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Cooperation between Uzbekistan and Serbia in digital technologies, IT services exports, startups, artificial intelligence and innovation entered a new phase in the second half of 2025.

A major milestone was the official visit of Serbian President Aleksandar Vučić to Uzbekistan on October 28, 2025, coinciding with the 30th anniversary of diplomatic relations between the two countries. During the first full-scale summit between the two heads of state, information technology and digitalization were identified among the priority areas for bilateral cooperation, alongside mechanical engineering, pharmaceuticals, the chemical industry, agriculture and tourism.

The two sides also signed a dedicated agreement on cooperation in engineering, advanced technologies, artificial intelligence and related fields, creating an institutional foundation for deeper technology partnerships.

From political agreements to technology projects

The high-level political dialogue was followed immediately by discussions focused on practical technology cooperation. On October 29, 2025, President Vučić visited IT Park Uzbekistan, where the Serbian delegation was introduced to Uzbekistan’s growing technology ecosystem, export-oriented IT companies and locally developed digital solutions.

The delegation was presented with solutions developed by companies and organizations including UniconSoft, Didox/Venkon, Kpi.com and UzSpace, as well as UZINFOCOM products such as Palm ID, HRM.argos.uz, uGaz and DMed. The discussions covered the potential establishment of a joint IT enterprise in Serbia, the deployment of Palm ID technology, and the development of a venture mechanism to support startups from both countries.

Towards the end of 2025, IT Park also promoted the Trucking Outsourcing Weekend with IT Park format in Belgrade, targeting logistics and outsourcing companies. The initiative was designed to demonstrate how Serbian and international businesses could leverage Uzbekistan to build operational teams, access skilled professionals, optimize costs and scale their international operations.

Moving towards a practical cooperation model

In 2026, the two sides continued efforts to translate the agreements reached in 2025 into practical business mechanisms.

At a business forum held in February with the participation of IT Park, government representatives and more than 80 entrepreneurs, discussions focused on IT outsourcing, business process outsourcing (BPO), knowledge process outsourcing (KPO), joint ventures, data centers and venture capital mechanisms.

One of the most promising concepts discussed was a “Serbia as front office, Uzbekistan as back office and delivery hub” model.

The concept is based on complementary strengths rather than competition between the two markets. Serbia offers geographic proximity to European and Western Balkan markets, experience in serving international clients, established business networks and a developed innovation ecosystem. Uzbekistan, meanwhile, can provide scalable technical and operational teams, competitive operating costs, a growing talent pool and a platform for expansion into Central Asia.

The value of this model lies in combining Serbia’s capabilities in client relations, business development and international networks with Uzbekistan’s strengths in technical delivery, workforce scalability and operational execution.

At a follow-up meeting in February 2026, Uzbekistan’s Minister of Digital Technologies Sherzod Shermatov and Serbia’s Deputy Prime Minister and Minister of Economy Adriana Mesarović discussed in detail cooperation in the IT industry, artificial intelligence, data centers, digitalization of public administration, and cybersecurity. The Serbian delegation also visited IT Park Uzbekistan, UzSOC, and UZINFOCOM, where it reviewed cyber incident response mechanisms, as well as the infrastructure supporting government information systems and data centers. In turn, the Serbian side shared its experience in developing supercomputing infrastructure and data centers.

Сooperation indicators

Meanwhile, cooperation between Uzbekistan and Serbia in the export of IT services is demonstrating a steady positive trend. In 2024, two IT Park Uzbekistan resident companies exported services to the Serbian market, with a total export volume of approximately $42,000.

By the end of the first nine months of 2025, the number of IT Park residents working with the Serbian market had tripled to six companies. Concurrently, the total export volume exceeded $72,000, indicating a consistent expansion of Uzbek IT companies' presence in this market.

This positive trend continued into 2026. Notably, a resident company with a Serbian founder was registered with IT Park, providing further evidence of Serbian business interest in the opportunities within Uzbekistan's tech ecosystem. To date, the cumulative export volume of services to Serbia has reached approximately $130,000.

Thus, in a relatively short period, this cooperation has evolved from isolated export contracts to a more sustained interaction between companies from both countries. The growth in the number of exporters, the increase in the volume of services provided, and the registration of a resident with Serbian ownership create a favorable foundation for the further development of partnerships in IT outsourcing, BPO/KPO, digital solutions, startups, and joint technology projects. This positions Serbia not merely as another potential destination for Uzbek technology exports, but as a partner with substantial experience in building and selling internationally competitive digital services.

For Uzbekistan, closer cooperation with Serbia could generate several strategic benefits.

First, Serbia can serve as a platform for Uzbek technology companies to gain experience working with European customers, adapt their products to international requirements and build stronger overseas sales channels.

Second, Serbia’s established startup and acceleration infrastructure can help Uzbek startups improve investment readiness, connect with international investors and expand into new markets.

Third, cooperation in logistics technology, GameDev, GovTech, artificial intelligence and cybersecurity could support Uzbekistan’s transition towards higher-value technology and knowledge-based services exports.

For Serbian companies, Uzbekistan represents both a rapidly growing domestic market of around 38 million people and a gateway to the broader Central Asian region.

Serbian technology and service companies can use Uzbekistan to establish delivery centers and BPO/KPO operations, form joint development teams, identify technology partners and test products before expanding them into neighboring regional markets.

Uzbekistan also offers a growing pool of technical talent, an increasingly dynamic startup ecosystem, support mechanisms for technology companies and rising demand for digital solutions across both the public and private sectors.

