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Tashkent International Investment Forum

Mirziyoyev Says Uzbekistan’s Doors Will “Always Remain Open” as Fifth Tashkent Investment Forum Begins

TASHKENT, June 17 — President Shavkat Mirziyoyev opened the Fifth Tashkent International Investment Forum (TIIF) on Wednesday with a message aimed squarely at the nearly 4,000 mostly foreign delegates packed into the hall: Uzbekistan's doors are open, and the country intends to keep them that way. Speaking under this year's theme, "Investment Resilience: New Frontiers, New Partnerships," Mirziyoyev framed the forum as more than a transactional venue for capital, but as a platform to initiate and deepen long-term mutually beneficial partnerships. He described what he called the "Tashkent investment spirit" — a phrase he used to capture the event's evolution into what he called a symbol of shared success between Uzbekistan and the partners willing to back it. The sentiment ran through his closing remarks, where he told the room that “the most important partner in turning ambitious plans into reality is an investor who arrives with good intentions. Therefore, the doors of New Uzbekistan will always remain open to foreign investors who come to our country with trust and ideas.” The guest list underscored the forum's growing diplomatic prowess. Mirziyoyev personally thanked Albanian President Bajram Begaj, Russian Prime Minister Mikhail Mishustin, Belarusian Prime Minister Aleksandr Turchin, Azerbaijani Prime Minister Ali Asadov, Kazakh Prime Minister Olzhas Bektenov, Kyrgyz Cabinet Chairman Adylbek Kasymaliev, and Tajik Prime Minister Kokhir Rasulzoda, alongside senior representatives from the EBRD, the New Development Bank, the World Bank, the IFC, the Asian Development Bank, the Asian Infrastructure Investment Bank, and the European Investment Bank. Mirziyoyev cited a series of economic indicators to support the message. Uzbekistan has secured more than $150 billion in foreign investment since launching reforms, with $123 billion arriving in the last five years. In 2025, GDP expanded by 7.7%, foreign investment climbed to $43 billion, and reserves rose above $70 billion. According to Mirziyoyev, the economy is on track to exceed $180 billion this year, comfortably outpacing the $100 billion goal announced at the first forum four years ago — a sign, he said, of sustained momentum, underscored by a 14-position improvement in the Index of Economic Freedom. The pledges come as Uzbekistan seeks to deepen the economic opening launched under Mirziyoyev, with officials using the forum to market legal guarantees, capital-market reforms and new infrastructure projects to foreign investors. Mirziyoyev structured the rest of his address around six priorities. The first centers on legal guarantees for investors, anchored by the new Tashkent International Financial Center — a zero-tax-rate zone for corporate income, VAT, property, and customs duties, governed by English common law and backed by an independent commercial court staffed with foreign judges. The second targets capital markets, building on $16 billion in international bond placements and the recent National Investment Fund listing, which he called the London Stock Exchange's largest IPO in five years, with sovereign “sukuk issuance” planned next. The third priority is industrial value addition. Here, Mirziyoyev pointed to Uzbekistan's $3 trillion in estimated subsoil wealth and announced that foreign investment will be extensively channeled into the "Metals of...

