Our People > Javier M. Piedra

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Javier M Piedra is a financial consultant with over 40 years of work experience in private and public sectors, international development, finance, marketing and advisory across multiple disciplines (corporate and retail banking, SMEs, hedge fund management, credit reporting, restructuring and sovereign and corporate risk management). He is former acting Assistant Administrator for Asia at USAID in President Trump's first administration.

Articles

Critical Minerals

Opinion: Could Vanadium Be Kazakhstan’s Next Breakout Critical Metals Story?

Vanadium is viewed as a critical mineral by the United States, the European Union, Russia, China and many other countries because of its importance to energy storage and industrial alloys. At the Astana Metals & Metallurgy (AMM) Congress, Ferro-Alloy Resources CEO Nicholas Bridgen discussed the company’s assets, strategy, and valuation with The Times of Central Asia, noting that the company appears undervalued amid supply chain disruptions and the rising strategic importance of vanadium. The discussion highlighted vanadium’s emerging demand-supply imbalance and efforts to better align market perception with fundamentals. Of the critical metals that will define the next half-century, vanadium has perhaps the strongest claim to indispensability: it hardens the steel in our infrastructure and defense systems, and it stores the energy that our grids will increasingly depend on. Yet the market has consistently failed to price that future in, and nowhere is that mispricing more visible than in the vanadium deposits of Kazakhstan. In 1941, with the Second World War raging, Soviet geologists fanned out across Central Asia looking for strategic minerals. Around 180 kilometers east of Almaty, in the foothills of the Tian Shan mountain range along the borders with China and Kyrgyzstan, they found tungsten at the Boguty deposit. At roughly the same time, they were delineating what would become the Northern Katpar and Upper Kairakty tungsten deposits. The geology was well understood, and the resource was real, but nothing happened for the better part of 75 years. The deposits sat idle not because tungsten was unimportant, but because there was no pressing reason for, first, the Soviet Union or later the West to develop them. That changed when the scale of China's dominance in critical metals became impossible to ignore. By the early 2020s, China was producing over 75% of the world’s tungsten output, alongside similarly dominant shares of rare earth elements and a range of other strategic minerals. This concentration of supply was not accidental. It was the product of decades of deliberate industrial policy, patient capital, and a willingness to operate at low margins long enough to drive out competitors. The Tungsten Lesson Chinese mining company Jiaxin International Resources Investment Ltd. moved in 2014 to acquire Boguty for an undisclosed sum, almost certainly a modest one. The deal further consolidated China’s grip on global tungsten supply. Jiaxin then spent approximately $300 million developing the deposit and listed on the Hong Kong Stock Exchange at a valuation in excess of $600 million. The investment thesis seemed straightforward enough at the time. In 2025, it looked positively prescient: China imposed export controls on tungsten, and key prices outside China more than doubled. According to the Financial Times, Jiaxin’s market capitalization stands at close to HKD 22.3 billion, equal to $2.84 billion, approximately 9.5 times the stated development expenditure. [caption id="attachment_52262" align="aligncenter" width="1432"] Image: Kaz Resources[/caption] Meanwhile, Skyline Builders Group Holding Ltd. and Cove Kaz Capital Group LLC (“Cove Kaz”) have moved to acquire the two other formerly dormant tungsten deposits in Kazakhstan, Northern Katpar and Upper Kairakty. On this...

