Amid growing water scarcity and climate instability in Central Asia, Uzbekistan and Finland are implementing a unique form of scientific cooperation that combines digital innovation with sustainable water resource management.
In 2021, the Ministry of Mining Industry and Geology of the Republic of Uzbekistan and the Geological Survey of Finland (GTK) signed a Memorandum of Understanding aimed at the rational development of natural resources through advanced technologies. Today, this project stands as an example of scientific diplomacy that unites European expertise with Uzbekistan’s potential.
From Paper Maps to Digital Models.
For many years, hydrogeological maps of Uzbekistan existed only in paper form. Within the framework of the joint project, they were digitized using the ArcGIS platform, creating a unified national groundwater database. This digital transformation enables specialists to monitor aquifer conditions, analyze water balances, and forecast the impacts of climate change.
Finnish experts conducted a series of training programs for Uzbek specialists, introducing modern methods of digital mapping and data processing. This strengthened the professional capacity of the sector and laid the foundation for scientifically grounded and transparent water resource management.
Scientific Practice: Experimental Site in Akhangaran.
An experimental site was established in the Akhangaran district of the Tashkent region, where joint research teams conducted geophysical studies and developed digital models of groundwater flow. The obtained data help predict groundwater levels, plan water supply systems, and identify areas vulnerable to drought.
The use of the MODFLOW software package made it possible to create models that provide scientifically based solutions for water resource allocation — particularly important for regions with limited water reserves.
European Partnership for Climate Resilience.
Cooperation with Finland is part of a broader European agenda aimed at supporting climate adaptation and sustainable development in Central Asia. By combining European technologies with Uzbekistan’s scientific resources, the project demonstrates how international partnerships can strengthen ecological security and water stability.
The results of the joint work were published in the journal Water (Scopus) under the title “Assessing Climate Change Impacts on Groundwater Recharge and Storage Using MODFLOW in the Akhangaran River Alluvial Aquifer, Eastern Uzbekistan.”
Furthermore, new areas of cooperation have opened — with the University of Padua (Italy) in geological risk monitoring, and with the Belarusian Scientific and Production Center for Geology in groundwater observation.
Looking Ahead.
The joint project between Uzbekistan and Finland is more than a transfer of technology — it represents a step toward creating a new culture of rational water use and responsible climate action. The establishment of a national digital hydrogeological database will become a key element in the country’s environmentally sustainable development.
As Europe and Central Asia continue to strengthen cooperation in water, energy, and climate, the Uzbek-Finnish project serves as a model of how scientific initiatives can deliver tangible environmental and social benefits.
President Shavkat Mirziyoyev was given a presentation on measures to further develop the jewelry industry, support jewelry production and sales, and increase exports of finished products.
Our country has a huge potential for increasing production and export of jewelry.
As the head of state noted, only 6 percent of gold mined in the country is processed, and exports of its products amount to only 78 million dollars, so it is important to create jewelry zones with special conditions for entrepreneurs, to review the provision of raw materials, training of specialists, production chain and sales system.
In this regard, the Ministry of Economy and Finance and the Chamber of Commerce and Industry have developed relevant proposals.
In particular, it is planned to improve the activity of the Uzbekzargarsanoati association, expand its powers and reorganize the management system.
In order to support manufacturers of the industry, it is proposed to apply the benefits provided for members of the Association "Uzbekzargarsanoati" to individual entrepreneurs - manufacturers of jewelry, who are members of the Association "Uzbekzargarsanoati".
The possibility of establishing a zero rate of customs duty and value added tax on equipment, packaging and marking materials that are not produced in Uzbekistan and used in the jewelry industry for the period up to October 1, 2026 is being studied.
The issues of creation of special jewelry centers including production, exhibition and trade areas were considered. Information was provided on the placement of pilot projects in Tashkent and Namangan region.
The issue of increasing the volume of jewelry exports was discussed. It was proposed to establish a zero rate of customs duty for export of jewelry made in our country to the United States of America under the GSP system.
The head of state instructed to finalize the presented measures and work out a program for the development of domestic jewelry production for the period up to 2027.
For decades, Afghanistan was perceived primarily as a source of instability, geopolitical rivalry and security threats. In recent years, however, the regional agenda surrounding Afghanistan has gradually been shifting. Increasingly, expert and diplomatic circles in the Central Asian states are discussing not only the question of security but also Afghanistan’s potential as a transport, energy and trade corridor capable of linking Central and South Asia.
In this context, the «Termez Dialogue»[1] acquires particular significance as a platform symbolizing the transition from a policy of isolation to a pragmatic model of regional interaction. For Uzbekistan and its neighbors, the issue is no longer merely the stabilization of Afghanistan, but the formation of a new geoeconomic architecture for Eurasia.
From a Geopolitical Buffer to a Geoeconomic Bridge
Historically, Afghanistan lay at the crossroads of major trade routes connecting the East, Central Asia and the Indian subcontinent. In the twentieth and early twenty-first centuries, however, the country became a space of geopolitical confrontation among world powers rather than a territory of cooperation.
Today the situation is gradually changing under the influence of several factors at once. Firstly, global logistics is undergoing a profound transformation. Geopolitical tension, sanctions restrictions and crises affecting traditional transport routes are forcing states to seek new paths for trade and transit. Secondly, the Central Asian states are increasingly striving to diversify their foreign economic ties and reduce their dependence on a limited number of transport directions.
Against this backdrop, Afghanistan is acquiring new significance as the shortest overland route capable of providing the Central Asian states with access to the ports of the Indian Ocean through the territory of Pakistan. Whereas the Afghan factor was once viewed primarily through the lens of threats, today growing attention is being paid to its transit potential.