Bloggers

Kyrgyzstan Proposes Blogger Tax Breaks as Kazakhstan Tightens Scrutiny

Kyrgyzstan and Kazakhstan are taking sharply different approaches to the growing influence of bloggers. In Bishkek, President Sadyr Japarov has signed a decree calling for tax incentives for the IT sector, startups and creative industries, including bloggers, a move that has sparked criticism even from content creators themselves. In Astana, meanwhile, authorities are intensifying scrutiny of influencers’ income and using criminal law in high-profile cases involving online figures. Kazakh tax authorities have continued scrutinizing the earnings of popular bloggers, alongside high-profile enforcement cases. In addition, journalists and other online voices in Kazakhstan have faced prosecution under Article 274 of the Criminal Code, which concerns the dissemination of knowingly false information and carries the possibility of a prison sentence. Japarov’s Tax Initiative Sparks Debate Kyrgyz President Sadyr Japarov’s initiative to introduce tax breaks for the IT sector, startups, and representatives of the creative industries has sparked broad public debate. The decree, signed on June 12 and titled “On Measures to Improve the Tax System and Tax Administration,” calls for broad changes to tax legislation, including five-year tax holidays for several categories of business. Under the decree, companies and entrepreneurs working in software development, information systems, and artificial intelligence may be exempt from number of taxes for five years. The proposed benefits would also extend to startups, outsourcing companies, producers of film, video and television content, bloggers, remote employees of foreign companies, and other creative-industry workers. Under the same preferential regime, authorities also plan to set income tax at 5% and social security contributions at 12% of the average monthly wage for these categories. Kyrgyzstan’s State Tax Service says the new measure will help position the country as a regional center for IT and creative industries, including artificial intelligence. The agency expects the tax incentives to attract investment, stimulate the creation of new startups and increase exports of digital services. Supporters of the initiative argue that reducing the tax burden could provide an important boost for young entrepreneurs and technology companies, allowing them to direct more resources toward product development, the introduction of new technologies, and improved competitiveness. Authorities also hope the measure will help retain young specialists in the country and make Kyrgyzstan more attractive to international companies. At the same time, the proposal has drawn criticism, particularly over the inclusion of bloggers among those eligible for tax benefits. Social media users have questioned why the state is granting tax breaks to content creators while doctors, teachers, and other socially important professions continue to pay taxes in full. Kyrgyz blogger and entrepreneur Ilim Karypbekov has publicly opposed exempting bloggers from taxes. He said content creators earning money from advertising should pay taxes on the same basis as other entrepreneurs. Karypbekov said he supports tax incentives for the IT sector but believes it is a mistake to extend them to bloggers. “If I earned 100 soms, I would give four soms to the state. That is a very small amount,” Karypbekov said, adding that many popular bloggers generate substantial advertising revenue and...

Critical Minerals

Uzbekistan’s $4.2 Billion Critical Minerals Plan Aims to Turn Raw Materials Into Industry

Uzbekistan has placed a $4.2 billion critical minerals program at the center of its industrial policy, as Tashkent seeks to turn Soviet-era mining strengths into higher-value production for modern supply chains. The country has long sold metals and minerals, but the program reviewed by President Shavkat Mirziyoyev on June 15 puts more emphasis on refining, laboratory work, skilled workers, and finished industrial goods. The new 2026-2030 program, which sets out 120 projects, aims to lift critical minerals output to $1 billion by 2028 and $2 billion by 2030. The first tranche, planned for this year, covers 12 projects worth $166 million and production of high-purity selenium, tellurium, and rhenium. It also includes 21 import-substituting products, including powder metallurgy auto parts and sulfuric acid. The plan landed as investors gathered in Tashkent for the Fifth Tashkent International Investment Forum. Mirziyoyev used the forum to make a broader reform pitch. “We are always open to investors interested in cooperating with Uzbekistan and ready for an equal and mutually beneficial partnership,” he said in his opening speech. He also announced plans for a Tashkent International Financial Center with zero rates for profit tax, value-added tax, property tax, and customs duties. Critical minerals give that investment pitch a clearer focus. Global buyers are looking for supplies that do not depend on a handful of processing hubs, while resource-rich countries want more of the value to stay at home. Uzbekistan is trying to move into that field with metals it already produces, especially tungsten and molybdenum, and with smaller but valuable materials used in electronics, aerospace, energy equipment, and advanced manufacturing. The Uzbekistan Technological Metals Complex, known as TMK or UzTMK, is the state vehicle for much of this work. The company says its portfolio includes tungsten, molybdenum, rhenium, graphite, selenium, tellurium, lithium, nickel, and cobalt. Its stated model is “mine-metal-market,” meaning a chain from extraction to metal products and buyers. The June 15 package adds practical details. Uzbekistan wants more than concentrates and semi-finished goods. The presidential briefing listed metal powders, alloys, rods, wire, industrial parts, and finished products. For tungsten and molybdenum, that means deeper processing inside Uzbekistan rather than sending value abroad. Chirchik, east of Tashkent, is set to play a larger role. The government plans to expand the Metals of the Future technopark and build up an R&D center there. The site is designed to support start-ups, commercialize applied research, and produce high-purity metals. A planned nano-analysis laboratory would process up to 1,000 samples a day once fully operational. Officials say it could replace $6.5 million in imported analytical services and generate $4 million through service exports. The lab is one of the more practical parts of the program. Mining projects need more than deposits and investment pledges. They need reliable samples, resource estimates that meet international standards, steady power, and proven processing methods. A credible laboratory in Chirchik would not remove all those risks, but it would make it easier to move from geological data to financed projects. Global demand...

