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Trade

Tokayev Expects Kazakhstan-Russia Trade to Exceed $30 Billion

Kazakh President Kassym-Jomart Tokayev said trade turnover between Kazakhstan and Russia could surpass $30 billion in 2026, following a slight decline last year. Speaking during a meeting with Russian President Vladimir Putin in Moscow, Tokayev said Russia remains one of the largest investors in Kazakhstan. “Over the past five years, Russia has been one of the main investors in the Kazakh economy. Trade is developing successfully. According to forecasts, this year we will confidently surpass the $30 billion mark, this is a good indicator,” Tokayev said. Trade turnover between the two countries increased by 3% in 2024 to reach $27.8 billion, but declined to $27.4 billion in 2025, Kazakhstan’s Trade Minister Arman Shakkaliyev previously reported. Kazakhstan's trade turnover with Russia has long been eclipsed by that with China and the European Union – both of which have reached around $50 billion per year. Tokayev was in Moscow on a working visit ahead of Victory Day commemorations – a visit which had appeared in doubt following the threat of Ukrainian strikes on Moscow. During the talks, the two sides discussed bilateral economic cooperation, preparations for Putin’s upcoming state visit to Kazakhstan, and the Eurasian Economic Union summit scheduled to take place in Astana on May 28-29. According to Tokayev, Kazakhstan and Russia have implemented 122 joint industrial cooperation projects out of 177 planned over the past 20 years. Tokayev also congratulated the Russian leader on the anniversary of victory in World War II. “We honor the heroes of the bloodiest war in human history,” he said, noting that 57 World War II veterans remain alive in Kazakhstan. Putin, in turn, thanked Tokayev for the visit and praised his contribution to bilateral relations. “The fact that you found it possible to come to Moscow and be with us these days is the best proof of the level of relations between Kazakhstan and the Russian Federation,” the Russian president said. The Times of Central Asia previously reported that Russia had tightened foreign trade procedures at the beginning of the year, a move that could affect logistics and trade flows across Central Asia.

U.S.-Turkmenistan Relations

Washington Meets Ashgabat as Turkmen-American Business Cooperation Association Debuts

On May 7, the Turkmen-American Business Cooperation Association (TABCA) and the Embassy of Turkmenistan in Washington marked the organization’s official launch through a series of daylong events attended by members of the business community, diplomats, and dignitaries, including senior representatives from the U.S. Department of Commerce. Serving as a definitive bridge between the business communities of the United States and Turkmenistan, TABCA aims to promote bilateral trade, support market access initiatives, and encourage strategic partnerships and innovation across key sectors. More than 50 Turkmen and American companies joined the meetings, underscoring Ashgabat’s continued push toward a more open and globally engaged economy—one that inevitably brings both opportunity and risk. According to Esen Aydogdyyev, Turkmenistan’s Ambassador to the United States, “We are committed to cultivating broad international partnerships where agreements contribute to national development, economic resilience, and long-term independence for its citizens. Ashgabat is seeking broader investor and commercial engagement, which is compatible with our strategic autonomy and non-aligned status.” [caption id="attachment_48630" align="aligncenter" width="901"] (L/R) Viktoriya Frolova, Commerical Specialist, U.S. Embassy Turkmenistan, former Ambassador of Turkmenistan to the U.S., Meret Orozov, Chairman of the Board, Turkmen American Business Cooperation Association Nurgeldi Meredov, and Mr.Maksat Annamyradov, Board Member, Turkmen American Business Cooperation Association. Image: Kakajan Ovezov, Begench Arazalyyev[/caption] The initiative reflects Turkmenistan’s effort to strengthen ties with Western investors while maintaining its neutrality and independent foreign policy. Economic growth is strongest, the participants echoed, when enterprise creates broad opportunity and shared prosperity. Ambassador Aydogdyyev said that “priority areas for cooperation include trade and commerce, energy, transportation and communications, agriculture, renewable energy, the chemical and food sectors, as well as environmental protection. We especially value entrepreneurship and small business partnerships between Turkmenistan and the United States. In addition, we want Turkmen entrepreneurs to play a role in supporting economic growth and employment opportunities in the United States, which they are already contributing to today.” Win-Win is the Guiding Principle TABCA’s official launch in Washington is more than symbolic—it reflects a meaningful new chapter in U.S.-Turkmenistan relations, grounded in practical business cooperation and a shared commitment to cross-border investment. While some observers in Turkmenistan remain cautious about the risk of outside geopolitical agendas or economic models that favor a narrow set of interests under the banner of long-term prosperity and commercial diplomacy, the focus today is on building fair opportunity, productive partnership, and tangible commercial results. “U.S. and Turkmen businesses are already helping drive jobs and economic growth in both countries—a reminder of why stronger commercial ties matter,” said Nurgeldi Meredov, TABCA’s Chairman. “Our goal is to expand trade, boost investment, and create long-term partnerships that open new opportunities for companies on both sides.” [caption id="attachment_48631" align="aligncenter" width="712"] Jamila Kerimova, founder of “Ish nokady” (standing); image: Kakajan Ovezov, Begench Arazalyyev[/caption] At TABCA’s morning session, Turkmen businesses highlighted B2B engagement and SME growth opportunities, showcasing companies in logistics, e-commerce, manufacturing, consulting, and real estate. The presentations were followed by networking aimed at fostering direct commercial partnerships. Nurgeldi Meredov, alongside Meret Orazov, former Ambassador of Turkmenistan...

