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Global Tech Weekend

Global Tech Weekend Brings International Investors and Startups to Uzbekistan

More than 2,500 startup founders, investors, developers, venture capital representatives, and technology experts gathered in Uzbekistan’s capital from May 15-17 for the inaugural Global Tech Weekend × TECH FEST, an event organizers say reflects the region’s growing role in the international innovation economy. Held in partnership with IT Park Uzbekistan, the three-day festival featured more than 40 events and over 120 speakers from Central Asia, Europe, the Middle East, and the United States. Discussions covered artificial intelligence, venture capital, gaming, digital transformation, startup scaling, and cross-border investment. The event marks Global Tech Weekend’s first edition in Uzbekistan. Founded in Los Angeles in 2024, the event debuted in Tbilisi in 2025 before expanding in 2026 to Tashkent, Tbilisi, and Baku as flagship host cities. “You have everything you need to achieve your goals. IT Park and the government provide strong support. I wish every country had this level of support,” said Jaba Kikvidze, co-founder of Global Tech Weekend, during the festival. “My advice to founders in Uzbekistan is to work hard, look beyond the local market, explore new opportunities, and make use of the ecosystem being built around you,” he added. [caption id="attachment_49077" align="aligncenter" width="300"] @IT Park Uzbekistan[/caption] One of the recurring themes of the event was how Central Asian startups can move beyond domestic markets and attract international investment. During a panel titled “Roots: Local Playbooks on Investing and Building within Central Asia,” regional investors discussed how funding strategies and startup expectations are evolving across emerging economies. Representatives from global accelerators and investment networks also highlighted growing international interest in founders from less traditional technology hubs. Speaking to The Times of Central Asia, Farrukh Erkinov, head of the Startup Ecosystem Development Department at IT Park Uzbekistan, said one of the festival’s main objectives was to create direct links between local entrepreneurs and global investors. “One of the most important factors in today’s startup ecosystem is connection to the global community,” Erkinov said. “Through Global Tech Weekend, we aimed to create a direct platform for startups in Uzbekistan to interact with international investors, accelerators, and technology partners.” [caption id="attachment_49078" align="aligncenter" width="300"] @IT Park Uzbekistan[/caption] Artificial intelligence was another major focus of the festival. Speakers including Ethan Pierse, a partner at Borderless Ventures whose work focuses on the AI economy, argued that traditional investment models are becoming less effective as AI reshapes industries and shortens startup development cycles. The event also included startup pitch competitions featuring projects from Uzbekistan and neighboring countries, mentorship sessions with international experts, and esports tournaments centered on PUBG MOBILE and Mobile Legends. Organizers said the festival is intended to connect Central Asia more closely with the Caucasus and other neighboring regions. “We believe we can unite Central Asia and the Caucasus,” Global Tech Weekend co-founder Guri Koiava told The Times of Central Asia. “This means friendship, bridges between countries, joint investments, and new business opportunities. Here I see a strong drive from young people. They believe in what they are building."

Investment

Kazakhstan to Improve Investor Protections and Accelerate Digital Reforms

Kazakhstan Prime Minister Olzhas Bektenov has instructed government agencies to accelerate the removal of administrative barriers for investors and expand the digitalization of investment procedures amid intensifying global competition for capital. Speaking at a meeting on investor rights protection attended by government officials, prosecutors, business representatives, and the Atameken National Chamber of Entrepreneurs, Bektenov said improving the investment climate remains a government priority. “Just last week, a presidential decree was signed on improving migration policy, aimed at creating a better environment for attracting investors, entrepreneurs, and highly qualified specialists,” Bektenov said. According to the government, Kazakhstan’s Investment Headquarters reviewed 44 projects worth approximately $25.5 billion during the first quarter of 2026. Prosecutor General Berik Asylov said the number of criminal cases against businesses has fallen fourfold over the past three years. “We are overseeing more than 3,000 investment projects. We maintain direct communication and continuous monitoring with investors and the business community,” he said. According to the Foreign Ministry, investors submitted 273 appeals during the first quarter of the year, with around half resolved positively. The main concerns related to tax administration, customs procedures, and land issues. Baurzhan Yeraly, chairman of the Committee for the Protection of Investors’ Rights under the General Prosecutor’s Office, said the rights of around 600 investors had already been protected this year, with complaints handled directly rather than transferred between agencies. Officials cited several successful cases, including the connection of a major energy project in the Atyrau region to engineering infrastructure and the inclusion of a paper products manufacturer in the national registry of domestic producers. Bektenov criticized what he described as a formalistic approach by some state bodies in dealing with businesses. “Every request from an investor is a signal behind which stand decisions on capital allocation, the launch of new production facilities, and the creation of jobs,” he said. The prime minister warned that officials and managers in the quasi-state sector responsible for bureaucratic delays would face “the strictest measures.” He also pointed to systemic problems, including weak coordination between agencies, delays in public service delivery, and insufficient oversight at the regional level. Particular attention was given to the role of local administrations, which were instructed to supervise key investment projects directly and accelerate the allocation of land, infrastructure, and permits. The government also plans to speed up development of the National Digital Investment Platform. More than 3,000 projects worth around $200 billion have already been integrated into the system, though more than 400 projects have yet to be uploaded. “In the context of global competition for investment, we must ensure a stable and favorable investment climate,” Bektenov said. Asset Irgaliyev, chairman of the Agency for Strategic Planning and Reforms, said the agency is developing a “regulatory intelligence” platform using artificial intelligence to identify excessive requirements and administrative barriers. Authorities also plan to expand the overseas network of Kazakh Invest. According to company head Sultangali Kinzhakulov, representative offices in the United States, Germany, China, Russia, Turkey, Malaysia, and Qatar will operate as “one-stop...

