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State Asset Sales

Uzbekistan Privatization: Unsold State Assets Relisted With $85 Opening Bids

Uzbekistan has begun putting previously unsold state assets back on the market, with opening bids starting at 1 million Uzbek soums, or about $85. The first lots include stakes in small companies, a district laboratory, vacant buildings, and a former mineral fertilizer warehouse. That figure is the opening bid in an electronic auction, not a valuation of the property. The final price will be determined by bidding. The new rules took effect on September 8 and cover 84 previously unsold assets. They are part of a new privatization package approved by President Shavkat Mirziyoyev on August 28. The government also plans to offer stakes in another 84 companies, 1,242 real estate properties, and about 8,000 hectares of land. The package also calls for 85 enterprises to be liquidated or reorganized. Among the first offerings is a 100% stake in Bukhsu Scientific Biotechnology, a limited liability company registered in Bukhara. Despite its name, the state registry lists its activity as auxiliary services in the field of education. Another lot is a 100% stake in Yangiyo‘l tuman laboratoriya, a district laboratory in Yangiyul District, Tashkent Region. The state had already tried to sell it, offering the stake for about $820 in May 2026, but no buyer emerged. Also for sale are a 100% stake in Iqtisod-Moliya and a 30% stake in Ferula Shifobaxsh. The latter is associated with agriculture and is currently listed in the state registry as inactive. The real estate lots include retail premises, vacant buildings, and a former warehouse used to store and distribute mineral fertilizers. In Samarkand Region, authorities separately announced the renewed sale of five properties in the Narpay, Kattakurgan, Pakhtachi, and Urgut districts. All of the assets have been offered for sale before without success. Uzbekistan has been selling state-owned companies, banks, real estate, and land for years. Large transactions attract international capital. Alongside them, however, is a less visible part of the state economy: small businesses and properties with no obvious buyer. The problem predates the latest decree. As of April 1, 2025, more than 3,600 state assets remained on sale with a combined starting value of about $1.4 billion. Prices had been reduced for 440 assets after they remained unsold for more than three months. In 153 cases, prices had been cut by 70–90%. In 2024, Mirziyoyev criticized slow sales and inflated valuations of some state property. A new privatization program at the time included stakes in hundreds of enterprises and more than 1,000 real estate properties. The latest decree accelerates the process. After three months without a buyer, the price of an asset can be reduced in stages. Some properties can also be sold through a hybrid auction, in which the price falls until a bidder emerges and then rises as participants compete. Payment terms are also changing. Buyers need to make an initial payment of only 15%, with the remainder payable in interest-free installments. If 35% is paid within the first three months, the balance can be spread over up to five...

Gold Mining

AzerGold Eyes Gold Mining Projects in Kyrgyzstan

Azerbaijan’s state-owned mining company AzerGold is exploring potential gold and other mineral projects in Kyrgyzstan as it looks to expand its operations in Central Asia. On September 14, AzerGold Chairman Zakir Ibrahimov met executives from Kyrgyzaltyn, Kyrgyzstan’s state-owned gold mining company, to discuss potential joint mining and exploration projects. The two companies formalized their initial agreement on July 31 in Cholpon-Ata, where AzerGold and Kyrgyzaltyn signed a memorandum of cooperation. A month and a half later, the Azerbaijani delegation traveled to see Kyrgyzstan’s gold mining operations firsthand. One of the stops was the Altynken gold mine in the Chuy Region. It is operated by a joint venture between Kyrgyzaltyn and a subsidiary of China’s Zijin Mining. Kyrgyzaltyn holds 40% of the venture, and Zijin 60%. The AzerGold delegation was shown the mine and its processing facilities. It then traveled to Kyrgyzaltyn’s refinery in Kara-Balta, giving the delegation a view of both extraction and refining operations. For AzerGold, Kyrgyzstan would mark another step in a recently launched international expansion. In June, the company signed an agreement in Tashkent on the joint development of a gold deposit in Uzbekistan, albeit with scant details. AzerGold nevertheless described the Uzbek project as the first major step in its international growth and has identified Central Asia as one of its priority regions for expansion. The talks in Bishkek suggest it is now looking for a second foothold in the region. For Kyrgyzaltyn, interest from a new partner comes after major changes in the country’s gold mining industry. The most significant was the long-running dispute over Kumtor, Kyrgyzstan’s largest gold mine. The government took control of the mine from Canada-based Centerra Gold in May 2021. Under a settlement reached the following year, Centerra transferred ownership of its Kyrgyz subsidiaries to Kyrgyzaltyn, while Kyrgyzaltyn gave up its roughly 26% stake in Centerra. That episode did not end Kyrgyzstan’s use of foreign mining capital. Kyrgyzaltyn remains partnered with Chinese investors at Altynken, while an Indian-backed project at the Altyn-Tor section of the Solton-Sary deposit reached the production stage this month. Kyrgyzaltyn holds 35% of that venture and Avelum Partner, controlled by India’s Deccan Gold Mines, holds 65%. AzerGold could now become another foreign partner in the state company’s portfolio.

