing dogs and people with bows and axes, as well as mysterious hooded figures who clearly carry out rituals associated with hunting, can arouse interest and surprise among viewers of this unique ancient art person. Of the 200 images found in 1940, only 40 have now survived in the Zarautsay grottoes.
Dinosaur tracks
Traces of hoofed dinosaurs were discovered in the limestones of the Cretaceous period in the village of Gumatak. The footprints are on a stone slab, which is easily accessible from a car after walking only 300 meters.
Speleologists have also discovered traces of other large dinosaurs in Surkhandarya, but to see them you will need to make a separate trip.
Karyshoto Gorges
In the Surkhandarya region, there is another unusual place, the Karyshoto Gorges. The gorges have karst waterfalls along their walls despite the fact that they are located in hot and dry areas.
As a result, you feel as if you have entered a picturesque oasis. The gorge in several places prevents passage due to the rather high waterfalls. However, when you overcome them, you can see how the gorge continues in two directions.
Canyon Kaptarhona
Several thousand doves have been nesting in this canyon for a long time, which is why this place received the name Kaptarhona, which is translated from Uzbek as “dovecote”.
Once upon a time, the canyon was completely deserted, and its only inhabitants were doves, which were so numerous that one could safely call this place the kingdom of these birds.
Kaptarhona is a winding road along a narrow gorge. Various boulders are scattered along the path. Many attractive and exciting turns hide amazing views.
Khojaikon Salt Cave
In 1989, the Khojaikon Salt Cave was opened, which since then, thanks to the concentration of salt and light negative air ions in the air, has helped people cope with various ailments, such as asthma, respiratory diseases, chronic bronchitis, complications of pneumonia, as well as various skin problems.
The cave is 155 meters long and is a salt monolith inside of which there are treatment room chambers, each of which differs in temperature, humidity, pressure and trace element content. The healing procedure takes only 2-2.5 hours a day.
Meteor Lake Kanbeshbulak
Lake Kanbeshbulak is located in the Khaman tract in the west of Surkhandarya region. The lake is an exceptional natural monument.
According to scientists, this lake was formed as a result of a meteorite fall. In their opinion, it was a meteorite crater that filled with water and became known as Kanbeshbulak. The explosive red sandstones that make up the slopes of the lake indicate the origin of the bowl.
Panjob Gorge
The Panjob Gorge is located in the foothills of the Kugitang Tau ridge in the Surkhandarya region of Uzbekistan, 125 km northwest of Termez. This is a very beautiful gorge in which the small river Gazak, in the Karyshoto mountain range, cuts its way through limestone, gypsum and rock salt, creating a powerful picturesque canyon with vertical cliffs more than 200 meters high.
In some places the width of the gorges can be no more than two meters. In the narrow passages of the gorge, the most beautiful place is a 30-meter section on the right side of the canyon. In this place, water is knocked out of a rock covered with bright green moss, either as a curtain of water or in separate streams, forming a multiple rainbow under the sun's rays.
Surkhan State Reserve
The Surkhan State Nature Reserve is located in the Surkhandarya region of Uzbekistan, just 60 kilometers from the city of Termez. The reserve was created in 1986 by combining the Kugitang and Aral-Paigambar reserves. The purpose of its creation was the preservation and restoration of rare species of plants and animals.
The reserve consists of two separate parts, located in the Sherabad and Termez districts of the Surkhandarya region. The reserve occupies 24,554 hectares and is located in the southwestern spurs of the Hissar ridge at an altitude of up to 3,157 meters above sea level. The Surkhan Reserve currently has more than 130 species of birds, as well as more than 25 species of mammals, 27 species of reptiles, and 2 species of amphibians and fish.
Kampyrtepa Fortress
Kampyrtepa is an ancient archaeological site on the territory of Uzbekistan, which is an ancient port city located on the banks of the Amu Darya River (formerly known as the Oxus). It was founded at the end of the 4th century BC and existed until the beginning of the 1st century AD. The main purpose of this settlement was to serve the crossing of the Burdaguy River, as well as to serve as a hotel and customs office. Kampyrtepa served as a transit point for traders traveling along the Silk Road, where they could rest, reload their goods, pray and continue their journey.
After decades of excavations and studying written sources, it was decided that the site of Kampyrtepa is the mysterious Alexandria Oxiana, a port city that Alexander the Great built on the Amu Darya.
