Tajikistan Business Economy - The Times Of Central Asia

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Precious Metals

Vending Machines Selling Gold Bars to Appear in Tajikistan

The National Bank of Tajikistan plans to expand public access to investments in precious metals by installing specialized vending machines in the capital Dushanbe, allowing customers to buy and sell gold bars. The initiative was announced by the bank’s chairman, Firdavs Tolibzoda. According to the regulator, the equipment will be installed in Dushanbe and will enable residents to conduct transactions with gold bars automatically. The machines will operate similarly to conventional ATMs. Customers will be able to select a gold bar, pay by bank card, and receive the product. Some machines are also expected to allow customers to sell gold back to the bank. Such devices are typically located in shopping centers, airports, and other high-traffic areas. As Tolibzoda emphasized, the decision is aimed at “expanding public access to the purchase of gold bars.” Gold bars have been in free circulation in Tajikistan since June 2017. They are currently sold at the central office of the National Bank in Dushanbe and through several commercial banks. According to the regulator, 200 kilograms of gold were sold in the country in 2025 for a total of $24.64 million. Individuals accounted for the majority of purchases. The price of bullion is set daily. It is calculated based on the price of a troy ounce (31.1034768 grams) at the morning interbank fixing in London. Additional costs, including production, transportation, insurance, and customs duties, are also taken into account. The bars are produced from gold mined in Tajikistan. According to the National Bank, 2025 marked a turning point for the domestic gold market. The price of its standardized gold bars rose by an average of 39.03% during the year, the highest increase in recent years. The growth was attributed to rising global gold prices amid geopolitical tensions, a weakening U.S. dollar, and increased demand for safe-haven assets. Bars weighing 10, 20, and 50 grams are available for purchase. As is customary in the bullion market, the larger the bar, the lower the price per gram.

Foreign Direct Investment (FDI)

Foreign Capital Inflows to Tajikistan Jump by One-Third, Approaching $7 Billion

Foreign investment in Tajikistan increased sharply in 2025, rising by more than one-third compared to the previous year, as the authorities also announced new investment agreements and long-term development strategies extending to 2040. Speaking at a press conference, Sulton Rahimzoda, chairman of the State Committee for Investment and State Property Management of the Republic of Tajikistan, said that by the end of 2025, total foreign capital inflows had reached $6,925.3 million. This represents an increase of $1,798.6 million, or 35.1%, compared to 2024. In absolute terms, the economy attracted nearly $1.8 billion more in foreign investment than a year earlier. According to the committee, $3,031.0 million of the total came from post-Soviet states in 2025, accounting for 43.8% of overall foreign investment. At the same time, countries outside the former Soviet Union accounted for the majority share. Tajikistan received $3,894.3 million from these countries, or 56.2% of total inflows. Investment from this group increased by $731.3 million year over year, or 23.1%. Authorities attributed the growth in foreign capital to improvements in the regulatory framework. On the initiative of the State Committee, a new version of the Law of the Republic of Tajikistan “On Investments and Stimulation of Investment Activity,” dated May 14, 2025, No. 2173, was adopted. Additional momentum came from the International Investment Forum “Dushanbe Invest - 2025,” held on October 14-16, where more than 50 cooperation agreements worth a combined $4.1 billion were signed.

