• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.10515 0.48%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.10515 0.48%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.10515 0.48%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.10515 0.48%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.10515 0.48%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.10515 0.48%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.10515 0.48%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.10515 0.48%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28530 0%

Viewing results 61 - 66 of 275

Opinion: Regional Power Starts at Home – Central Asia’s Path to Autonomy

The world is once again in a phase of systemic uncertainty. As conflicts proliferate and global governance splits, small and medium states must grapple with the consequences. For Central Asia, these external crises are not distant events; they are transmitted through trade, remittances, energy prices, and diplomatic pressure. But while exposure is unavoidable, dependence is not. The region’s future lies not in aligning with competing hegemons, but in constructing durable institutions of regional cooperation and self-governance. Over the last two decades, Central Asian countries have existed in a delicate balance. Security guarantees from Russia, infrastructure finance from China, and development assistance from the West provided a measure of stability, but they also bred institutional inertia. Today, that equilibrium is breaking down. Russia is preoccupied and sanctioned. China’s external ambitions are increasingly self-serving. The West is distracted. The resulting vacuum could leave Central Asia either exposed or, more optimistically, empowered to shape its own destiny. Uzbekistan's Institutional Recalibration Uzbekistan's pivot after 2016 was more than a diplomatic rebranding. It marked a nascent effort to build regional institutional trust, which was long absent in Central Asia. For the first time since independence, disputes over borders, transit, and trade were addressed not through coercion or isolation, but negotiation. The Khujand Declaration, signed by Uzbekistan, Kyrgyzstan, and Tajikistan, offered a blueprint for how local capacity, rather than external mediation, can resolve long-standing frictions. This was a decisive shift from extractive bilateralism to inclusive multilateralism. But diplomatic normalization is only a prelude. The deeper question remains: Can Central Asia institutionalize integration? Can it create shared rules and enforcement mechanisms strong enough to withstand both internal and external shocks? If Central Asian countries want to succeed, they should invest in four areas of regional institution-building, which will bring collective autonomy to the region. Mobility without bureaucracy Mobility is not just about tourism or convenience; it is about labor markets, political identity, and state capacity. Central Asia must move toward the full elimination of intra-regional visa and registration requirements. A legally binding regional agreement should guarantee the right of all citizens to live, work, and invest across borders without administrative friction. Strategic alignment through membership discipline Membership in multilateral organizations is not costless. It binds countries to external norms and power hierarchies. Uzbekistan’s exit from the CSTO and its calibrated WTO accession strategy demonstrate the value of selectively aligning with institutions that advance national and regional interests. Central Asian countries should have the political will to reconsider all memberships that harm their prosperity. Instead, a coordinated foreign policy doctrine between countries could increase their authority and bargaining power on the global stage. Energy security through joint investment and governance Energy independence is the main concern in Central Asia. Therefore, a Central Asian Energy Association should be established to coordinate grid connectivity, renewable development, and strategic reserves. Collective energy governance would reduce dependency on Russian and Chinese systems, while enabling scale economies in transition technologies. Investment in Afghanistan as a regional stability mechanism The marginalization of Afghanistan has...