Topalang Reservoir
Uzbekistan is famous for the presence of two significant rivers - the Amudarya and the Syr Darya, which flow through its territory and flow into neighboring countries. The Hissar mountain ranges serve as a source for the Topalang River, which originates on the southern slope. It should be noted that the most abundant right tributary of the Surkhandarya has a length of 117 kilometers. The main source of water replenishment in the Topalang River is seasonal snow and glacial water. It is thanks to this that the river supplies water to the Denaus, Shurchin and Kumkurgan districts of the Surkhandarya region.
Hospital “Khojaipok”
Khojaipok Hospital specializes in the treatment of various diseases, including gynecological problems, cardiovascular disorders, general therapy and neurological disorders. To achieve a positive result, various methods are used, such as hydrotherapy (including mineral baths and circular showers), heat therapy, mud therapy, physiotherapy, electrotherapy and ozone therapy.
Upon completion of the procedures, visitors can visit the natural beauty, swim in the resort's pool, play tennis or engage in other outdoor activities in the sports club.
Sanatorium “Omonkhona”
The Omonkhona Balneological Sanatorium, located in the mountains near the city of Baysun, and the Khojaipok Hospital, located at the foot of Mount Kenagi, are the most famous health complexes in the Surkhandarya region.
The thermal water in the Omonkhona sanatorium has healing properties and is part of the health programs of the sanatorium. Using magnetic therapy, laser therapy, acupuncture, water procedures, massages, liver cirrhosis, hepatitis and other diseases are treated.
Hissar Mountains
The Hissar Mountains are a mountain range that stretches 200 kilometers from east to west across the Hissar region of Tajikistan. It is the western part of the Pamir-Alai system. The highest point in Uzbekistan, Khazret-Sultan, is 4643 meters, located on the border of Uzbekistan and Tajikistan. The ridge is a place of unique geological outcrops in Eurasia. The structure consists of sandstones and crystalline rocks interspersed with granite intrusions. In addition, all ecosystems and climates of the Pamir-Alai are represented here. At the highest places there are glaciers and rocky wastelands. A famous natural attraction of the Hissar Ridge, located in the southern part of the mountains, is the cave of Amir Temur. This natural formation, stretching for 860 meters, is considered the largest underground lake in Uzbekistan. It is important to note that the cave was inhabited back in the Greco-Bactrian period (IV-III centuries BC).
Archaeological Museum of Termez
To celebrate the 2500th anniversary of the city of Termez in 2002, the Termez Archaeological Museum was built and opened. Today it is the only archaeological museum in Central Asia, and many of its unique exhibits date back more than 100 thousand years BC. These include 624 museum relics of global significance, displayed using the latest information and communication technologies.
Karatepa Complex
Located in the northwestern part of old Termez, Karatepa is a place of worship associated with Buddhism. On the three hills of this place there are various temples and monasteries that were built in the 2nd century AD. The architecture of Karatepa is remarkable for its unique combination of caves carved into sandstone and buildings made of pakhsa and adobe.
Zurmala Stupa
Northeast of the ruins of the ancient settlement of Termez is Zurmala, a 12-meter-tall Buddhist stupa. It was built during the Kushan period, around the 1st and 2nd centuries AD, while Buddhism was spreading in Central Asia. The modern city of Termez is located 10 kilometers west of the ancient settlement of Termez. On its outskirts one can see the remains of entire complexes of ancient Buddhist buildings, which in the Middle Ages covered agricultural fields. Over time, the Buddhist stupa turned into a clay mound, which was difficult to recognize as a ritual structure.
Mausoleum of Al-Hakim At-Tirmizi
Al-Hakim At-Tirmizi is a sacred place of worship for Muslims and an architectural monument. The mausoleum is one of the holy places of the Surkhandarya regional center. The architectural monument is located approximately 60 kilometers from the current center, northwest of old Termez. Abu Abdulloh ibn Hassan ibn Bashir Al-Hakim At-Tirmizi is an outstanding Islamic figure, author of various philosophical and religious works and founder of the order of Dervishes. About 80 works were written by the eminent At-Tirmizi who received the name Al-Hakim, which means the wise one, due to his deep knowledge and broad vision.
