• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 -0%
  • TJS/USD = 0.10442 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 -0%
  • TJS/USD = 0.10442 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 -0%
  • TJS/USD = 0.10442 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 -0%
  • TJS/USD = 0.10442 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 -0%
  • TJS/USD = 0.10442 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 -0%
  • TJS/USD = 0.10442 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 -0%
  • TJS/USD = 0.10442 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 -0%
  • TJS/USD = 0.10442 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%

Viewing results 1 - 6 of 5

Why Europe Is Betting Big on Kazakhstan’s Future

On April 3, Kazakhstan’s President Kassym-Jomart Tokayev met with European Commission President Ursula von der Leyen in Samarkand, ahead of the Central Asia–European Union summit. Although the meeting was brief, it came at a key moment, bringing into focus a set of shared economic and technological priorities that both sides increasingly treat as strategic. Tokayev made his position plain: Kazakhstan is looking to push forward in four core areas of cooperation with the EU: energy, industrial infrastructure, transport and logistics, and digital technology. Each of these lines up with the country’s broader goals for economic modernization. The two leaders also acknowledged recent steps toward a simplified EU visa regime for Kazakhstani nationals, which would ease movement for businesses and professionals in both directions. The meeting itself fits into a growing pattern. It builds on the first five-country Central Asia–EU leaders’ summit held in Astana back in October 2022. That gathering marked a turning point, putting the EU’s regional engagement on firmer institutional footing. It went beyond symbolic gestures and aimed at unlocking concrete investment opportunities. Since then, the EU has moved quickly to back up its commitments with financial and logistical support. Much of this has flowed through the Global Gateway initiative, a flagship program designed to channel European investment into infrastructure projects in developing and strategically situated economies. The European Bank for Reconstruction and Development (EBRD) has had a visible role in this process, running studies and financing projects across the transport, energy, and trade connectivity sectors. One EBRD-backed report, published in 2023, offered a striking projection: around €18.5 billion would be needed to scale container transport between the EU and Central Asia by a factor of eight. The goal was to go from fewer than 100,000 TEUs per year to roughly 865,000 by 2040. In response, the EU and the EBRD convened an Investors' Forum in early 2024, bringing in more than €10 billion in early-stage pledges. A second forum is now scheduled for 2025, with new focus areas, including mining, supply chains, and processing industries. During the Samarkand discussion, von der Leyen underlined the strategic significance of the Middle Corridor, also known as the Trans-Caspian International Transport Route (TITR). This project has been gaining traction in EU planning circles as an alternative to routes running through Russia or the Gulf. The corridor promises not only economic returns but greater resilience in east–west supply chains. Kazakhstan, by geography and by political posture, is positioned at the center of this shift. Its participation is not just beneficial but also structurally important. The timing of the meeting was also notable. Just a day earlier, Kazakhstan’s Ministry of Industry and Construction had announced a major find: a substantial deposit of rare earth elements at the Kuirektykol site. State-supported geological teams working in that region reported an estimated one million tons of potential material. Preliminary surveys from two zones, Irgiz and Dos 2, showed mineral content exceeding 0.1%, with some samples reaching as high as 0.25%. This level is a strong signal...

Mirziyoyev Champions a Flourishing Central Asia by Enhancing Collaboration With the European Union

