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Vagit Ismailov

Journalist

Vagit Ismailov is a Kazakhstani journalist. He has worked in leading regional and national publications.

Articles

IPO

Uzbekistan Conducts First Dual IPO in London and Tashkent

Uzbekistan has completed its first international equity offering, as the state-backed National Investment Fund of Uzbekistan (UzNIF) began trading through a dual listing on the London Stock Exchange and the Tashkent Stock Exchange. UzNIF raised $603.6 million by selling a 31% stake to international and domestic investors. The proceeds could rise to about $692 million if an overallotment option is exercised in full, bringing the total stake sold to 35%. At the offer price, the fund was valued at about $1.95 billion. The offering was managed by Franklin Templeton, while cornerstone investors included funds and accounts managed by BlackRock, Franklin Resources, and Redwheel. The shares were sold by Uzbekistan’s Ministry of Economy and Finance, so the proceeds will go to the state rather than directly to the fund. The listing attracted more than $2.8 billion in investor demand. Julia Hoggett, chief executive of the London Stock Exchange, described UzNIF as the first international IPO from Uzbekistan and the largest IPO on the exchange’s markets so far this year. Saida Mirziyoyeva, head of Uzbekistan’s presidential administration, framed the transaction as part of the country’s effort to deepen capital-market reforms and draw long-term foreign investment. Speaking at the London Stock Exchange, she said the IPO was not only about raising capital, but also about building trust in a new generation of Uzbek institutions. “Uzbekistan has become a more open and reliable partner for the global capital market,” Mirziyoyeva wrote on Telegram. Uzbek officials say the country’s economy has nearly tripled in size in recent years, while investor protections and corporate governance standards have been strengthened. The listing comes as Uzbekistan intensifies efforts to position itself as a new investment destination in Central Asia. During a visit to London, Mirziyoyeva held talks with British officials, financial executives, and investors as Tashkent seeks to expand private-sector participation and develop plans linked to a proposed Tashkent International Financial Centre. Official figures show that British businesses have already invested more than $1 billion in Uzbekistan’s economy. Trading in London opened at $25 per global depositary receipt, with shares rising roughly 12% to $28 within the first hours of trading. On the domestic market, a separate tranche was made available through the Tashkent Stock Exchange, giving Uzbek investors access to a vehicle that had primarily been aimed at international institutions. UzNIF holds stakes in 13 state-linked companies in sectors including transport, energy, banking, telecommunications, utilities, and aviation. Its major holdings include Uzbekistan Airways, Uzbektelecom, Uzbekhydroenergo, and other infrastructure and energy operators. The fund was established in 2024 as part of Uzbekistan’s broader privatization and capital-market reform program. By grouping stakes in strategic state-owned enterprises into a single listed vehicle, the government is offering investors exposure to several parts of the Uzbek economy while retaining state control over the underlying assets. For Uzbekistan, the successful dual listing is a significant market-opening moment. It gives the government a benchmark for future privatizations, broadens access to Uzbek equities, and tests whether investor interest in the country’s reform story can be...

5 days ago

Regional Security

Tokayev Urges Central Asia and China to Strengthen Law Enforcement Cooperation

Kazakh President Kassym-Jomart Tokayev hosted the interior and public security ministers of the “Central Asia-China” format in Astana during the second meeting of regional law enforcement agencies. The meeting was attended by Chinese Minister of Public Security Wang Xiaohong, Kyrgyz Interior Minister Ulan Niyazbekov, Tajik Interior Minister Ramazon Rahimzoda, Turkmen Interior Minister Muhammet Hydyrov, and Uzbek Interior Minister Aziz Tashpulatov. Participants discussed transnational crime, drug trafficking, cybercrime, and extremism. Tokayev said strengthening cooperation between the law enforcement agencies of Central Asia and China is essential for maintaining regional stability. “Transnational organized crime is becoming increasingly flexible and interconnected. Cybercrime has evolved into a highly profitable global industry,” the president said. According to Tokayev, criminal groups are increasingly using digital platforms to coordinate activities, launder money, and carry out attacks that transcend national borders. He emphasized that Central Asia’s position at the crossroads of major transport and trade routes leaves the region particularly vulnerable to transnational criminal networks. Tokayev said Kazakhstan considers the rule of law a strategic state priority and is continuing the implementation of its “Law and Order” governance concept. He called for stronger efforts to block the financial flows of criminal organizations, suppress the spread of extremist ideology, and detect preparations for terrorist attacks. The president devoted particular attention to cybersecurity threats. “Artificial intelligence in the hands of destructive actors is becoming an information weapon,” Tokayev said. According to him, illegal content and disinformation are spreading online on an industrial scale, while existing mechanisms of international cooperation require substantial modernization. Tokayev also linked security concerns to the expansion of regional transport infrastructure, including the Trans-Caspian International Transport Route. “The growth of cargo traffic is associated with certain risks, including transnational crime and the trafficking of contraband, drugs, and weapons,” he said. In Tokayev’s view, the “Central Asia-China” format should evolve into a platform for developing coordinated and practical security measures across the region. Participants in the meeting reaffirmed their intention to expand operational information-sharing, strengthen professional cooperation, and introduce modern technologies into law enforcement activities.

