International Cooperation - The Times Of Central Asia

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Single Securities Market to Be Launched in the EAEU

Last week, the Eurasian Intergovernmental Council convened in Almaty, where the heads of government from the Eurasian Economic Union (EAEU) member states agreed to standardize securities trading across their stock exchanges. The agreement is expected to further integrate the financial markets of the five member countries, according to Myktybek Abirov, vice president of the Kyrgyz Stock Exchange. “The main purpose of the agreement is to harmonize the rules and standards of securities circulation within the common economic space, which will facilitate financial market integration, improve investor access, and enhance liquidity,” the Kyrgyz Ministry of Economy and Commerce stated. “The adoption of such rules will create new opportunities for businesses and investors, expanding their reach and strengthening economic ties between EAEU countries.” Abirov told The Times of Central Asia that the agreement will allow both private and state-owned companies to list their securities on stock exchanges across EAEU member states. “This is a welcome development, as it gives our issuers access to other stock markets,” Abirov said. “They will be able to place their securities in Russia, Kazakhstan, Belarus, and Armenia, while investors will gain broader access to financial instruments, enabling them to diversify risks.” According to Abirov, efforts to establish a unified securities market within the EAEU have been ongoing for a decade. The newly reached agreement includes the mutual recognition of financial brokers across member states’ stock exchanges. “Each EAEU country currently has slightly different listing requirements. Now, the Eurasian Economic Commission has set unified standards that companies must meet,” he explained. “Securities that comply with these standards will be tradable on financial markets without additional procedures.” Private financial sector representatives have expressed unanimous support for the initiative, emphasizing that greater integration will be beneficial - provided that administrative and regulatory procedures are sufficiently streamlined. The key challenge now is ensuring effective implementation, they noted. Officials at the Kyrgyz Stock Exchange hope that the first such trades will take place this year. Meanwhile, the Kazakhstan Stock Exchange (KASE) has confirmed its readiness to list foreign securities under the new framework.

Organization of Turkic States International Cooperation Turkey Education High education

International University of Turkic States Established in Tashkent

Uzbekistan is to establish the International University of Turkic States in Tashkent. The university aims to strengthen political, economic, cultural, and humanitarian ties among Turkic states. The institution will offer specialized training in engineering, construction, logistics, information technology, healthcare, agriculture, and the food industry, as well as economic and social sciences. Educational programs will be developed in collaboration with leading universities in Turkey, ensuring international academic standards. The university is a non-governmental higher education institution, jointly founded by the Councils of Higher Education of Uzbekistan and Turkey. Starting in the 2025/2026 academic year, its curricula will be based on those of Turkish universities ranked in the top 1,000 globally. A Step Toward Deeper Turkic Cooperation The university’s establishment represents another milestone in strengthening cooperation among the Organization of Turkic States (OTS). Founded in 2009, the OTS includes Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, Uzbekistan, and Turkmenistan, with Hungary and the Turkish Republic of Northern Cyprus holding observer status. Over the past decade, economic ties among OTS members have significantly expanded, with trade volume surpassing $45 billion in 2024. According to the Turkish Ministry of Finance, by the end of 2024, the combined economies of the Turkic states reached an estimated $1.9 trillion, with a population of 178 million. In a related development, The Times of Central Asia reported that in September 2024, the Astana-based Turkic Academy finalized the Common Turkic Alphabet, a Latin-based script consisting of 34 letters. Originally proposed by linguists in 1991, the alphabet aims to enhance mutual understanding and cooperation among Turkic-speaking nations while preserving their linguistic heritage.

Agriculture Bilateral Relations Hungary Economic Cooperation International Cooperation

