• KZT/USD = 0.00221
  • TJS/USD = 0.10850
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00221
  • TJS/USD = 0.10850
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00221
  • TJS/USD = 0.10850
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00221
  • TJS/USD = 0.10850
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00221
  • TJS/USD = 0.10850
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00221
  • TJS/USD = 0.10850
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00221
  • TJS/USD = 0.10850
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
  • KZT/USD = 0.00221
  • TJS/USD = 0.10850
  • UZS/USD = 0.00008
  • TMT/USD = 0.29760
25 October 2026

Viewing results 7 - 12 of 117

Opinion: Central Asia’s Old Water Bargain Was Built for Cotton

Central Asia inherited a water bargain built for another economy. In the Soviet system, upstream republics stored water and released it for summer irrigation. Downstream republics used that flow for cotton and other crops. The cost of the exchange stayed inside one plan. Water releases, electricity, fuel, and crop quotas were part of the same political economy. After 1991, the dependence survived, but the plan that balanced it did not. The 1998 Syr Darya agreement already tied reservoir operation to irrigation releases and set compensation for the winter power Kyrgyzstan gave up. The 2000 Chu-Talas agreement went on to share the cost of operating and maintaining shared water infrastructure between Kazakhstan and Kyrgyzstan. Those agreements were important, and they show why today’s dispute is not new. Central Asia has long known that water regulation carries a cost. What it has not built is a wider settlement that prices storage and seasonal regulation under today’s climate, energy, and market conditions. That question is now open again. In January 2026, Kyrgyzstan’s new Water Code came into force. It recognizes water as a commodity and introduces fees for domestic and external users. Kazakhstan and Uzbekistan have rejected payment for transboundary river water, saying existing agreements do not provide for it. Downstream governments fear an open-ended bill and a precedent that could turn every dry season into a financial dispute. The old model rested on cotton and central planning. Several conditions have changed. The climate is less stable, energy demand keeps rising, and national economies now want more from water than a cotton plan once did. Uzbekistan’s own reform language has turned against the old cotton model. At the UN General Assembly in 2023, President Shavkat Mirziyoyev said “millions of people were forced to pick cotton” in Uzbekistan over a century. In August 2026, he called the old system one that left Uzbeks “slaves to cotton.” That history shapes the water argument. Uzbekistan is not abolishing cotton. It still grows the crop and continues to reform the sector. But as Tashkent moves away from the old cotton-centered model, the regional water logic built around that model also needs revising. The same pressure runs through the Amu Darya, where agricultural adaptation has become an economic and political issue rather than a purely hydrological one. Less predictable river flows make seasonal storage more valuable. Water is also becoming scarcer in parts of the region. Kyrgyzstan sits at the center of that question. It is the only country in Central Asia whose water resources are almost entirely formed within its own territory, and Kyrgyz officials argue that it carries the upkeep for infrastructure that serves its neighbors. They say the country spent about $80 million on the water sector last year and around $259 million over five years. That spending covers the water sector as a whole, including infrastructure whose benefits reach beyond Kyrgyzstan’s borders. Kazakhstan and Uzbekistan reject paying for river water, saying existing agreements do not require it. But storing that water and releasing it...

Opinion: Building Bridges, Backing the Future: Why Entrepreneurs Must Connect Across Borders

