Uzbekistan - The Times Of Central Asia

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C5+South Korea

South Korea Steps Up Central Asia Critical Minerals Push

The first South Korea–Central Asia summit, held in Seoul on September 16, capped three days of bilateral meetings that produced more than 70 agreements and memorandums. The leaders agreed to meet every two years, a separate C5+1 forum for industry ministers was established, and critical minerals took a central place on the new agenda. The main question now is how many of those documents will translate into mines, processing plants, and long-term contracts. South Korea needs reliable supplies of metals for its automotive, electronics, battery, and energy industries. Central Asia wants to use that demand to develop domestic processing and reduce its reliance on raw material exports. Seoul proposed combining the region’s resources with its own exploration, mineral processing, and manufacturing technologies. President Lee Jae Myung spoke of cooperation across the production chain, from identifying deposits to manufacturing finished products. Rare metals centers being established at key locations in Central Asia are intended to support joint research and specialist training. Until now, South Korea has worked with the region’s countries largely through bilateral ties. The new C5+1 format adds a regional mechanism to those relationships. Kazakhstan will host the next summit in 2028. Kazakh financier and analyst Rasul Rysmambetov believes the value of the new format will depend on the region’s ability to secure tangible industrial results. He sees South Korea as an attractive partner because of its experience with rapid industrialization and its strengths in building industrial facilities. “The priority for Central Asia is to stop selling raw materials. We need to establish processing in the region. The heads of state’s visit to Seoul was highly productive. In fact, all summits in similar formats have been productive. The main question now is how to move away from exporting raw materials and toward joint industrialization,” Rysmambetov told The Times of Central Asia. Uzbekistan put forward a broader regional proposal. President Shavkat Mirziyoyev called for an investment alliance for critical minerals, with processing clusters bringing together exploration, mining, and the production of high-value goods. Uzbekistan and South Korea are already developing a joint rare metals center and have agreed to strengthen cooperation throughout the production chain. Kazakhstan offered Korean businesses a broader package covering rare metals, nuclear and clean energy, and artificial intelligence. Urban development was also part of the talks, including the Alatau Smart City project near Almaty. The countries upgraded their ties to a comprehensive strategic partnership and signed a memorandum on the peaceful use of nuclear energy. The energy agreements also cover conventional resources. In April, South Korea said it had secured 18 million barrels of Kazakh crude oil. In Kyrgyzstan, Korean organizations are working with their Kyrgyz counterparts to identify possible antimony and tungsten projects and strengthen exploration capacity. Tajikistan is also offering cooperation on antimony, as well as precious metals, building on the first Korea–Tajikistan Minerals Forum, which took place in August. The minerals agenda is complemented by Korean willingness to invest in transport and infrastructure. South Korea and Uzbekistan agreed to expand Korean participation in...

Central Asia-South Korea Summit 2026

From Critical Minerals to Connectivity: South Korea’s Stakes in Central Asia

On September 16, Seoul hosted the first Korea–Central Asia Summit, bringing President Lee Jae Myung together with the heads of all five Central Asian states. The meeting elevated a dialogue that has run at a ministerial level since 2007 to the level of heads of state. The leaders adopted a Seoul Declaration setting the terms for future engagement and agreed to hold summits every two years. On September 14, trade and industry ministers from South Korea and the five Central Asian states met in Seoul for the first C5+Korea Industry Ministers’ Meeting. They signed a joint statement launching a standing platform for industrial cooperation. Uzbekistan’s Ministry of Investment, Industry and Trade used the occasion to push for a shift away from raw-material trade toward joint production and localization. Behind the diplomatic choreography sits a practical problem: the minerals both sides keep discussing cannot move without a route to carry them. A Minerals Agenda with Separate Tracks South Korea relies heavily on imported minerals for its manufacturing industries. Seoul has been developing separate plans with each country. With Tajikistan, discussions have focused on gold and silver, alongside antimony. With Kyrgyzstan, Seoul has been discussing antimony and tungsten. Cooperation with Uzbekistan covers minerals and digital manufacturing. With Kazakhstan, a central issue is moving beyond raw exports toward processing inside the country, as The Times of Central Asia reported ahead of the summit. South Korean firms are pursuing supply diversification independently. POSCO International and LX International have been expanding overseas mineral investments, including graphite and nickel projects, amid Chinese export restrictions. The Transport Connection Consider the Bolashak chrome mine in Kazakhstan, which Eurasian Resources Group launched in late 2024. The company plans to ramp it up to a design capacity of 7.5 million metric tons of chrome ore a year. Production on that scale makes reliable transport an essential part of the commercial equation. An Atlantic Council analysis identifies limited processing capacity and underdeveloped westward routes as obstacles to U.S. mineral partnerships with Central Asia. It presents the Trans-Caspian Middle Corridor as a route to Western markets that avoids Russian and Iranian territory. That argument needs a distinction when applied to Korea. The corridor runs westward toward Europe; it is not a prerequisite for minerals to reach South Korea. Its relevance is the wider choice of buyers it could offer Central Asian producers, including potential Korean-backed processing ventures serving those markets. That corridor is being built out. The Aktau container hub has a planned capacity of 240,000 twenty-foot equivalent units. The World Bank-backed Mointy–Kyzylzhar railway is meant to remove a 149-kilometer detour and accommodate 30 train pairs a day, against roughly ten on the existing constrained route. Traffic is already rising: 125 container trains crossed Kazakhstan on the Trans-Caspian route in the first quarter of 2026, up 34.4% year-on-year. Japan has also become involved, pledging in August 2025 to help modernize customs operations at the port of Aktau. The Seoul Declaration also backs Korean participation in transport infrastructure, including modernization and digitalization. In...