2 weeks ago

Afghanistan

Central Asia Builds a Regional Track for Engagement with Afghanistan

The United States and Europe may have stepped back from Afghanistan, but the country’s instability still affects migration, security, trade, and humanitarian pressures far beyond its borders. Given their proximity, Central Asian states cannot and have not disengaged, and their efforts to keep Kabul connected to regional diplomacy and commerce serve interests that are also shared by the West. On June 16, the Center for Strategic Studies of Afghanistan's Ministry of Foreign Affairs convened the first Afghanistan-Central Asia Think Tank Forum in Kabul, bringing together leaders and senior representatives from strategic research institutions across the region. Held under the theme "The Strategic Role of Think Tanks in Advancing Regional Cooperation," the forum included delegations from Turkmenistan, Uzbekistan, Kazakhstan, Tajikistan, Kyrgyzstan, and Azerbaijan alongside their Afghan counterparts. [caption id="attachment_52266" align="aligncenter" width="1080"] Image: Ministry of Foreign Affairs of Afghanistan[/caption] In his keynote address, Afghanistan’s Foreign Minister Mawlawi Amir Khan Muttaqi observed that the international order stands at a delicate crossroads, divided by competing narratives and opposing camps: “Given the developments and challenges in the global structure, the current international order finds itself at a sensitive juncture in history — a period marked, on the one hand, by various illusions and contradictory narratives, and, on the other, by efforts toward cooperation and multilateralism.” In essence, Muttaqi was advocating for an international order that allows Afghanistan and its neighbors to chart their own courses while engaging constructively with willing partners. Speaking to those in his immediate region, he drew attention to shared challenges, among them climate change, water shortages, economic headwinds, and conflict spillover, and asserted that “There is no doubt that, in order to make more effective and constructive decisions and to develop indigenous narratives for our region and shared future, specialists and researchers from academic and intellectual institutions must draft practical and comprehensive roadmaps for future cooperation across various fields.” Muttaqi underscored to participants the growing recognition that regional states stand to gain more through practical cooperation than through isolation or unilateral approaches. He reaffirmed Afghanistan's commitment to advancing the research-based proposals discussed at the April Consultative Dialogue in Kabul to help inform regional political and economic decision-making. His remarks reflected a view that broad-based economic development and good-neighborly relations are mutually reinforcing foundations of societal stability within a shared civilizational context—a perspective widely shared across the Central Asian republics. That is why, for example, he highlighted the need to follow through on economic and connectivity opportunities, citing projects such as CASA-1000, Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline, Turkmenistan-Afghanistan-Pakistan electricity transmission project (TAP-500), the Lapis Lazuli Route, and the Afghan-Trans railway. These initiatives are in various stages of development, some having been stalled for decades. Javlon Vakhabov, former Uzbek ambassador to the United States and currently Director of the International Institute for Central Asia (IICA) in Tashkent, travelled to Kabul for the Forum. In his address, he summed up the mood of the participants: “In this emerging Greater Central Asia, Afghanistan is not a periphery. It is the southern gateway of our region, linking Central...

2 weeks ago

Baikonur Cosmodrome

Baikonur Cosmodrome: Liftoff for Discovery and Diplomacy

On July 14, 2026, Kazakhstan's Baikonur Cosmodrome will once again serve as the launchpad for discovery and diplomacy. As the site where Soyuz missions carry international crews into orbit, Baikonur continues to show how nations can cooperate in space even when relations are strained. According to NASA, astronaut Dr. Anil Menon and Roscosmos cosmonauts Pyotr Dubrov and Anna Kikina will travel aboard the Soyuz MS-29 spacecraft to the International Space Station (ISS), where they will spend eight months as members of Expeditions 74 and 75. They are scheduled to launch at 10:47 a.m. EDT (7:47 p.m. Baikonur time). The launch will be broadcast live on NASA+, Amazon Prime, and NASA's YouTube channel. According to Ambassador Erzhan Kazykhan, Permanent Representative of Kazakhstan in Geneva, who spoke with The Times of Central Asia, “Kazakhstan supports practical cooperation between the United States and the Russian Federation in space research and remains committed to facilitating such collaboration where appropriate. The Baikonur Cosmodrome will continue to support international space missions and scientific research. The city of Baikonur remains an important center for space science, engineering, and launch operations.” Since its establishment in 1955, the Baikonur Cosmodrome has played a historic role in space exploration, hosting the launch of Sputnik 1 and Yuri Gagarin’s first human spaceflight. Today, Kazakhstan and Russia continue to cooperate on the use of the facility, which remains an important launch site for missions to the International Space Station and other space programs. Baikonur contributes to Kazakhstan’s economic development through lease revenues, employment, infrastructure growth, and international partnerships. It also supports the development of the country’s space capabilities. For more than 25 years, astronauts and cosmonauts have lived and worked continuously aboard the International Space Station, demonstrating the durability of U.S.-Russian space cooperation even during periods of significant political tension. The ISS operates as an integrated platform, with the U.S. and Russian sections providing complementary capabilities, including propulsion, power, life support, and research support. Crew-exchange agreements have helped maintain continuous staffing, reflecting both nations’ commitment to operational safety, scientific cooperation, and mission continuity. [caption id="attachment_52042" align="aligncenter" width="2048"] Baikonur Cosmodrome in Kazakhstan. Credit: NASA/Joel Kowsky[/caption] The Soyuz MS-29 launch from Baikonur on July 14 symbolizes U.S.-Russian teamwork in space and suggests that scientific cooperation can provide a model for diplomacy beyond the launchpad. Ambassador Kazykhan added, “Kazakhstan believes that the path forward lies in advancing initiatives that produce tangible results, bridge differences, and rebuild confidence among nations. The cooperation enabled through the Baikonur Cosmodrome, as well as joint efforts in support of the International Space Station, demonstrate that space can remain a powerful platform for dialogue, partnership, and collective responsibility.” Toktar Aubakirov, Talgat Musabayev, and Aidyn Aimbetov are the three cosmonauts from Kazakhstan to have traveled into space. Musabayev traveled to the International Space Station in 2001, followed by Aimbetov in 2015.