Mausoleum of Ak-Astana-baba
In the village of Telpek-Chinar, Sariasi district, Surkhandarya region, there is the Mausoleum of Ak-Astana-baba. Scientists believe that the mausoleum was built on the grave of the companion of the Prophet Muhammad (SAW), Saint Abu Hurair. The mausoleum has four rooms called “Chorsi Khona,” in which bricks are laid in batches, and the north-eastern part of the complex can be accessed through the roof. At the entrance to the mausoleum, there are two complex signs, about half a meter in diameter. It is still not possible to correctly interpret the semantics of these signs.
Kirk Kiz Fortress
One of the most interesting ancient places is the Kirk Kiz Fortress. Although the fortress is almost completely destroyed at present, even the ruins allow us to see the former size of the structure and marvel at the skill of the ancient architects. The symmetry of Kirk Kiz makes it unique; each archway and corridor have a counterpart located on the opposite side.
Two passages cross the building crosswise and divide it into four equal parts. There are versions that it was a country aristocratic palace, a women's madrasah, a khanaka, or a caravanserai.
Dzharkurgan Minaret
The minaret is located 5 kilometers from the city of Jarkurgan and 40 kilometers from Termez, near the village of Minor. Thanks to the deciphered inscription on the building, it was established that this architectural monument dates back to the 12th century. The inscription states that construction took place from 1108 to 1109 AD, but some scholars believe the date reads differently and construction was completed in 1110.
This building is unique with its decorative elements. At that time, mosaics were often used to decorate minarets; in the case of this minaret, we see vertical decorative corrugations that were made using a specially baked brick masonry, which was cut in a herringbone pattern from top to bottom.
Dalverzintepe Settlement
Dalverzintepe, the main city of the powerful Kushan Empire, has so far been the subject of careful study by many historians and archaeologists. With its secrets and many valuable objects found, the site attracts attention. The largest treasure in history was found here; about 36 kilograms of gold were discovered in this place in 1972.
Archaeological excavations have revealed a lot of new things about the architecture, culture and fortifications of Northern Bactria. Finds such as sculptures, paintings and figurines show the high level of culture of the people of the Kushan Era. According to many researchers, Dalverzintepe is considered the most ancient Buddhist building.
Ensemble Sultan-Saodat
On the outskirts of the city of Termez in the center of the Surkhandarya region of Uzbekistan there is the architectural ensemble of Sultan-Saodat. The memorial complex consists of tombs of the Termez Seyyids, who were considered direct descendants of the Prophet Muhammad. The complex contains various memorial and religious buildings built from the 11th to the 17th centuries. All buildings have a common architectural concept despite the fact that they were built at different times.
Hanaka Kukildor-ota
Khanaka Kukildor-ota in Termez is a holy monastery that has become one of the most revered among Muslims. Khanaka Kukildor-ota was built in the mid-1100s. It stands out among other monasteries due to its unique architecture, history and significance in the Muslim world.
The building contains numerous tombstones, as well as the burial place of the Muslim Saint Kukildor-ota. This prominent religious figure was known for his great righteousness. The monastery was built in memory of him.
After the restoration of the Khanaka, Kukildor-ota acquired a unique appearance, which is characteristic of all architectural monuments of the Timurid era.
Fayaztepa Complex
Fayaztepa is located at a distance of 4 kilometers from modern Termez, Surkhandarya region. The monastery complex consists of 13 rooms and an inner courtyard with an ivan where a refectory was attached to the monastery on the left side. In some places of the complex there are cooking fires, as well as skulls with inscriptions in Bactrian and other ancient languages. Coins of Heliocles (the Greco-Bactrian king) and Kanishki (the ruler of the Kushan Empire) were also found there. According to archaeological excavations, monks used to live in the monastery, and they also provided housing for pilgrims.
In the IV century, Fayaztepa was captured by the Sassanid army (the dynasty of Persian rulers), due to which the complex stopped functioning. Previously, the complex was called Khaya-Vihara, which translates as "the monastery of horsemen". The current name of the complex was given in honor of the director of the Surkhandarya Museum of Local Lore R.F. Fayazov, who participated in the excavations of the Buddha complex.
Neighborhoods of Derbent
The Derbent mountain village is located on an important trade route along the Sherabad River, connecting the southern regions of modern Uzbekistan, Northern Afghanistan and Tajikistan with the central cities of Samarkand, Bukhara and Tashkent, which were known at the time as Shash. The land around Derbent looks heavily damaged — high rocks either form a majestic gate, or almost merge overhead, reminding us of the bloodshed here while defending the borders of different empires.