The global landscape is transforming, driven by geopolitical instability, economic uncertainties, and climate-related challenges. These dynamics are fostering innovative forms of international collaboration. A notable example of this shift is the remarkable fourfold increase in trade between Central Asia and the European Union over the past seven years, culminating in an impressive €54 billion. This surge highlights a growing interest among European businesses in the diverse markets of Central Asia, strategically situated at the intersection of crucial global trade routes. Against this backdrop, the Central Asia-EU summit was held over two days in Samarkand, the "Eternal City", on April 3-4, 2025. During his inaugural address on April 3, 2025, Uzbekistan's President Shavkat Mirziyoyev articulated the summit's significance, stating his view that this gathering represented a transformative moment that could redefine regional partnerships. Mirziyoyev reflected on the deep historical connections and shared interests driving the momentum toward closer ties with the EU. The choice of Samarkand — renowned for its rich historical legacy as a center of trade, science, and diplomacy — as the venue for this significant meeting was particularly poignant, as it symbolizes the intersection of cultures and ideas. Mirziyoyev evoked the historical interactions between Amir Temur and European monarchs, underscoring Samarkand as a melting pot of diversity and intellectual exchange. He introduced the notion of the “Samarkand spirit,” which he described as a symbol of unity and interconnectedness that could serve as the foundation for a new chapter in international relations. The President emphasized the sweeping transformations occurring in Central Asia, reinforcing Uzbekistan’s dedication to nurturing good-neighborly relations built on mutual benefit. Miriyoyev candidly acknowledged the region's history of conflicts and disputes but expressed hope for a shift toward constructive dialogue and trust, pointing to the recent resolution of border disputes between Kyrgyzstan and Tajikistan as a concrete example of this positive trajectory. Furthermore, he elaborated on ongoing initiatives to establish border trade zones, joint investment funds, and transportation corridors that could enhance connectivity and economic collaboration. Mirziyoyev outlined several key priorities: fortifying regional security, advancing economic integration, and promoting environmental sustainability. He conveyed a sense of optimism, proclaiming, "We are facing a historic chance to make our region not only sustainable but also prosperous." The President discussed Uzbekistan's comprehensive economic reforms to create a conducive business environment and liberalize the foreign exchange market. He expressed optimism that the Enhanced Partnership and Cooperation Agreement (EPCA) with the EU would significantly enhance trade and investment relations and proposed aligning the EU's Global Gateway strategy with regional transport initiatives to support this. He also advocated for developing an Action Plan for the Trans-Caspian Transport Corridor. Additionally, he believes there is potential to establish Tashkent as a financial center similar to Hong Kong, as the initial conditions meet the necessary criteria. On energy matters, Mirziyoyev positioned Central Asia as a dependable partner for Europe, highlighting the region's potential to contribute to energy stability and decarbonization efforts. He cited the ambitious Green Strategic Corridor project and the prospect of a Central Asia-EU...

Does the European Parliament Judge Central Asia Fairly?

In 2024, European Parliament (EP) resolutions on Central Asia emphasized its increasing significance in a world that is being reshaped by Russia’s war on Ukraine and China’s growing assertiveness. They focused on strengthening the EU’s partnerships with Central Asia while seeking to advance democratic values and human rights. These Enhanced Partnership and Cooperation Agreements aim to support economic reforms, foster sustainable development, and encourage regional cooperation. At the same time, reflecting the EU’s strategic focus on stability and resilience in the region, the EP’s resolutions urged the Central Asian states to decrease their dependency on Russian energy and avoid facilitating sanctions evasion. For the Central Asian countries, all these initiatives present opportunities to address pressing challenges and pave the way for growth. Advancing democratic governance and protecting fundamental rights, for example, can foster more inclusive and stable societies. Deeper engagement with the EU also offers access to advanced technologies and investments (as well as global markets), which are necessary for innovation and infrastructure upgrades. Likewise, the diversification of energy sources enhances regional self-reliance, reducing vulnerabilities that are tied to over-dependence on a single partner. Alignment with EU priorities, including resistance to autocratic pressures, gives Central Asia a better chance to develop its resilience and interconnected future. Some voices in the region, however — particularly among government officials and more traditionally-minded citizens — view the European Parliament's 2024 resolutions as overly critical, indeed influenced by special interests that fail to take into account the region’s unique challenges and priorities. From a Central Asian perspective, the criticisms contained in the EP’s resolutions lack essential context, focus narrowly on perceived shortcomings, and fail to give adequate consideration to the complex situation underlying governmental decisions. Such a one-sided approach, they suggest, overlooks essential cultural, historical, socio-political, and geopolitical factors. The result is a significant gap between the EU’s expectations on the one hand, and, on the other, what is reasonable to expect given the realities on the ground. The drafters of these documents often focus excessively on identifying deficiencies in democratic processes. They report violations without contextualizing the governments’ choices and often omit any mention of the views of the general public. The unfortunate consequence is that such criticisms vitiate good-faith attempts to build cooperation and partnership. The ideal becomes the enemy of the possible. Most Europeans still have a poor understanding of Central Asia. Many MEPs lack the time or resources to grasp the region’s complexity. Instead, their decisions are too often informed by resolutions that are drafted by a small group of “experts”. The language of these resolutions often reflects the drafters’ personal biases, which in turn risk deforming Europe’s strategic relationships with the region. A lack of proper scrutiny is all the more alarming in light of the Qatargate scandal, which exposed how state-funded lobbyists can distort human rights narratives to advance specific agendas. Maria Arena, the former head of the European Parliament's Subcommittee on Human Rights (DROI), played a central role in shaping judgments on democratic practices in Central Asia,...

