Uzbekistan - The Times Of Central Asia

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Transport Corridors

EDB Says Uzbekistan Is Becoming a Eurasian Transport Hub

Uzbekistan is becoming a crossroads of Eurasian transport corridors, Alexei Skatin, deputy chairman of the Management Board of the Eurasian Development Bank (EDB), said at the Tashkent International Investment Forum on June 18. Skatin made the remarks during a panel session titled Transforming the Railway Sector and Developing New Logistics Corridors in Central Asia: Investment Opportunities and Regional Connectivity. According to Skatin, three key railway corridors will pass through the country: the China-Kyrgyzstan-Uzbekistan railway, which is already under construction; the Trans-Afghan railway; and the planned Tashkent-Samarkand high-speed rail line. The China-Kyrgyzstan-Uzbekistan corridor is expected to provide a direct container link between Uzbekistan and China, with further connections to Turkmenistan, the South Caucasus, Turkey, and the Gulf states. According to EDB estimates, the corridor could increase container traffic through Uzbekistan fivefold, from 100,000 to 500,000 TEU. The Trans-Afghan railway corridor is expected to provide direct access to Pakistani ports, reducing the distance for Uzbek cargo shipments by at least 1,000 kilometers. The Tashkent-Samarkand high-speed rail line, described by the EDB as the first dedicated high-speed rail project in Central Asia, is expected to free up the existing line for freight and container traffic. The completion of the Darbaza-Maktaaral railway in Kazakhstan and the creation of a new border crossing are expected to integrate Uzbekistan into the Trans-Caspian International Transport Route, also known as the Middle Corridor. “Uzbekistan is transforming from a landlocked country into a crossroads of East-West and North-South routes. It is the combination of these routes that makes it a point of intersection, not just a transit point,” Skatin said. He added that transport corridor development is impossible without the simultaneous expansion of warehousing infrastructure, dry ports, and container terminals. According to EDB estimates, demand for warehousing in Uzbekistan could grow more than sevenfold, while current availability remains low. “A transport corridor only works when goods move along it. That is why we consider warehouses, dry ports, and terminals together with transport routes, not separately. Warehouses are not an add-on to corridors; they are a condition for corridors to generate revenue,” Skatin said. The EDB says it is the leading multilateral development bank in non-sovereign financing in Central Asia. The bank sees its role as unlocking the investment potential of transport corridors and related infrastructure, including warehouses, dry ports, and terminals in Uzbekistan. According to EDB estimates, freight traffic in Central Asia will grow by 50% by 2030, reaching 95 million metric tons compared with 2024, while container traffic is expected to grow by 67% to 1.7 million TEU.

Tashkent International Investment Forum

Women in Enterprise Panel Highlights Uzbekistan’s Push for Female Entrepreneurship

The “Women in Enterprise” panel at the fifth Tashkent International Investment Forum (TIIF) 2026 put female entrepreneurship and gender-inclusive growth at the center of Uzbekistan’s investment agenda. Held on June 16, the session, formally titled Women in Enterprise: The Economic Case for Gender-Inclusive Growth, examined how greater female participation in business could support Uzbekistan’s wider economic reforms. The panel took place as Uzbekistan has improved its position in the World Bank’s Women, Business and the Law index by 43 places, ranking it 48th out of 190 economies. Speaking on the panel, Deputy Prime Minister Zulaykho Makhkamova, who also chairs Uzbekistan’s Committee on Family and Women, highlighted how rapidly women’s participation has expanded beyond traditionally female-dominated professions. “Women’s participation in the digital economy is approaching 40%,” Makhkamova said. “Thousands of women are participating in new programs related to artificial intelligence and the One Million Coders initiative.” Despite these advances, access to capital, market opportunities, training, and leadership positions continues to lag behind. According to Kanokpan Lao-Araya, country director of the Asian Development Bank (ADB) in Uzbekistan, women account for roughly 40% of entrepreneurs in the country – about 2.1 million people in 2024, according to UNDP figures. However, their access to financing remains disproportionately low. “Credit going to women is only 14%,” Lao-Araya said. “Access to finance is the end goal. In order to reach that, we have to focus on the ecosystem.” The ADB has been working with the Uzbek government on SME development strategies that include gender components, while also supporting local banks through dedicated credit lines aimed at increasing lending to women entrepreneurs. The institution has established targets requiring participating banks to allocate at least 30% of borrowers to women-led businesses. “Instead of only focusing on participation, we need to look at the next stage of growth and scale,” Lao-Araya said. That argument was echoed by Momina Aijazuddin, regional industry director at the International Finance Corporation (IFC), who presented figures illustrating the scale of the challenge globally. According to IFC data, only $19 out of every $100 invested in emerging-market portfolios reaches women. Women-owned MSMEs in emerging and developing markets face an estimated $1.9 trillion financing gap. “If women started and scaled businesses at the same rate as men, it would increase the global economy by almost $6 trillion,” Aijazuddin said. “I come from Pakistan, where a man is five times more likely to have a bank account than a woman." [caption id="attachment_50652" align="aligncenter" width="1024"] Image: TCA[/caption] Aijazuddin argued that international financial institutions are increasingly treating women’s entrepreneurship as an investment opportunity rather than a charitable cause. IFC’s Banking on Women program has already mobilized nearly $13 billion aimed at women entrepreneurs and women-led small and medium-sized enterprises. The organization is also experimenting with innovative financial instruments designed to attract larger pools of capital. Among the examples she cited was IFC’s $100 million investment in Akbank’s digitally issued gender bond, with proceeds directed toward women-owned SMEs and mortgage loans for women in Turkey. “What we’re trying to do...