Also, travelers can expect places that surprise with their power, strength and pristine beauty. Here you will find gorges including the famous Iron Gate, which was besieged by Alexander the Great.
The Church of Alexander Nevsky
In 1901, a temple was erected in the city of Termez in honor of the Holy Prince Alexander Nevsky. Currently, the temple is in excellent condition. The sanctuary is impressive in its scale: the bell tower and iconostasis occupy a significant space. Inside the temple there is a room measuring 24 by 16 meters. In addition, the temple is rich in icons and church objects.
Kurganzol Fortress
The Kurganzol Fortress is an impregnable structure built in 328 BC by Alexander the Great, located on a cliff near Baysun at an altitude of 900 meters. Archaeological excavations of Kurganzol began in 2003 and revealed that it belongs to the Hellenistic era. The fortress dates back to the 4th century BC and is believed to have housed about fifty soldiers, with six towers protecting the entrance. Construction took a long time to complete, as nomadic tribes frequently attacked and destroyed parts of the building during those years.
Inside the fortress, parts of residential and utility rooms, a water pool with a drain to prevent overflow, and defensive structures were discovered. Built of mud bricks, the fortress has an outstanding appearance, with walls averaging more than 2.5 meters thick.
Uzundara Fortress
Uzundara, the oldest fortress dating back to the 3rd–4th centuries BC, is located in the foothills of Baysun. The fortress featured powerful defensive structures, including double walls reinforced with 13 towers, and outer walls stretching nearly 1 kilometer in length. The fortress walls, lined with clay bricks, have almost retained their original appearance and rise up to 5 meters high.
Among the main finds discovered during the expedition are unique coins from the Hellenistic period depicting Alexander the Great, Antiochus I (king of the Seleucid state), and all rulers of the Greco-Bactrian kingdom from Diodotus to Heliocles. The fortress existed for about 150 years before being destroyed by the nomadic tribes of the Saks and Yuejs during the reign of one of the last Greco-Bactrian kings between 171 and 166 BC
On May 28-29, the Prime Minister of Italy will pay an official visit to Uzbekistan
📅 27.05.2025
Uzbekistan and Belgium: Toward a New Stage of Strategic Partnership with the European Union
📅 17.10.2025
In October, the President of the Republic of Uzbekistan, Shavkat Mirziyoyev, will pay a visit to the Kingdom of Belgium, during which important decisions are expected to be made that will mark a qualitatively new stage in relations between Uzbekistan and the European Union. In particular, the visit will feature the signing of the Agreement on Enhanced Partnership and Cooperation.
In recent years, Uzbekistan has been actively shaping a new framework of engagement with Europe – a key pillar of stability amid current geopolitical tensions and global economic uncertainty. The ties between Uzbekistan and European countries continue to grow, and the areas of cooperation are diversifying, supported by the ongoing reforms in Uzbekistan.
Building a New Chapter in Relations
After gaining independence, Uzbekistan’s relations with the European Union developed dynamically. A Memorandum of Understanding between the Government of Uzbekistan and the European Commission was signed in 1992, followed by the establishment of diplomatic relations in 1994. The foundation of cooperation was laid by the Partnership and Cooperation Agreement (PCA) signed in June 1996 and entering into force in 1999. However, at a certain stage, cooperation faced difficulties due to the insufficient pace of democratic reforms in Uzbekistan.
With the election of Shavkat Mirziyoyev as President, the situation changed dramatically. As early as 2017, during his visit to Tashkent, Stefano Manservisi, Director-General for International Cooperation and Development of the European Commission, stated that “the EU regards Uzbekistan as a strategic partner.” The sweeping democratic and economic reforms launched in Uzbekistan helped resolve within a short period many issues that had long remained unsolved. Forced labor was completely eradicated, and reforms in the cotton sector enabled the country to abandon raw cotton exports altogether.
As reforms advanced, the legal and institutional framework of relations with Europe expanded rapidly. While previously Uzbekistan and the EU granted each other most-favored-nation treatment under the PCA, in April 2021 the EU granted Uzbekistan GSP+ beneficiary status, and in 2022 the Enhanced Partnership and Cooperation Agreement (EPCA) was initialed.