Securing EIB Funding in Kyrgyzstan: An Interview with VP Kyriacos Kakouris

Central Asia is rapidly developing its economy, with several international financial institutions successfully operating here. Among them is the European Investment Bank. Vice-President Kyriacos Kakouris spoke with The Times of Central Asia about its activity in Kyrgyzstan. TCA: Could you briefly introduce the European Investment Bank (EIB) and its main objectives in Kyrgyzstan? KK: The EIB is more than a bank, it is part of the EIB Group, one of the largest multilateral financial institutions in the world with a unique position allowing it to mobilize large-scale financing. The European Investment Bank, as the long-term financing institution of the European Union, is closely aligned with EU priorities, such as the EU-Central Asia strategy and the EU Global Gateway strategy, and is ready to play a more significant role in helping Kyrgyzstan respond more effectively to current and future challenges. The Bank has already been involved in economic development, transport, and climate action operations. We are interested in supporting the development of a competitive and environmentally friendly private sector that can incorporate modern and green technologies into various sectors. TCA: What are the EIB's priorities for supporting economic growth and sustainability in Kyrgyzstan? KK: EIB Global launched its activity in Kyrgyzstan in 2014 and up to now, has signed three separate operations worth a total of €112 million. We have established a very positive relationship with the Embassy of Kyrgyzstan in Brussels, which is essential for our dialogue with the Kyrgyz authorities. All operations involve co-financing either with other international financial institutions like the World Bank and the European Bank for Reconstruction and Development (EBRD) or development institutions such as KfW. So far, the Bank has approved lending operations for three projects on power transmission, water and waste management, and the agri-food sector, in line with the priorities defined in the EU-Central Asia and the EU Global Gateway strategies. The main aims of these projects are to protect the environment and take action against climate change. We will soon sign a €9 million top-up for the completion of the Kyrgyz section of the high-voltage transmission line known as CASA-1000. This project is part of a larger regional electricity scheme called Central Asia - South Asia Electricity Transmission and Trade initiative, covering Kyrgyzstan, Tajikistan, and Pakistan. This project is essential for developing trade in sustainable renewable electricity between the countries, using energy generated from renewable hydropower sources in the region. This will alleviate power shortages and increase export revenue in Kyrgyzstan and Tajikistan. TCA: How does the EIB's role differ from that of other development banks or financial institutions? KK: The EIB is the EU bank, and its shareholders are the 27 EU Member States. EIB Global is focused on EU policy priorities such as the EU strategy on Central Asia and the EU Global Gateway, supporting the green transition, boosting technological innovation, bolstering security and defense, and supporting regional cohesion and the development of social infrastructure. Our commitment to international development and capital market integration secures Europe’s strong global presence. Our...

German Chancellor will visit Central Asia on Sept. 15-17

German Chancellor Olaf Scholz will travel to Uzbekistan and Kazakhstan this month on his first trip to Central Asia, the German government said on Friday. Scholz will hold bilateral and foreign policy talks with leaders there and attend a Central Asia-Germany summit in Kazakhstan on the last day of his Sept. 15-17 trip, government spokesman Steffen Hebestreit said. A large, high-level business delegation will accompany the chancellor, he said. The summit in Kazakhstan, dubbed Z5+1, followed a similar meeting in Berlin last year that resulted in a “strategic regional partnership,” according to Hebestreit. “The Chancellor's trip next week will therefore also serve to breathe life into this regional partnership,” the spokesman said. European countries are increasing their engagement with Central Asia as they seek to boost trade and collaborate on issues such as security and climate change in a tense geopolitical environment. In April, David Cameron, who was then Britain’s foreign secretary, traveled to Central Asia, where he talked about the importance of engaging and competing in a region adjacent to China, Russia, Afghanistan and Iran. French President Emmanuel Macron visited Kazakhstan and Uzbekistan last year, become the first leader from France to visit the Central Asian region since 1994.