Due to the Aral Sea tragedy, the negative consequences of climate change are more acute in Central Asia. The increase in air temperature in our region is twice the world average. The number of extremely hot days is expected to double and the area of glaciers will shrink by a third. In the last 30 years, the rate of warming in Central Asia is higher than the global average, and the average annual temperature has increased by 0.5 degrees. According to forecasts, the temperature is expected to increase by 2.0-5.7 degrees by 2085.

Uzbekistan is making active efforts to improve the quality of the environment and prevent the negative consequences of environmental problems. In particular:

Within the framework of international cooperation

Currently, the need for international cooperation in the field of environmental protection is determined by the growing ecological interdependence of all countries. Ozon layer depletion, pollution of the atmosphere and oceans, and the rise in temperature on our planet affect the entire world community, not just the countries engaged in environmentally dangerous activities. Therefore, today, a number of countries have established cooperation with the United Nations Organization on issues of environmental safety.

Such cooperation is based on a number of principles generally recognized by the international community. They are partly reflected in interstate agreements and acts, normative documents of international organizations, and summarized in the decisions of the most important international conferences dedicated to environmental protection and the regulation of cooperation between states and peoples in this field.

Based on this, Uzbekistan is actively promoting important climate initiatives aimed at uniting the region to combat climate change. These ideas of the President of Uzbekistan Shavkat Mirziyoyev are constantly supported by the countries of the region.

As a logical continuation of the formation of a unified climate agenda for Central Asia, the initiative to develop a regional strategy for adaptation to climate change was announced by Uzbekistan at the 5th meeting of state leaders. In addition, the Head of Uzbekistan proposed to establish a multilateral platform at the level of the ministers of ecology - "Central Asian climate dialogue", which can be an integrating link in the path of "green" development in Central Asian countries.

In addition, President Shavkat Mirziyoev put forward a number of proposals at the United Nations Climate Change Conference (COP28). In particular, our country's President advocated for an expeditious agreement on the Global Framework for Climate Adaptation within the framework of the Paris Agreement. At the same time, he noted the need for a fair, transparent and inclusive transition to a low-carbon economy on a global scale, in which the interests of developing countries must be taken into account. He proposed to consider this urgent problem on a permanent basis, including within the framework of the "G7" and "G20" summits.

Within the framework of environmental reforms in our country

A strategy for the transition to a «green» economy

Uzbekistan adopted the strategy of transitioning to a "green" economy for 2019-2030. The main goals of this strategy are:

Preservation of natural resources: Modernization of irrigation systems, introduction of water-saving technologies.

Use of alternative energy sources: Expanding the use of solar, wind and biomass energy.

Introduction of cost-effective means in economic sectors: Improving energy efficiency in manufacturing and service sectors.

Improvement of environmental legislation

Legislation is also being improved to ensure environmental stability in Uzbekistan. These laws are aimed at providing legal groundwork to the reforms implemented in the fields of environmental protection and ecological stability.

Project "Restoration of sustainable forest landscapes in Uzbekistan"

The project "Restoration of sustainable forest landscapes in Uzbekistan" is being implemented in collaboration with the International Development Association. The cost of the project is more than 205 million dollars and it will be implemented within 6 years. It is important that the goals of the project include such tasks as expanding the territory of forests, strengthening the material and technical base of forestry, introducing sustainable management and developing the infrastructure of ecotourism.

"Uzbekistan - 2030" strategy

In the "Uzbekistan-2030" strategy adopted by the Decree of the President of Uzbekistan on September 11, 2023, reforms in the framework of water resources conservation and environmental protection are set as one of the priority goals. A number of measures are envisaged within the framework of the strategy, and they are being effectively implemented. In particular,

National project “Yashil Makon” ("Green Zone").

The Decree of the Cabinet of Ministers No.144-F of March 7, 2024 was adopted in order to implement the activities of the nationwide project "Green Space" in 2024. This project included a number of important initiatives aimed at improving the environmental situation in Uzbekistan and expanding green areas.

138.1 million tree saplings were planted in the spring planting season of 2024 within the "Green Zone" national project. This indicator made 110.5 percent compared to the planned one. This part of the project is aimed not only at environmental improvement but also at improving the aesthetic appearance of our cities.

"Green Parks" and "Green Belts"

In particular, 257 "Green Parks" were established, their total number reached 517. Also, "Green Belts" were established by planting 5.3 million tree saplings in and around industrial enterprises. These efforts were made to reduce the impact of industrial enterprises and protect the environment.

Initiatives of organizations and agencies

Ministries and agencies are also contributing to the aforementioned work. In particular, the Ministry of Defense created a park of 100 hectares, the Ministry of Digital Technologies and the Ministry of Mining and Geology — 65 hectares. These efforts are critical to ensuring the comprehensiveness and sustainability of the project.

Tree planting and waste recycling

In our country, trees have been planted near highways and railways, on river and canal banks, at industrial enterprises and gas stations. These are especially aimed at reducing the negative impact of transport and industry on the environment.

On average, 6.8 million tonnes of household waste are produced in our country per year. In recent years, the number of neighbourhoods covered by sanitation services has increased by more than 90 percent. The level of waste processing was 38.1 percent as of July 1, 2024, and the number of such enterprises was 313 as of February. 

Waste treatment and landfills

A new system for the regulation of landfills and waste processing is being launched. In each region, 3-4 landfills with a convenient location are being turned into special eco-industrial zones, and recycling projects are being implemented. In the remaining landfills, a new practice is being used to start temporary waste collection and reloading stations. The landfills that exhausted their resources are closed, poplar, mulberry, elm and maple trees are planted around them, and "green belts" are being established.

Avazbek Kholbekov,

Head of Department – Development Strategy Centеr

Central and South Asia are increasingly facing the same reality: climate risks are no longer a distant forecast. Droughts, water scarcity, heatwaves, land degradation, dust storms, floods, and pressure on water, food and energy security are already affecting economies, public health, infrastructure, and the resilience of entire regions.