Mining

Azerbaijan Moves Into Uzbekistan’s Gold and Critical Minerals Sector

Azerbaijan has moved from preliminary mining talks to signed project agreements in Uzbekistan. On June 16, state-owned AzerGold signed an agreement to jointly develop a gold deposit in Uzbekistan. A separate document covered a critical minerals project with NEQSOL Holding. Azerbaijani Prime Minister Ali Asadov and Uzbek Prime Minister Abdulla Aripov attended the ceremony in Tashkent. AzerGold chairman Zakir Ibrahimov and Uzbekistan's First Deputy Mining Minister Feruza Hamidova signed the gold agreement. Public releases provide few details on either project, naming no deposits and disclosing no reserve estimates, ownership split, investment value, production target, or timetable. Three Years of Groundwork AzerGold's entry into Uzbekistan dates to February 24, 2023, when the company signed a memorandum and agreement with Uzbekistan's Ministry of Mining Industry and Geology. The documents covered geological exploration and the development of gold deposits. In August 2024, the two sides discussed projects in Uzbekistan, Azerbaijan, and third countries, and agreed to deepen cooperation. By May 2026, Uzbek officials were reviewing prospective areas and project documents. "We have begun active joint work with the Azerbaijani company AzerGold on geological exploration in the territory of the Republic of Uzbekistan," Deputy Mining Minister Ural Yusupov said. He added that a decision on joint gold and silver exploration was expected by the end of the year. Yusupov identified Kashkadarya and Surkhandarya as areas under study for precious metals, and Karakalpakstan and Jizzakh for critical minerals. The June signing followed six weeks later, but did not identify the selected deposit. A Much Larger Gold Market AzerGold was established in 2015 and began operations in 2016. The company develops gold, iron, and other metal deposits in Azerbaijan and has extracted ore at its Chovdar gold mine since 2017. In 2025, AzerGold sold 73,200 ounces of gold and 93,200 ounces of silver. Revenue reached 439.3 million manats, about $258 million, up 43% from 2024. Uzbekistan's gold industry operates on a much larger scale. Navoi Mining and Metallurgical Company produced 3.15 million ounces of gold in 2025. The country has set production targets of 120 tonnes for 2026 and 175 tonnes by 2030. The country plans to invest $2.2 billion across 90 mining projects this year. Across the broader mining and metallurgical sector, projects worth $22 billion are expected to create 38,000 jobs. In February, AzerGold identified Uzbekistan and Kazakhstan as possible locations for international expansion. The company prefers brownfield projects with existing infrastructure and production bases. NEQSOL's Critical Minerals Track The second document is broader, covering a joint critical minerals project involving NEQSOL Holding but naming neither the mineral nor the deposit. The group also operates in energy, telecommunications, construction, and high technology. NEQSOL had already established a wider framework with Tashkent. In July 2025, the group and Uzbekistan's Ministry of Investment, Industry and Trade agreed to develop projects in geology and mining, energy, telecommunications, chemicals, construction materials, and digital technology. NEQSOL entered mining in 2025 through its acquisition of UMCC Titanium in Ukraine. UMCC operates the Vilnohirsk and Irshansk mining and processing complexes, which...