In the age of AI, capital and code travel fast. Trust does not. That is why the most valuable infrastructure our region can build right now is human: entrepreneurs who know each other across borders. This week in Baku, at the CAMCA Forum 2026, two moments stayed with me. The first was a conversation on stage with investor Lucy Chow about what it means to back the future when artificial intelligence is rewriting the rules of business. The second happened a day earlier, quietly, at a signing table. The CAMCA network signed a Memorandum of Understanding with YEGAP, the Young Entrepreneurs Group of Asia Pacific. Mr. Hiromi Aoki travelled from Japan to be with us. The purpose is simple to state and hard to do: build a lasting bridge between the founders of Central Asia, Mongolia, the Caucasus and Afghanistan and their peers across Asia-Pacific. Those two moments are connected. The more powerful technology becomes, the more the advantage shifts to people who are connected to other people. What "backing the future" means now I opened our session by asking Lucy what "backing the future" means to her. We spent the next hour testing that phrase against the realities of AI: what is truly different about this wave, where the signal ends and the hype begins, and where entrepreneurs still have room when so much capital flows to a handful of AI giants. The answer that emerged was reassuring. AI changes the tools, the speed and the cost of building a company. It does not change what makes a company worth backing: a visionary founder, a real problem, a great solution, a customer who will pay to solve it, and a team that can execute and adapt. What AI does change is the bar. When anyone can build a prototype in a weekend, a prototype is no longer proof. The proof is distribution, domain knowledge and trust with customers. Those are exactly the things the world's largest AI labs cannot buy in Almaty, Tashkent, Ulaanbaatar or Baku. That is where the space for our entrepreneurs lies. Not in competing to build the biggest foundation models, but in applying AI to the industries we know better than anyone: agriculture and herding, logistics along new trade corridors, remittances and financial inclusion, energy, health, education and natural resources. The main focus should be to really focus on our uniqueness and take that to the world and showcase our local identity. Investors back people, and people are shaped by their networks When technology moves this fast, how do you judge a founder? The qualities we discussed are not new: resilience, curiosity, honesty about what is not working, and the speed to learn and change course. What is new is how quickly those qualities are tested. A founder today may need to rebuild a product three times in the time it once took to build it once. One quality matters more than it used to: the ability to learn from others. No founder can track...

Opinion: CAMCA: From Regional Connectivity to Cross-Border Innovation

What would it take for a fintech company that succeeds in one CAMCA country to enter another without starting from zero? That question guided a roundtable on the next digital Silk Road at the CAMCA Regional Forum in Baku. The discussion brought together leaders in financial services, investment, and technology from a region spanning Central Asia, the Caucasus, Mongolia, and Afghanistan. As moderator, I wanted to move beyond the broad ambition of regional connectivity and examine what companies need to operate across borders: working payment systems, partnerships, regulatory clarity, and a path to their first customer in a new market. The panel featured Tughra Musayeva, Head of Innovations at PASHA Financial Holding; Jenny Jenish kyzy, Product Owner at MBank Junior and a CAMCA Network member from Kyrgyzstan; Muna Shukurova, Managing Director of Alif in Uzbekistan and a CAMCA Network member from Tajikistan; and Jonathan Low, Founder and Group CEO of Ampyre Group and Biptap. A central theme was financial infrastructure. The speakers explored the potential for pilots using existing platforms to connect CAMCA markets, including cross-border payments, business settlements, digital wallets, and new settlement technologies. Such pilots would require regulators and private companies to work together on defined problems and learn from results. Mr. Low argued that the region has an opportunity to make deliberate choices about the systems it wants to build: “Most regions overregulate before they even know what they're building. CAMCA has an advantage here, it can watch Europe's and ASEAN’s fintech buildout and skip the mistakes instead of repeating them and learn what works. But that only works if you decide what you want first. Regulation should follow the vision, not replace it. And the tool that actually unifies a region this spread out is banking orchestration, new technology stitching fragmented markets into one functioning system.” Expansion also raises a practical question for companies already active in more than one market: which capabilities can travel, and which parts of a product must change? Requirements for licensing, identity checks, anti-money-laundering controls, infrastructure, and consumer behavior differ across countries. Ms Shukurova drew on Alif’s experience of entering other CAMCA markets: “Regional expansion is not a copy-paste exercise. You can replicate technology, risk expertise and operating capabilities, but the product still has to be built around local regulation, infrastructure and customer behavior. The core can travel; the market fit has to be local.” The panel then turned to the role of established financial groups. For a startup, a successful pilot can demonstrate that a solution works. It becomes more valuable when that result helps the company find a partner or customer in its next market. Corporate networks and regional investors can help make that step less costly. Ms Musayeva described the gap between proving a product and expanding it: “In our region, a startup does not scale simply because its technology is scalable. It scales when the ecosystem reduces the cost of entering the next market. Today, a founder who has proven a solution in Tashkent still arrives in...