This is why the second meeting of the Termez Dialogue on Connectivity between Central and South Asia is of particular significance. The second meeting is organized by the Institute for Strategic and Regional Studies under the President of the Republic of Uzbekistan and the Ministry of Foreign Affairs of the Republic of Uzbekistan, in partnership with the Conference on Interaction and Confidence Building Measures in Asia. This format reflects Uzbekistan’s consistent foreign policy direction aimed at strengthening trust, open dialogue, and sustainable connectivity between the regions.

While the first meeting introduced the Termez Dialogue as a platform for bringing the two regions closer together, the new agenda takes the next step: moving from a discussion of connectivity to practical mechanisms for joint climate adaptation and stronger environmental resilience. Its task is to move from conceptual discussions to concrete priorities and practical mechanisms, with joint adaptation to climate change identified among the key areas of cooperation.

Climate as a New Test of Connectivity

Climate change shows how closely water, food, energy, transport, health, and ecosystems are linked. When water availability declines, the impact is not limited to agriculture. It also affects hydropower, food prices, migration, employment, soil conditions, and even regional stability. As extreme heat becomes more frequent, cities, transport systems, healthcare systems, and labour productivity all come under pressure.

The Synthesis Report of the Intergovernmental Panel on Climate Change (IPCC), prepared as part of the Sixth Assessment Cycle, emphasizes that adaptation is already taking place in all regions of the world, but the gap between what is needed and what is being done remains and will continue to grow at the current pace of action. The IPCC also underlines that the most effective responses are not isolated measures, but integrated solutions that connect water management, agriculture, infrastructure, social protection, ecosystems, and population needs.

This is particularly important for Central and South Asia. Both regions depend on mountain watersheds, irrigated agriculture, the resilience of rural areas, as well as stable and secure energy supply and the cross-border movement of goods and people. Climate adaptation, therefore, cannot remain solely a matter of national policy. It must become part of interregional cooperation.

Uzbekistan: The Data Confirm the Urgency of Action

Uzbekistan’s Fourth National Communication under the UNFCCC identifies the country as among the most vulnerable to the impacts of climate change in Central Asia and Eurasia. This vulnerability is linked to accelerated temperature rise, growing water scarcity, glacier retreat, and the increasing frequency of extreme hydrometeorological events.

Water remains an especially sensitive factor. Uzbekistan’s water resources belong to the Aral Sea basin, while the main surface runoff of the Amu Darya and Syr Darya rivers is formed outside the country. This means that Uzbekistan’s climate resilience is directly linked to the quality of regional and interregional cooperation. Water, data, forecasts, infrastructure, and trust become part of one security system.

Cities as a New Frontline of Climate Adaptation

The climate agenda is also becoming increasingly connected with the future of cities. Speaking at the Leaders’ Summit of the 13th session of the World Urban Forum in Baku, President of Uzbekistan Shavkat Mirziyoyev noted that, over the next 15 years, the country’s population is expected to grow from 38 to 50 million people, while the urbanization rate is projected to rise from 51% to 65%.

For Uzbekistan, this is not only a demographic trend but also a climate challenge. Urban growth increases pressure on water, energy, transport, housing, air quality, and green spaces. Therefore, plans for sustainable urbanization — including the development of “green”, “smart”, “safe”, and “15-minute” cities, the expansion of urban greenery, and the introduction of green city principles — are directly linked to climate adaptation.

In this context, the Termez Dialogue can become a platform for exchanging experience not only on water and agriculture, but also on climate-resilient urban development: from reducing the urban heat island effect and saving water to clean transport, digital air quality monitoring, and designing new districts with climate risks in mind.

A New Emphasis: Adaptation as a Practical Development Agenda

The Termez Dialogue can offer an important new approach: to view adaptation not as a response to crises, but as an investment in sustainable development. This changes the very language of climate policy.

Adaptation is not only about building protective infrastructure or responding to emergencies. It is about more accurate forecasting of droughts and floods and data exchange between countries. It is about water-saving agriculture, the modernization of canals, pumping stations, and urban infrastructure. It is about restoring degraded lands and ecosystems. It is about preparing farmers, engineers, hydrologists, energy specialists, and local authorities to operate under new climate conditions.

This is why the Concept of the second meeting of the Termez Dialogue emphasizes the consolidation of efforts by states and partners to develop coordinated and mutually reinforcing approaches to climate adaptation and to reducing the socio-economic consequences of climate and environmental risks.

Why Central and South Asia Must Adapt Together

Climate risks do not recognize borders. Drought in one part of the region can affect food markets in another. Glacier retreat changes river regimes far beyond mountain areas. Dust storms, heatwaves, and extreme rainfall can affect several countries at once. Joint adaptation is therefore a practical necessity.

The IPCC stresses that around 3.3 to 3.6 billion people worldwide live in conditions of high vulnerability to climate change. It also emphasizes that the vulnerability of people and ecosystems is interconnected: the degradation of ecosystems increases risks for people, while social vulnerability reduces societies’ ability to adapt.

For Central and South Asia, this means that resilience must be built across several dimensions at once: water, food, energy, environment, and society. Food and environmental security cannot be strengthened without water. Infrastructure cannot be modernized without climate forecasts. Risks cannot be reduced without trust and information exchange.

Termez as a Place for Climate Partnership

The choice of Termez has both historical and practical significance. Termez is Uzbekistan’s southern gateway and a natural bridge between Central and South Asia. In today’s conditions, this role acquires new meaning: the city is becoming a symbol not only of transport and trade connectivity, but also of climate partnership.