Foreign Investment

Foreign Investment in Uzbekistan Gains Strong Momentum

Foreign direct investment remains one of Uzbekistan’s key tools for supporting sustainable economic growth. The country is expanding capital inflows to finance large-scale projects in the power sector, industry, and infrastructure. According to the Eurasian Development Bank (EDB), accumulated investment in Uzbekistan from countries in the Eurasian region, China, the Gulf states, and Turkey reached $32.9 billion in 2025, 2.6 times the 2020 level. Over the five-year period, the total rose by more than $20 billion, making Uzbekistan one of the most active investment destinations in Eurasia. China remains the largest investor in Uzbekistan’s economy, with accumulated investment reaching $10.7 billion, more than five times the level recorded five years earlier. More than half of Chinese investment was directed into the power sector, mainly solar and wind energy projects. More than $3.3 billion went into industrial projects, including petrochemicals, automotive manufacturing, and construction materials production. The Gulf states recorded the fastest investment growth in Uzbekistan. Over five years, investment volumes rose nearly 19 times to $8.3 billion. Around 90% of these funds are concentrated in power generation and renewable energy projects. The largest investors include ACWA Power, with projects worth $4 billion, as well as Masdar and the Uzbek-Oman Investment Company. Turkey increased its investment in Uzbekistan 5.5 times to $3.1 billion, mainly in the power and manufacturing sectors. Among the leading Turkish investors is Aksa Energy, which is building thermal power plants across several regions of the country. Other Turkish firms are involved in beverage production, construction materials, and cement manufacturing. Thirteen countries in the Eurasian region, including the Commonwealth of Independent States, Georgia, Mongolia, and Ukraine, invested $10.8 billion in Uzbekistan, primarily in oil, gas, and petrochemicals. Russia remains the largest source of investment among these countries. Kazakhstan’s role has also expanded, with its investment in Uzbekistan rising more than 11 times to nearly $700 million. Speaking at the 5th Tashkent International Investment Forum on June 17, Uzbekistan’s President Shavkat Mirziyoyev said the country had attracted more than $150 billion in foreign investment over recent years, including $123 billion over the past five years. According to Uzbekistan’s Ministry of Investment, Industry and Trade, the total volume of investments implemented in the country in 2025 reached $43.1 billion, up 24% from the previous year. The ministry said foreign direct investment accounted for $38.2 billion, while funding from international financial institutions totaled $4.9 billion. In its macroeconomic outlook for 2026-2028, the EDB forecasts that Uzbekistan’s economy will grow by around 6.8% in 2026, supported by strong investment activity and favorable gold prices. Inflation is expected to continue declining toward the Central Bank of Uzbekistan’s target and may slow to 6.7% by the end of 2026. The EDB also said the national currency would be supported by high remittance levels and growth in metal exports.

Tashkent International Investment Forum

Washington and Tashkent Deepen Economic Ties at TIIF

Uzbekistan and the United States launched a joint investment platform in Tashkent on June 16 as senior U.S. officials and corporate executives gathered for the fifth Tashkent International Investment Forum, advancing cooperation in energy, infrastructure, critical minerals, and advanced manufacturing. On the eve of the forum, Mirziyoyev hosted a delegation of leading U.S. companies and government financing institutions, a gathering he described as continuing a "good tradition" that reflects the growing appetite of U.S. businesses for a larger footprint in Uzbekistan. Among those present were John Jovanovic, president and chairman of the Export-Import Bank of the United States (EXIM), and Ben Black, chief executive officer of the U.S. International Development Finance Corporation (DFC), two officials whose institutions are emerging as principal channels for U.S. financing and investment support in the country. They were joined by Carolyn Lamm, chair of the American-Uzbekistan Chamber of Commerce, alongside executives representing Air Products, Cove Capital, Templeton Global Investments, Boeing, 77 Construction, BlackRock, Visa, JPMorgan, and Meta, among others, a roster spanning aerospace, finance, technology, and industrial sectors that underscores the breadth of U.S. commercial interest in the country. [caption id="attachment_50624" align="aligncenter" width="1943"] Black (DFC), Jovanovic (EXIM), Minister Laziz (MIIT), and Shukhrat Vafayev, Executive Director (UFRD); image: president.uz[/caption] President Mirziyoyev told the delegation that the economic agenda remains one of the key pillars of the strategic partnership between Uzbekistan and the United States, and laid out priority areas for deepening trade and economic cooperation. Particular emphasis was placed on projects in the development and processing of critical minerals, along with opportunities in energy, metallurgy, finance, artificial intelligence, and digital technologies. In response, the visiting executives thanked the president for the investment climate Uzbekistan has cultivated and outlined their proposals in a roundtable that culminated in a ceremony to exchange bilateral documents with participating U.S. companies. This broader engagement builds on a relationship Washington and Tashkent have been steadily formalizing over the past several years, as Uzbekistan has positioned itself as a more open and stable partner for foreign capital amid wider efforts to reform its economy and integrate more closely with global markets. The country's reserves of critical minerals, resources considered essential to U.S. technology, defense, and energy industries, have become a strategic priority for Washington, while Tashkent has sought to leverage U.S. expertise and financing to modernize sectors from energy to healthcare. That convergence of interests has increasingly framed Uzbekistan not merely as a bilateral partner but as a node in a larger U.S. strategy toward Central Asia. At the U.S.-Uzbekistan Business Forum in Tashkent on June 16, 2026, a curtain-raiser to the broader Tashkent International Investment Forum, panelists Ben Black, John Jovanovic, and Laziz Kudratov, Uzbekistan's minister of investment, industry, and trade, discussed Tashkent's proposal for a special economic zone tailored to U.S. companies. Minerals, fertilizer production, pharmaceuticals, and textiles were identified as the four priority sectors for deeper bilateral cooperation, alongside a new U.S.-Uzbekistan Joint Investment Platform building on earlier preliminary agreements. The forum drew the largest U.S. business delegation in the...