Opinion: Central Asia’s Wider Future: The CAMCA Network Brings Regional Cooperation to Baku

Central Asia is helping shape a wider regional agenda, one that connects trade and investment with technology, education, and security. In Baku, the CAMCA Regional Forum is bringing together the people who can carry that agenda forward, with the CAMCA Network helping turn shared interests into opportunities for cooperation. Taking place on October 1–2 at the Fairmont Baku Flame Towers, the 2026 CAMCA Regional Forum convenes policymakers, business leaders, investors, educators, researchers, and entrepreneurs under the theme “The World and CAMCA: A Region at the Crossroads.” Its central question is how regional cooperation can expand economic opportunities and strengthen the capacity of countries and communities to shape their future. The CAMCA Network helps shape this conversation. As a co-founder and co-organizer of the forum, it connects professionals across Central Asia, Mongolia, the Caucasus, and Afghanistan. Its members contribute expertise, lead discussions, and bring the experience of working in the region into the program. They also give the forum continuity: relationships strengthened in Baku can support collaboration long after the gathering concludes. For Central Asia, that wider community matters. The five countries have distinct economic structures, resources, and international relationships. Cooperation must reflect those differences while identifying where shared effort can expand their choices. Connections with the Caucasus, Mongolia, and Afghanistan offer different opportunities and challenges, each deserving a place in the regional conversation. The CAMCA Regional Forum’s discussions of global shifts through 2030 and greater Central Asia–Caucasus convergence address this strategic landscape. “From C5 to a Wider Framework” asks how a broader geography of cooperation might serve the region’s interests. The underlying issue is the ability of countries to shape their own decisions: how working with neighbors can strengthen their options in a changing international environment. Economic connectivity provides a concrete test. Routes across the Caspian and through the Caucasus can help Central Asian countries reach additional markets and partners. Their value depends on dependable transport, workable procedures, and institutions able to coordinate across borders. Businesses need enough certainty to invest, plan, and build lasting commercial relationships. Today’s discussion on connecting CAMCA to the world brings these questions together. For Central Asia, the opportunity extends beyond moving goods through the region. Better connections can support production, logistics, services, and investment within it. The strategic objective is to create more value locally and give regional enterprises a stronger place in wider markets. The forum’s paired sessions on public policy and the private sector approach that objective from complementary directions. Governments influence the conditions under which companies operate. Businesses decide where to commit capital, develop products, and employ people. Bringing these perspectives together helps clarify which barriers require public action and where commercial initiative can move cooperation forward. Technology adds another dimension. The discussion of artificial intelligence asks where CAMCA fits in a rapidly changing global economy. The Digital Silk Road roundtable connects that question with financial services and innovation. For entrepreneurs in Central Asia, digital connections can open access to customers, payments, financing, and partners across borders. The investment and entrepreneurship...

Opinion: Central Asia Is More Than Minerals

For years, Central Asia was one of those regions that Washington periodically rediscovered and then forgot. Officials visited and announced new initiatives, but the relationship hardly changed. That is no longer the case. Many pundits see the current surge of American interest in Central Asia through the lens of transactional foreign policy: nowadays the focus has been on critical minerals, supply-chain security, and competition with China. Valid so far as it goes, this approach misses the larger story. Central Asia is not suddenly important because of its minerals or because Washington has decided that it is. Increasingly, Washington must pay attention to Central Asia because the region itself is changing, and in largely positive directions. Over three decades, American investors largely dismissed the region as too poorly governed and too distant. Now the region itself is working to change the conditions that made it unattractive. The transformation is far from complete, but it is real. When the Central Asian states emerged from the Soviet Union in 1991, they faced grave disadvantages. State enterprises dominated their economies, and they fell short of Western investors’ expectations in both the rule of law and transparency. While such problems have not disappeared, they are everywhere being worked on. Uzbekistan provides the clearest example. Since 2017, Tashkent has undertaken reforms to liberalize its economy and improve the environment for private investment. The World Bank now describes Uzbekistan as one of the world's top reformers. Kazakhstan has also built more sophisticated financial and regulatory institutions. Its goal is to position itself as a regional hub for logistics, energy, and finance. The World Bank's new 2026–31 country strategy emphasizes a "business-ready Kazakhstan," with greater private-sector participation, improved infrastructure, and better natural-resource management. The pace of change in Kyrgyzstan, Tajikistan, and Turkmenistan has been slower, for understandable reasons. Kyrgyzstan’s early political reforms long left the government rudderless, Tajikistan endured a five-year civil war, and Turkmenistan was stymied by Russia’s total control of its gas industry. Now these countries, too, are belatedly advancing. Central Asia has not become Switzerland. Corruption, political interference, and governance problems still afflict the countries’ economies, and the OECD continues to identify these as important obstacles to investment. The question is not whether Central Asia has solved these problems but whether it has changed enough to become investable. The answer increasingly is yes, it has. Moscow's offensive in Ukraine accelerated changes Washington had sought for decades. Secondary sanctions compelled Central Asians to develop new commercial avenues not subject to international restrictions. While Central Asian governments maintain important relations with Russia, they all seek pragmatic alternatives that reduce their former reliance on Moscow. The countries are expanding regional cooperation while reaching across the Caspian to the South Caucasus and beyond. The resulting Middle Corridor promises direct access to global markets. The measure of its success will be whether Kazakhstan and Turkmenistan gain trans-Caspian pipelines to transport their resources directly to Europe. In short, Central Asia is doing what Washington has long wanted it to do: become more...