Of particular importance in this regard is the project of the Trans-Afghan Railway Corridor[2]. Initially, the principal route was considered to be Termez – Mazar-i-Sharif – Kabul – Peshawar. However, by 2025 the states of the region moved[3] to elaborating a new direction: Termez – Naibabad – Maidan Shahr – Logar – Kharlachi. This route implies access to the Pakistani railway network through the Kharlachi border crossing and is regarded as more realistic in terms of security, cost, and implementation timelines.
The realization of this project could substantially reshape[4] the transport geography of the region. For the Central Asian states, this would mean: a reduction in cargo delivery times; a decrease in transport costs; access to the new markets of South Asia; an expansion of export opportunities; a strengthening of the region’s transit potential.
Especially important is the fact that this concerns access to the South Asian market, with a population of nearly two billion people. For the export-oriented economies of Central Asia, this opens up fundamentally new prospects.
Equally important are the energy projects passing through Afghanistan. Among them are CASA-1000 and the TAPI gas pipeline, both intended to facilitate electricity and natural gas supplies between Central and South Asia.
These processes reflect a broader transformation of regional politics: states increasingly view Afghanistan not only as a source of risk but also as an important element of the transport architecture of Eurasia. Priority is shifting more and more from politically symbolic objectives toward the pragmatic logic of transit, connectivity, and economic efficiency.
Termez — the Southern Gateway of Central Asia
A special role in shaping the new regional interaction is played by Termez - the southernmost city of Uzbekistan, which is gradually turning into an important logistical, diplomatic, and humanitarian center. Its significance is reinforced by its unique geographical position: the city lies in the immediate proximity of the Afghan border, connected to it by a bridge across the Amudarya river, across which hundreds of cargo trucks and substantial flows of humanitarian aid and commercial goods pass daily[5].
In logistical terms, Termez relies on developed infrastructure, including an international transport and logistics hub and a rail connection with the Afghan city of Hairatan, through which millions of tons of cargo are transshipped each year. This corridor is considered one of the most stable and manageable routes of regional trade with Afghanistan.
An additional dimension of Termez’s role is formed by its humanitarian component: the city operates[6] as a platform for coordinating international assistance to Afghanistan, where deliveries of food, medicine, and basic goods are regularly carried out with the participation of international organizations. In 2025, the hub was incorporated into the UNHCR Global Supply Network, through which humanitarian aid shipments worth more than $500 million are distributed annually[7].
At the same time, through Termez, Uzbekistan is actively promoting the concept of regional connectivity, in which Afghanistan is viewed not as a peripheral zone of instability but as a transit bridge capable of linking the markets of Central and South Asia. In this context, Termez is becoming not merely a border town, but an infrastructural and politico-economic node of a new regional architecture founded on pragmatism, trade interdependence, and phased integration.
In this context, Uzbekistan has attempted to institutionalize this Forum. Thus, in 2025 the international forum “Termez Dialogue” was held in Termez, devoted to questions of peace, stability, and economic interaction with Afghanistan. It was attended by representatives of the Central and South Asian states, as well as international organizations, including UN structures. The forum became one of the first attempts to institutionalize the discussion of Afghanistan precisely as an economic partner of the region.
Earlier, in 2021, Uzbekistan initiated[8] the international conference “Central and South Asia: Regional Connectivity. Challenges and Opportunities,” held in Tashkent. One of the central themes of the event was the role of Afghanistan as a transit link between the two macro-regions. The conference was attended by representatives of more than 40 states and international organizations, which underscored the global interest in the Uzbek initiative.
The Termez Dialogue as a New Model of Regionalism
Under present-day conditions, the “Termez Dialogue” acquires significance not only as a diplomatic platform but also as a symbol of a new model of regional interaction.
What is at issue is the formation of an approach in which the states of the region strive to build mechanisms of cooperation independently, proceeding above all from common economic interests and mutual infrastructural interdependence.
In this sense, Afghanistan is gradually becoming not an object of external administration but a potential participant in a new system of regional connectivity.
For Central Asia, the development of the southern direction means an expansion of strategic autonomy, a diversification of foreign economic routes, and a strengthening of its own agency in international relations.
It is precisely for this reason that the future of Afghanistan is increasingly viewed not only as a question of security but also as a question of regional integration, logistics and geoeconomics.
Conclusion
Today Afghanistan stands at a historical crossroads. The country may either remain a space of chronic instability or gradually be transformed into a vital transport and economic bridge between Central and South Asia.
To a large extent, the outcome will depend on the ability of the regional states to construct a long-term strategy of cooperation founded not only on questions of security but also on the development of infrastructure, trade, and mutual economic interest.
In this process, Termez is already becoming one of the key centers of the new Eurasian interaction - a space in which the transition from geopolitical rivalry to geoeconomic partnership is taking shape.
Aziza Mukhammedova
Research Fellow
Center for Afghanistan and South Asian Studies at the
Institute for Advanced International Studies
[1] https://www.euronews.com/2025/05/21/central-asian-countries-push-for-regional-development-at-termez-dialogue
[2] https://pakistan.mfa.uz/ru/news/trans-afghan-corridor-a-new-bridge-connecting-central-asia-with-the-world-1
[3] https://kun.uz/en/news/2025/07/18/uzbekistan-afghanistan-and-pakistan-agree-to-develop-new-railway-corridor
[4] https://thediplomat.com/2024/05/uzbekistan-and-the-new-realities-of-trans-afghan-trade/
[5] https://eurasianet.org/uzbekistan-offers-to-act-as-hub-for-afghanistan-aid
[6] https://unsdg.un.org/latest/stories/uzbekistan-steps-support-neighbor-afghanistan-critical-humanitarian-juncture
[7] https://iica.uz/ru/news/2025/02/13/termiz-logistik-habi-bmtning-global-yetkazib-berish-tarmogiga-qoshildi
From June 16th to 19th, the capital will host the 5th Tashkent International Investment Forum, the country's primary investment platform and one of the region's largest business forums.