Afghanistan has a particularly important role. The idea of the Termez Dialogue implies the need for the gradual integration of Afghanistan into regional economic, transport, humanitarian, and climate processes with the support of the international community. In the climate agenda, this is especially meaningful: without Afghanistan’s participation, it is impossible to build genuinely sustainable connectivity between Central and South Asia.

What the Termez Dialogue Can Deliver

The Termez Dialogue can become a platform for launching several practical areas of cooperation.

First, the exchange of climate and hydrological data, including forecasts of droughts, floods, glacier changes, and dust storms.

Second, the joint promotion of early warning systems, so that countries can prepare in advance for extreme weather events.

Third, the development of climate-resilient agriculture: water-saving technologies, drought-resistant crops, digital services for farmers, and the restoration of pastures and soils.

Fourth, ecosystem-based adaptation — the restoration of forests, wetlands, mountain and desert ecosystems that themselves serve as natural protection against climate risks.

Fifth, climate-resilient infrastructure — from transport corridors and logistics centres to energy facilities and rapidly growing cities.

From a Common Challenge to Shared Resilience

The main value of the Termez Dialogue is that it allows the climate agenda to be discussed not in the language of alarm, but in the language of joint solutions. Central and South Asia can not only exchange risk assessments, but also create common adaptation mechanisms: from scientific networks and pilot projects to investment programmes and regional standards for resilient infrastructure.

The new climate agenda of the Termez Dialogue is part of the larger idea of connectivity. Genuine connectivity is not only about roads, trade, and energy corridors. It is also about the capacity of countries to jointly protect ecosystems, human health, and the future of coming generations. The Termez Dialogue can become the space where Central and South Asia move from recognizing their shared vulnerability to building shared resilience.

D.R. Ziganshina, SIC ICWC | 20 May 2026

A comprehensive monitoring of key business activity indicators across Uzbekistan’s regions points to growth across all major metrics.

Based on operational data from the Tax Committee, Customs Committee, Central Bank, and the Uzbek Republican Commodity Exchange, the Center for Economic Research and Reforms (CERR) continues to monitor business activity across the regions of the Republic of Uzbekistan.

As of March this year, tax revenues demonstrated steady positive momentum, increasing by 54% compared to the same period last year.

The most notable growth in revenues was recorded in the Navoi, Syrdarya, Tashkent, and Khorezm regions, as well as in the city of Tashkent, where average growth rates reached 33%.

Personal income tax revenues rose by 15.2%, property tax revenues by 10.7%, and land tax revenues by 33.8%.

Customs revenues increased by 19.5%. The highest growth rates were recorded in the Navoi region, up 77.6%, and the Namangan region, up 64.2%.

Stable positive dynamics were also observed in the Fergana and Samarkand regions, as well as in the Republic of Karakalpakstan, where revenues increased by an average of 32%.

Analysis of foreign economic indicators shows that merchandise exports rose by 30%. The strongest export growth was recorded in the Navoi region, up 71.4%, and the Tashkent region, up 52.4%. Export growth was also observed in the Samarkand region (30.6%), Namangan region (29.3%), and Bukhara region (27.2%).

At the same time, lending activity expanded significantly. During the reviewed period, the volume of loans issued by commercial banks increased by 9.1%. The highest growth was recorded in the Samarkand region (+69.5%). In the Bukhara, Khorezm, Fergana, and Tashkent regions, lending growth averaged more than 43%.

The active development of the private sector is also reflected in a substantial increase in the number of newly established business entities. In March this year, 22,443 new enterprises were registered. The largest numbers were recorded in the Tashkent region (2,276), Khorezm region (2,035), Samarkand region (1,854), Fergana region (1,626), and the city of Tashkent (4,759).

Trading volume on the Uzbek Republican Commodity Exchange increased by 20.8%. The highest growth in exchange activity was recorded in the Syrdarya region, where activity rose by 68.4%. Additional strong growth was observed in the Syrdarya, Bukhara, Navoi, Namangan, and Surkhandarya regions, as well as in the city of Tashkent, where average growth reached 33%.

Sultonmurod Ozodov, CERR

The Ministry of Foreign Affairs of the Republic of Uzbekistan announces the commencement of accreditation for representatives of mass media to cover the 43rd Session of the UNESCO General Conference in Samarkand.

Journalists wishing to participate in the coverage of the conference are required to complete registration on the United Nations “INDICO” platform and obtain accreditation.

The online registration form is available at the following link: https://indico.un.org/event/1017853/registrations/21114/.

Applications from representatives of media will be accepted until October 10, 2025.

Applications submitted after the deadline, or without the required documents and a completed application form, will not be considered.

Please note that submission of an application does not constitute a basis for entry into the Republic of Uzbekistan or for engaging in journalistic activities of foreign media representatives without official confirmation of accreditation issued by the Ministry of Foreign Affairs of the Republic of Uzbekistan.

For additional inquiries, please contact the Press Service of the Ministry of Foreign Affairs at press@mfa.uz.

Ahead of U.S. Secretary of State Marco Rubio’s planned visit to Samarkand for the C5+1 summit, the Center for Economic Research and Reforms has examined the outlook for the Central Asia–U.S. platform and opportunities to further expand Uzbek-American cooperation.

History of Visits

Visits by U.S. secretaries of state to Uzbekistan date back to February 1992. John Kerry’s visit to Samarkand on November 1, 2015, was particularly significant: it brought together the foreign ministers of the five Central Asian countries and the United States for the first time, launching the C5+1 platform. Secretary of State Marco Rubio’s upcoming trip continues the established practice of combining bilateral talks with regional dialogue.