3 weeks ago

humanitarian aid

Twenty-Five Years Ago, Karimov and Powell Opened a Humanitarian Lifeline. Today, Global Support Wanes

During the first week of June 2026, World Food Programme Afghanistan Country Director John Aylieff, Supply Chain Officer Shukhratmirzo Khodzhaev, and TCA’s Javier M Piedra visited the Termez–Hairatan border crossing and the Termez Free Economic Zone (TFEZ), a logistics hub between Uzbekistan and Afghanistan on the Amu Darya River. The trip was organized by the Institute for Strategic and Regional Studies (ISRS) in connection with Termez Dialogue 2026, a flagship Uzbekistan initiative designed to advance economic integration, trade, and cultural exchange across Central and South Asia. For 25 years, Uzbekistan has maintained the Termez crossing as a key humanitarian gateway, ensuring Afghanistan’s continued access to regional and global supply chains. [caption id="attachment_51321" align="aligncenter" width="850"] Geographical position of the Amu Darya; source: snipview.com/amudarya[/caption] A quarter-century on, the gateway that has saved millions of Afghans from famine remains open, but the funding that makes it so meaningful is on life support. While Central Asia has stepped up, its increased contributions only partially offset the huge shortfall left by wealthier countries. Termez, Uzbekistan Twenty-five years ago, with winter approaching, borders closed, logistics shattered, and five million Afghans in urgent need of food, WFP's Petar Bojilov and Tim Lavelle—on loan to USAID OFDA's DART from USUN Rome—took on an impossible mission: to open a lifeline and get emergency food aid across the Amu Darya River from Uzbekistan into Afghanistan. What began with one barge and a handful of hopelessly underequipped and understaffed personnel in 2001 has become one of the world's most consequential logistics hubs, through which WFP has delivered over 220,000 metric tons of food into Afghanistan in recent years. In 2026, the Bridge of Friendship Marks its 25th Anniversary Once a barely functional border crossing, Termez is now a Free Economic Zone (AIRITOM) with multimodal connectivity and extensive storage, providing WFP with what John Aylieff calls unmatched operational flexibility. “What makes the Termez hub today so strategically important is its reliability and versatility,” says Aylieff. “It offers dependable transshipment through multiple Afghan corridors—a vital lifeline where speed matters – as well as loading and storage. Given current geopolitical tensions, from the closure of the Pakistan–Afghanistan border to the spillover of the Middle East crisis, its role has become even more essential for humanitarian operations.” [caption id="attachment_51320" align="aligncenter" width="761"] John Aylieff and Javier Piedra, Termez (June 7th, 2026). Image: TCA[/caption] Since February 2026, violence along Afghanistan's 2,400-kilometre border with Pakistan has escalated sharply, triggering the displacement of approximately 20,000 families. With heightened instability along the Afghan-Pakistan border and in Iran, forced returns of Afghan refugees have increased sharply; the Termez transit corridor has become all the more critical as a channel for humanitarian food aid. Termez's value extends well beyond WFP's own operations. "The hub not only serves WFP in Afghanistan but also supports numerous humanitarian agencies in the country, including UNHCR, UNFPA, and UNICEF," says Aylieff. "It is the backbone of the northern corridor supply chain into Afghanistan, and more and more agencies are relying on WFP's logistics capabilities to bring their...