Central Asia-South Korea Summit 2026

Central Asia’s First Korea Summit Produces Different Deals for Each Country

The first Central Asia-Republic of Korea Summit brought five countries to Seoul with very different records of working with Korean capital. Kazakhstan arrived with commercial agreements worth about $19 billion, while Uzbekistan is discussing multibillion-dollar financing through the state-owned Export-Import Bank of Korea. In Turkmenistan, Korean companies are expanding beyond their traditional role in the gas-chemical industry; Tajikistan is offering mineral resources; and Kyrgyzstan is establishing a dedicated government contact point to help attract Korean businesses. On September 16, the presidents of all five Central Asian states met South Korean President Lee Jae Myung together for the first time. Until now, the Korea-Central Asia Cooperation Forum, established in 2007, had operated mainly at a ministerial level. A permanent secretariat was established in 2017, and in 2020 the meetings were elevated to the level of foreign ministers. The leaders adopted the Seoul Declaration, agreeing to hold summits every two years, with Kazakhstan set to host the next in 2028. Ministerial meetings in the intervening years will review implementation and prepare the next summit’s agenda. The declaration also envisages Korea Desks across the five Central Asian countries to help businesses address administrative obstacles. The leaders expressed interest in combining Central Asian minerals with Korean technology to build joint production networks, and agreed to pursue measures to reduce non-tariff barriers. Seoul also sees Central Asia as part of its own industrial strategy. South Korea, one of the world’s leading producers of automobiles, electronics, batteries, and ships, needs stable supplies of energy and raw materials. Opening the summit, Lee spoke of combining the region’s resources with Korean exploration and processing technologies. Critical minerals, energy, and supply-chain resilience were among the main issues at the meeting. In 2025, South Korea’s trade with the five countries reached $10 billion for the first time: Korean exports totaled $8.67 billion, while imports from Central Asia amounted to $1.39 billion. Cumulative Korean investment in the region reached $6.48 billion. Kazakhstan and Uzbekistan continue to account for most of this trade and investment. The talks in Seoul showed how different the next step could look in each of the five countries. [caption id="attachment_56323" align="aligncenter" width="1774"] Image: Akorda[/caption] Kazakhstan: $19 Billion in Agreements and Large-Scale Industry Kazakhstan arrived at the summit with the largest announced commercial package. On September 15, a day before the regional summit, Kazakhstan and South Korea signed around 80 agreements worth approximately $19 billion through the Kazakhstan-Korea Business Council in Seoul. About $11 billion is associated with projects involving Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, which controls major state assets in oil and gas, energy, transport, telecommunications, and uranium mining. The $19 billion figure represents the value of signed agreements and announced projects at different stages of development. Behind the headline figure are several major industrial projects. QazaqGaz and Hyundai Engineering agreed to implement a gas processing plant at Karachaganak with an annual capacity of 5 billion cubic meters. KazMunayGas and Samsung E&A signed an agreement on expanding the Pavlodar refinery’s capacity to 9 million metric tons a...

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...

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...