The U.S. secretary of state is expected to arrive in Samarkand in mid-October 2026, leading a delegation representing more than 200 American companies. A C5+1 ministerial meeting has been announced, with the foreign ministers of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan set to participate. Its stated priorities are regional economic connectivity, energy security, and joint responses to shared regional challenges. Talks with Uzbekistan’s leadership are also planned.

For Uzbekistan, the visit offers an opportunity to advance projects already agreed upon, attract technology, and improve access to international capital. The scale of the announced business delegation provides additional scope to pursue these objectives.

The Evolution of Central Asia Plus Frameworks

Regional frameworks involving external partners are becoming a regular feature of Central Asian diplomacy. In April 2025, Samarkand hosted the first Central Asia–European Union summit, which elevated relations to a strategic partnership. The second summit with China took place in Astana in June of the same year, followed by the first summit with Japan in Tokyo in December and the first summit with the Republic of Korea in Seoul in September 2026.

These platforms share much of their economic agenda: transportation, energy, critical raw materials, industry, and digital technology.

The C5+1 platform provides a dedicated channel for engagement with American businesses and financial institutions. Established in 2015, it covers the economy, energy and the environment, and security. A regional approach allows participants to address issues that extend beyond any single country, including transit, cross-border infrastructure, and supply chain resilience.

Bringing the five countries and prospective American investors together on one platform helps align national projects with the regional conditions needed to implement them.

Outcomes of the First C5+1 Summit

The first presidential-level C5+1 summit took place in New York on September 19, 2023. The inaugural Critical Minerals Dialogue followed in February 2024, and the first B5+1 business forum was held in Almaty in March. The latter created a channel for businesses to contribute to discussions on the investment climate and regional economic integration. The political platform thus gained both an industry-focused mechanism and a forum for business engagement.

The summit held at the White House on November 6, 2025, strengthened the commercial dimension of cooperation. According to the U.S. Department of Commerce, trade and investment agreements worth more than $25 billion across Central Asia were announced at the accompanying business conference. They cover aviation, agricultural machinery, rail infrastructure, digital technology, and critical minerals extraction.

At the summit, President Shavkat Mirziyoyev proposed closer coordination on investment and trade, the development of transport and energy projects linking Central Asia with the South Caucasus and Europe, and cooperation in the exploration, extraction, and value-added processing of critical minerals. His proposals also included holding the next summit in Samarkand.

The practical question for the next stage is whether high-level decisions are backed by adequate project preparation and financing. In aviation, this means aircraft delivery and operation; in industry, the construction and commissioning of production facilities; and in raw materials, the adoption of processing technologies and agreements with buyers.

Bilateral Meetings and New Investment Mechanisms

Regional cooperation rests on direct dialogue between Uzbekistan and the United States. During Uzbek President Shavkat Mirziyoyev’s official visit to the United States in May 2018, he held talks with U.S. President Donald Trump at the White House, and the two countries adopted a joint statement marking the start of a “new era of strategic partnership.” The presidents met again in New York in September 2025 and held talks in Washington on November 6. In February 2026, the Uzbek president visited the U.S. capital for the inaugural meeting of the Board of Peace, with new bilateral agreements signed as part of the visit’s business program.

One outcome of the November talks was the establishment of the U.S.–Uzbekistan Business and Investment Council. It is co-chaired by Saida Mirziyoyeva, Head of Uzbekistan’s Presidential Administration, and Sergio Gor on the American side. The Council’s responsibilities include supporting major trade and investment projects, monitoring the implementation of agreements, mobilizing financing, and promoting the services of IT Park resident companies, among other tasks.

The initial public offering (IPO) of the Uzbekistan National Investment Fund, or UzNIF, opened another channel to international capital. Its global depositary receipts were admitted to trading on the London Stock Exchange on May 18, 2026. Managed by Franklin Templeton since 2025, the fund holds stakes in 13 state-owned enterprises. For Uzbek-American cooperation, its significance lies in the involvement of an American investment manager in transforming a portfolio of state-owned assets and improving access to global equity markets.

BlackRock represents another area of engagement. In Davos in January 2026, President Shavkat Mirziyoyev discussed the acquisition of stakes in Uzbek enterprises and joint investment projects with BlackRock’s leadership. At a meeting in Tashkent on July 7, the priorities identified included privatization, financial markets, the fuel and energy sector, petrochemicals, and artificial intelligence technologies. These talks broaden opportunities for engagement with institutional investors.

A significant step has also been taken in cooperation with the U.S. International Development Finance Corporation (DFC). In February 2026, the parties agreed on the key terms for establishing a joint investment partnership. On June 16, DFC announced the launch of a U.S.–Uzbekistan investment platform involving the U.S. Export-Import Bank, Uzbekistan’s Ministry of Investment, Industry and Trade, and its Fund for Reconstruction and Development.

The platform’s priorities include energy, critical minerals, infrastructure, transportation and logistics, advanced manufacturing, information and communications technology, and pharmaceuticals. It is designed to attract private capital and participation from other financial institutions. Its significance lies in creating a mechanism to select and finance projects. This gives the October meeting a concrete basis for discussions on individual projects, their readiness, and the terms of partner participation.

Critical Minerals and Processing Opportunities

In September 2024, Uzbekistan and the United States signed a memorandum on a critical minerals partnership linked to initiatives from the 2023 C5+1 summit. In February 2026, the two countries signed an intergovernmental memorandum at the ministerial level on securing supplies through the extraction and processing of critical minerals and rare earth elements.

For Uzbekistan, the greatest returns are likely to come from developing production with higher added value. Where feasible, extraction should be complemented by ore beneficiation and further processing to produce materials that meet industrial customers’ requirements. The extent of processing, access to technology, training for local specialists, and the share of operations carried out domestically are therefore important considerations in evaluating joint projects.