Tashkent International Investment Forum (TIIF-2026) has solidified its position as a key investment platform in Central Asia, bringing together states, international investors, and representatives of global business. The forum serves not merely as a platform for dialogue, but as a space where the region's practical investment agenda is actively shaped.
The core idea of the forum lies in the fact that Uzbekistan is consistently cementing its status as a regional investment hub, capable not only of attracting capital but also of defining long-term rules and directions for the economic development of Central Asia.
The scale of TIIF-2025 clearly demonstrated that the forum has transitioned to a new stage of its development. The event brought together more than 8,000 delegates from 97 countries, with the total volume of signed investment agreements reaching 30.5 billion US dollars. These indicators stand as some of the most significant results among regional investment platforms.
The growing number of participants, the broadening geography, and the increased volume of concluded deals bear witness to a notable strengthening of international business confidence in Uzbekistan's investment climate. The forum is increasingly perceived not as a one-off discussion platform, but as a sustainable mechanism for generating real investment solutions.
The significance of the Tashkent International Investment Forum is determined not only by its scale, but also by its practical value for participants. TIIF provides a unique opportunity for direct access to key economic and political decision-makers - ranging from heads of state and governments to representatives of international financial institutions, sovereign wealth funds and major corporations.
The forum cultivates a rare environment where the state, investors, and business are concentrated within a single space, allowing for a seamless transition from general discussions to concrete formats of cooperation. Within the framework of TIIF, B2B and B2G meetings are actively advanced, serving as the cornerstone for concluding investment agreements and launching new projects.
TIIF-2026, scheduled to take place from June 16 to 19 in Tashkent, will maintain and expand upon the framework of previous years, combining elements of high-level political dialogue, business negotiations, and sectoral discussions. The forum's program features a plenary session with the participation of heads of state, panel sessions, thematic pitch presentations, and an expanded exhibition showcasing the country's industrial and investment potential.
One of the defining features of TIIF-2026 is its exceptionally high level of representation, which brings together a unique concentration of political, financial, and corporate capital within a single venue. The forum features heads of state and government, including leaders from Central Asian and European nations, alongside executives from international organizations and multilateral development banks.
Among the participants are representatives from the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Asian Development Bank (ADB), and the International Finance Corporation (IFC), alongside sovereign wealth funds and export credit agencies. Such a composition ensures a direct link between state reforms, global financial institutions, and private capital.
The outcomes of the 4th Tashkent International Investment Forum (TIIF-2025) received widespread international acclaim from representatives of government structures, financial institutions, and global business, who noted Uzbekistan's growing role as the region's premier investment hub.
The Director of the Center for Global and Regional Studies (CEGREG), Professor Ikboljon Qoraboev (Kazakhstan), emphasized the scale and significance of the forum:
TIIF is emerging as the premier platform for showcasing the industrial and economic potential of Central Asia, while the participation of state leaders, major investors, and international banks highlights the strategic significance of the forum as a window of opportunity for the region.
Associate Professor at the Azerbaijan State University of Economics, political scientist Emin Garibli (Azerbaijan), accentuated the integration significance of the forum:
Executive Producer of CGTN, Zhang He (China), highlighted the investment impact of the reforms:
Governor of the Japan Bank for International Cooperation (JBIC), Nobumitsu Hayashi (Japan), noted the transformation of the forum's role:
Chairman of the Chinese company CAMCE, Wang Bo (China), noted the practical value of the forum:
Tashkent International Investment Forum (TIIF-2026) is cementing its role as one of the key platforms for investment dialogue in Central Asia, where not only the directions of economic policy are shaped, but also real mechanisms for interaction between the state and global capital are forged.
On the whole, the experience of previous years demonstrates that TIIF has already transitioned from a traditional conference format into a practical investment ecosystem that influences the structure of regional economic development. In this context, TIIF-2026 is viewed as the next phase in strengthening Uzbekistan's role within the global investment architecture and further expanding its integration into international capital markets.
Dunyo IA
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
The Director of the Institute for Strategic and Regional Studies under the President of Uzbekistan (ISRS) Eldor Aripov, commented to Dunyo IA on President Shavkat Mirziyoyev’s Address to the Oliy Majlis and the people of Uzbekistan:
- The Address of President Shavkat Mirziyoyev to the Oliy Majlis and the people of Uzbekistan goes far beyond the scope of a routine annual political speech in its significance. It constitutes a strategic policy document that marks the country’s transition to a qualitatively new stage of development — the institutional consolidation of reforms and the formation of a sustainable growth model oriented toward the long term.
Over the past decade, Uzbekistan’s economy has undergone an accelerated process of qualitative and systemic transformation. While in the mid-2010s the country’s nominal gross domestic product stood at approximately USD 60–65 billion, it has now reached USD 145 billion, as noted in the President’s Address. In practical terms, this represents more than a twofold expansion of the nation’s economic scale over an unprecedentedly short historical period.
In recent years, average annual economic growth has consistently remained at around six percent. This reflects not only the preservation of positive momentum, but also the economy’s capacity for sustained growth amid external shocks — including the pandemic, disruptions to raw material supplies and logistics chains, and global inflationary pressures.
Sectoral indicators corroborate this assessment. Over the past decade, industrial output has more than doubled, whereas in the early 2010s industry played a largely auxiliary role relative to the commodity-based and agricultural sectors. Today, mechanical engineering, the electrical equipment industry, and the chemical sector make a stable contribution to the economy, while the share of processing and manufacturing activities in the GDP structure has already exceeded 80 percent.
The dynamics of the agricultural sector are equally indicative. Whereas ten years ago production volumes remained the primary benchmark, today — as emphasized in the President’s Address — the priority has shifted toward processing and the export of finished products. The expansion of fruit and vegetable processing and the growth of food exports are shaping a more resilient development model, reducing the economy’s dependence on fluctuations in harvest yields and prices.