6 days ago

Glacier Melt

Pamir Glaciers Rapidly Melting Even Above 5,000 Meters, Tajik Scientists Warn

Tajik scientists have conducted the country’s first direct winter field measurements of snow dynamics on a Pamir glacier since independence, with findings showing a sharp decline in snow reserves and accelerated melting even in high-altitude zones previously considered relatively stable. The expedition took place from May 6-15 on Glacier No. 457, located in the upper basin of the Nukhchashma River, also known as Tokuzbulak, a tributary of the Gunt River. The research was carried out by specialists from the Mountain Societies Research Institute at the University of Central Asia (UCA), together with the Center for Research of Glaciers of Tajikistan’s National Academy of Sciences, as part of the United Nations initiative “Decade of Action for Cryospheric Sciences, 2025-2034.” The scientists’ primary objective was to study the glacier’s winter mass balance by analyzing snow accumulation, density, and distribution across the glacier surface. According to the organizers, these are the first direct winter field measurements of glacier winter snow dynamics conducted in Tajikistan since the country gained independence. The work comes as glacier preservation is receiving growing international attention. The United Nations says rapid glacier melt threatens billions of people, especially those who depend on glaciers for drinking water, agriculture, and energy. Tajikistan’s glaciers are particularly important for Central Asia because they feed rivers that support downstream communities, irrigation, and hydropower. Previous glacier monitoring efforts in Tajikistan were largely limited to summer expeditions and satellite observations. Denis Samyn, senior research fellow and professor of Earth and environmental sciences at UCA, said Central Asia’s glaciers had remained insufficiently studied for decades. “Now, with support from the state and international partners, the region is gradually developing its own school of cryospheric research and a new generation of specialists,” he said. Scientists expressed particular concern over the latest monitoring results. UCA researcher Hofiz Navruzshoev said Glacier No. 457 has been monitored annually since 2020, although previous studies primarily focused on summer melting. “The 2025 observations revealed a critical situation: the glacier’s thickness decreased by more than one meter, which is a very significant indicator,” he said. According to Navruzshoev, seasonal snow cover in the glacier’s accumulation zone at elevations above 5,100 meters has virtually disappeared over the past five years. This means the glacier is no longer replenishing lost ice even in its upper accumulation areas, which traditionally served as long-term snow storage zones. That trend is significant because the accumulation zone is the part of a glacier where winter snow normally survives long enough to compact into ice. If that zone stops gaining snow, the glacier can lose mass even before lower-elevation melting is taken into account. The expedition operated under difficult high-altitude conditions, with researchers working at elevations of around 5,000 meters amid rapidly changing weather, snowfall, strong winds, and near-zero visibility. During the mission, scientists dug five snow pits at elevations ranging from 4,790 to 5,012 meters, measured snow depth and density, and collected data on glacier snow reserves. The findings add to wider scientific concern about the Pamirs. The Times of...