Digital Economy

ICT Week Uzbekistan 2026 Brings Startups and Investors to Tashkent

Tashkent will host ICT Week Uzbekistan 2026 from September 22 to 25, bringing together startup founders, investors, technology companies, and industry experts from Uzbekistan and abroad. The four-day event will be held at CAEx, the Central Asian Expo Uzbekistan exhibition center. Its startup and investment programme will focus on technology entrepreneurship, venture capital, and the international expansion of Uzbek companies. The Times of Central Asia is a media partner of ICT Week Uzbekistan 2026 and will cover key developments and discussions taking place during the event. The startup and investment programme will begin on September 22 with the Startup & Venture Summit, which is expected to bring together representatives of the global startup ecosystem. Discussions will focus on developing the regional venture market, access to capital, international expansion, and the roles of public and private investors in building startup ecosystems. On September 23, the Enterprise Uzbekistan Summit will focus on Uzbekistan’s development as a technology jurisdiction for international businesses. The programme will address legal certainty, institutional infrastructure, and conditions for attracting foreign technology companies and investment. The summit will include presentations by Enterprise Uzbekistan, keynotes from EY and BDO, a fireside chat involving IT Park Uzbekistan and Enterprise Uzbekistan, and a panel discussion titled “Rethinking Jurisdictions for the Global Technology Economy.” The same day will also feature the Global Startup Ecosystem Awards by StartupBlink, held in cooperation with IT Park Uzbekistan. The ceremony will recognize cities, countries, and regions that have performed strongly in StartupBlink's global rankings. It will be followed by a discussion on best practices in startup ecosystem development, with participants expected to examine factors behind successful ecosystems and how developing technology markets can use existing experience. One of the main events of the week will be the regional final of the Startup World Cup on September 24. Selected startups will present live pitches to an international jury and venture capital representatives. The winner will have an opportunity to advance to the global Startup World Cup in San Francisco, where finalists from around the world will compete for a $1 million investment prize. Artificial intelligence will also have a major role in this year’s programme. The AI Native: Ideas to Innovation event on September 24 will explore the development of AI ideas into technology and business products, covering areas such as large language models, cloud technologies, multilingual AI, robotics, AI agents and business automation. The programme will also look at opportunities for young specialists through AI education, hackathons and career paths. The technical side of technology growth will receive attention on September 25 during AWS Community Day Uzbekistan, which will focus on cloud technologies and solutions for scaling digital products. The final day will also feature the Ignyte AI Challenge, where startup teams will present AI-based solutions to international experts, as well as TAQDIMOT, a Startup Show & Pitch Battle featuring short presentations from technology projects. The startup-focused programme is part of a broader ICT Week agenda. Other events include several AI-focused forums and sessions, the Fintech Forum,...