Opinion: Why Uzbekistan’s Presidential Administration Was Given Sweeping Powers and Broad Immunity

Saida Mirziyoyeva, the 41-year-old daughter of Uzbekistan’s president who has headed his administration since 2025, is taking an increasingly active role on the international stage. She participated in the 15th United Nations Congress on Crime Prevention and Criminal Justice in Abu Dhabi, and was received by UAE President Sheikh Mohamed bin Zayed Al Nahyan. During the meeting, the two sides discussed further expansion of cooperation between Uzbekistan and the United Arab Emirates. Combined with the law on Uzbekistan’s Presidential Administration adopted in August, Mirziyoyeva’s growing international profile raises a broader question: how far could her political influence extend? A New Legal Framework The Constitutional Law on the Administration of the President of the Republic of Uzbekistan, approved by the Senate on August 7 and signed by Shavkat Mirziyoyev a week later, on August 14, followed closely on the heels of a constitutional amendment establishing that the administration’s legal status and powers should be defined by law. Officially, the legislation was drafted to implement Article 109 of Uzbekistan’s Constitution. The article states that the president forms an administration and appoints its head to provide organizational, legal, and analytical support for the exercise of presidential powers. An amendment that took effect on July 25 added that the legal status, main tasks, organization, and powers of the Presidential Administration are to be determined by law. Saida Mirziyoyeva had been appointed head of her father’s administration in June 2025. When the bill, consisting of four chapters and 34 articles, was presented in the lower house of parliament, lawmakers said the experience of a number of countries had been studied. They included Turkmenistan and Taiwan, as well as Finland, the Czech Republic, Slovakia, Romania, Latvia, the United States, and Kazakhstan. Lawmakers cited these countries’ arrangements for regulating presidential administrations, offices, or chancelleries. The Uzbek law combines substantial administrative and coordinating authority with extensive immunity provisions for senior Presidential Administration personnel. Powers of a “Successor”? Under the new law, the head of Uzbekistan’s Presidential Administration has the authority to: introduce or eliminate additional staff positions and create or abolish project offices responsible for developing individual sectors and industries; coordinate and oversee administrative reforms in national and local executive bodies and submit proposals to the president on improving public administration; facilitate the introduction of key performance indicator systems in government bodies; appoint and dismiss certain officials of government bodies and organizations; create or abolish compliance units in government agencies, as well as positions for deputy heads or advisers responsible for compliance and internal anti-corruption controls. The head of the administration may also hire independent advisers on a contractual basis. Under the law, the head of the Presidential Administration also becomes deputy chair of the Security Council under the president and organizes and coordinates the activities of its members. Some Uzbek opposition figures, most of whom live and work abroad, see Mirziyoyeva’s expanded powers as adding weight to speculation that the president may be preparing his daughter as a possible successor. “She was already de facto the No....