Investment dynamics also reflect qualitative change. In recent years, investment in fixed capital has been growing at a rapid pace and has reached levels well above historical averages, whereas in the early 2010s this indicator was significantly lower. At the same time, the composition of investment has shifted: while previously it was concentrated primarily in infrastructure and state-led projects, a substantial share is now being directed toward industry, energy, transport, and digital solutions. As a result, investment is beginning to support not only current growth, but also the formation of the country’s future productive base.
External trade dynamics further reinforce this picture. Over the past decade, Uzbekistan’s export revenues have more than doubled: whereas in the mid-2010s exports of goods and services stood at approximately USD 12–13 billion, in recent years they have consistently exceeded USD 24–25 billion. Crucially, this growth has been driven not only by favorable price conditions, but also by changes in the structure of export supplies.
This transformation is most clearly visible in the manufacturing and processing industries. Over the past decade, exports of textile products have increased more than threefold — from less than $1 billion to around $3 billion and above — reflecting a shift from raw-material exports to finished goods. A similar trajectory can be observed in the electrical engineering, chemical, and food industries, where export volumes have risen several times over as a result of expanded production chains and access to new markets.
Macroeconomic balance warrants particular attention. Economic and investment growth has been accompanied by the maintenance of a controlled level of public debt and overall financial stability. This is especially significant, as recent experience shows that rapid growth without adequate balance often leads to the accumulation of constraints on future development. The Address underscores that Uzbekistan has deliberately chosen a more cautious, yet strategically advantageous, development trajectory.
A comparison of developments over the past decade leads to a key strategic conclusion: the republic has reached a stage at which further progress is determined less by the sheer size of the economy than by its quality. This is why the President’s Address places central emphasis on boosting labor productivity, advancing technological modernization, and deepening industrialization. The achievements to date are viewed as the foundation upon which the economy of the coming decade is to be built.
Compared with the starting point a decade ago, the country’s economy has become larger, more diversified, and more resilient. These changes provide a long-term strategic foundation for improving citizens’ well-being and strengthening Uzbekistan’s position in both regional and global markets.
Another notable aspect of the President’s Address is its clear illustration of the feedback loop between the state and its citizens, particularly in terms of aligning ongoing reforms with the everyday needs of the population.
An analysis of the Address indicates that its priorities fully align with the issues consistently highlighted in public opinion surveys and citizen appeals over recent years. At the center of attention are employment, income levels, access to social services, the quality of education and healthcare, as well as fairness and efficiency in public governance.
Whereas in 2017–2018 poverty in Uzbekistan was measured in double digits (around 35 percent), by 2024 it had fallen to 8.9 percent.
The projected reduction to 5.8 percent in 2025 demonstrates that the country is not only approaching the previously set target — reducing poverty to six percent by the end of the year — but is actually surpassing it.
Moreover, the Address highlights a strategic goal of eradicating extreme poverty by 2030, making the fight against poverty a central pillar of the country’s long-term policy framework. This achievement has been made possible through the effective implementation of a series of social programs and reforms aimed at sustainably increasing household incomes, creating employment opportunities, and strengthening social protection.
For a significant portion of the population, particularly young people and residents of regional areas, access to stable employment and reliable sources of income is the key determinant of social well-being. Support for small and medium-sized enterprises, as well as the development of industry and infrastructure highlighted in the Address, directly responds to these expectations. International organizations, including UNDP and the Asian Development Bank, note in their studies that such a focus on employment is among the most effective tools for social stabilization.
Equally important as an indicator that the state listens to its citizens is its focus on the quality of basic services. In the Address, education, healthcare, and workforce development are presented as strategic priorities rather than secondary concerns. This aligns with the public’s expressed demand for improvements in human capital and social mobility.
The section on public governance also warrants special attention. In recent years, one of the most frequent requests from citizens has been the reduction of bureaucracy and the enhancement of transparency and accountability among officials.
Taken together, the content of the Address suggests that the state demonstrates the ability to listen to its citizens and translate public expectations into elements of strategic policy.
President Shavkat Mirziyoyev plays a particularly important role in this process as the key architect of these reforms. International financial and analytical institutions have repeatedly emphasized that political leadership is a decisive factor in the successful implementation of comprehensive reforms in countries with transitioning economies.
In Uzbekistan’s case, consistency, political will, and a focus on long-term results have made it possible to synchronize macroeconomic stabilization, social policy, and institutional reforms within a single strategic framework. The President’s Address serves both as a concentrated expression of this strategy and as a tool for its further deepening.
Taken together, the President’s Address to the Oliy Majlis and the people of Uzbekistan constitutes not merely an agenda for the next stage of reforms, but a strategic framework for the country’s future development. Supported by empirical data and assessments from leading international organizations, it strengthens domestic consensus and enhances the confidence of the international community. Its key significance lies precisely in its role as a document that defines the sustainability of reforms and the country’s long-term competitiveness.
Dunyo IA
The text of the article is in Uzbek!
Today's events and developments in the international arena once again demonstrate the growing need for the states of the Central and South Asian regions to achieve mutual understanding, solidarity, and a common goal. In this regard, the main goal of the Termez Dialogue on Connectivity between Central and South Asia, held on May 19, 2025, on the theme "Building a Common Space of Peace, Friendship, and Prosperity," was to strengthen regional connectivity and bring cooperation to a new level. It can be said that over the past year, significant results have been achieved on the topical issues discussed during the dialogue. The next Termez Dialogue is also aimed at discussing topical issues such as strengthening cooperation between Central and South Asia, deepening interregional ties and ensuring economic growth, as well as further improving security and sustainable development.
