Business & Economy - The Times Of Central Asia

Viewing results 13 - 18 of 3653

Foreign Trade

Kazakhstan’s Exports Rise Nearly 10% in First Quarter of 2026

Kazakhstan increased its foreign trade turnover to $32.9 billion during the first quarter of 2026, while exports rose by nearly 10% year-on-year, according to the country’s Ministry of Trade and Integration. The ministry stated that Kazakhstan completed the January-March period with a “confident strengthening” of its foreign trade position. Amid continued strong business activity and expanding export potential, total trade turnover reached $32.9 billion, an increase of 10.5% compared to the same period in 2025, when the figure stood at $29.8 billion. “The dynamics confirm the resilience of the country’s foreign economic sector and the gradual strengthening of higher value-added products in the structure of Kazakhstan’s exports,” the ministry said. Total exports for the first quarter of 2026 rose by 9.4% to $18 billion, while imports increased by 11.8% to $14.9 billion compared to the same period last year. According to the ministry, the faster growth in imports was primarily driven by increased purchases of investment and technological goods needed for the modernization of Kazakhstan’s industrial, energy and transport infrastructure. Among the most notable increases was the import of electric generating units, which rose to $416.8 million, more than five times the previous level. Imports of gas turbines and aircraft engines, railway locomotives, and equipment for processing and sorting raw materials also increased significantly. “This structure of imports indicates sustained high investment demand within the economy and the active implementation of infrastructure and industrial projects,” the ministry said. Officials also highlighted the performance of Kazakhstan’s non-commodity trade sector. Foreign trade turnover in non-resource goods reached $20.4 billion during the first quarter of 2026, up 13.5% year-on-year. Non-commodity exports rose by 23.4% to $6.9 billion, becoming one of the main drivers of changes in Kazakhstan’s foreign trade structure. The main non-resource exports included copper and copper cathodes, silver, uranium, ferroalloys, animal feed products, and sunflower oil. Exports of sunflower oil increased by nearly 60% to $277.8 million, reflecting what the ministry described as the growing competitiveness of Kazakhstan’s processed agricultural products. Ferroalloy exports rose by 20.1%, pointing to continued growth in the metallurgical sector and wider export markets for domestically manufactured industrial goods. “Kazakhstan’s foreign trade geography remains steadily diversified,” the ministry stated. “China became the country’s largest trading partner in the first quarter, with trade turnover reaching $7.8 billion and accounting for 23.8% of total foreign trade.” Russia retained second place with bilateral trade totaling $6.5 billion, remaining Kazakhstan’s key market for imports and industrial cooperation. Italy, Turkey, and Uzbekistan also ranked among Kazakhstan’s largest trading partners. The ministry also noted Kazakhstan’s export position in Europe. Trade turnover with Italy exceeded $3.4 billion during the first quarter, with Kazakh exports accounting for more than $3 billion of that total. As previously reported by The Times of Central Asia, Kazakhstan aims to increase non-commodity exports to $52 billion by 2030.

North-South Highway

Kyrgyzstan to Temporarily Open Alternative North-South Highway from June to November

Kyrgyzstan’s alternative North-South highway will be open to traffic from June to November 2026, the Ministry of Transport and Communications has announced. Preparatory work for the seasonal opening is currently underway, including the implementation of additional safety measures. The long-anticipated 433-kilometer highway is a strategic transport corridor linking Balykchy in the Issyk-Kul Region with Jalal-Abad in southern Kyrgyzstan. Approximately 200 kilometers of the route pass through areas where no roads previously existed. Key engineering achievements along the route include Kyrgyzstan’s longest tunnel, located at the Kok-Art mountain pass, and two major overpass bridges. Once operational, the highway is expected to reduce travel time between Jalal-Abad and Balykchy from 13 hours to just six. Currently, the only route connecting Kyrgyzstan’s northern and southern regions is the Bishkek-Osh highway. The new North-South corridor is expected to improve both passenger and freight transportation between the regions, particularly given the absence of a direct railway connection. Construction of the North-South highway began in 2014, but the opening has been repeatedly postponed. The highway is expected to become fully operational year-round in 2028, according to Minister of Transport and Communications Talantbek Soltobaev. He said that in 2026 the highway would only operate during the summer season. “Until we resolve safety issues, we will be closing the highway for the winter,” the minister said, referring to the need to eliminate risks associated with rockfalls, avalanches and other natural hazards along certain sections of the road.