Central Asia-South Korea Summit 2026

South Korea and Uzbekistan Sign 13 Agreements as Seoul Deepens Cooperation Across Central Asia

Uzbekistan and South Korea signed 13 cooperation documents during President Shavkat Mirziyoyev’s visit to Seoul on September 14, covering areas including critical minerals, artificial intelligence, rail transport and defense. South Korean President Lee Jae Myung will host the first summit with all five Central Asian states on September 16. The five Central Asian presidents due to attend are Kazakhstan’s Kassym-Jomart Tokayev, Uzbekistan’s Shavkat Mirziyoyev, Kyrgyzstan’s Sadyr Japarov, Tajikistan’s Emomali Rahmon, and Turkmenistan’s Serdar Berdimuhamedov. Mirziyoyev’s talks opened a series of bilateral meetings running through September 16, with Kazakhstan and Turkmenistan scheduled for September 15, and Tajikistan and Kyrgyzstan the following morning. Among the Uzbek agreements is a memorandum to launch feasibility studies under South Korea’s Economic Development Cooperation Fund on the introduction of eight high-speed train sets and the establishment of a national genome and biobank center. The projects’ scope will depend on the studies’ findings. Uzbekistan had already agreed to purchase six high-speed trains from Hyundai Rotem in 2024. The Export-Import Bank of Korea and Uzbekistan’s investment ministry also agreed to identify potential projects and explore financing in six priority areas. These include critical minerals, AI and data centers, smart cities, an industrial complex for Korean companies, pharmaceuticals and biotechnology, and food, beauty and cultural industries. The presidents also agreed to use the Korea–Uzbekistan Rare Metals Center as a base for strengthening cooperation across exploration, development and processing. They agreed to expand cooperation on the use of AI in manufacturing. The package includes a defense cooperation contract involving Korea Aerospace Industries and an Uzbek counterpart. The South Korean government’s published summary did not identify the equipment or disclose the contract’s value. The agreements build on South Korea’s established economic presence across Central Asia. Its foreign ministry identifies Kazakhstan as its largest investment destination in the region, based on investment data through 2023. Kazakhstan’s industry ministry has put bilateral industrial cooperation at 46 joint projects worth about $3.9 billion, covering Hyundai and Kia vehicle production, Hyundai trucks and buses, ferroalloys and Samsung home appliances. Hyundai Trans Kazakhstan, part of Kazakhstan’s Astana Motors, produced 52,040 vehicles in Almaty in 2025, while Kia Qazaqstan began operating in Kostanay late that year, according to TCA’s reporting on Kazakhstan’s automotive industry. Korean companies are also involved in transport infrastructure and urban development. A Turkish–South Korean consortium secured the Big Almaty Ring Road public-private partnership, while South Korean partners are involved in the planned K Smart City district at Alatau. South Korean companies have participated in major industrial projects in Turkmenistan, including the Kiyanly gas chemical complex and gas processing facilities at the Galkynysh field. Daewoo Engineering & Construction is working on a mineral fertilizer production complex in Turkmenabat, where South Korea’s ambassador reviewed construction preparations in June. Turkmenistan’s foreign ministry has also highlighted Korean participation in transport infrastructure and shipbuilding. In Kyrgyzstan, South Korea has provided technical assistance to the textile sector and committed funding for a five-year digital-transformation program starting in 2026. The two governments are also examining potential cooperation involving Kyrgyzstan’s antimony...