Trade Trends and the Structure of Economic Ties

According to Uzbekistan’s National Statistics Committee, trade between Uzbekistan and the United States increased 4.7-fold between 2017 and 2025, from $215 million to approximately $1 billion. Exports rose from $32.1 million to $291.7 million, while imports increased from $182.9 million to $712.3 million. This trend reflects expanding ties, with purchases of American goods and services continuing to account for the larger share of bilateral trade.

In January–August 2026, bilateral trade reached $810.4 million, up 33.4% from the same period in 2025. Uzbekistan’s exports totaled $304.5 million, an increase of 59.9%, while imports reached $506 million, up 21.3%. The U.S. share of Uzbekistan’s total foreign trade rose from 1.1% to 1.4%.

Services accounted for $224.8 million, or 73.8%, of exports during the first eight months of 2026. Machinery and transport equipment contributed $44.8 million, while mineral fuels and related products accounted for $17.6 million. Machinery and transport equipment were the largest import category at $272.5 million, or 53.9%, followed by services at $84.1 million and chemical products at $73.5 million.

As of September 1, 2026, 377 companies with American investment were operating in Uzbekistan. The American business presence and joint projects span manufacturing and mining, energy and petrochemicals, agriculture, construction, and services, including information technology.

Total foreign direct investment and loans attracted from the United States exceeded $2.9 billion over 2017–2025. The annual figure rose from $8.6 million in 2017 to $383.2 million in 2025.

Conclusion

Given the announced agenda and the mechanisms already established, the most likely focus of the talks is advancing investment projects, energy infrastructure, and regional connectivity.

The partnership’s further development depends primarily on implementing the agreements already reached. Investment and modern technology create opportunities to upgrade production, raise productivity, and expand exports. For Uzbekistan, the long-term value of this cooperation lies in strengthening its industrial capacity, creating skilled jobs, and reaching new markets.

Regional dialogue also complements bilateral engagement by enabling countries to address transportation, energy, and trade issues together. Coordinated work in these areas can improve business conditions and make economic ties more resilient. The upcoming talks offer an opportunity to identify the next priorities and translate the existing partnership into further practical cooperation.

Overall, C5+1 allows Uzbekistan to connect its bilateral relations with regional transport and energy priorities, broaden its investor base, and strengthen its participation in international production networks. The forthcoming meeting in Samarkand could consolidate this shift toward project implementation.

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

The First Deputy Director of the Institute for Strategic and Regional Studies under the President of the Republic of Uzbekistan Akramjon Nematov shared this assessment, commenting on the results of President of the Republic of Uzbekistan Shavkat Mirziyoyev's visit to Turkiye.

According to him, the official visit of the Uzbek leader to the Republic of Turkiye, which concluded on January 29, 2026, should be viewed not only as another event on the bilateral political calendar, but above all as an important milestone in the institutional strengthening of Uzbek-Turkish relations. Its results convincingly confirmed that the interaction between Tashkent and Ankara, which was largely fragmented just a few years ago, has reached a qualitatively new level – the level of a comprehensive strategic partnership based on pragmatism and mutual benefit.

The personal role of President Shavkat Mirziyoyev in shaping this new quality of relations deserves special mention. His proactive policies and strategic approach have enabled bilateral cooperation to reach a systemic level, where pragmatism is combined with a long-term focus on sustainable development. Thanks to the President's initiative, visits and cooperation programs have become regular and institutionalized, and the agreements reached have begun to be implemented with clear planning and measurable results, strengthening trust between the countries and creating a reliable platform for economic, humanitarian, and technological ties.

Thus, the current visit's program, which included talks in narrow and expanded formats, as well as the fourth meeting of the High-Level Strategic Cooperation Council, demonstrated a high level of political trust and the maturity of the bilateral dialogue. While such meetings were previously held sporadically, today the Strategic Cooperation Council functions on a regular basis, ensuring the continuity of decisions and overseeing their implementation. Symbolically, the key events took place on the eve of the holy month of Ramadan and the 30th anniversary of the Treaty of Eternal Friendship and Cooperation, underscoring the value-based and historical foundation of the partnership.

Of fundamental importance is the fact that Uzbek-Turkish cooperation is currently characterized by constructive and pragmatic mutual approaches, and is being built as an open partnership model focused on ensuring shared security and sustainable development. This is reflected in the finalization of the "4+4" format, which brings together coordination across foreign policy, defense, and law enforcement agencies. Unlike previous consultation mechanisms, this format is practical in nature and allows for a systemic response to cyber threats, cross-border crime, and other unconventional challenges.

The economic dimension of the partnership demonstrates sustained positive momentum and a high degree of complementarity. In recent years, mutual trade has more than doubled, reaching $3 billion by the end of 2025, compared to just $1.5 billion at the beginning of the decade. The goal set by the heads of state to increase trade turnover to $5 billion is supported not by mere declarations, but by a real investment portfolio of approximately $9 billion. The number of enterprises with Turkish capital has also increased significantly: while there were previously hundreds, today over 2,100 such companies operate in Uzbekistan, demonstrating growing business confidence and the formation of a solid material foundation for the strategic partnership. The need for further advancement of projects in industry, agriculture, social protection, and other priority areas was emphasized, including by expanding the list of goods covered by the Preferential Trade Agreement.

In preparation for the visit, new priority areas of industrial cooperation were identified, which will be implemented under a separate program. Compared to previous stages of cooperation, which focused primarily on trade and construction, the current emphasis is on joint production, localization, and export-oriented industries. Particular attention is paid to developing cooperation in tourism, theater festivals and cultural weeks, joint production of historical films, and the restoration of cultural heritage sites, reflecting the expanding humanitarian component of the partnership.