4 weeks ago

Titanium

UKTMP Eyes Expanded U.S. Presence as Kazakhstan’s Titanium Champion Seeks New Markets

ASTANA — On June 11, Sylvain Gehler, Chairman of the Board of the Ust-Kamenogorsk Titanium and Magnesium Plant (UKTMP), and Assem Mamutova, the company’s CEO, spoke with The Times of Central Asia during the Astana Mining and Metallurgy Congress (AMM). He outlined their plans to strengthen the company’s international footprint, with the United States emerging as a priority market. During the meeting, Gehler highlighted UKTMP’s ambition to further solidify its position as a leading aerospace-grade titanium supplier, building on six decades of operations and what Kazakh officials describe as roughly one-fifth of the global aerospace titanium market. “The combination of Kazakhstan’s resource base, UKTMP’s decades of experience, and the increasing importance of secure supply chains creates a strong platform for future growth. We are committed to remaining a trusted partner for aerospace customers around the world,” Gehler said. UKTMP, based in eastern Kazakhstan, is among the world’s largest vertically integrated titanium producers, controlling the entire production chain from raw materials to finished products. The company’s products are used in aviation, medicine, shipbuilding, petrochemicals, and nuclear industries. Among its international partners are Boeing, Airbus, Safran, General Electric, and other leading manufacturers. [caption id="attachment_50948" align="aligncenter" width="708"] UKTMP -Titanium sponge at the end of the distillation process[/caption] Gehler emphasized that “delivering consistent, high-quality titanium products reflects our commitment to rigorous standards and positions us to meet rising demand for resilient, transparent supply chains while expanding in key markets.” The company’s long-term development plans and initiatives aim at reinforcing Kazakhstan’s standing in the global titanium industry. According to Gehler, “UKTMP’s investment program through 2033 includes 25 projects worth more than $520 million, including construction of a new titanium sponge facility that would significantly expand production capacity.” Currently, UKTMP has 30 types of titanium alloys. Titanium and its alloys combine a high melting point, high electrical resistivity, exceptional strength-to-weight ratio, corrosion resistance in air and seawater, and non-magnetic behavior. It is also lightweight—its specific gravity is approximately 56% that of steel—biologically inert, and readily formed under pressure, making titanium a versatile structural material widely used in advanced industries. United States Demand for Titanium The American aerospace and defense sectors rely heavily on titanium, while disruptions to traditional supply chains following sanctions on Russia have heightened interest in alternative suppliers. Kazakhstan has emerged as one of the countries helping fill that gap. [caption id="attachment_50961" align="aligncenter" width="1447"] Source: USGS[/caption] Industry analysts note that the United States currently lacks domestic titanium sponge production and remains dependent on imports. In 2025 through July, Japan supplied 73% of U.S. titanium sponge imports, while Kazakhstan and Saudi Arabia each supplied 13%. This strategic reliance underpins the favorable treatment the U.S. currently gives to Kazakh titanium, since heavy supply restrictions would adversely impact the U.S. aerospace and defense industries. This has not always been the case. For UKTMP, deeper access to the U.S. market represents not only a commercial opportunity but the makings of a strategic partnership. Increasing sales to American customers would further anchor Kazakhstan within Western aerospace and other supply...