Cultural relations. It should be noted that today the city of Termez has become an important center for ensuring peace and stability in Afghanistan and restoring its economy. It is noteworthy that in the past, Termez was a center of intercultural and religious dialogue, where Zoroastrianism, Buddhism, Christianity, and Islamic traditions emerged and developed. Eldor Aripov, Director of the Institute for Strategic and Regional Studies under the President of the Republic of Uzbekistan, noted that the city, located between the Greco-Bactrian, Kushan, and other ancient states, flourished during the Timurid era and became a major center of trade, craftsmanship, and science[1]. Indeed, if we look at our history, the countries of Central Asia and the South Asian region have always developed harmoniously as a single space, closely cooperating in all areas. The works of the great thinker Abu Rayhan Beruni "India," Zahiriddin Muhammad Babur "Baburnama" and other historical sources are clear evidence of these close ties. Furthermore, the following remarks by Muhammad Sobir Turkestani, Deputy Ambassador of Afghanistan to Uzbekistan, deserve attention: "Both Uzbekistan and Afghanistan are located on the land between two rivers, which was once called Mawarannahr." There are many similarities in our cultures. The cultural heritage of Alisher Navoi is the wealth of the peoples of Uzbekistan and Afghanistan. The remains of our ancestor Alisher Navoi are in the Herat region. All the minarets built in Herat during the reign of Sultan Husayn Bayqara stand as a single complex. Zahiriddin Muhammad Babur was buried in Kabul. In a complex called Babur's Garden. There are also large cultural museums in Afghanistan. Our antiquities are kept in our museums in Kabul, Herat, and Mazar-i-Sharif.[2]" Undoubtedly, the main goal of our efforts today is to restore these historical ties, further strengthen the bonds of friendship and brotherhood between our peoples, and ultimately raise the development of our countries to a new level. To this end, Uzbekistan has been increasingly developing ties with South Asian countries in recent years.
It should be noted that the education sector in Afghanistan has experienced a deep decline due to the long-standing unstable situation. In such a situation, it should be noted that assisting the Afghan people in obtaining education and training personnel with modern knowledge and skills is one of the most rational ways to lead Afghanistan out of the crisis. In this regard, in accordance with the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan dated November 13, 2017, "On organizing the activities of the Educational Center for Training Afghan Citizens under the Ministry of Higher and Secondary Specialized Education of the Republic of Uzbekistan," an Educational Center for Training Afghan Citizens operates in the city of Termez, Surkhandarya region. During the 2018-2019 academic year, 96 students studied at the Center in the "Uzbek Language and Literature" direction, all of whom received a bachelor's degree from the Alisher Navoi Tashkent State University of Uzbek Language and Literature.
Economic relations. It should be noted that the impossibility of achieving any positive results with weapons and troops in establishing peace and stability on Afghan soil was once again confirmed by the withdrawal of US troops from Afghanistan in 2021. From this perspective, today Uzbekistan's economic ties with Afghanistan serve as one of the important factors in establishing peace and economic recovery in the country.
According to estimates by the Statistics Agency of Uzbekistan, mutual trade turnover amounted to $653 million in 2021, $688.8 million in 2022, $784.1 million in 2023, and $999.9 million in January-November 2024[3]. Over the past five years, trade turnover has increased 2.5 times, reaching $1.68 billion in 2025, while Uzbekistan's exports amounted to approximately $1.5 billion. The parties set a new medium-term goal to increase the volume of trade to $5 billion. Therefore, today Uzbekistan is becoming one of the key investors in Afghanistan. Specifically, according to a $1 billion agreement signed between Uzbekistan and Afghanistan, Uzbekistan will participate in the development of the Tuti Maidan gas field in the Jauzjan and Faryab regions for 10 years. The Termez International Trade Center, established in the Surkhandarya region, plays a very important role in implementing such trade and economic instruments. This shopping center is the first trade zone in Central Asia serving various entrepreneurs, especially Afghan entrepreneurs, who cooperate with Afghanistan. The shopping center features permanent exhibitions and fairs, an Uzbek-Afghan business school, a medical clinic for the treatment and provision of medical care to patients who are citizens of Afghanistan, a hotel, enterprises specializing in the production of precious metal jewelry, a multi-currency system, and other conditions that allow entrepreneurs to trade freely.
According to analytical data, 60% of Uzbekistan's total international traffic passes through the transit routes of Central Asian countries and Afghanistan. Uzbekistan's access to seaports through Afghanistan is 2-3 times shorter than the ports with access to the Black and Baltic Seas, and 5 times shorter than the route to Pacific ports[4]. According to economic analysts, the cost of delivering one container from Central Asia to South Asia through Afghanistan to seaports will decrease from $900 to $286. In addition, transportation time will be reduced from 35 days to 3-5 days. At the same time, export potential will also increase sharply. Improving transport and infrastructure communications and attracting international transit carriers to Central Asia is one of the most important tasks uniting the countries of the region. Its resolution is determined by the need to improve the socio-economic situation in the region.
In conclusion, it should be noted that this prestigious international conference will contribute to the further expansion of ties between our regions, the opening of new horizons for cooperation, and our confident progress on the path of peace and development.
Furthermore, the Termez Dialogue, as a platform for strengthening interregional connectivity and restoring common historical, cultural, and civilizational ties, opens opportunities for the development of new international transport and logistics corridors through Afghanistan. In the current difficult conditions of growing mutual trust and conflict of interests, such a format of cooperation as the Termez Dialogue is of great importance.