Kashagan

Kazakhstan Expands Kashagan Legal Fight as Arbitration and Claims Mount

For several years, Kazakhstan has been engaged in arbitration proceedings worth billions of dollars, many of which have been conducted behind closed doors. Recently, new details have emerged about one of the largest disputes, involving the North Caspian Operating Company (NCOC). The dispute stems from environmental violations identified during a 2022 inspection at the Kashagan field. Environmental authorities found that the operator, NCOC, had stored approximately 1.2 million tons of sulfur in excess of permitted limits. As a result, the company faced a fine of around $5 billion. Kashagan is one of the largest and most technically complex offshore oil fields ever discovered, with proven hydrocarbon reserves estimated at 4.65 billion tons. The consortium includes seven major international energy companies: KazMunayGas (16.88%); Eni (16.81%); Shell (16.81%); ExxonMobil (16.81%); TotalEnergies (16.81%); CNPC (8.33%); and INPEX Ltd (7.56%). A lawsuit was filed by all consortium members except KazMunayGas, Kazakhstan’s national oil company. The field has long been central to Kazakhstan’s oil production and relations with international investors. Kazakhstan’s interests in the Kashagan dispute are represented by the Ministry of Ecology and the Ministry of Justice. According to the Vice Minister of Justice, Daniel Vaisov, a trial court has already ruled in favor of the state. “A first-instance court has ruled in Kazakhstan, recognizing the state’s position as lawful. Six contractors — excluding KazMunayGas — filed an appeal in March,” Vaisov said. NCOC challenged the environmental inspection results. In June 2023, a court in Astana partially upheld the company’s claims. However, this was overturned in February 2024, when an appellate court ruled in favor of the government, confirming the inspection’s legality. Subsequent developments have further complicated the case. In August 2025, an Astana court overturned the environmental agency’s order, citing procedural violations. The case is once again under appeal. At the same time, the contractors have challenged the $5 billion fine through international arbitration. The proceedings are set to take place in Washington at the International Centre for Settlement of Investment Disputes (ICSID), where the arbitral tribunal is currently being formed, Vaisov said. The case is being closely watched as a test of how far Kazakhstan is willing to push legal pressure on major Western energy investors. Separately, Kazakhstan is pursuing much larger claims against Kashagan consortium members under the production-sharing agreement. In May 2024, Kazakhstan’s Ministry of Energy said claims against Kashagan project developers could reach up to $150 billion. Initially, the government sought $15 billion from NCOC. It later increased its claims by a further $138 billion, citing lost profits linked to oil volumes that investors had committed to supply to the state. The Ministry of Energy has described the dispute as purely commercial, relating to Kazakhstan’s rights under the production-sharing agreement. Officials maintain that the legal proceedings do not affect the investment standing of project participants. Separately, in January last year, an economic court in Astana ordered NCOC to pay 3.5 billion KZT (about $8 million) for excessive flaring of raw gas. In addition to Kashagan, Shell is involved in...

Critical Minerals

How Kazakhstan Is Seeking to Attract Global Capital to Critical Mineral Extraction

In March 2026, Kazakhstan moved into the spotlight of the global mining industry. Against the backdrop of an accelerating energy transition and a growing shortage of critical minerals, the government has launched a large-scale geological exploration program. Its strategic objective is to position the country as a key supplier of copper and rare earth elements (REEs) to global markets. For Western investors, this represents an important signal. A significant, relatively underexplored resource base is emerging, supported by regulatory reforms designed to facilitate access. The state assumes early-stage risks The new investment cycle was officially presented at PDAC 2026, one of the world’s largest mining conventions held in Toronto. Unlike previous initiatives that were largely declarative, Kazakhstan has backed its strategy with direct funding: approximately $81 million has been allocated from the state budget for geological exploration. The funds are intended to support a comprehensive assessment of mineral resources in 11 regions of the country. The central rationale is to lower entry barriers for private capital. The government is financing early-stage geological work, including mapping, airborne geophysical surveys, and preliminary resource evaluations. Investors are expected to receive access to “pre-qualified” sites with confirmed potential, an approach commonly used in established mining jurisdictions. This is particularly important because early exploration has historically been the riskiest and most capital-intensive phase of mining projects. The energy transition reshapes demand Growing interest from Western investors is driven by both domestic reforms and global market dynamics. Forecasts by the International Energy Agency indicate that demand for key minerals such as copper, lithium, and cobalt is likely to rise substantially by 2040. Existing mining and processing capacities may prove insufficient to meet projected needs. At the same time, geopolitical tensions are increasing. Processing of rare earth elements remains concentrated in a limited number of countries, making global supply chains vulnerable to disruption. In response, the United States and the European Union have introduced policies aimed at diversifying sources of critical raw materials. The EU’s Critical Raw Materials Act seeks to encourage investment in alternative supply chains. Against this backdrop, Kazakhstan, whose mineral exploration has historically focused on oil and uranium, is emerging as a potential contributor to global diversification efforts. Focus on junior mining companies and regulatory transparency One of the government’s key tools for attracting investment is the development of an ecosystem of junior mining companies specializing in early-stage exploration. Unlike large corporations, junior firms are often willing to assume the risks associated with drilling and initial geological assessments. If commercially viable deposits are identified, these companies typically sell their assets to strategic investors, helping to create a venture-capital-style market within the extractive sector. To support this model, Kazakhstan has reformed its Subsoil Code, introducing a “first come, first served” licensing principle. Digital platforms are now used to allocate exploration rights, reducing processing times and limiting opportunities for corruption. In effect, the country is adopting regulatory practices similar to those used in Australia, widely regarded as one of the world’s most investor-friendly mining jurisdictions. $1.1 billion project signals...