1 month ago

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...

1 month ago

Tashkent International Investment Forum

Mirziyoyev and Mishustin Reaffirm Strategic Alliance as Russia Says Uzbekistan Projects Top $50 Billion

TASHKENT, June 17, 2026 — President of the Republic of Uzbekistan Shavkat Mirziyoyev received Chairman of the Government of the Russian Federation Mikhail Mishustin in Tashkent on June 16, as the Russian premier arrived to take part in the Fifth Tashkent International Investment Forum (TIIF). In their meeting, the two leaders reviewed progress on implementing agreements reached at the highest level within the framework of Uzbek-Russian relations and their strategic partnership. Mirziyoyev and Mishustin backed deeper private-sector ties, regional cooperation in oil, gas, mining and agriculture, and expanded cultural and educational exchanges, points also raised in Mishustin's separate meetings with Prime Minister Abdulla Aripov and Saida Mirziyoyeva, head of the presidential administration. They expressed satisfaction at a 20% rise in bilateral trade turnover since the start of the year, and noted that major joint projects in energy, metallurgy and other priority sectors are continuing. [caption id="attachment_50632" align="aligncenter" width="1774"] Saida Mirziyoyeva, Head of the Presidential Administration of the Republic of Uzbekistan, and Mikhail Mishustin, PM of the Russian Federation. Image: RF website[/caption] Those parallel meetings underscored that the relationship now extends well into the cultural and academic sphere alongside the commercial one. Aripov congratulated Mishustin and “all our Russian friends on Russia Day. I wish the multi-ethnic people of Russia peace, stability, and continued prosperity,” he said. Aripov went on to note that two-way trade has more than tripled over the past decade to surpass $13 billion, with the combined portfolio of joint projects now standing near $47 billion. Mirziyoyeva, in turn, highlighted recent cultural exchanges held around the St. Petersburg International Economic Forum, including a Mariinsky Theatre premiere of the opera “Tamerlane” and exhibitions at the Hermitage and the Fabergé Museum, while officials on both sides pointed to the large number of Russian university branches operating in Uzbekistan as evidence of deepening educational ties. Of key significance in the Uzbek-Russian relationship is the construction of Uzbekistan's first integrated nuclear power station, which will be built to a Russian design. Putin and Mirziyoyev marked the launch by video link during the St. Petersburg forum, as concrete was poured at the project site. Russian engineers are also involved in the construction of the country's largest hydropower plants. A joint center for managing drilling operations has been created, and a major project is underway to upgrade the Central Asia-Centre gas pipeline and expand its capacity. [caption id="attachment_50634" align="aligncenter" width="1774"] Image: President.uz[/caption] Mishustin’s TIIF Address Speaking at the TIIF opening ceremony on June 17, Mishustin set the bilateral relationship against the backdrop of a strained global economy. “The global economy is undergoing a profound transformation these days amid growing turbulence and escalating trade wars, the wide application of protectionist measures and unfair competition. Of course, all this means that we, our countries, must work on systemic objectives. The way we address them will define whether we succeed in fostering steady economic development for our countries and improving the quality of life for our people,” he said. Mishustin told the forum that “Russia is among...

