Our People > Sadokat Jalolova

Sadokat Jalolova

Journalist

Jalolova has worked as a reporter for some time in local newspapers and websites in Uzbekistan, and has enriched her knowledge in the field of journalism through courses at the University of Michigan, Johns Hopkins University, and the University of Amsterdam on the Coursera platform.

Articles

Sustainable Aviation Fuel

Allied Biofuels Advances $6.1 Billion Sustainable Aviation Fuel Project in Uzbekistan

Allied Biofuels has signed a key engineering agreement with Sinopec Engineering Group Co., Ltd. for its planned sustainable aviation fuel (SAF) and electro-synthetic sustainable aviation fuel (e-SAF) project in Uzbekistan, marking another step forward for one of Central Asia’s largest clean energy developments. The agreement was signed during the 5th Tashkent International Investment Forum. Under the front-end engineering design and detailed engineering contract, Sinopec Engineering Group will undertake front-end engineering and design, detailed engineering, systems integration, and cost development work for the project, laying the groundwork for a future engineering, procurement, and construction (EPC) contract. The project, valued at approximately $6.1 billion, is expected to become Central Asia’s first large-scale integrated bio-aviation fuel complex. According to Allied Biofuels, the facility will combine biomass processing, advanced refining technologies, renewable energy systems, green hydrogen production, and power-to-liquid fuel technologies within a single industrial platform. Once operational, the complex is expected to supply sustainable aviation fuels to both domestic and international markets at a time when airlines worldwide are seeking lower-carbon alternatives to conventional jet fuel. The signing comes amid growing global investment in SAF production as governments and aviation companies work to reduce emissions from air transport. The project is expected to reinforce Uzbekistan’s ambitions to become a regional center for sustainable aviation and clean fuel production. “This agreement marks a key step in advancing our SAF and e-SAF project in Uzbekistan from development into engineering and execution readiness,” said Alfred Benedict, managing director of Allied Biofuels. “Sinopec Engineering Group’s technical capability will help strengthen the project’s delivery pathway as we progress one of Central Asia’s most important clean fuels infrastructure developments.” Gong Yu, regional business development manager at Sinopec Engineering Group, said the company was pleased to support the project and contribute its engineering expertise to the next phase of development. Sinopec Engineering Group, headquartered in Beijing, is one of China’s leading engineering companies, with experience in refining, biofuels, green hydrogen, and large-scale industrial infrastructure projects. Under the contract, the company will provide engineering design, systems integration, and estimating services for the Uzbekistan facility. The latest agreement follows another milestone announced in May, when Uzbekistan Airports and Allied Biofuels FE LLC signed a memorandum of understanding on the future supply of SAF and e-SAF in Uzbekistan. The agreement outlined plans to begin supplying cleaner aviation fuels from 2030 and included cooperation on developing the necessary infrastructure and supply chains. According to Allied Biofuels, the refinery is expected to produce approximately 160,400 tonnes of SAF, 257,000 tonnes of e-SAF, and 5,040 tonnes of green diesel annually. The facility is also planned to operate using a 4.45-gigawatt renewable energy system supported by battery storage and green hydrogen infrastructure, making it one of the most ambitious clean fuel projects currently under development in the region.