Tashkent State University of Oriental Studies, Foreign policy and international economic relations Deputy Director of the Institute PhD., O. Abdurakhmonov
[1] Eldor Aripov: "Termiz muloqoti Markaziy va Janubiy Osiyo o‘rtasidagi o‘zaro bog‘liqlikni mustahkamlashda muhim ahamiyatga ega". (21.05.2025), https://daryo.uz/2025/05/21/eldor-aripov-termiz-muloqoti-markaziy-va-janubiy-osiyo-ortasidagi-ozaro-bogliqlikni-mustahkamlashda-muhim-ahamiyatga-ega
[2] Afg‘onistonda O‘zbekistonga aloqador madaniy boyliklar kam emas. (07.11.2023). https://xabar.uz/uz/madaniyat/afgonistonda-ozbekistonga-aloqador-madaniy-boyliklar-kam-emas
[3] O‘zbekiston Respublikasi Tashqi savdo aylanmasi. 2024-yil yanvar-noyabr oylari uchun dastlabki ma’lumot // O‘zbekiston Respublikasi huzuridagi Statistika agentligi. – B.4.
[4] Akmalov Sh. O‘zbekiston va Afg‘oniston: o‘tmishdan hozirgacha. Monografiya. – T.: “Zamon poligraf”, 2023. – B. 70.
Uzbekistan is entering a period in which domestic transformation is becoming increasingly interconnected with global economic processes. The country has set ambitious goals: accelerating economic growth, advancing the technological modernization of industry, attracting large-scale investment, expanding exports and integrating into international value chains.
This is precisely why discussions within the G20 have practical relevance for Uzbekistan. The issues addressed by the Group of Twenty — sustainable development, industrialization, the energy transition, trade, digitalization, food security, access to capital and the modernization of financial institutions — largely align with the challenges facing the country. The difference lies mainly in scale: while the G20 shapes the key priorities of the global economy, Uzbekistan translates similar objectives into a concrete national development agenda.
The G20 brings together the world’s largest advanced and emerging economies, as well as the European Union and the African Union. Its members account for approximately 85% of global GDP, more than 75% of international trade and around two-thirds of the world’s population. For Uzbekistan, the G20 represents a platform where major global trends are shaped, including the cost of capital, the structure of demand, investment flows, industrial standards, trade rules and approaches to sustainable growth.
Investment: A Focus on Trust and Long-Term Capital
The global investment landscape is changing. Capital is becoming increasingly selective, while investors are paying greater attention not only to market size and natural resources, but also to the quality of institutions, regulatory predictability, the protection of business rights, access to infrastructure and the clarity of the legal environment.
This shift is particularly relevant for Uzbekistan. In recent years, attracting investment has become one of the central pillars of the country’s economic policy. At the Fifth Tashkent International Investment Forum, President Shavkat Mirziyoyev noted that Uzbekistan’s economy grew by 7.7% in 2025, while the country attracted USD 43 billion in foreign investment. GDP is expected to exceed USD 180 billion in 2026.
These figures reflect not only strong economic growth, but also the emergence of a new model of engagement with the international business community. Uzbekistan is strengthening its role as a stable platform for long-term capital, industrial cooperation and the regional expansion of companies.
The establishment of the Tashkent International Financial Centre plays an important role in this process. Its legal framework provides for a special regulatory regime, elements of English common law, an independent commercial court, the free movement of capital, the ability to conduct transactions in any currency, and the development of fintech, digital assets and green finance.
Such initiatives enhance Uzbekistan’s attractiveness to international businesses. They create an environment in which capital protection, transparent rules, modern financial instruments and institutional trust become integral components of the country’s overall investment architecture.
Against this backdrop, practical cooperation between Central Asia, international development banks, export credit agencies, sovereign wealth funds and the private sector is becoming increasingly important. For Uzbekistan, it is essential to establish mechanisms that facilitate the preparation and financing of specific initiatives in transport and digital infrastructure, power grids, energy storage systems, water conservation, agricultural technologies and the processing of critical minerals.
This approach is fully aligned with the priorities of the G20: investment should support not only the implementation of individual projects, but also the development of resilient infrastructure for long-term growth. Uzbekistan, for its part, is ready to offer its partners a well-prepared portfolio of projects and stable long-term conditions for their implementation.
Industry: Transitioning to a More Sophisticated Economy
One of the central themes of the G20 agenda is the development of a new generation of industry. This extends beyond increasing production volumes to encompass technological modernization, resilient supply chains, localization, advanced processing, innovation and the creation of high-skilled jobs.
For Uzbekistan, this approach is of direct relevance. The country is steadily transitioning from an economic model primarily based on raw materials and traditional manufacturing advantages toward one in which processing industries, technology, industrial cooperation and the export of higher value-added products play an increasingly important role.
Over the coming years, Uzbekistan aims to increase industrial value added from USD 36.5 billion to at least USD 60 billion, while expanding output in high-technology and medium-high-technology industries by a factor of 2.5. In 2026, the country plans to launch 782 new industrial and infrastructure projects with a combined value of USD 52 billion.
This approach is fully consistent with modern industrial policy. Manufacturing is viewed not merely as the production of goods, but as the foundation for technological resilience, employment, export growth, energy efficiency, logistics and participation in global manufacturing value chains.
A broad range of opportunities is emerging for Uzbekistan across metallurgy, the chemical industry, electrical engineering, machinery manufacturing, automotive components, pharmaceuticals, construction materials, textiles, agro-processing and digital infrastructure. In each of these sectors, the country seeks not only to expand production volumes but also to deepen value-added processing, improve product quality and access new markets.
Critical minerals have also become an increasingly important topic. For the world's leading economies, they are closely linked to the energy transition, digitalization, battery technologies, industrial modernization and secure supply chains. For Uzbekistan, with its rich mineral resource base and developing metallurgical sector, this resource advantage can serve as the foundation for new industrial clusters and production partnerships with international investors.
At the same time, it is essential that such cooperation goes beyond the simple export of raw materials and instead focuses on creating complete value chains within the region. This includes advanced processing, technology transfer, workforce development, strengthening engineering capabilities and creating highly skilled jobs. Such a model will enable Uzbekistan to reinforce its industrial self-sufficiency while becoming an even more significant partner for major international markets.