Opinion: Mirziyoyev’s Historic Visit Opens New Era for Uzbekistan-Mongolia Ties

Uzbekistan’s President Shavkat Mirziyoyev embarked on a historic journey to Mongolia on June 24-25, marking a significant milestone in the relationship between the two nations. This landmark visit, the first of its kind in over thirty years since the establishment of diplomatic ties, signifies a new era of collaboration and potential growth in Central Asia. Accompanied by his wife, Mirziyoyev was warmly received in Ulaanbaatar by Mongolian Foreign Minister Batmunkh Battsetseg and a host of other dignitaries. Their arrival set the stage for discussions aimed at unlocking vast opportunities for multifaceted cooperation and development, reflecting a shared vision for a prosperous future. Despite the significant geographical distance that separates Uzbekistan and Mongolia, the two nations are witnessing a remarkable evolution in their bilateral relations. This burgeoning partnership spans several domains, including diplomacy, economics, transportation, culture, and humanitarian efforts. A pivotal moment in this relationship was marked by the recent inauguration of the Mongolian Embassy in Tashkent, which symbolizes a commitment to fostering closer ties. Additionally, the increased frequency of intergovernmental and interparliamentary dialogue reflects a shared ambition to enhance collaboration. The signing of 14 bilateral agreements further underscores a mutual desire to cultivate trust and strengthen the partnership, paving the way for a promising future. In recent years, the partnership between Uzbekistan and Mongolia has experienced a remarkable surge in trade and investment. This dynamic growth is underpinned by a robust and multifaceted cooperation that spans numerous sectors, showcasing the commitment of both nations to strengthening ties. Between 2018 and 2023, trade between Uzbekistan and Mongolia experienced a significant increase, rising by more than 8.8 times. This impressive upward trajectory has continued into the early months of 2025, with preliminary data indicating a sustained expansion. Uzbekistan exports a variety of goods to Mongolia, including vital agricultural and industrial products, while Mongolia has ramped up its livestock exports, enriching the trading landscape. The establishment of numerous joint ventures exemplifies, with many ventures operating in Uzbekistan featuring 100% Mongolian capital, primarily in the realms of trade and services. Both nations are actively identifying and pursuing opportunities for collaborative projects in critical areas, including logistics, agro-processing, and machinery manufacturing. A particular emphasis is placed on joint production initiatives in sectors such as leather, wool, and cashmere processing, as well as the fabrication of electrical equipment, machinery, and construction materials. Agricultural cooperation is also a key focus, with plans for joint clusters and projects aimed at the processing and production of meat, dairy, wool, and leather products. Enhancing transport interconnectivity and developing innovative logistics routes are prioritized, with a direct air service between the capitals anticipated to be in place by the end of the year. Cultural and humanitarian exchanges are being fostered through initiatives such as the Days of Uzbek Culture, which take place in Ulaanbaatar, and the return of Mongolian students to Uzbek universities. The recent meeting between the President of Uzbekistan and the President of Mongolia, Ukhnaagiin Khurelsukh, marked a significant step toward enhancing bilateral cooperation. Both leaders engaged in productive...

Opinion: Beyond the Steppe and the Oasis – Uzbekistan and Mongolia Forge a New Eurasian Axis

When Uzbekistan's President Shavkat Mirziyoyev arrived in Ulaanbaatar on June 24, for the first state visit of its kind in over thirty years of bilateral relations, it marked far more than a ceremonial milestone—it inaugurated a new continental bridge between Central and Northeast Asia. This long-overdue rapprochement, anchored in pragmatism and shared strategic aspirations, signals a transformative shift in Eurasian diplomacy. It is a moment not just of bilateral relevance, but of regional consequence. The significance of this visit rests not only in its unprecedented nature, but also in its scope and timing. Concluding just a year after Mongolian President Ukhnaagiin Khurelsukh’s landmark 2024 visit to Tashkent—which laid the groundwork by opening Mongolia’s embassy in Uzbekistan and producing 14 foundational agreements—Mirziyoyev’s trip has formalized the momentum into a ‘Comprehensive Partnership Declaration’. The outcomes include new trade commitments, transport corridors, cultural and academic ties, and a political alignment that subtly redraws the map of Eurasian cooperation. Rediscovering Strategic Geography What makes this partnership compelling is the rediscovery of geography in a post-globalization world. Uzbekistan and Mongolia are both landlocked, Uzbekistan doubly so, and lie at the crossroads of larger powers—Russia, China, and increasingly, the emerging economic spheres of South and West Asia. For years, both nations were seen as peripheral actors in global politics. Today, however, shifting supply chains, energy diversification, and regional infrastructure projects such as China’s Belt and Road Initiative (BRI) have brought new relevance to their geography. This state visit demonstrated a clear strategic calculus of connectivity, resilience, and regional integration. With the rise of multi-vector diplomacy—long a staple of Mongolia’s foreign policy—Uzbekistan is mirroring similar principles to diversify its partnerships and mitigate geopolitical dependence. In Mirziyoyev’s words, both countries “agreed to jointly develop efficient transportation routes,” echoing a growing realization that infrastructure is destiny. The immediate fruit of this understanding is the first direct air link between Tashkent and Ulaanbaatar, to be operated by Hunnu Air and Uzbek partners starting in fall 2025. On the ground, both sides are accelerating the development of a road corridor via Kyrgyzstan and China, creating an East-West axis that could become a vital alternative to congested or politically fraught transit routes. In this regard, the Uzbek-Mongolian corridor aligns with academic assessments that argue for multimodal, decentralized connectivity in post-pandemic Eurasia. Economic Diplomacy in Action Although bilateral trade remains modest in volume—just $14 million in 2023—it is growing rapidly, nearly doubling year-on-year. More importantly, it is underpinned by complementary economies. Uzbekistan exports automobiles, textiles, and agricultural products, while Mongolia offers livestock, wool, leather, and minerals. This isn’t simply a matter of goods exchanged, but of value chains being stitched together. The presence of a Chevrolet dealership in Ulaanbaatar and the arrival of over 1,400 Mongolian sheep in Navoi region of Uzbekistan are not anecdotal oddities—they’re signs of a nascent, multidimensional trade ecosystem. More than 150 companies participated in a bilateral business forum in Ulaanbaatar, resulting in new contracts and a decision to establish a ‘Joint Business Council’. Further, the agreements on investment...