2 months ago

Kyrgyz-Uzbek border

Chongara and Tash-Tobo: The Villages That Changed Countries Without Moving

About 2,500 people in Chongara and Tash-Tobo now live under Kyrgyz jurisdiction. The transfer reduces the number of Uzbek enclaves in Kyrgyzstan and clears the way for a much shorter road across the Batken Region. For Umitbek, the change first appeared online. Chongara, his home village, passed from Uzbekistan’s Ferghana Region into Kyrgyzstan when the legal border moved. “We are welcoming the decision with joy,” Umitbek told Azattyk. “Ninety-nine percent of our village is Kyrgyz.” Umitbek already holds a Kyrgyz passport, while many neighbors have Uzbek documents. Some households include citizens of both countries. The village has Kyrgyz and Uzbek schools, and families have chosen between them. Kyrgyz presidential spokesman Askat Alagozov announced the transfer on June 23. “Now registration procedures will be conducted in these villages, after which their residents will be granted Kyrgyz citizenship,” Alagozov said. He did not give a timetable for the process. Kyrgyzstan transferred plots of equal area to Uzbekistan as part of the settlement. Public announcement did not identify those plots or state their total size. The two governments also conducted a separate exchange involving 236 hectares. That land will support a road between the villages of Sai and Tayan, and shorten the journey between Aidarken and Batken from 225 kilometers to 55, or about 76% of the present route. Officials have yet to publish a construction date or budget. A Century Inside Another Republic Chongara and Tash-Tobo were Uzbek exclaves, pieces of Uzbekistan completely surrounded by Kyrgyz territory. Their unusual status grew from Soviet boundary decisions made a century ago. Chongara’s administrative link to the Uzbek Republic dates to territorial decisions around Sokh in 1925. Tash-Tobo was also assigned to the Uzbek Soviet Socialist Republic that year. A parity commission confirmed its enclave status in 1955. These lines served as internal administrative boundaries during the Soviet period. Villages that had shared roads, water systems and family links found themselves divided by customs posts and citizenship rules. Uzbekistan previously had four exclaves inside Kyrgyzstan: Sokh, Shakhimardan, Chongara, and Tash-Tobo. Following the latest transfer, only Sokh and Shakhimardan remain under Uzbek jurisdiction. Sokh is the largest and most complicated. It lies within Kyrgyzstan, but has a largely ethnic Tajik population. Roads around the enclave have long shaped travel through the western Batken Region. A Settlement Built Over Two Decades Kyrgyzstan and Uzbekistan began formal border negotiations in 2000. Progress remained slow while relations between the two governments were strained. The process accelerated after Shavkat Mirziyoyev became Uzbekistan’s president in 2016. A 2017 agreement settled about 1,170 kilometers of the roughly 1,378-kilometer frontier. The remaining sections involved land, roads, and water infrastructure. The two foreign ministers signed a further border treaty in Bishkek on November 3, 2022, which covered sections left outside the 2017 settlement. On January 27, 2023, Mirziyoyev and Kyrgyz President Sadyr Japarov exchanged ratification instruments during a state visit to Bishkek. The legal delimitation fixed the agreed line on maps. Physical demarcation then placed that line on the ground. The 2022 package also...

2 months ago

Tashkent International Investment Forum

Rail Reform and Regional Corridors Put Uzbekistan at the Center of Central Asia’s Logistics Map