6 days ago

Forced Labor

Forced Labor in Turkmenistan the Target of New EU-ILO Project

A new joint project is being launched by the International Labour Organization (ILO) and the European Union aimed at combating child and forced labor in Turkmenistan. Its focus is primarily on the country’s cotton sector, which has long faced criticism from human rights groups and international companies. The ILO announced the initiative on May 13. The program, titled Promoting Decent Work and Preventing Child and Forced Labour in Turkmenistan, is scheduled to run from 2026 to 2027 with the project’s budget estimated at approximately €2 million ($2.3 million). The initiative will focus on three main areas: updating labor legislation, implementing international labor standards, and strengthening institutional oversight mechanisms for the protection of workers’ rights. Organizers say the project’s ultimate goal is to prevent labor rights violations and create a more sustainable system for monitoring working conditions across the country. The initiative is directly linked to longstanding concerns over forced labor during Turkmenistan’s annual cotton harvest. Human rights organizations including turkmen.news, the Turkmen Initiative for Human Rights, Progres Foundation, and the Cotton Campaign previously released a joint report alleging that Turkmen authorities have only partially fulfilled commitments to reform the sector. According to the report, despite an official ban on child labor, minors continue to participate in cotton harvesting campaigns. Rights groups say some children assist relatives in meeting production quotas, while others work in the fields because of difficult economic conditions facing their families. The report also alleged that teachers, medical workers, utility employees, and other public-sector staff continue to be mobilized for cotton harvesting under state direction. The launch of the new project was discussed during a special event in Ashgabat attended by Turkmen Deputy Labor and Social Protection Minister Halbibi Tachjanova. “This project reflects Turkmenistan’s strong commitment to preventing child and forced labor, especially in the cotton sector, and to promoting decent working conditions,” Tachjanova said. European Union Ambassador to Turkmenistan Beata Pexa said the initiative should contribute to protecting labor rights and supporting sustainable economic development. However, it remains unclear whether the program will include mechanisms allowing workers subjected to forced labor to safely file complaints without fear of retaliation. The issue carries not only social but also economic significance for Turkmenistan. Cotton and textile products remain among the country’s key exports and an important source of foreign currency revenue. Both state authorities and private companies have been seeking to expand access to Western markets. In May, the textile company Batly Gadam from Balkanabat held talks with British retailer Primark and signed a memorandum of cooperation with Somerbond in London. Nevertheless, many international brands continue to avoid Turkmen textiles because of allegations involving forced labor practices. Against this backdrop, the new ILO-EU project is being viewed not only as an effort to prevent forced labor in Turkmenistan but also as a step toward rebuilding trust with international partners and global markets.

7 days ago

Organization of Turkic States

Turkic States Focus on AI and Trade at Kazakhstan Summit

Leaders of the Organization of Turkic States (OTS) are holding an informal summit in the city of Turkistan, focused on artificial intelligence, digitalization, and economic integration, as Central Asia gains importance as an alternative trade corridor between Europe and China. The meeting brings together the leaders of Kazakhstan, Turkey, Azerbaijan, Uzbekistan, and Kyrgyzstan, along with representatives of observer states. Discussions are centered on digital platforms, joint AI projects, transport corridors, and industrial cooperation. The summit comes amid rapid growth of the Trans-Caspian International Transport Route, also known as the Middle Corridor, which links China and Europe through Central Asia and the Caucasus while bypassing Russia. According to analysts in Kazakhstan, cargo volumes along the route reached 3.3 million tons in 2024, almost six times the 2021 level. Turkish President Recep Tayyip Erdoğan arrived in Astana on a state visit ahead of the summit and held talks with Kazakh President Kassym-Jomart Tokayev. “Kazakhstan and Turkey are connected by enduring friendship, brotherhood, and eternal partnership,” Tokayev said following the meeting. Erdoğan thanked Kazakhstan for the reception and highlighted the escort provided by Kazakh military fighter jets after his aircraft entered the country’s airspace. According to participants at the OTS business forum, the combined GDP of member states exceeds $2.1 trillion, while their total population stands at 178 million people. Despite increasing political coordination, trade between OTS countries still accounts for only around 7% of their total foreign trade turnover, leaving considerable room for deeper economic integration, analysts say. OTS member states are increasingly seeking to expand cooperation beyond cultural and political ties by focusing on logistics, the digital economy, and joint investment projects. Kazakhstan views the organization as one of the instruments for diversifying its foreign economic relations and expanding its role as a transit hub between Asia and Europe.

1 week ago