Tashkent International Investment Forum

Uzbekistan Moves Toward Investment Destination Status at Tashkent International Investment Forum

Uzbekistan’s capital markets are moving from promise to execution, and the National Investment Fund of the Republic of Uzbekistan (UzNIF) has become the clearest deal to show that shift. At the 5th Tashkent International Investment Forum, global investors, bankers, development finance institutions, and export credit agencies gathered gathered around one recurring message: Uzbekistan is no longer trying to convince the world that it is open for business. The challenge now is ensuring that investment momentum becomes sustainable and led by the private sector. During a panel discussion on political risk and blended finance, government officials and international investors debated how frontier markets can attract larger volumes of private capital while reducing reliance on public financing and multilateral support mechanisms. While the discussion focused on frontier markets, Uzbekistan was at the center of nearly every exchange. Jasur Karshibaev, advisor to the Minister of Economy and Finance of Uzbekistan, opened the session by outlining the government’s long-term ambitions. According to Karshibaev, Uzbekistan aims to double the size of its economy and reach upper-middle-income status by 2030. He argued that recent economic indicators suggest the country is moving in that direction despite a difficult global environment. [caption id="attachment_50612" align="aligncenter" width="1024"] Image: TCA[/caption] “The reforms under the leadership of the President of Uzbekistan are already bearing results,” he said, pointing to strong first-quarter economic growth and declining inflation. Karshibaev highlighted recent developments in the country’s sovereign credit profile. In June, Fitch Ratings affirmed Uzbekistan’s sovereign rating at BB and revised the outlook to positive. Yet despite this progress, he stressed that the government’s focus is shifting from public investment toward private capital mobilization. “We cannot base our success on fiscal intervention,” Karshibaev said. “It should be private-sector-led growth.” For Uzbekistan, attracting private investment is becoming more important as the economy expands faster than domestic savings can support. The country continues to seek foreign capital, but officials are increasingly focused on reducing the cost of accessing it. Karshibaev argued that one of the main challenges lies in the gap between perceptions of risk and economic realities. He noted that sovereign bond spreads have narrowed significantly and are approaching levels typically associated with investment-grade economies. However, some institutional risk assessments and country-risk classifications continue to reflect older perceptions. “International investors who vote with their cash are expecting a very positive credit trajectory,” he said. According to Karshibaev, risk assessments need to reflect economic fundamentals more accurately because inflated risk perceptions can raise financing costs and make blended finance instruments less competitive than commercial funding alternatives. He said the government is working closely with international financial institutions, including the Asian Development Bank and the World Bank, while pursuing reforms aimed at achieving investment-grade status before the end of the decade. [caption id="attachment_50614" align="aligncenter" width="1774"] Image: TCA[/caption] Investors also examined how frontier markets are evaluated in practice. Francis Malige, managing director and head of the Financial Institutions Business Group at the European Bank for Reconstruction and Development, argued that one of the biggest misconceptions about frontier markets stems...