Trade: Connectivity as a Driver of Competitiveness
The relevance of the G20 is particularly evident in the area of trade. The world's largest economies already occupy a prominent place in Uzbekistan's external economic relations.
Between January and May 2026, Uzbekistan's foreign trade turnover reached USD 32.8 billion. Its key trading partners include China, Russia, Kazakhstan, Türkiye, France, the Republic of Korea and Germany. Most of these countries are either G20 members or are closely integrated into its broader economic architecture.
Decisions taken by the world's largest economies have a direct impact on the conditions of Uzbekistan's foreign trade. Technical standards, quality requirements, rules of origin, tariff policies, logistics routes, environmental regulations and digital trade procedures have become part of the day-to-day business environment for Uzbek exporters.
As a landlocked country, transport connectivity is of particular strategic importance for Uzbekistan. In today's global economy, export competitiveness depends not only on product quality but also on the speed, cost and reliability of delivery. Consequently, the development of East-West and North-South transport corridors passing through Central Asia has become an integral part of the country's trade, transport and industrial policy.
Achieving this objective requires practical solutions, including the digitalization of transit procedures, mutual recognition of electronic transport documents and certificates, coordinated operation of border crossing points, the reduction of unjustified fees and the implementation of the "One Border – One Stop" principle. The effectiveness of these measures should be assessed not by the number of agreements signed, but by tangible reductions in delivery times and transportation costs.
At the same time, Uzbekistan's export performance demonstrates important structural changes. Between January and May 2026, exports of goods excluding gold increased by 29.4%. This indicates that the country is steadily expanding the non-resource component of its foreign trade while strengthening its competitive position in industrial products, textiles, agro-processing, services, transport and other sectors.
At this stage, it is important not only to increase export volumes but also to improve their quality. Modern trade requires internationally recognized certification, consistency, strong branding, efficient logistics and the ability to meet the standards of major global markets. International standards and domestic reforms are becoming increasingly interconnected: external markets establish the requirements, while government policy helps businesses meet them.
WTO: Rules, Trust and Market Access
Uzbekistan's accession to the World Trade Organization is now approaching its final stage. This is no longer merely a technical process, but one of the key components of the country's economic transformation toward a more open, predictable and competitive model of development.
In June 2026, the issue gained additional political and practical momentum. During the meeting between President Shavkat Mirziyoyev and United States Trade Representative Jamieson Greer, particular attention was devoted to cooperation in the context of Uzbekistan's accession to the WTO and continued U.S. support for this process. At the same time, the United States officially reaffirmed its support for Uzbekistan's membership and recognized the substantial progress achieved by the country in this area.
For Uzbekistan, WTO membership represents the institutionalization of a new economic model based on reducing unnecessary trade barriers, enhancing regulatory transparency, improving the business and investment climate, expanding opportunities for exporters and strengthening the confidence of the international business community in the Uzbek market.
Integration into the WTO framework is closely linked to Uzbekistan's investment, industrial and trade agenda. For investors, it serves as a signal of greater policy predictability. For exporters, it provides access to a transparent and rules-based international trading system. For industry, it creates incentives to improve product quality, competitiveness and compliance with modern international standards. Accordingly, WTO accession should be viewed as a natural continuation of the comprehensive reforms already underway.
The New Economy: Global Trends and Uzbekistan’s Development Path
The global economy is undergoing profound structural transformation. Supply chains are being reshaped, competition for capital and technology is intensifying, and the importance of energy resilience, food security, digital infrastructure and industrial capabilities continues to grow. These are precisely the issues at the heart of the G20 agenda.
For Uzbekistan, this transformation reinforces the relevance of the country's chosen development path. The nation is already advancing in areas that are becoming fundamental to the new economy, including investment openness, industrial modernization, transport connectivity, energy development, digital transformation, export expansion and integration into the international rules-based trading system.
As the world's leading economies focus on supply chain resilience, new opportunities emerge for Uzbekistan in logistics, industrial cooperation and regional specialization. The global energy transition is increasing demand for renewable energy, critical minerals and energy-efficient industries. Food security concerns are enhancing the importance of agro-processing and cooperation with neighboring markets. Meanwhile, the growing emphasis on digitalization and financial resilience underscores the strategic importance of fintech, IT infrastructure, artificial intelligence and modern financial institutions.
At the same time, the transition to a low-carbon economy and the adoption of new digital standards must be both fair and practically achievable for developing countries. For Uzbekistan, it is essential that new international requirements be accompanied by transparent rules, reasonable transition periods, mutual recognition of equivalent standards, access to technology and financing, and support for exporters in implementing carbon accounting, product traceability and international certification systems.
In this context, the priorities discussed within the G20 closely align with the reforms already underway in Uzbekistan. The G20 therefore provides an international framework in which the country's development strategy receives both practical relevance and additional validation.
Strategic Priorities for Growth: Capital, Technology and Exports
From the perspective of investment, industry and trade, the G20 agenda highlights several strategic priorities for Uzbekistan.
The first is capital. Uzbekistan must continue developing an investment ecosystem in which international businesses see not only promising projects but also long-term institutional reliability. This requires further development of the country's financial centre, special legal regimes, industrial zones, digital public services, investor protection mechanisms and comprehensive investment facilitation.
The second priority is industry. Uzbekistan should continue strengthening its position in higher value-added manufacturing by expanding advanced processing, developing local component industries, enhancing engineering capabilities and fostering technological partnerships. This will enable the country to become a fully integrated participant in increasingly sophisticated global manufacturing value chains.