It is particularly noteworthy that the agreements reached are directly aimed at addressing the structural challenges of Uzbekistan's national development. The development of the Middle Corridor and the cooperation in transport and transit enshrined in the corresponding protocol are aimed at overcoming the country's geographic isolation and diversifying external logistics routes. Compared to traditional routes, these solutions reduce delivery times and increase the resilience of supply chains. Agreements on industrial cooperation, the management of special economic zones, and the creation of joint clusters contribute to reducing the economy's reliance on raw materials and fostering high-value-added production. The transfer of technological competencies, including nuclear safety and digitalization, should be viewed as an element of sovereign modernization, not technological dependence.

A fundamentally new stage has been the expansion of cooperation to the regional level. The intention to organize visits by delegations from all regions of Uzbekistan to Turkiye reflects the transition from a centralized model of interaction to a more flexible, decentralized partnership architecture. While interregional contacts were previously limited, the Action Plan for 2026–2027 envisages the formation of sustainable partnerships between the regions of the two countries, the launch of joint projects, and the development of a portfolio of local initiatives. Significant potential for implementing advanced Turkish practices in agriculture, horticulture, healthcare, and medical tourism has also been noted.

The military-technical cooperation sector deserves special attention. Compared to previous years, when interaction was limited to consultations, the signed agreements provide for deeper cooperation in military medicine, personnel training, and the implementation of surveillance systems and unmanned aerial vehicles. This cooperation is exclusively defensive in nature and is aimed at enhancing the professional level and technical capabilities of the Armed Forces of Uzbekistan, which is a rational contribution to strengthening national defense capability.

The humanitarian dimension of the Uzbek-Turkish partnership lends further depth and stability to the relationship. The implementation of the Cultural Cooperation Plan for 2026–2027, the agreement to hold the fourth Rectors' Forum in Bukhara, and joint education projects form a long-term foundation for cooperation. Uzbekistan's participation in the reconstruction of the earthquake-damaged Hatay province, the construction of the "Uzbekistan" residential complex, and a comprehensive school have become clear examples of practical solidarity. The start of construction of an Uzbek school in the Bekirkoy district of Istanbul—Uzbekistan's first educational institution abroad—is also symbolic, reflecting the strategic focus on the humanitarian aspect of cooperation and outreach to the diaspora.

Overall, the visit to Turkiye confirmed that Uzbek-Turkish relations are developing as a pragmatic, dynamic, and responsible partnership. Compared to previous stages of bilateral cooperation, the current format is characterized by greater institutional stability, expanded economic and regional cooperation, and deepened humanitarian ties. The agreements reached create additional tools for overcoming transportation and technological constraints, modernizing the economy, strengthening defense capabilities, and ensuring shared security, forming a solid foundation for further expanding Uzbekistan's international cooperation in a changing global environment.

«Dunyo» IA

Tashkent

Today, cooperation agenda between Uzbekistan and Azerbaijan is gradually taking on a regional dimension. Tashkent and Baku are increasingly viewed not merely as two independent technology hubs, but as potential links connecting the innovation ecosystems of Central Asia and the South Caucasus.

Additional institutional groundwork for long-term cooperation was laid by the outcomes of the Uzbek-Azerbaijani summit in August 2026, during which a Treaty on Eternal Friendship between the two states was signed.

From Interagency Dialogue to Practical Cooperation

One of the starting points for modern cooperation in technology and innovation was June 2022. During Azerbaijani President Ilham Aliyev’s state visit to Uzbekistan, the Ministry of Digital Development and Transport of Azerbaijan and the Ministry for Innovative Development of Uzbekistan signed a Memorandum of Understanding.

Practical implementation of these agreements began just a few months later. In September 2022, Uzbek specialists visited the Ministry of Digital Development and Transport of Azerbaijan and its affiliated organizations. The delegation familiarized itself with the activities of Azercosmos, including the management of telecommunications satellites and Earth observation technologies, and studied the work of Azerbaijan’s Innovation and Digital Development Agency (IDDA) and its startup support mechanisms. One of the earliest areas of cooperation was therefore the exchange of practical experience in developing innovation and digital infrastructure.

The next important stage of cooperation came at the end of 2023, when a delegation from the Ministry of Digital Technologies and IT Park Uzbekistan visited Baku and took part in the INMerge Innovation Summit. As part of the visit, Uzbek representatives also held a meeting with PASHA Holding, which became an important point of contact for establishing business ties and discussing prospects for cooperation in innovation, digital technologies, and startup ecosystem development.

During talks with the Ministry of Digital Development and Transport of Azerbaijan, the parties identified areas such as e-government, telecommunications, electronic document management, and digitalization. An interagency working group was formed to further develop these projects. At the same time, substantive dialogue began with IDDA on the development of startup and venture ecosystems and the organization of joint acceleration programs.

Thus, from 2022 onward, Uzbek-Azerbaijani digital cooperation gradually moved from studying experience and establishing institutional contacts toward practical cooperation between the technology ecosystems of the two countries.

IT Business Becomes a Distinct Area of Bilateral Relations

The development of intergovernmental engagement has been accompanied by an expansion of direct ties between IT companies from both countries.

By the end of the first half of 2026, the number of IT Park Uzbekistan resident companies with Azerbaijani capital reached 16.

The volume of export services provided by companies with Azerbaijani capital exceeded $2.5 million in the first half of 2026 alone, already surpassing the figure for the whole of 2025, which stood at more than $2.3 million. These companies have created 172 jobs.

Their main areas of activity are software development and implementation, technical support, and software licensing. Companies with Azerbaijani capital include, among others, Financial Chain Corporation and Robertson and Blums.