Political Parties

Kazakhstan’s Party System Faces Its First Kurultai Test

Kazakhstan’s shift to a unicameral, party-list Kurultai is meant to strengthen political parties. But the ruling Amanat party’s June 12 vote to join the newly created Adilet party, followed by Adilet delegates’ approval on June 14, shows the first test of the new system will show whether the new party-list model broadens competition or mainly reorganizes the pro-presidential camp before the vote. Why Parties Matter Now On July 1, 2026, Kazakhstan’s new Constitution enters into force, abolishing the bicameral parliament and replacing it with a unicameral Kurultai of 145 deputies elected exclusively through party lists for a five-year term. The new basic law was approved in a referendum on March 15, 2026. According to the Central Election Commission, it was supported by 87.15% of voters, with turnout at 73.12%. More than 80% of the text of the 1995 Constitution was rewritten. President Kassym-Jomart Tokayev has said elections to the new Kurultai will take place in August 2026. That makes Kazakhstan’s political parties especially important to watch: for the first time since 2004, key parliamentary players could change substantially. But the early signal is mixed: formal rules strengthen parties as electoral institutions, while the merger of pro-presidential forces consolidates the dominant camp’s organizational advantages. How the Party System Works Kazakhstan is a presidential republic in which parties operate under the Law “On Political Parties.” Until 2022, registering a party required at least 1,000 initiators and at least 20,000 members. After political reforms announced by Tokayev on March 16, 2022, the minimum number of initiators was reduced to 700, while the membership threshold was lowered to 5,000. The minimum size of regional branches was also reduced from 600 to 200 people, and the period allowed for forming branches was extended from six months to one year. In 2023, 98 deputies were elected to the Mazhilis, the lower house of parliament: 69 through party lists and 29 in single-mandate constituencies. The threshold for party lists was lowered from 7% to 5%. Under the new Constitution, single-mandate constituencies are abolished at the national level, and all 145 deputies of the Kurultai will be elected through party lists. Without single-mandate districts, independent political figures will need party access to enter national politics. Parties also take part in elections to maslikhats, local representative bodies at district, city, and regional levels. Those elections were held simultaneously with parliamentary elections on March 19, 2023. Eight Parties: The Current Landscape As of June 2026, before the Amanat-Adilet merger process is completed, Kazakhstan has eight officially registered political parties, the highest number in two decades. Six are represented in the current Mazhilis: Amanat, Auyl, Respublica, Ak Zhol, the People’s Party of Kazakhstan, and the Nationwide Social Democratic Party. The seventh, the environmental party Baitaq, was registered on November 30, 2022, as Kazakhstan’s first “green” party. It failed to clear the 5% threshold in the 2023 elections, receiving 2.30% of the vote. The eighth, Adilet, was registered by the Ministry of Justice on June 1, 2026. It is headed by Aibek...