Along with internal transformation, Uzbekistan’s foreign policy architecture also changed. Priority was given to closer cooperation with neighboring Central Asian states, as well as the active expansion of ties with European countries – a vector that has strengthened steadily in recent years.
Just in the past year, Uzbekistan established strategic partnership relations with France, Italy, and Slovakia, while discussions on expanding strategic cooperation with Hungary continued. President Mirziyoyev also visited Slovenia, and Italy’s Prime Minister and Bulgaria’s President visited Uzbekistan.
A milestone in strengthening relations between Uzbekistan and Europe, and between Europe and Central Asia as a whole – was the first EU–Central Asia Summit, held in Samarkand in April 2025 under the chairmanship of Shavkat Mirziyoyev. Uzbekistan presented a broad range of initiatives to create a new model of regional cooperation between Central Asia and Europe, including: a multilateral agreement on investment protection and promotion; the launch of a Central Asia–EU Joint Chamber of Commerce; the adoption of a regional support program for SMEs and women’s entrepreneurship; the establishment of an investment platform to promote regional projects in green energy, innovation, transport, infrastructure, and agriculture.
The Samarkand Summit was highly productive. A Joint Declaration was adopted, establishing a strategic partnership between the two regions in trade, transport, energy, digital connectivity, and water management. European Commission President Ursula von der Leyen announced that the EU had prepared a €12 billion investment package for Central Asia under the Global Gateway initiative.
The Trajectory of Economic Cooperation
Uzbekistan’s deep democratic transformations have significantly improved relations with European countries. Economic reforms have enhanced the competitiveness of Uzbekistan’s economy, stimulating investor confidence and growing interest from European businesses.
The results are impressive. Over the past 8 years, Uzbekistan’s GDP has doubled, reaching $115 billion in 2024. Since 2017, investment in fixed capital has totaled $240 billion, of which foreign investment exceeded $130 billion. The country’s foreign exchange reserves surpassed $48 billion for the first time in history. Structurally, the share of industry in the economy increased from 20% to 26%, and services from 44% to 47%. Labor productivity (GDP per employed person) rose by 45%.
As a result, opportunities for mutually beneficial cooperation between Uzbek and European businesses have expanded. Between 2017 and 2024, Uzbekistan’s trade with the EU increased 2.4 times to $6.4 billion; exports grew 3.6 times to $1.7 billion, and imports 2.2 times to $4.7 billion. In 2024, the EU’s share in Uzbekistan’s total trade turnover was 9.7%, in exports 6.3%, and in imports 12%. The EU ranked third among Uzbekistan’s trade partners, after China and Russia.
The EU’s share in Uzbekistan’s total exports increased from 3.8% to 6.3% over the same period. This growth was driven by Uzbekistan’s accession to the GSP+ preferential trade system, granting duty-free access to the EU market across roughly 6,200 tariff lines. The share of Uzbekistan’s exports benefiting from GSP+ reached 59%, with a preference utilization rate of 84%, indicating efficient use of trade benefits.
In 2024, Uzbekistan’s exports to the EU were dominated by chemical products (52.1%), as well as textiles, ferrous and non-ferrous metals, minerals, and food products. Among EU members, France accounted for 47.2% of exports, Lithuania for 10%, and Latvia for 6.9%.
Uzbekistan’s imports from the EU significantly exceeded exports – a reflection of the ongoing technological modernization of the national economy. Around 16% of Uzbekistan’s total imports of machinery, equipment, and transport vehicles come from EU countries.
Investment cooperation is also expanding rapidly. In 2024, foreign investments and loans from EU countries and their financial institutions increased by 77%, reaching $4.1 billion (compared to $2.3 billion in 2023). The most active investors were Germany ($1.37 billion), the Netherlands ($1.05 billion), Cyprus ($858.9 million), the Czech Republic ($137.8 million), Italy ($99.8 million), and Sweden ($97.5 million). Today, around 1,000 enterprises with EU capital operate in Uzbekistan, with a total project portfolio of €30 billion.
A special role in recent years belongs to the EBRD, of which Uzbekistan has become one of the largest beneficiaries. The Bank’s total investments in Uzbekistan’s economy exceeded €5 billion, including around €1 billion in 2024, primarily directed toward the private sector.