Mining Investment

Indian Gold Mining Project in Kyrgyzstan Reaches Production Stage

An Indian-backed gold project has moved into the production stage at the high-altitude Solton-Sary deposit in Kyrgyzstan, nearly five years after its developer signed an agreement with the state-owned Kyrgyzaltyn company. Deccan Gold Mines says it is the first Indian investment in Kyrgyzstan’s gold mining sector to reach this stage. On September 12, a gold processing plant began test operations at the Altyn-Tor section of the Solton-Sary deposit in the Naryn Region. The project is being developed by Avelum Partner, in which India’s Deccan Gold Mines holds a controlling stake, together with Kyrgyzaltyn. The two sides have been working together since December 2021. Under their partnership agreement, Kyrgyzaltyn holds a 35% stake, while Avelum Partner holds 65%. The project involves the comprehensive development of Altyn-Tor, including the processing of accumulated tailings and waste rock. Solton-Sary is located about 355 kilometers from Bishkek at an altitude of 3,500–3,600 meters. Soviet geologists first studied the deposit, and trial production at Altyn-Tor began in 1994. Operations have since been intermittent. Investment in the project reached $34.2 million by the end of August 2026. The foundation stone for the new plant was laid in July 2024. At the time, Kyrgyzaltyn said that once the facility reached its planned operating capacity, it was expected to create at least 400 jobs, more than 95% of them for Kyrgyz citizens. The agreement also stipulates that commercial-grade gold produced at the facility must be transferred to Kyrgyzaltyn and cannot be exported independently by the Indian partner. The structure is significant in a mining sector where foreign ownership has repeatedly become politically contentious. The most prominent example is Kumtor, Kyrgyzstan’s largest gold mine, which the government took under state control from Canada’s Centerra Gold in 2021. A settlement the following year transferred ownership to Kyrgyzaltyn. At Altyn-Tor, by contrast, Kyrgyzaltyn remains a partner in the project while the foreign investor provides most of the investment. Chinese investment is also present at Solton-Sary itself, although its history there has been considerably more complicated. The deposit consists of three main gold-bearing sections – Altyn-Tor, Buchuk, and Ak-Tash. Total gold reserves have been estimated at about 20 metric tons. Buchuk is being developed by the Kyrgyz-Chinese company Zhong Ji Mining. Explored gold reserves at the site are estimated at 12 metric tons, while geologists have indicated a possible additional 22 metric tons of gold resources. The project became the center of a major dispute over foreign mining investment in 2019. In August of that year, hundreds of residents of the Naryn Region gathered near Zhong Ji Mining’s operations. Local residents linked mining activity to livestock deaths and feared environmental contamination. On August 5, the protest escalated into clashes with Chinese workers, and more than 20 people received medical treatment. The authorities suspended operations, while the company removed some of its workers and equipment. When President Sadyr Japarov visited Solton-Sary in 2022, the Chinese project was still not operating. Local residents again raised concerns about the environment and the condition of roads. Japarov said...

Women's Employment

Why Uzbekistan Is Losing Women Engineers

A young graduate of an energy college in Uzbekistan’s Syrdarya Region spent two years working with Acwa, one of the country’s largest foreign energy companies. When the company offered her a permanent job in Tashkent, her parents were reluctant to let her move to the capital. Company representatives invited the family to see where she would be working and eventually persuaded her parents to change their minds. Stories like this help explain why women with technical training do not always make it to Uzbekistan’s power plants and other energy facilities. A study commissioned by Acwa and the American Chamber of Commerce in Uzbekistan examined the barriers facing women in energy, particularly in the transition from technical education to employment. Gender researcher and legal scholar Kamola Alieva interviewed women and employers in several parts of Uzbekistan, including Tashkent and Karakalpakstan. She told The Times of Central Asia that the aim was to understand why women trained in technical fields often leave their professions or move into other roles. [caption id="attachment_56144" align="aligncenter" width="1280"] Image: Alieva, Acwa[/caption] “We wanted to understand where and why women drop out of the profession, rather than count their numbers,” Alieva said. Two figures appeared in the presentation, around 40% for women in STEM education and around 12% for women in the energy sector. Alieva clarified that the study itself did not calculate either figure. According to the International Labour Organization, 40.2% of female university graduates in Uzbekistan had studied STEM subjects in 2021, up from 32.6% in 2017. The figure represents the share of female graduates who studied STEM, not women’s share of all STEM students. In some engineering programs, the number of women is far lower. At one energy college Alieva visited during the research, only 16 of more than 100 students admitted were women. “Already at the education stage, the number of girls drops significantly,” Alieva said. The reasons often lie outside the college or university. Parents may regard engineering as a male profession or object to their daughters moving to another city. The work itself can involve shift schedules and travel to remote energy facilities. After graduation, some women move into procurement, administrative work, or social projects instead of engineering and operational positions. Employers told researchers that women submit almost no applications for some technical vacancies. Women are particularly scarce in equipment maintenance and plant operations. Few hold managerial positions. This comes amid a significant employment gap between men and women across Uzbekistan’s economy. The World Bank estimated the labor-force participation gap at 28 percentage points in 2021. Unemployment among young women stood at 15.5%, compared with 10% among young men. Women earned 34% less than men on average. At industrial sites, the barriers can be more basic than career policy. “Conditions at industrial sites often make it clear themselves that women are not expected there,” Alieva said. She noted that many sites lacked separate toilets and showers, as well as accommodation for women. Questions about marriage and children, including whether a husband permitted...