IPO

Uzbekistan Conducts First Dual IPO in London and Tashkent

Uzbekistan has completed its first international equity offering, as the state-backed National Investment Fund of Uzbekistan (UzNIF) began trading through a dual listing on the London Stock Exchange and the Tashkent Stock Exchange. UzNIF raised $603.6 million by selling a 31% stake to international and domestic investors. The proceeds could rise to about $692 million if an overallotment option is exercised in full, bringing the total stake sold to 35%. At the offer price, the fund was valued at about $1.95 billion. The offering was managed by Franklin Templeton, while cornerstone investors included funds and accounts managed by BlackRock, Franklin Resources, and Redwheel. The shares were sold by Uzbekistan’s Ministry of Economy and Finance, so the proceeds will go to the state rather than directly to the fund. The listing attracted more than $2.8 billion in investor demand. Julia Hoggett, chief executive of the London Stock Exchange, described UzNIF as the first international IPO from Uzbekistan and the largest IPO on the exchange’s markets so far this year. Saida Mirziyoyeva, head of Uzbekistan’s presidential administration, framed the transaction as part of the country’s effort to deepen capital-market reforms and draw long-term foreign investment. Speaking at the London Stock Exchange, she said the IPO was not only about raising capital, but also about building trust in a new generation of Uzbek institutions. “Uzbekistan has become a more open and reliable partner for the global capital market,” Mirziyoyeva wrote on Telegram. Uzbek officials say the country’s economy has nearly tripled in size in recent years, while investor protections and corporate governance standards have been strengthened. The listing comes as Uzbekistan intensifies efforts to position itself as a new investment destination in Central Asia. During a visit to London, Mirziyoyeva held talks with British officials, financial executives, and investors as Tashkent seeks to expand private-sector participation and develop plans linked to a proposed Tashkent International Financial Centre. Official figures show that British businesses have already invested more than $1 billion in Uzbekistan’s economy. Trading in London opened at $25 per global depositary receipt, with shares rising roughly 12% to $28 within the first hours of trading. On the domestic market, a separate tranche was made available through the Tashkent Stock Exchange, giving Uzbek investors access to a vehicle that had primarily been aimed at international institutions. UzNIF holds stakes in 13 state-linked companies in sectors including transport, energy, banking, telecommunications, utilities, and aviation. Its major holdings include Uzbekistan Airways, Uzbektelecom, Uzbekhydroenergo, and other infrastructure and energy operators. The fund was established in 2024 as part of Uzbekistan’s broader privatization and capital-market reform program. By grouping stakes in strategic state-owned enterprises into a single listed vehicle, the government is offering investors exposure to several parts of the Uzbek economy while retaining state control over the underlying assets. For Uzbekistan, the successful dual listing is a significant market-opening moment. It gives the government a benchmark for future privatizations, broadens access to Uzbek equities, and tests whether investor interest in the country’s reform story can be...

Trade Pavilion

Kyrgyzstan to Open Trade Pavilion at Uzbekistan’s Key Food Distribution Center

The Trade Mission of the Kyrgyz Republic in Uzbekistan will open a Kyrgyz Trade Pavilion at Food City in Tashkent. Food City is Uzbekistan’s largest wholesale fruit and vegetable market and one of the country’s biggest food distribution centers. An agreement on the pavilion’s opening was signed on May 15 in Tashkent between the Trade Mission of the Kyrgyz Republic in Uzbekistan and the Uzbek company FOODSTUFFS SELL. Spanning 60 hectares in Tashkent, Food City includes a large fresh food market serving retailers, supermarket chains, exporters, food processing companies, restaurants, and catering businesses. According to the Kyrgyz Ministry of Economy and Commerce, the pavilion will create a new platform for promoting Kyrgyz products in the Uzbek market and developing trade between the two countries. The pavilion will feature a permanent exhibition of Kyrgyz goods, including environmentally friendly and organic agricultural products, processed goods, and other food products. Officials say the project is expected to expand Kyrgyzstan’s export potential and strengthen direct ties between producers and distributors in the two countries. Bakai Akbaraliev, Kyrgyzstan’s trade representative in Uzbekistan, said the opening of the pavilion at Food City represents more than simply a new trading platform. “We are creating a sustainable channel for promoting Kyrgyz products, expanding export opportunities for businesses, and developing new mechanisms for sustainable trade and economic cooperation between the two countries,” Akbaraliev said. The project also aims to increase trade turnover between Kyrgyzstan and Uzbekistan.