Reforms in Uzbekistan have become the key driver for unlocking the significant potential of trade and economic cooperation with the European Union.
Uzbekistan–Belgium
The upcoming visit will also focus on strengthening relations between Uzbekistan and Belgium. Diplomatic relations were established following the opening of the Embassy of Uzbekistan in Brussels in 1993. In 1996, the two countries signed an Agreement on avoidance of double taxation, and in 1998 – an Agreement on mutual protection and promotion of investments, which provide legal guarantees for investors in both states.
Business contacts have intensified in parallel with Uzbekistan’s reform agenda. The visits of 2019 and 2022 set the tone for cooperation in infrastructure, energy, and the digital economy. More important than the current trade volumes has been the recognition and support of Uzbekistan’s reforms by EU partners, laying the foundation for long-term engagement.
In 2024, bilateral trade amounted to $62.3 million, including $7.3 million in Uzbek exports and $55 million in imports. Investment cooperation is gaining momentum: several dozen companies with Belgian capital now operate in Uzbekistan, including wholly owned enterprises. New technologies are being localized, for example, Jaga Climate Designers is participating in a joint venture for heating and ventilation systems, and Picanol Group is localizing the assembly of high-tech textile machinery. Belgian brands Belcolade and Prefamac are exploring opportunities to launch chocolate production with subsequent localization.
Despite modest trade volumes, there is significant potential for expanding cooperation in several areas. Given Belgium’s leading role in pharmaceuticals and biomedical research and Uzbekistan’s growing pharmaceutical market, joint ventures or industrial clusters could be developed in this sector, involving companies such as UCB and Janssen Pharmaceutica.
There is also strong potential for joint fruit and vegetable processing projects in Uzbekistan, targeting exports to the EU via Belgian logistics hubs such as the Port of Antwerp and wholesale markets. Potential partners include Greenyard and Puratos. Direct seasonal exports of fresh fruits (e.g., grapes in autumn and winter), as well as dried vegetables, spices, and organic products, could also be expanded. In light industry, there is room to increase exports of ready-made knitwear and home textiles, provided European quality and safety standards are met. The market potential is evident – Belgium imported about $7.9 billion worth of clothing in 2024.
The main challenges remain logistics and standards. Belgium functions as a major EU maritime hub centered around Antwerp, while direct routes from Uzbekistan are still limited. The near-term priority should be pilot supply chains ensuring quality and traceability, the development of cold logistics, certification under EU technical and sanitary regulations, the use of Benelux consolidation hubs, and trade finance tools for SMEs. With the gradual development of new overland routes along the Middle Corridor, Uzbekistan will gain a stronger foothold in high value-added exports without higher costs or delivery delays.
Conclusion
Uzbekistan is entering a stage of deepened economic cooperation with the European Union. During the ongoing modernization and digital transformation of its economy, European investment, technology, education, and research experience can play a key role. At the same time, Uzbekistan seeks to expand exports of industrial goods as their quality improves.
Uzbekistan is also a rapidly growing market with a young and dynamic population, now reaching 38 million people – an 18% increase since 2017. Every year, around 700,000 economically active individuals enter the labor market, forming a substantial human resource base for the economy, including joint ventures.
As a result of poverty reduction policies, living standards and household incomes have risen significantly. Whereas a third of the population once lived below the poverty line, 7.5 million people have been lifted out of poverty, and the poverty rate declined to 8.9% in 2024, with plans to reduce it further to 6% this year. These policies not only address social challenges but also expand domestic demand, increasing the interest of European businesses in entering Uzbekistan’s market.
The further deepening of Uzbekistan’s economic engagement with the EU and Belgium is an objectively mutually beneficial process – one that will define the success of the upcoming state visit of President Shavkat Mirziyoyev to Belgium.
The agreements expected to be signed will help advance joint projects in sustainable energy and infrastructure, strengthen transport and technological connectivity between Central Asia and Europe, and position Europe as a key partner in Uzbekistan’s long-term growth and modernization trajectory.
Оbid Khakimov,
Director of the Center for
Economic Research and Reforms
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Ministry of Foreign Affairs of the Republic of Uzbekistan -
Diplomatic Service of the Ministry of Foreign Affairs -
State Committee for Tourism Development -
Ministry of Investments and Foreign Trade of the Republic of Uzbekistan
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invest.gov.uz -
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