1 month ago

Tashkent International Investment Forum

Kyrgyz PM Courts Investors in Tashkent With Call for Shared Regional Future

Tashkent (June 17): Speaking to a packed audience at the opening of the fifth Tashkent International Investment Forum, Kyrgyz Prime Minister Adylbek Kasymaliev, chairman of the Cabinet of Ministers and head of the Presidential Administration, opened his remarks with a sober assessment of the global landscape: "The global economy is undergoing a period of profound transformation: a technological revolution, an energy transition, the reshaping of global supply chains, growing demand for critical minerals, and the need to ensure food security are together creating new conditions of international competition while also opening new opportunities for cooperation." Despite global uncertainty, Kasymaliev argued that success would favor countries willing to cooperate and move quickly: "the countries that benefit most are those that make decisions faster, establish clear rules, and remain open to long-term partnership." In this context, Kasymaliev cast Tashkent as much more than a venue for dialogue. "Today, Tashkent is once again becoming a platform for discussing the common future of the region," he said, noting that mutual benefit offered a better path than zero-sum competition. His remarks rested on the premise that Central Asian states gain more from unity than from going it alone, and that the region's economic trajectory now hinges on its members' willingness to act as partners rather than rivals. Kasymaliev placed Kyrgyzstan's outlook within the National Development Program through 2030, which he said is built around accelerated industrialization, export expansion, digital transformation, and deeper regional integration, with the explicit goal of moving the country into the ranks of upper-middle-income states by decade's end. He cited 2025 GDP growth of 11% as evidence the strategy is already bearing fruit. Kasymaliev then outlined six government priorities for cooperation and investment. The first is critical minerals, with an emphasis on moving beyond raw extraction toward processing and component manufacturing for green energy. The second is energy, where new renewable producers receive a five-year profit tax exemption, and officials are pursuing hydropower, solar, wind, and eventually hydrogen. The third is agribusiness and food security, centered on agro-processing, greenhouse complexes, and cold storage aimed at export markets in Central Asia, the Middle East, South Asia, and China. The fourth is transport and logistics, anchored by the China-Kyrgyzstan-Uzbekistan railway. "As our President has emphasized, it is a strategic bridge between countries and markets," Kasymaliev said, a corridor expected to cut delivery times to as little as ten days. The fifth priority is the digital economy, built around a newly enacted Digital Code and an effort to draw venture capital into the country's startup ecosystem. The sixth is capital markets, including plans to list state-owned enterprises through IPOs and the creation of the Tamchy Special Financial Investment Territory on Lake Issyk-Kul, designed as a regional hub for international capital under its own distinct legal regime. Running through all six priorities was a broader argument about timing: in a period of technological upheaval, energy transition, and shifting supply chains, the states that move fastest and cooperate most openly stand to capture the largest share of...

1 month ago

Tashkent International Investment Forum

Mirziyoyev Says Uzbekistan’s Doors Will “Always Remain Open” as Fifth Tashkent Investment Forum Begins

TASHKENT, June 17 — President Shavkat Mirziyoyev opened the Fifth Tashkent International Investment Forum (TIIF) on Wednesday with a message aimed squarely at the nearly 4,000 mostly foreign delegates packed into the hall: Uzbekistan's doors are open, and the country intends to keep them that way. Speaking under this year's theme, "Investment Resilience: New Frontiers, New Partnerships," Mirziyoyev framed the forum as more than a transactional venue for capital, but as a platform to initiate and deepen long-term mutually beneficial partnerships. He described what he called the "Tashkent investment spirit" — a phrase he used to capture the event's evolution into what he called a symbol of shared success between Uzbekistan and the partners willing to back it. The sentiment ran through his closing remarks, where he told the room that “the most important partner in turning ambitious plans into reality is an investor who arrives with good intentions. Therefore, the doors of New Uzbekistan will always remain open to foreign investors who come to our country with trust and ideas.” The guest list underscored the forum's growing diplomatic prowess. Mirziyoyev personally thanked Albanian President Bajram Begaj, Russian Prime Minister Mikhail Mishustin, Belarusian Prime Minister Aleksandr Turchin, Azerbaijani Prime Minister Ali Asadov, Kazakh Prime Minister Olzhas Bektenov, Kyrgyz Cabinet Chairman Adylbek Kasymaliev, and Tajik Prime Minister Kokhir Rasulzoda, alongside senior representatives from the EBRD, the New Development Bank, the World Bank, the IFC, the Asian Development Bank, the Asian Infrastructure Investment Bank, and the European Investment Bank. Mirziyoyev cited a series of economic indicators to support the message. Uzbekistan has secured more than $150 billion in foreign investment since launching reforms, with $123 billion arriving in the last five years. In 2025, GDP expanded by 7.7%, foreign investment climbed to $43 billion, and reserves rose above $70 billion. According to Mirziyoyev, the economy is on track to exceed $180 billion this year, comfortably outpacing the $100 billion goal announced at the first forum four years ago — a sign, he said, of sustained momentum, underscored by a 14-position improvement in the Index of Economic Freedom. The pledges come as Uzbekistan seeks to deepen the economic opening launched under Mirziyoyev, with officials using the forum to market legal guarantees, capital-market reforms and new infrastructure projects to foreign investors. Mirziyoyev structured the rest of his address around six priorities. The first centers on legal guarantees for investors, anchored by the new Tashkent International Financial Center — a zero-tax-rate zone for corporate income, VAT, property, and customs duties, governed by English common law and backed by an independent commercial court staffed with foreign judges. The second targets capital markets, building on $16 billion in international bond placements and the recent National Investment Fund listing, which he called the London Stock Exchange's largest IPO in five years, with sovereign “sukuk issuance” planned next. The third priority is industrial value addition. Here, Mirziyoyev pointed to Uzbekistan's $3 trillion in estimated subsoil wealth and announced that foreign investment will be extensively channeled into the "Metals of...