The third priority is trade and connectivity. Export policy should be built around quality, international standards, certification, logistics, branding and reliable access to global markets. For a landlocked country, this also requires continuous investment in transport corridors, transit digitalization, lower logistics costs and greater supply chain predictability. The steady growth of non-resource exports already demonstrates that Uzbekistan is moving in the right direction, while WTO accession is expected to provide additional momentum and long-term stability.
The fourth priority is partnerships. Most of Uzbekistan's principal trade and investment partners are either G20 members or closely connected to its broader economic architecture. Accordingly, cooperation with China, Russia, Türkiye, the Republic of Korea, Germany, France, India, Japan, the United States, the European Union and the Middle East should be viewed as part of a unified strategy for integration into global networks of capital, technology and markets.
Uzbekistan and the G20: Shared Priorities, Practical Outcomes
For Uzbekistan, the G20 reflects the global processes that are becoming increasingly intertwined with the country's own development trajectory. While the G20 focuses on sustainable growth, Uzbekistan is implementing large-scale economic reforms. As industrialization remains at the forefront of the international agenda, the country is strengthening its industrial base and pursuing greater technological sophistication. As discussions center on trade and investment, Uzbekistan continues opening its markets, improving its regulatory framework and establishing modern institutions for investment and capital.
The greatest value of the G20 agenda for Uzbekistan lies in the convergence of strategic priorities. The global economy is entering a new era in which capital, technology, production and trade are being fundamentally reconfigured. In this environment, Uzbekistan seeks not only to adapt to the evolving economic landscape but also to secure a stronger and more competitive position through structural reforms, openness, industrial development and long-term international partnerships.
Central Asia plays a particularly important role in this process. The region is steadily emerging as a strategic bridge between major global markets, while Uzbekistan is becoming one of the key platforms where transport corridors, industrial value chains and investment projects are translated into tangible economic outcomes.
This is the practical significance of the G20 for Uzbekistan. It provides a clearer understanding of the direction of the global economy, enables the country to align international developments with its national priorities and transforms global trends into concrete opportunities for sustainable growth. For Uzbekistan, this represents the continued implementation of its own long-term development strategy, built upon comprehensive reforms, national interests and the growing strategic potential of Central Asia.
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.
Today, elections to the Legislative Chamber of Oliy Majlis and kengashes of people's deputies are being held in our country.
President of the Republic of Uzbekistan Shavkat Mirziyoyev together with his family members visited polling station No. 59 in Mirzo-Ulugbek district of the capital and took part in the voting.
Article 128 of the Constitution of our country states that citizens have the right to elect and be elected to the representative bodies of state power. The right to vote, equality and freedom of expression are guaranteed by law.
Five parties are running in the elections: the Movement of Entrepreneurs and Business People - Liberal Democratic Party of Uzbekistan, the Milliy Tiklanish Democratic Party, the Ecological Party, the People's Democratic Party and the Adolat Social Democratic Party.
This important event is taking place in the context of increased social and political activity in our country, under the slogan “My Choice - Prosperous Motherland”.
For the first time in the history of Uzbekistan, elections to the Legislative Chamber of the Oliy Majlis are held on the basis of a majoritarian-proportional, that is, mixed electoral system. 75 deputies are elected directly under the majoritarian system, i.e. by voting for their preferred candidates, and the remaining 75 - under the proportional system, when votes are cast for political parties.
Over the past period, the electoral legislation has been radically improved in line with advanced democratic standards. In particular, a new system of electoral bodies headed by the Central Electoral Commission had been introduced, and, in order to enhance the role of women in society, it had been established that the proportion of women among political party candidates should be at least 40 per cent.
Another notable aspect of the current elections was that the interaction between the participants in the process had been fully digitalized through the E-Saylov information system.
This information system has raised the openness of the elections to a higher level.
All polling stations have created conditions for voters in accordance with the law. There are 5,770 district and 11,028 precinct election commissions organized in the field, including 57 polling stations in 40 foreign countries.
More than 850 foreign and international observers from the CIS, SCO, Organization of Turkic States, as well as a full-scale mission of the OSCE Office for Democratic Institutions and Human Rights are taking part in monitoring the election process.
The head of state talked to citizens who came to the polling station. He thanked them for their active participation in the elections with a sense of involvement in the fate of their native country and their district.
On August 14-15, 2025, the VIII Central Asian Expert Forum (CAEF) will be held in Tashkent under the title “Central Asia – a common space of trust, security and sustainable development”.
Established in 2018, the CAEF is held annually in the country chairing the Consultative Meeting of the Heads of State of Central Asia. The forum serves as an important platform for discussing the current state and prospects of regional cooperation, as well as developing recommendations for the further development of cooperation in Central Asia.
The Forum is organized by the Institute for Strategic and Regional Studies under the President of the Republic of Uzbekistan (ISRS). Event partners include the Regional Center for Preventive Diplomacy for Central Asia, the European Union Delegation to Uzbekistan and the Organization for Security and Cooperation in Europe (OSCE), and the Konrad Adenauer Foundation.
The Forum will traditionally bring together heads and specialists of strategic institutes, research centers, and academic institutions from across the region. For the first time, prominent experts from the EU, ASEAN, the Nordic Council, as well as researchers from the Russian Federation, the USA, Great Britain, Switzerland and Azerbaijan have been invited to participate in its work in order to exchange experience in regional studies.
The Forum’s program will focus on prospects for deepening regional cooperation and explore specific measures to promote multifaceted collaboration.
In addition, the Forum will feature separate events: a scientific-practical conference on shaping regional identity and a roundtable discussing prospects for partnership between Central Asia and Northern Europe.
The upcoming expert dialogue is expected to identify common interests and outline priorities for Central Asia’s future development. The resulting recommendations will enrich the agenda of the forthcoming Consultative Meeting of the Heads of State of Central Asia, scheduled to take place this year in Uzbekistan.