At the Tashkent International Investment Forum, officials and transport executives discussed railway reform and new corridor projects, with private investment as a main point. World Bank Senior Transport Specialist Mansur Bustoni described rail as “essential” for Uzbekistan, which depends on land routes for access to seaports and export markets. The World Bank wants to help turn Uzbekistan Railways from a state monopoly into “a commercial bankable enterprise,” he told the forum. Uzbekistan Railways has about 4,700 route kilometers, according to Bustoni. The system carries around 60 million tons of freight and 15 million passengers a year and contributes about 8% of GDP. Much of that freight is linked to exports. The World Bank is supporting 44 activities across seven reform programs. Bustoni listed legal separation inside Uzbekistan Railways, financial reform, operational efficiency, and investment planning among the main areas. Each activity has been ranked by priority, he added. Tariff reform was one of Bustoni’s main topics. He called the proposed change “not a price hike.” The aim is to replace ad hoc increases with rules-based pricing. Cost-reflective tariffs would give the railway company more predictable revenue and reduce state cross-subsidies. Bustoni also cited capital-market plans. Uzbekistan’s infrastructure company is part of the National Investment Fund of the Republic of Uzbekistan (UzNIF), which he described as a $2.4 billion fund managed by Franklin Templeton, with a planned dual listing in London and Tashkent. The railway sector recorded a roughly $188 million net loss in 2023, reached break-even in 2024, and is expected to post a positive $138 million result in 2025, he added. [caption id="attachment_50833" align="aligncenter" width="2560"] Image: TCA[/caption] Transport Corridor Europe-Caucasus-Asia (TRACECA) Secretary General Jasurbek Choriyev linked corridor development to Uzbekistan’s national priorities. He cited double-digit growth in passenger air traffic over five years and 15 million tourists last year, attributing the figures to national data and analysts at Airports Council International and the World Bank. Uzbekistan’s aircraft fleet has expanded to more than 100 planes from about 40 to 50 in recent years. A target of 188 aircraft by 2030 could be reached earlier, Choriyev noted. Uzbek airlines are also carrying more freight on the China-Europe route, driven in part by e-commerce. Choriyev described rail as the backbone of national connectivity, carrying about 90% of internal and external traffic. He pointed to the China-Kyrgyzstan-Uzbekistan-Iran railway and gave 2030 as the expected completion date, with 2028 or 2029 possible. He also cited the Trans-Afghan corridor as a route to Pakistan. About 52% of Uzbekistan’s rail network is electrified, with a target of 70% by 2030. Innokenty Ivanov, a principal consultant at Freshfields, said Uzbekistan’s railway reform is creating legal routes for private investment through market mechanisms and public-private partnerships. The reform covers the reorganization of Uzbekistan Railways as a holding company and a legal framework for private investment and independent operation. Ivanov compared the process with Germany, where railway reform led to long-term contracts between the government and the infrastructure company. Financing tied to measurable targets gives investors more certainty...

2 months ago

International Monetary Fund

IMF Growth Forecast for Uzbekistan Warns of Inflation and Global Risks

Uzbekistan’s economy performed strongly in 2025, with the International Monetary Fund (IMF) reporting growth across sectors. Inflation fell and the fiscal deficit narrowed. The Fund urged policymakers to keep monetary policy tight and continue reforms as geopolitical tensions and global uncertainty add risks. Uzbekistan’s real GDP expanded by 7.7% in 2025, driven by strong domestic consumption and investment. The unemployment rate fell by 0.7 percentage points from the previous year to 4.8%. Growth was supported by rapid expansion in services and construction. Consumer price inflation declined from 9.8% at the end of 2024 to 7.3% at the end of 2025. The IMF attributed the improvement to the fading impact of energy price increases introduced in 2024 and the appreciation of the Uzbek som against the U.S. dollar. Tight monetary policy by the Central Bank also helped bring down inflation. Core inflation declined during the year. External balances improved as the current account deficit narrowed to 3.9% of GDP. Strong exports and remittance inflows supported the decline. High commodity prices also helped. International reserves remained at comfortable levels, equivalent to around 13 months of imports. The fiscal deficit fell to 2.1% of GDP, below the government’s target of 3%. The IMF expects economic growth to remain resilient in 2026, forecasting GDP growth of 6.8%. Continued reforms and investment are expected to support activity. Remittances and elevated gold prices should also help sustain growth. The Fund projects growth will moderate to around 6% in 2027 as domestic demand gradually slows. Despite the positive outlook, risks have increased because of the conflict in the Middle East and its potential impact on the global economy. Uzbekistan has limited direct trade and remittance links with countries affected by the conflict. However, higher oil prices and trade disruptions could affect the country indirectly through key trading partners. Weaker global growth could add further pressure. The IMF warned that inflation is likely to remain above the Central Bank’s 5% target in 2026. Higher global oil prices, combined with strong domestic demand, could slow disinflation. The Fund recommended that the Central Bank keep its policy rate at a restrictive level and tighten monetary policy further if inflationary pressures persist. The Fund advised the government to avoid spending increases beyond those already planned in the budget. Any support measures linked to the Middle East conflict should be temporary and targeted toward vulnerable groups, rather than broad subsidies or price controls. The IMF called for faster privatization of state-owned commercial banks and enterprises. It also recommended stronger corporate governance and continued work to improve fiscal transparency and debt management. The Fund highlighted labor market challenges, including low female labor force participation and skills mismatches. High levels of informal employment remain another concern. Further progress in governance reform and competition policy could help attract additional private investment. The IMF said Uzbekistan’s commitments linked to accession to the World Trade Organization could also support long-term economic growth. The country enters 2026 from a position of economic strength, but maintaining stability and continuing...