Direct Flights

Kazakhstan to Launch Direct Flights to Tokyo and New York Within Next 12 Months

Kazakhstan plans to launch direct flights from Astana to Tokyo and New York within the next 12 months, Transport Minister Nurlan Sauranbayev said during a government meeting on Tuesday. Prime Minister Olzhas Bektenov reminded officials that the Ministry of Transport had previously pledged to open direct air links to Tokyo and New York but had yet to announce concrete results. “In the case of Tokyo, flights will begin in the fourth quarter of 2026, and flights to the United States will begin in the second quarter of 2027,” Sauranbayev said. He added that Astana currently operates 34 international routes. According to the minister, Kazakhstan has already opened four new international routes since the beginning of the year: Almaty-Shanghai, Astana-Yerevan, Atyrau-Tashkent, and Aktau-Yerevan. By the end of 2026, Kazakhstan's aviation authorities plan to open or resume 11 additional international routes, including Astana-Ulaanbaatar, Astana-Guangzhou, Astana-Issyk-Kul, Astana-Larnaca, Astana-Kashgar, Almaty-Tokyo, Almaty-Larnaca, Hanoi-Almaty-Prague, Almaty-Izmir, Almaty-Warsaw, and Kostanay-Tashkent. Meanwhile, Michael Daniel, CEO of the Aviation Administration of Kazakhstan (AAK), said work is ongoing to secure Category 1 status from the U.S. Federal Aviation Administration (FAA) under the International Aviation Safety Assessment (IASA) program, a prerequisite for launching direct flights to the U.S. Daniel said Kazakhstan has been addressing shortcomings identified during an FAA technical assessment conducted in August 2024. “We plan to invite the FAA IASA team to conduct an evaluation in September 2026. The FAA will assess Kazakhstan’s political commitment to complying with international aviation safety standards, including legislation, regulatory oversight, and practical implementation,” he said. “Our primary goal is to obtain FAA Category 1 status in November 2026,” Daniel added. Kazakhstan’s airline fleet is also expected to expand, with six additional aircraft scheduled to enter service by the end of this year. As previously reported by The Times of Central Asia, Kazakhstan’s civil aviation fleet consisted of 104 aircraft last year, with authorities aiming to increase that number to 216 by 2030. The government is also planning a major modernization of airport infrastructure over the next three years. “In accordance with the president’s instructions, work is underway on the construction of airports in the tourist zones of Katon-Karagay, Zaysan, and Kenderli, as well as the restoration of Arkalyk Airport,” Sauranbayev said. He added that aviation hub development is continuing at six major airports: Almaty, Astana, Aktau, Aktobe, Karaganda, and Shymkent. According to the minister, most airport modernization projects are being financed through private investment. As previously reported by The Times of Central Asia, Kazakhstan’s SCAT Airlines, in partnership with Boeing, has begun construction of a major aircraft maintenance, repair, and overhaul center in Shymkent.

Global Tech Weekend

Global Tech Weekend Brings International Investors and Startups to Uzbekistan

More than 2,500 startup founders, investors, developers, venture capital representatives, and technology experts gathered in Uzbekistan’s capital from May 15-17 for the inaugural Global Tech Weekend × TECH FEST, an event organizers say reflects the region’s growing role in the international innovation economy. Held in partnership with IT Park Uzbekistan, the three-day festival featured more than 40 events and over 120 speakers from Central Asia, Europe, the Middle East, and the United States. Discussions covered artificial intelligence, venture capital, gaming, digital transformation, startup scaling, and cross-border investment. The event marks Global Tech Weekend’s first edition in Uzbekistan. Founded in Los Angeles in 2024, the event debuted in Tbilisi in 2025 before expanding in 2026 to Tashkent, Tbilisi, and Baku as flagship host cities. “You have everything you need to achieve your goals. IT Park and the government provide strong support. I wish every country had this level of support,” said Jaba Kikvidze, co-founder of Global Tech Weekend, during the festival. “My advice to founders in Uzbekistan is to work hard, look beyond the local market, explore new opportunities, and make use of the ecosystem being built around you,” he added. [caption id="attachment_49077" align="aligncenter" width="300"] @IT Park Uzbekistan[/caption] One of the recurring themes of the event was how Central Asian startups can move beyond domestic markets and attract international investment. During a panel titled “Roots: Local Playbooks on Investing and Building within Central Asia,” regional investors discussed how funding strategies and startup expectations are evolving across emerging economies. Representatives from global accelerators and investment networks also highlighted growing international interest in founders from less traditional technology hubs. Speaking to The Times of Central Asia, Farrukh Erkinov, head of the Startup Ecosystem Development Department at IT Park Uzbekistan, said one of the festival’s main objectives was to create direct links between local entrepreneurs and global investors. “One of the most important factors in today’s startup ecosystem is connection to the global community,” Erkinov said. “Through Global Tech Weekend, we aimed to create a direct platform for startups in Uzbekistan to interact with international investors, accelerators, and technology partners.” [caption id="attachment_49078" align="aligncenter" width="300"] @IT Park Uzbekistan[/caption] Artificial intelligence was another major focus of the festival. Speakers including Ethan Pierse, a partner at Borderless Ventures whose work focuses on the AI economy, argued that traditional investment models are becoming less effective as AI reshapes industries and shortens startup development cycles. The event also included startup pitch competitions featuring projects from Uzbekistan and neighboring countries, mentorship sessions with international experts, and esports tournaments centered on PUBG MOBILE and Mobile Legends. Organizers said the festival is intended to connect Central Asia more closely with the Caucasus and other neighboring regions. “We believe we can unite Central Asia and the Caucasus,” Global Tech Weekend co-founder Guri Koiava told The Times of Central Asia. “This means friendship, bridges between countries, joint investments, and new business opportunities. Here I see a strong drive from young people. They believe in what they are building."