1 month ago

Termez Dialogue 2026

Opinion: Indian Ambassador Says Shared Spiritual Legacy Reflects Indo-Uzbek Solidarity

TASHKENT, June 10, 2026 - Indian Ambassador to Uzbekistan Smita Pant used her official remarks at the Termez Dialogue 2026 to argue that connectivity between Central and South Asia cannot be judged by infrastructure alone. Roads, railways, ports, energy links, financial channels, and digital systems are essential. But durable cooperation also depends on confidence, cultural memory, and a willingness to treat sovereignty as a condition for partnership rather than an obstacle to it. The second meeting of the Termez Dialogue was held under the theme “Peace, Connectivity, and Resilience: Shaping the Foundation for Shared Prosperity.” It was organized by the Institute for Strategic and Regional Studies under the President of Uzbekistan and the Ministry of Foreign Affairs of Uzbekistan, in partnership with CICA. The forum fits into a wider Uzbek diplomatic push to reconnect Central and South Asia through political dialogue, trade, transport, climate cooperation, and cultural exchange. Pant’s address stood out because it placed the human dimension of connectivity at the center of the discussion. The broader idea associated with the Termez platform was captured in the phrase: “Eurasia needs not lines of division, but spaces of trust.” For India and Uzbekistan, that argument has particular force. Their relationship is not only diplomatic. It rests on older movements of people, ideas, language, food, faith, scholarship, and trade. That history gives modern policy a deeper base. Central and South Asia are often discussed today through the language of corridors, transit costs, sanctions risk, and access to ports. Those questions are real. The International North-South Transport Corridor, Chabahar, air freight links, customs procedures, and digital payment systems all matter to India’s practical engagement with Central Asia. But the old routes that connected India, Uzbekistan, Afghanistan, and the wider Eurasian space carried more than goods. They also carried habits of coexistence. “Connectivity is not just material. It is not just about roads and rail. It is also cultural, spiritual, financial, and digital,” she said, reminding delegates that human relationships and shared values constitute the most resilient infrastructure of all. [caption id="attachment_50469" align="aligncenter" width="2508"] Indian Ambassador to Uzbekistan, Smita Pant. Photo: Embassy of India, Tashkent [/caption] This is not a decorative point. Central Asia’s geography makes connectivity a strategic necessity, but its history shows that routes endure only when they are trusted. The UN General Assembly resolution on strengthening connectivity between Central and South Asia gave international backing to this agenda in 2022. The harder question now is how to make that connectivity commercially viable, politically acceptable, and socially useful. Pant’s answer was to frame India’s approach around sustainability and sovereignty. “India's approach on connectivity is guided by a very simple mantra – it must be built on the bedrock of financial sustainability and local priorities and should not bypass ideas connected to national sovereignty and independence. India’s approach to connectivity dictates that relations must be transparent, fair and benefit the person on the ground,” she said. That line is important because connectivity projects can easily become abstract. Maps look clean from a...

2 months ago

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