2 months ago

Chinese Investment

Chinese Investment in Uzbekistan Surpasses $8 Billion This Year

President Shavkat Mirziyoyev met with a delegation of leading Chinese companies and financial institutions on the sidelines of the Tashkent International Investment Forum. The meeting focused on new investment projects in energy, mining, infrastructure, and finance. The Chinese delegation was led by Wang Hongzhi, head of China’s National Energy Administration. It included executives from China Energy Engineering Corporation, China Datang, Sinoma Energy Conservation, China Southern Power Grid, China CAMC Engineering, China National Nuclear Corporation, and State Nuclear Uranium Resource Development. Representatives of the Export-Import Bank of China and Bank of China also attended. According to Uzbekistan’s presidential press service, the talks focused on high-tech projects in the energy and geological sectors, as well as cooperation in banking and finance. Mirziyoyev welcomed the rapid growth of Uzbekistan-China economic ties. Since the beginning of the year, bilateral trade has exceeded $6 billion, while direct Chinese investment in Uzbekistan has surpassed $8 billion. Nearly 6,000 joint ventures involving Chinese partners are operating in the country. Renewable energy projects formed a major part of the discussion. Chinese companies are already involved in building solar and wind power plants, as well as energy storage systems, across Uzbekistan. Participants supported plans to accelerate ongoing projects and launch new initiatives. These include expanding photovoltaic power generation capacity, introducing agrivoltaic technologies that combine agriculture and solar energy production, and building new transmission lines. The meeting also covered cooperation in waste-to-energy generation and advanced technological solutions, including modern data centers. In mining and geology, officials discussed joint exploration and development of mineral deposits. They also reviewed long-term partnerships in the supply of critical raw materials. Financial cooperation was another key topic. Participants reviewed opportunities for Chinese banks to support infrastructure projects, irrigation modernization, high-speed road construction, hydropower development, agricultural machinery supplies, and financing for small and medium-sized businesses. Earlier this year, the third Uzbekistan-China Interregional Forum in Xi’an resulted in more than $3.5 billion in investment and export agreements, including $3.35 billion in investment projects and $156 million in export contracts. Officials said the agreements would support infrastructure modernization, transport development, environmental services, and industrial production. Speakers at the Xi’an forum said bilateral trade reached nearly $18 billion last year, while accumulated Chinese investment in Uzbekistan totaled $17 billion.