Kyrgyzstan Explores Hungarian Agricultural Technologies

The 3rd Kyrgyz-Hungarian Agricultural Forum was held on January 17 in Budapest, Hungary, with the goal of strengthening ties between agricultural companies from Kyrgyzstan and Hungary. According to the Kyrgyz government’s official website, the forum showcased Hungary’s innovative agricultural technologies and solutions to address challenges in the sector. Focus on Innovation and Sustainability At the forum, leading Hungarian agricultural companies presented modern technologies aimed at increasing crop yields, improving irrigation systems, processing agricultural products, and promoting environmentally sustainable farming practices. These innovations align with Kyrgyzstan’s growing need to modernize its agricultural sector and improve productivity. Kyrgyzstan Seeks Hungarian Expertise Speaking at the forum, Kyrgyzstan’s Deputy Chairman of the Cabinet of Ministers and Minister of Water Resources, Agriculture, and Processing Industry, Bakyt Torobayev, emphasized Kyrgyzstan’s interest in Hungary’s expertise. "Hungary is a reliable partner with extensive experience in agricultural technologies, including processing agricultural products, improving plant varieties, and supporting the development of small and medium-sized farms," Torobayev said. He invited Hungarian entrepreneurs to expand their operations in Kyrgyzstan, noting that the country’s new economic policy focuses on three key sectors: agriculture, energy, and transport and transit. Torobayev highlighted Kyrgyzstan’s strategic location at the crossroads of the ancient Silk Road, which offers unique advantages for international trade. He pointed to the ongoing construction of the China-Kyrgyzstan-Uzbekistan railway as a critical infrastructure project to connect Central Asia with China, South Asia, Europe, and beyond. Meeting Between Kyrgyz and Hungarian Officials On the same day, Torobayev held discussions with Hungary’s Minister of Foreign Affairs and Trade, Péter Szijjártó. The meeting centered on implementing the Declaration of Enhanced Strategic Partnership, signed in November 2023 during Hungarian Prime Minister Viktor Orbán’s visit to Bishkek. One key topic of discussion was the preparation of a comprehensive long-term development plan for Lake Issyk-Kul, Kyrgyzstan’s largest lake and a vital tourist destination. The plan aims to address environmentalconcerns such as climate change, ecosystem degradation, and overuse of natural resources. Hungarian specialists, drawing on their experience with Lake Balaton, will collaborate with Kyrgyz counterparts to develop and regulate the Issyk-Kul region. Enhancing Bilateral Cooperation Another significant outcome of the meeting was the agreement to increase the authorized capital of the Kyrgyz-Hungarian Development Fund by an additional $34 million. This fund plays a crucial role in fostering economic collaboration between the two countries. The ministers also discussed: Increasing exports of Kyrgyz agricultural products to Europe, focusing on environmentally friendly produce. Establishing logistics centers that adhere to European quality and safety standards. Hungary’s Growing Interest in Central Asia Hungary has consistently sought to deepen its engagement with Turkic-speaking countries in Central Asia. As an observer state of the Organization of Turkic States (OTS), which includes Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, and Uzbekistan, Hungary has prioritized economic and cultural ties with the region. Turkmenistan also holds observer status within the OTS.

economic public transport International Cooperation Air Transport Aviation Economy

Uzbekistan to Launch VIP Air Taxi Service in Partnership with UAE’s JETEX

During President Shavkat Mirziyoyev’s official visit to the United Arab Emirates on January 13, Uzbekistan’s Ministry of Transport signed a memorandum of cooperation with JETEX, a leading UAE-based aviation services company. The agreement, signed by Uzbekistan’s Minister of Transport Ilkhom Makhkamov and JETEX founder Adel Mardini, sets the stage for ambitious projects in Uzbekistan’s civil aviation sector. One of the cornerstone initiatives involves JETEX providing Fixed Base Operator (FBO) services for VIP and CIP (Commercially Important Passenger) customers at Tashkent-East Airport through a public-private partnership. This project will also include the repair, sale, and maintenance of small aircraft, along with the launch of VIP air taxi services. These efforts aim to strengthen Uzbekistan’s tourism industry and elevate the travel experience for high-end customers. According to officials, the project is expected to improve the quality of passenger services and enhance Tashkent’s reputation as an attractive and prestigious destination. Moreover, it is anticipated to generate over 200 jobs in Uzbekistan’s business aviation sector, contributing to the nation’s economic growth. Founded in 2005, JETEX has become a global leader in business aviation services, with operations in over 50 locations across the Middle East, Europe, Asia-Pacific, Africa, and the Americas. The company’s expertise in Fixed Base Operator services ensures reliable and sustainable growth in the business aviation sector. Fixed Base Operators (FBOs) provide essential airport services such as aircraft refueling, parking, hangar maintenance, repair, charter sales, and other aviation-related services. These facilities cater to private and business aviation, ensuring high-quality services for operators and passengers. The partnership with JETEX marks a significant step forward in modernizing Uzbekistan’s aviation infrastructure and expanding its footprint in the global business aviation market.