Opinion: As Kazakhstan-China Trade Booms, Tokayev and XI Strengthen Relations

On June 16th, Kazakhstan’s President Tokayev hosted Chinese President Xi Jinping and the presidents of Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan in Astana at the second China-Central Asia Summit. The six countries signed the 'Treaty of Permanent Good-Neighborliness and Friendly Cooperation', which reinforced their strategic cooperation in multiple areas, particularly in trade and investment. Aggregate China-Central Asia trade is up 10.4% this year. Kazakhstan is a pivotal player in transcontinental Eurasian trade and integration. Its geographic location, multimodal transport networks, and strategic partnerships with neighboring countries, particularly China, position Kazakhstan as Central Asia’s primary overland gateway to Europe and West Asia. It’s no surprise, therefore, that President Xi Jinping visited Astana – his sixth trip to Kazakhstan and sixteenth to Central Asia. Over the past two decades, Kazakhstan has reclaimed its historic role as a nation of merchants and intermediaries, revitalizing trade routes like the middle corridor and logistics hubs such as Khorgos Gateway—a dry port facilitating container transshipment between Chinese and Kazakh railways en route to Europe. These are just two examples of infrastructure projects in Kazakhstan; there are many more in development. In Astana, Presidents Tokayev and Xi underscored the importance of further socio-economic progress arising from enhanced economic linkages. Tokayev reiterated Kazakhstan’s support for mutually beneficial business opportunities, emphasizing the principle of national sovereignty and independence. Recent trade figures reflect the robust economic ties in infrastructure and connectivity. Kazakhstan’s construction sector, driven by investments in transport, are poised to increase by 6.8% in 2025, according to Kazakhstani economists. Sino-Central Asian trade, according to China’s General Administration of Customs, reached $94.8 billion in 2024, with Kazakhstan accounting for 46% of that total—$43.8 billion—making it China’s largest partner in the region. This contrasts with Uzbekistan, Turkmenistan, and Tajikistan's combined total of $28.1 billion, and Kyrgyzstan’s $22.7 billion, driven largely by re-exports and gold. Kazakhstan remains the anchor economy in Central Asia – the strategic hinge between China and the West – as confirmed not only by the volumes of freight entering and leaving Kazakhstan, but by its upstream and downstream economic benefits, causing a multiplier effect across the country. Over 80% of land cargo from China to Europe passes through Kazakhstan. What factors have led to this development? A key factor has been global demand for raw materials, but that’s only part of the story. What stands out as the principal driver of Kazakhstan’s success in boosting trade over the past 20 years was its commitment soon after independence in 1991 to invest in transport and logistics, while creating a regulatory and legal framework in parallel to facilitate operability. In other words, Kazakhstan’s success is no accident. It was the country in Central Asia to embrace economic liberalization not as ideology, but as a pragmatic approach to address the inefficiencies of a centralized command economy. This visionary approach facilitated economic liberalization, including getting rid of oppressive centralized planning and embracing private capital and deregulation without relinquishing sovereignty. Kazakhstan also pushed ahead in developing a banking sector that over time provided a...