2 months ago

Tashkent International Investment Forum

Digital Diplomacy and Soft Power at TIIF 2026

At the Tashkent International Investment Forum 2026, a panel on “Digital Diplomacy and Soft Power” examined how governments use online platforms, artificial intelligence and direct public communication to shape their international reputation and attract investment. Vladimir Norov, Uzbekistan’s former foreign minister, former secretary-general of the Shanghai Cooperation Organization and current chairman of the Central Asian Association for Artificial Intelligence, said diplomacy had changed sharply since he entered the profession in the 1990s. Governments that once had time to verify information and prepare formal responses now face pressure to communicate within minutes. “When I was appointed ambassador to Germany in 1998, we had no website,” Norov recalled. “We prepared one ourselves. At that time, communication was very different.” According to Norov, diplomacy has shifted to a model of permanent connectivity. Information spreads globally within minutes, often before governments have had time to verify facts or coordinate responses. For Norov, the today's challenge is "balancing speed with wisdom ... We must communicate promptly while ensuring accuracy and preserving dialogue." At the same time, he warned that governments also face serious challenges such misinformation campaigns, cyber threats, and the growing influence of large technology companies in shaping public narratives. Norov recalled that in previous years many government institutions were reluctant to communicate publicly. When he became director of Uzbekistan’s Institute for Strategic and Regional Studies in 2018, he discovered that the institution lacked a website and social media presence. “It was a challenge to convince people,” he said. “Many believed the information should remain internal.” [caption id="attachment_50731" align="aligncenter" width="1024"] Image: TCA[/caption] The discussion at TIIF extended beyond diplomacy to the broader question of how countries communicate economic reforms and investment opportunities. Abdulla Abdukadirov, acting director of the Agency for Strategic Development and Reforms, argued that one of the biggest challenges in attracting investment is the gap between ambitious promises and practical implementation. “Every investor’s main motivation is to make money, but the expectations of the hosting country are more to bring value,” he said. According to Abdukadirov, governments must avoid creating unrealistic expectations and should focus on commitments within their operational control. He stressed a shift in how Uzbekistan presents itself internationally. “We are not considering Uzbekistan as one unique country, but as a whole region, Central Asia,” he said. [caption id="attachment_50733" align="aligncenter" width="1024"] Image: TCA[/caption] The role of communication in shaping investor perceptions was also highlighted by Oybek Shaykhov, founder of EUROUZ and East-West Group. Drawing on his experience working with European businesses, Shaykhov argued that communication quality remains a critical factor in attracting long-term investment. He suggested that governments must respond more proactively to investor inquiries. “When a decision is taken, we have to give some reason why exactly this decision is taken,” Shaykhov said. Leandro Slovinski, editor-in-chief of The Investor, compared national investment promotion to the customer-service strategies used by luxury brands. According to Slovinski, governments should focus on highly targeted engagement with specific investors. “We should stop addressing foreign investors as a whole,” Slovinski said, stressing that investors often...

2 months ago

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...

2 months ago

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...

2 months ago

Bilateral Relations

Uzbekistan Mahallasi Opens in Turkey’s Earthquake-Hit Hatay

A residential complex built by Uzbekistan in Turkey’s Hatay Province has officially become the center of a new neighborhood named “Uzbekistan Mahallasi,” marking another milestone in the growing partnership between the two countries. According to Uzbekistan’s Dunyo Information Agency, an opening ceremony was held in the Arsuz district of Hatay. Officials also inaugurated Shavkat Mirziyoyev Boulevard, along with Tashkent and Samarkand Streets. The event brought together senior officials from both countries, including Nuriddin Ismoilov, Speaker of the Legislative Chamber of Uzbekistan’s Oliy Majlis; Jurabek Rakhimov, governor of Khorezm Region; Numan Kurtulmuş, Speaker of the Grand National Assembly of Turkey; Hatay Governor Mustafa Masatlı; and representatives of local authorities and residents. The housing development is part of Uzbekistan’s assistance to Turkey following the devastating earthquakes that struck southern Turkey on February 6, 2023, causing widespread destruction across Hatay and several neighboring provinces. Speaking at the ceremony, Kurtulmuş described the project as a symbol of gratitude to the Uzbek people for their support during one of Turkey’s most difficult periods. “Today, it is a source of special pride for us to immortalize names in Arsuz that reflect the great historical and cultural heritage of Uzbekistan,” Kurtulmuş said. “This step symbolizes the respect and appreciation for the Uzbek people, who stood by us and extended their support during our most difficult days.” Kurtulmuş also described Uzbekistan as one of the important centers of Islamic civilization and the Turkic world. He highlighted reforms being implemented under President Shavkat Mirziyoyev and praised the country’s “New Renaissance” development agenda. Hatay Governor Mustafa Masatlı highlighted the practical significance of Uzbekistan’s contribution to the province’s recovery. He said naming the residential area “Uzbekistan Mahallasi” would serve as a lasting symbol of friendship between the two nations. “On behalf of the residents of Hatay, I express my profound gratitude to the friendly and fraternal people of Uzbekistan,” Masatlı said. The ceremony concluded with a ribbon-cutting for the newly named boulevard and streets, which honor Uzbekistan’s president and two of the country’s historic cities. The opening follows the completion of the housing project earlier this year. In January, Presidents Shavkat Mirziyoyev and Recep Tayyip Erdoğan took part in a ceremony to open the Uzbekistan residential complex and handed apartment keys to local residents. The complex consists of 24 apartment buildings with more than 300 fully equipped apartments and modern infrastructure. It was built by Uzbekistan in the Arsuz district, one of the areas affected by the 2023 earthquakes.