Cultural Heritage Art and Literature History International Cooperation

Uzbekistan Receives Historic Manuscript Copies from Malaysia

Uzbekistan’s cultural heritage will soon be added to with facsimile copies of ancient manuscripts provided by Malaysia. This initiative is part of a collaboration between the Center for Islamic Civilization in Uzbekistan and Malaysia’s International Institute of Islamic Thought and Civilization. During a recent visit to Malaysia by an Uzbek delegation, the Center’s Director, Firdavs Abdukhalikov, received copies of two invaluable works: Abu Rayhan Beruni's At-Tafhim and Abulkasim Firdavsi's Shahnameh, both transcribed during the Timurid era. Abdukhalikov believes this initiative aligns with broader efforts to promote humanitarian values and preserve Uzbekistan’s historical heritage. “The copies of manuscripts received today will further enrich the exposition of our center,” he stated. Beruni’s At-Tafhim, originally transcribed in 1197, holds immense significance for world science. Meanwhile, the Timurid-era transcription of Firdavsi’s Shahnameh, produced in the 15th century, reflects the traditions of book printing from that period and showcases the distinctive features of Kamoliddin Behzod’s renowned school of miniature painting. These manuscripts will be displayed at the Center for Islamic Civilization, which was established eight years ago to celebrate the contributions of Uzbek scholars to global civilization and to preserve the nation’s rich cultural legacy.

International Cooperation Legislation Eurasian Economic Union EAEU Eurasian Transport Network

Cabotage Transportation in Eurasia: Expanding Connectivity, or Creating Unequal Conditions?

Freight transportation by road is the most popular and versatile type of shipping due to its mobility, flexibility, and accessibility. This sector is expected to undergo significant changes in Kazakhstan and other member states of the Eurasian Economic Union (EAEU) starting in 2025. However, industry experts warn that these changes could lead to domestic market losses for Kazakhstani participants. Starting January 1, 2025, transportation companies from EAEU member states will be allowed to carry out cabotage transportation -- shipment of goods between two places in the same country -- within Kazakhstan. This means that foreign carriers will be permitted to perform up to three domestic deliveries in the country following their international shipment. For example, a Russian truck delivering goods to Almaty may complete up to three cabotage shipments within Kazakhstan between cities over seven days on its return route. However, experts suggest this measure could lead to domestic international road carriers losing their market share to foreign operators from Russia and Belarus, who are currently limited by sanctions. According to Ivan Yanson, director of the representative office of the Union of International Road Carriers of the Republic of Kazakhstan in Astana, currently, Belarus has about 40,000 vehicles engaged in international freight transportation, and Russia has a similar number. Meanwhile, Kazakhstan's fleet consists of approximately 15,000 trucks. This discrepancy in fleet size is a key factor influencing competitiveness. Another critical issue is the average age of Kazakhstan’s fleet, which exceeds 20 years. However, high wear and tear and the need for modernization are hindered by the high cost of tractor-trailers, recycling fees, and registration charges, which are often unaffordable for Kazakhstani entrepreneurs. In light of this, local carriers have repeatedly proposed postponing the decision to open Kazakhstan’s market to cabotage. Meanwhile, the development of cabotage in EAEU countries is part of the Union's Transport Policy for 2024–2026. Lawmakers believe these measures aim to expand trade connections and attract new companies. They argue that cabotage liberalization will help reduce empty mileage for EAEU road carriers, thereby lowering freight transportation costs. Kazakhstan's Ministry of Transport also emphasizes that opening the cabotage market will not cause financial or other negative consequences for domestic businesses. According to Deputy Minister Maksat Kaliakparov, carriers will only be allowed to perform up to three consecutive domestic shipments within another EAEU member state using the same vehicle, ensuring equal access for all. Currently, Kazakhstan is conducting internal procedures to amend its road transport legislation to align with the phased liberalization program for cabotage freight transportation, which began on January 1. “These amendments to national legislation are expected to be adopted in the first half of this year,” stated a government representative. The anticipated outcomes include fostering competition in the road transport services market, modernizing the truck fleet, establishing uniform conditions and rules for freight transport services within the EAEU, improving vehicle efficiency for international freight transport, and reducing environmental impact by using modern vehicles. Nevertheless, the effects of these legislative changes cannot be fully assessed until they are...