At the same time, exports of Uzbek digital services to the Azerbaijani market are also growing. In the first half of 2026, 21 IT Park Uzbekistan companies exported services to Azerbaijan. Export volume exceeded $1.2 million, nearly matching the figure for all of 2025, which reached $1.34 million.

Companies serving the Azerbaijani market employ approximately 700 specialists. Among the largest exporters are T4Data, which works with SAP solutions, and Transproekt and IT A-Plus Solutions Software, which specialize in software development.

Startups and Venture Capital: A Fast-Growing Area

One of the key elements of Uzbek-Azerbaijani technological engagement has been the development of the startup ecosystem.

The first practical bridges began forming as early as 2023. IT Park Uzbekistan served as an information partner for Azerbaijan’s SABAH.lab acceleration program, which prepared technology companies for investment and provided funding opportunities for selected projects.

During the 2023 INMerge Innovation Summit in Baku, Uzbek startups TASS Vision, Workly, Sug’urta Bozor, and Uysot had the opportunity to present their projects to international venture funds, including 500 Global, Caucasus Ventures, White Hill Capital, Seedstars, TA Ventures, and Plug and Play.

At the same time, discussions were held with SABAH.HUB on investment in Uzbek startups and the development of university incubation programs, as well as with Azerbaijan’s Innovation and Digital Development Agency on joint acceleration projects.

In November 2024, four Uzbek startup projects were presented under the “Central Asian Innovation Hubs” brand at the InMerge innovation summit in Baku, marking the beginning of more active bilateral engagement in the startup sphere. This partnership was further developed on May 6, 2026, when IT Park Uzbekistan and PASHA Holding jointly held the “InMerge Uzbekistan Innovation Summit” in Tashkent, bringing together more than 40 startups and around 20 international experts and speakers, along with investors, corporations, and government representatives, to discuss business partnerships and investment attraction.

A practical outcome of this cooperation was that Azerbaijani startups “Push30” and “Clopos” attracted a combined $500,000 in investment from local funds IT Park Ventures and Aloqa Ventures as part of their expansion into Uzbekistan. At the same time, Uzbek startup “Recepta” secured $150,000 in investment from IT Park Ventures under the “Digital Startup Awards” program. Reciprocal activity has also been demonstrated by Uzbek startups “Tass Vision,” “Promptlab,” and “Oson,” which are actively expanding into the Azerbaijani market, as well as by startup “Sino AI,” which has been integrated into a clinic in Azerbaijan and is undergoing testing with 50 users.

A particularly notable practical outcome was Azerbaijan’s participation in the Digital Startup Awards 2025, organized by the Ministry of Digital Technologies of Uzbekistan, IT Park Uzbekistan, and IT Park Ventures.

Azerbaijani projects took part in several tracks simultaneously, including incubation, acceleration, and the “Best Startup Project” category. Startups from Azerbaijan received a combined total of $70,000 through the program. Recepta received $50,000 under the acceleration program, Lingozy and SnackPack AZ received support through incubation, while StarkidStories and Tryverse represented Azerbaijan in the finals of the Best Startup Project category.

This marks an important qualitative shift: capital is beginning to flow between the two ecosystems in both directions, creating the foundations for a regional venture capital market.

From Acceleration to Joint Work on AI Projects

Artificial intelligence is gradually becoming a distinct area of technological cooperation.

In June 2026, IT Park Uzbekistan, IT Park Ventures, Azerbaijan’s SABAH.HUB, and Founders Hub organized a Startup Deep Dive practical session for technology entrepreneurs in Tashkent. Selected startups had the opportunity to present their products to a SABAH.HUB expert and receive an assessment of their business models, market potential, and readiness for investment and international scaling.

Particular emphasis in the program was placed on startups considering Azerbaijan as their next market for expansion.

Alongside startup cooperation, another strategically important area developing in parallel is training and the exchange of professional competencies.

A notable example was the 3rd International Training Camp in Competitive Programming, held in Baku from August 20 to 27, 2026. Uzbekistan was represented by four teams, including teams from Tashkent University of Information Technologies, New Uzbekistan University, and the Tashkent branch of Moscow State University.

Three of these teams were winners of the IT Park Code Cup, and their participation was supported by IT Park Uzbekistan. Over the course of seven days, students worked on problems from one of the world’s most rigorous international competitive programming training programs and exchanged knowledge with foreign teams and coaches.

What the Next Stage of Cooperation Will Look Like

The experience accumulated so far points to the gradual formation of a new direction in Uzbek-Azerbaijani relations in the field of digital technologies.

While the first stage was centered on familiarization visits and the exchange of government experience, and the second on participation in joint events and startup programs, the next stage will involve establishing permanent infrastructure for technological cooperation.

ICT Week Uzbekistan 2026 will serve as an important platform for continuing this dialogue. As part of the week, a technology forum of the Organization of Turkic States is also planned to be held in Uzbekistan, with representatives of Azerbaijan’s technology ecosystem participating.

Looking ahead, this interconnection between the two ecosystems could become one of the region’s key competitive advantages. It creates conditions for the emergence of new cross-border companies, joint investment mechanisms, and technological solutions capable of scaling across multiple markets simultaneously.

In this way, Uzbekistan and Azerbaijan are gradually forming an ecosystem that could become an independent hub for attracting entrepreneurs, capital, and technology professionals, strengthening the region’s role in the global innovation economy.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Financial Results for Q1 2026

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

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

Large Banks Activity Ranking for Q1 2026

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

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

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

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

Changes Across Key Indicators

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

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

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

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

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

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

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

Small Banks Activity Ranking for Q1 2026

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

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

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

Jafar Khidirov, CERR

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

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