2 months ago

Tashkent International Investment Forum

Data, Minerals, and the New Tashkent: Uzbekistan Pitches Its Next Growth Phase at Investment Forum

Uzbekistan used the opening of this year’s Tashkent International Investment Forum to make a broader pitch than investment alone: the country is presenting itself as a platform for data-driven governance, value-added mineral processing, and large-scale urban development. The fifth Tashkent International Investment Forum is being held in the Uzbek capital from June 16-18, bringing together government officials, international financial institutions, business leaders, and investors as Uzbekistan seeks to reinforce its position as one of Central Asia’s leading investment destinations. Held under the theme “Investment Resilience: New Frontiers, New Partnerships,” TIIF 2026 comes as Uzbekistan continues to promote reforms aimed at attracting capital, expanding industrial production, developing digital infrastructure, and moving higher up global value chains. Mirziyoyev Sets Out Investment Priorities Addressing the forum on June 17, President Shavkat Mirziyoyev presented Uzbekistan’s recent economic performance as evidence of growing investor confidence. He said the country had attracted more than $150 billion in foreign investment in recent years, including $123 billion over the past five years. According to the president, nearly 4,000 foreign guests from more than 100 countries are attending this year’s forum, reflecting its expanding international profile. The event brought together heads of state, prime ministers, representatives of international financial institutions, and business executives from around the world. Mirziyoyev said Uzbekistan remained committed to creating a favorable investment environment through reforms designed to protect investors’ rights and broaden economic opportunities. He said GDP grew by 7.7% in 2025, foreign investment reached $43 billion, international reserves exceeded $70 billion, and Uzbekistan rose 14 places in the Index of Economic Freedom, joining the group of economies classified as “moderately free.” He also emphasized the pace of economic growth. Four years ago, he said, Uzbekistan set a target of reaching a $100 billion economy by the end of 2026; now, he said, GDP is expected to exceed $180 billion this year. Mirziyoyev also announced plans to establish the Tashkent International Financial Center, a tax- and customs-free zone operating under a special legal regime based on English common law principles. He said the center would offer zero rates on profit tax, value-added tax, property tax, and customs duties, while guaranteeing free capital movement and payments in any currency. Delta Y: A Data Infrastructure Startup Looks to Uzbekistan One of the companies drawing attention at the forum was Delta Y, a Lisbon-based data infrastructure startup seeking to help governments and cities turn fragmented information into practical decision-making tools. Founded in 2025, Delta Y describes itself as a “data infrastructure layer” for governments, institutions, and advisory firms. Its goal is to use data engineering and artificial intelligence to turn disconnected datasets into usable analysis. Co-founder Afonso Carvas said the idea emerged from his experience working with data teams in technology companies and from a broader question: whether governments and cities could gain access to the same quality of data infrastructure used by leading global companies. That question eventually led the company to Uzbekistan. Why Uzbekistan? Carvas said Delta Y first began looking at Uzbekistan after a...

2 months ago

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