Geological Exploration

Kazakhstan’s New Subsoil Law Opens Underexplored Territories to Investors

Kazakhstan has introduced a new subsoil use law aimed at unlocking the potential of underexplored areas and attracting increased investment in the energy sector. According to the Ministry of Energy, the legislation establishes a special contract type for exploration and production in previously underexplored territories, offering significantly enhanced terms for investors. Under the new framework, companies that independently finance geological exploration will be granted priority rights for subsequent subsurface use. The Ministry expects this provision to dramatically boost geological activity and accelerate the discovery and development of new hydrocarbon reserves. The legislative amendments also streamline operational procedures. Subsoil users are now permitted to conduct additional exploration at depths beyond 5,000 meters under existing production contracts, without altering the surface boundaries. This change enables faster exploration of deep reserves while reducing bureaucratic delays. Officials say the updated legal framework is designed to improve Kazakhstan’s investment climate and provide new incentives for capital inflow into the extractive industries. According to The Times of Central Asia, investment in geological exploration exceeded $150 million in the first nine months of 2025, following $285 million in 2023 and $304 million in 2024. As of now, Kazakhstan has 324 active hydrocarbon subsoil use contracts, including 15 for exploration, 170 for combined exploration and production, 131 for production, and 8 production sharing agreements (PSAs), according to the Ministry of Energy.

Oil

Kazakhstan Seeks Foreign Investors for Fourth Oil Refinery Project

Kazakhstan is intensifying efforts to launch its fourth major oil refinery and is actively seeking international investors for the project. The Ministry of Energy has confirmed that expanding oil refining capacity remains a top priority in the country’s long-term energy strategy. According to the ministry, Energy Minister Yerlan Akkenzhenov participated in a recent meeting of the KAZENERGY Association Council, an umbrella organization uniting leading players in Kazakhstan’s oil, gas, and energy sectors. He reiterated that the national Concept for the Development of the Oil Refining Industry for 2025-2040 includes both the modernization of the country’s three existing refineries and the construction of a new facility with a projected processing capacity of up to 10 million tons of oil per year. To help secure funding, Akkenzhenov proposed that KAZENERGY organize a dedicated roadshow to attract potential investors, particularly from OECD member countries. Kazakh Prime Minister Olzhas Bektenov recently confirmed in response to a parliamentary inquiry that the proposed refinery, with a capacity of 10 million tons annually, could be completed by 2040. One likely location is the Mangystau region, close to key oil production sites. However, this is just one of four options under consideration. The final decision will depend on factors such as the growth of electric vehicle adoption, shifting fuel consumption patterns, and long-term export forecasts. The planned refinery would produce aviation fuels including TC-1 and Jet A-1. Demand for jet fuel is expected to surge with the development of an international aviation hub in Mangystau, where consumption could rise from the current 35,000 tons to 120,000-130,000 tons per year. Currently, Kazakhstan produces between 650,000 and 700,000 tons of jet fuel annually, while domestic demand hovers around 1 million tons. To bridge the gap, the country imports approximately 350,000 tons, roughly 30-35%, from Russia, highlighting the strategic importance of boosting domestic refining capacity. As previously reported by The Times of Central Asia, the updated industry roadmap envisions increasing national oil refining volumes from 18 million to 39 million tons per year. The expansion will require between $15 billion and $19 billion in investment. Kazakhstan’s three largest refineries are located in Pavlodar, Atyrau, and Shymkent. In March, the Agency for the Protection and Development of Competition (AZRK) recommended partially privatizing the Pavlodar and Atyrau facilities to enhance operational efficiency and attract private investment. Analysts say that constructing a new refinery is critical not only for reducing Kazakhstan’s reliance on fuel imports, but also for enhancing its export capabilities amid intensifying competition in the global energy market.