Telecommunications

U.S. Development Finance Corporation Signals Interest in Tele2 Upgrade in Kazakhstan

The U.S. International Development Finance Corporation (DFC) has announced its interest in helping modernize Kazakhstan’s telecommunications infrastructure through a potential partnership with Qatar’s Power International Holding (PIH), which owns Mobile Telecom-Service LLP, operator of the Tele2/Altel brands. DFC Chief Executive Officer Ben Black and PIH President and Group CEO Ramez Al-Khayyat signed a letter of interest and financing proposal in Astana on June 16. The document outlines a proposed partnership to support Tele2’s transition to equipment supplied by “trusted vendors,” a move aimed at improving Kazakhstan’s digital security and supporting the rollout of 5G networks. According to DFC, the proposed investment would help build more secure telecommunications infrastructure for 5G connectivity and digital services. The corporation said it sees Kazakhstan as a key part of the Trans-Caspian Corridor and an important destination for investment from the United States in Central Asia. “This deal will be truly transformative, a game-changer for regional connectivity, and a major step toward building economic momentum in Kazakhstan,” Black said. The announcement follows the completion of the sale of Mobile Telecom-Service LLP, which operates under the Tele2/Altel brands, to PIH Communication LLC, a subsidiary of Power International Holding. According to Kazakhtelecom’s audited financial statements for 2025, cited by Kapital.kz, Kazakhtelecom received the second tranche of the deal, amounting to $25.415 million, on January 22, 2026. The first payment of $700 million was made by PIH Communication LLC on January 16, 2025, bringing the total paid so far to $725.415 million. The planned sale of Mobile Telecom-Service received political backing in February 2024, following talks between Kazakh President Kassym-Jomart Tokayev and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani. Kazakhstan’s telecommunications sector is also attracting greater attention from the U.S. As previously reported by The Times of Central Asia, Tokayev met with Black in Astana on June 15 to discuss prospects for expanding economic cooperation between Kazakhstan and the U.S. Tokayev described Black’s visit as a continuation of agreements reached during talks in Washington in November 2025 and as a sign of growing U.S. engagement in Central Asia.

World Nomad Games

Tea, Tug-of-War, and Team GB at the World Nomad Games

A British tug-of-war athlete preparing for a nomadic sports festival in Kyrgyzstan sounds like the start of a strange travel documentary. It is also part of the appeal of the World Nomad Games, which return to Kyrgyzstan from August 31 to September 6, 2026, with The Times of Central Asia once again reporting from the ground. Since their launch in 2014, the Games have grown far beyond their roots, turning traditional sports into an international meeting point for athletes, spectators, and cultures that rarely share the same arena. What began as a Kyrgyz initiative has become one of the world’s more unusual sporting gatherings, mixing horseback combat, archery, wrestling, eagle hunting, strength contests, board games, food, music, and craft traditions in a format closer to a living festival than a conventional tournament. For visiting teams, the challenge is not only athletic. It is cultural, physical, and occasionally bewildering in the best possible way, as The Times of Central Asia explored in an interview with Sam Pollard from Team Great Britain. TCA: How did you first become involved with the World Nomad Games, and what drew you to competing there? Sam Pollard: I read Sovietistan: A Journey Through Turkmenistan, Kazakhstan, Tajikistan, Kyrgyzstan, and Uzbekistan by Erika Fatland in my second year at university, in 2023. I already knew I wanted to travel to Central Asia after university because it was completely unknown to me. I like going to places where no one I know has been, and I was excited to experience it for myself and see whether it was a hidden gem. It absolutely turned out to be just that. The book mentioned Kok Boru, or Kokpar, as one of Central Asia’s traditional games. I searched for it on YouTube and found a video of it being played at the World Nomad Games. I thought, what on earth are the World Nomad Games? I did more research, looked at some of the sports, and saw that the Games lined up perfectly with when I was hoping to travel to Central Asia. Initially, we planned to go as spectators, but then I saw that you could apply to participate. Because my friends and I had a tug-of-war background at university, we thought we’d apply, see what happened, and hope for the best. What drew us to competing was the chance to learn about and embrace nomadic culture, which we didn’t really know much about. We are quite open-minded people, so we were excited to learn from different cultures and see what we could take from them. Each “Stan” is completely different, which made the region even more attractive to us. Kyrgyzstan has its beautiful mountains, Uzbekistan has its amazing mosques, Kazakhstan has the great steppes - Mangistau is incredible - and Tajikistan has the Pamir Highway. There was a real draw for us in the unknown. TCA: What was it like being the flagbearer for the UK team at the Kazakhstan Nomad Games in 2024? Sam Pollard: It was undoubtedly the...