Investments

EBRD Invested Over $100 Million in Tajikistan’s Economy in 2025

The European Bank for Reconstruction and Development (EBRD) invested nearly $103 million in Tajikistan’s economy in 2025, signing 19 agreements over the course of the year. The funding targeted key sectors including energy, transport, municipal infrastructure, and private sector development. According to the bank, 83% of its 2025 loan portfolio in Tajikistan supported sustainable infrastructure projects. Another 14% of resources were channelled through local banks to finance small and medium-sized enterprises (SMEs), women’s and youth entrepreneurship initiatives, and programs focused on climate adaptation and resource efficiency. The public sector received the majority of financing, accounting for 83% of the EBRD’s annual activity in the country. Of the total lending volume, approximately 58% was directed toward green economy development. One of the year’s largest initiatives was a financing package of up to €43 million for the state-owned power distribution company, Shabakahoi Taqsimoti Barq. The package includes an EBRD sovereign loan of up to €28 million and a €15 million grant from the European Union. These funds are being used to modernize electricity metering and billing systems across nine cities in the Khatlon and Sughd regions. Significant investment also went into road infrastructure. An EBRD sovereign loan of up to €38 million, combined with an $86.7 million grant from the Asian Development Bank, will fund the reconstruction of the Danghara-Guliston highway. The route connects the north and south of the Khatlon region, which produces over half of Tajikistan’s agricultural output and is home to more than one-third of the population. A major energy milestone was achieved in 2025 with the completion of the Kayrokkum hydropower plant’s modernization. The plant’s installed capacity increased from 126 MW to 174 MW after all six units were brought online. Serving around 500,000 people in the Sughd region, the project, initiated in 2019, was financed with $196 million arranged by the EBRD. The bank also issued three sovereign loans totaling over €12 million for water supply system upgrades in Kulyab and Yavan, and for the modernization of Dushanbe’s centralized heating system. Alongside infrastructure projects, the EBRD expanded its support for the private sector. In 2025, more than 500 small enterprises across Tajikistan received various forms of assistance from the bank.

Starlink

Starlink Satellite Internet Now Available in Tajikistan

Starlink, the satellite internet service operated by SpaceX, has officially launched in Tajikistan, the company announced on February 5. “Starlink’s high-speed, low-latency internet is now available in Tajikistan,” the company posted on X. The rollout expands Starlink’s coverage in Central Asia, a region where mountainous terrain and remote settlements have long made stable internet access difficult. Starlink is operated by Starlink Services LLC, a global telecommunications provider and wholly owned subsidiary of the U.S. aerospace company SpaceX, founded by Elon Musk. The service operates via a constellation of low-Earth orbit satellites, delivering broadband internet to areas underserved by traditional infrastructure. It is now active in approximately 130 countries and territories worldwide. The expansion into Tajikistan follows Starlink’s earlier rollout in Kazakhstan. On June 12, 2025, Kazakhstan’s Ministry of Digital Development, Innovation, and Aerospace Industry signed a formal agreement with Starlink, requiring the company to adhere to national telecommunications and information security regulations. This agreement paved the way for official use of the service by citizens, businesses, and government agencies, including in rural and hard-to-reach areas. In Kazakhstan, Starlink’s pricing is publicly listed on the company’s website. The most basic home internet plan starts at 23,000 tenge (around $46) per month with speed limitations. Unlimited plans begin at 31,000 tenge (approximately $62), while mobile and travel packages are available at higher price points. Starlink also plans to begin operations in Uzbekistan in 2026, although service has not yet launched there.

B5+1

B5+1 Forum Opens as U.S. Companies Expand Economic Footprint in Central Asia

Business leaders and government officials from Central Asia and the United States gathered in Kyrgyzstan’s capital on February 4 for the start of the second B5+1 Business Forum. Co-organized by the Kyrgyz government and the Center for International Private Enterprise (CIPE), the event is intended to bring together private companies, business associations, officials, and experts interested in expanding U.S.–Central Asia commercial ties. More than 50 U.S. companies are participating in the event. The B5+1 is the business-track counterpart to the C5+1 diplomatic format that links the United States with Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. The B5+1 brings companies and policymakers together to identify barriers to investment and propose cross-border regulatory changes. This week’s meeting in Bishkek follows the inaugural B5+1 forum held in Almaty on March 14–15, 2024, which drew more than 250 stakeholders from across Central Asia and the United States. It produced 21 private-sector recommendations aimed at easing trade, improving regulations, and building regional economic integration. The Bishkek agenda is built around reviewing progress on those recommendations and setting priorities for the next phase of work. Central Asian officials have used the event to signal interest in region-wide coordination rather than country-by-country deals. In comments made in Bishkek, Kazakhstan’s Minister of Industry and Construction, Ersaiyn Nagaspaev, emphasized that foreign investors increasingly assess Central Asia as a single market, reflecting a push to align regulations and investment conditions across borders. Nagaspaev noted that more than 600 U.S. companies currently operate in Kazakhstan. Kyrgyzstan, meanwhile, used the forum to highlight domestic economic performance within that regional context. In a speech at the forum, Kyrgyzstan’s First Deputy Chairman of the Cabinet of Ministers, Daniyar Amangeldiev, said Kyrgyzstan’s economy grew by 11.1% in 2025, which he described as one of the highest growth rates in the region. Addressing the forum, U.S. Special Envoy for South and Central Asia Sergio Gor stated that the United States intends to expand its economic engagement with Central Asia. “The private sector, not intergovernmental agreements, will become the key instrument of interaction," he told those in attendance, identifying electronic commerce, artificial intelligence, critical minerals, agriculture, and transport infrastructure as priority areas. Gor noted that the American companies present at the forum represent the largest and most comprehensive U.S. commercial delegation ever to visit Central Asia. The U.S. recognizes the importance of Central Asia in global trade and connectivity, he stated. "The United States is open for business. We're open for peace. We're opening to strengthen our ties around the world. So that’s why it's fitting that the first C5 event in 2026 is this B5 + 1 forum,” Gor said, linking the Bishkek discussions to economic commitments made at the C5+1 summit in Washington in November 2025. “The Transport Corridor for Peace and Prosperity will provide reliable connectivity from Central Asia through the South Caucasus to global markets,” Gor said. “This is a historic opportunity to strengthen economic integration and long-term prosperity across the region.” During his visit to Bishkek, Gor also met with Kyrgyz President...