Opinion: The U.S. Dollar Loses Its Luster as the Uzbek Som Shines

From May 20, 2025, to June 19, 2025, the U.S. dollar declined from 12,885 Uzbek som to 12,625 som, reaching its lowest level since early December 2023. This trend is anticipated to persist. Over the past 30 days, the dollar has depreciated by 2.08% against the som. The Central Bank of Uzbekistan adheres to a flexible exchange rate mechanism, commonly referred to as a floating exchange rate. This approach allows the value of the Uzbek som to be primarily influenced by market forces of supply and demand, rather than being fixed or pegged to another currency. In the context of Uzbekistan, the Central Bank defines the market-determined exchange rate, permitting the som to fluctuate freely based on the interactions between buyers and sellers in the foreign exchange market. In 2017, Uzbekistan transitioned to a flexible exchange rate regime, aligning the som with market conditions and narrowing the gap between the official and parallel exchange rates. This move is expected to enhance export competitiveness, as noted by the European Bank for Reconstruction and Development (EBRD). While the market predominantly determines the exchange rate, the Central Bank reserves the right to intervene in the foreign exchange market to mitigate excessive fluctuations or address significant imbalances. However, it does not maintain a fixed exchange rate. The primary objective of the Central Bank is to uphold price stability, ensuring low and stable inflation. The flexible exchange rate regime empowers the Central Bank to utilize interest rates as a tool to influence inflation and manage the overall economy. Since 2020, the Central Bank of Uzbekistan has been implementing an inflation targeting framework that guides its monetary policy decisions, including those related to the exchange rate. Uzbekistan has recently achieved a remarkable milestone, with its international reserves soaring to an unprecedented $49.6 billion, primarily driven by a substantial increase in gold prices. This significant figure, recorded at the end of last week, represents the highest level of international reserves since the Central Bank of Uzbekistan began tracking this data in 2013. Uzbekistan has been on a remarkable journey of financial growth, marked by a sustained increase in its reserves over the past five months. Since the beginning of the year, the country's reserves have increased by an impressive $8.48 billion, reaching a new historic high of $49.66 billion. In May alone, the reserves saw a substantial boost of $410.2 million, translating to a 0.8% increase compared to April. This consistent upward momentum not only highlights the resilience of Uzbekistan's economy but also demonstrates its ability to adapt and thrive in a dynamic global landscape. Central to this financial ascent has been the role of gold, which has enjoyed significant demand due to its elevated prices in international markets. Over the last month, gold prices surged by 3.27%, rising from $3,280 to $3,390.07 per ounce. When examining the broader trends, it is evident that gold has significantly appreciated, with a striking 25.5% increase since the start of this year and an even more impressive 41.3% surge over...

Opinion: Latecomer Advantage – Central Asia’s Prospects for Embracing Technology

Chinese President Xi Jinping's visit to Astana, Kazakhstan for the second China–Central Asia Summit marks another milestone in reviving a historic bond shaped by the ancient Silk Road — a shared civilizational journey linking China and Central Asia. Today, as the world enters an era dominated by technology as a key driver of development, Central Asian countries have the opportunity to leverage a latecomer advantage by narrowing the digital gap, cultivating technical talent, and harnessing technology for poverty reduction and inclusive growth. Closing the Digital Gap: Role of the Digital Silk Road The rise of the digital economy is reshaping the very foundation of modern development. Just as reliable electricity, transportation networks, and other essential infrastructure once formed the critical foundations for development, digital infrastructure has now become an indispensable pillar for economic and social advancement. The digital world is inherently shared, a phenomenon that can be understood as the ‘digital commons’. It refers to spaces where access and contribution are mutually reinforcing — the value of digital resources grows as more people use them, more knowledge is exchanged, and more services become interconnected. In light of this, Chinese President Xi Jinping proposed building the Digital Silk Road of the 21st Century as early as May 2017 to help close the digital gap among participating countries. For Central Asian countries, the task is to achieve more inclusive digital connectivity. This means not only expanding coverage and improving the quality and speed of connections but also embedding digital solutions more deeply into daily life — across education, commerce, healthcare, etc. These are essential steps toward fully realizing the shared benefits of the digital commons. Mature digital business models from other parts of the world offer valuable blueprints that can be directly adopted or adapted to local contexts. In education, mobile-based learning platforms and virtual classrooms have proven effective in overcoming limited local resources. Expanding access to vocational training, language courses, and digital literacy programs is essential to build a workforce ready for the modern economy. In commerce, the rapid rise of mobile payment systems and cross-border e-commerce platforms has the potential to fundamentally reshape the models small businesses operate. By replicating proven models in mobile finance and logistics management, Central Asian countries can open new pathways for local producers to connect with global markets. ln healthcare, telemedicine provides another avenue where digital solutions can directly address the challenges of limited medical resources and vast geographic distances. Online diagnostic services and remote consultations can expand access to basic healthcare services and help strengthen public health resilience. These models are especially applicable because they are already functioning effectively in comparable emerging markets. Many of today's digital solutions are highly scalable and transferable, requiring only sufficient connectivity and a capable user base. Seizing the latecomer advantage: Talent is the key While lagging in technology may seem a disadvantage, it can also serve as a strategic advantage when viewed differently. This is the essence of what is known as the latecomer advantage — the ability of less developed countries...