B5+1

B5+1 in Bishkek: Business at the Center of Regional Integration Strategy

A two-day B5+1 business forum is underway in Bishkek, bringing together government officials from Central Asian countries, regional business leaders, and a U.S. delegation. Once viewed as a business extension of the C5+1 diplomatic dialogue, participants now describe the format as evolving into an independent and pragmatic economic platform. The forum is organized by the Center for International Private Enterprise (CIPE), in cooperation with the Cabinet of Ministers of Kyrgyzstan, under the IBECA program supported by the U.S. Department of State. A defining feature of this year’s forum is the size and prominence of the U.S. business delegation. More than 50 representatives from major corporations, which, according to official documents, include Boeing, GE Healthcare, Nasdaq, Abbott, Pfizer, Honeywell, Coca-Cola Company, Mastercard, FedEx, Apple, Wabtec, and Franklin Templeton, have convened in Bishkek. Discussions are structured around panel sessions and working groups focusing on key sectors: transport and logistics, agriculture, e-commerce, information technology, and critical mineral extraction. U.S. Special Envoy for South and Central Asia Sergio Gor stated he has arrived in Bishkek with a “clear message from Donald Trump.” He emphasized that Central Asia is among the top foreign policy priorities of the current U.S. administration. At a press conference, Gor underlined a strategic shift away from traditional intergovernmental agreements toward support for private enterprise and the development of commercially viable projects. “The U.S. government is ready to expand its tools for supporting investment cooperation, and today's discussion is only the first step toward further joint development,” he said. Focus on Regional Connectivity Transport infrastructure and regional connectivity were major themes on the opening day of the forum. Gor highlighted the U.S.-backed TRIPP initiative, which aims to establish a transport corridor through the South Caucasus linking Central Asia to Western markets. He argued that expanding alternative trade routes would support deeper economic integration within the region and boost its position in global trade networks. Forum participants echoed this sentiment, stressing that major international investors are increasingly evaluating Central Asia not as isolated national markets but as a single economic space. Representatives from Central Asian governments noted that the region’s aggregated potential, in logistics, natural resources, and consumer demand, is what attracts large multinationals. Kazakhstan’s Minister of Industry, Yersayin Nagaspayev, said over 600 American companies are currently operating in Kazakhstan, with many managing regional operations from within the country. “Our shared goal is to position Central Asia as a reliable, competitive, and attractive region for long-term business cooperation,” he stated. Redefining the Role of Business in Governance Kyrgyzstan’s Minister of Economy, Bakyt Sydykov, emphasized that the B5+1 platform is reshaping the nature of business-state interaction. “Today, business is not just a participant in the process, but a full-fledged co-author of economic reforms,” he said. He noted that the working groups had proposed recommendations in line with Kyrgyzstan’s ongoing reform agenda. These include reducing administrative barriers, digitizing public services, and improving access to finance for small and medium-sized enterprises. Toward a New Geopolitical Self-Image The forum in Bishkek also reflected a broader regional...