Asian Development Bank

ADB Annual Meeting in Samarkand Unveils Major Energy, Climate, and Development Initiatives

The Asian Development Bank’s (ADB) 59th Annual Meeting concluded in the historic Uzbek city of Samarkand after four days of discussions focused on energy connectivity, climate financing, and economic resilience across Asia and the Pacific. Held from May 3 to 6, the gathering brought together government officials, development institutions, economists, and private sector representatives at a time of growing geopolitical and economic uncertainty. It marked the second time Uzbekistan has hosted the ADB Annual Meeting, following the 43rd edition in Tashkent in 2010. A central announcement at the meeting was the unveiling of a broader $70 billion regional infrastructure program aimed at accelerating energy and digital connectivity across Asia and the Pacific. The initiative is structured around two major pillars: a $50 billion Pan-Asia Power Grid Initiative focused on cross-border electricity systems, and a $20 billion digital connectivity component aimed at strengthening broadband and data infrastructure across the region. Together, these programmes are intended to reduce energy costs, improve reliability, and deepen regional economic integration. The Pan-Asia Power Grid Initiative (PAGI) In his address to delegates, ADB President Masato Kanda noted that PAGI seeks to support more interconnected and resilient infrastructure systems. "To survive and thrive in this new era, we must build deeply connected and resilient systems," he said, adding that stronger regional grids and digital networks can help countries manage rising energy demand whilst also accelerating the transition to cleaner power sources. The initiative seeks to integrate around 20 gigawatts of renewable energy capacity and the develop enough transmission infrastructure to expand electricity access for up to 200 million people. ADB officials said the bank would use its role as a regional convener to bring together governments, regulators, and private investors to overcome barriers that often slow regional infrastructure projects. The bank pointed to earlier success stories, including the Bangladesh-India power grid interconnection and the Monsoon Wind Power Project in Laos, as examples of cross-border cooperation supported through blended finance mechanisms. [caption id="attachment_37211" align="aligncenter" width="1536"] Image: TCA, Stephen M. Bland[/caption] Climate and Food Security Concerns Climate and environmental financing also featured prominently during the Samarkand meetings. On May 5, the ADB announced that the German government had joined the bank’s Nature Solutions Finance Hub with €5.5 million ($6.5 million) in grant co-financing, some of which has been earmarked for sorely needed watershed rehabilitation in Uzbekistan. The discussions also reflected growing concern over global food security and supply chain vulnerabilities linked to the ongoing war in Iran. Qingfeng Zhang, Senior Director of ADB’s Agriculture, Food, Nature, and Rural Development Sector Office, warned that disruptions around the Strait of Hormuz were increasing the cost of everything from energy to insurance, freight to fertilizer – placing additional pressure on food systems across Asia and the Pacific, including Central Asia. Unlike the shock caused by Russia’s invasion of Ukraine, which directly disrupted grain and fertilizer exports, Zhang said the current crisis was affecting agriculture primarily through higher operating and transportation costs. The Strait of Hormuz handles roughly one-quarter of global seaborne oil...

U.S.-Turkmenistan Relations

Business Leaders from Turkmenistan Talk Trade on U.S. Tour

Dozens of business executives from Turkmenistan and the United States have met in Washington amid efforts by the two countries to strengthen trade. The conference of the Turkmen American Business Cooperation Association, also known by its acronym TABCA, was held on Thursday, according to Turkmenistan’s embassy in the U.S. It said the association is a “new practical platform” for expanding economic ties, with a focus on small and medium-sized enterprises. Earlier this month, business leaders from Turkmenistan attended the SelectUSA Investment Summit, an event hosted by the U.S. Department of Commerce that was designed to connect investors, companies and experts from around the world. The investment forum was held in National Harbor, Maryland. Ambassador Esen Aydogdyyev of Turkmenistan, meanwhile, has been making contacts since he was appointed to his new post in Washington in March. On May 1, Aydogdyyev met S. Paul Kapur, U.S. Assistant Secretary of State for South and Central Asian affairs. On April 22, the Turkmen ambassador held talks with Patryk Łoszewski, an executive director of the International Monetary Fund. U.S. goods trade with Turkmenistan was $152.7 million in 2025, according to U.S. government data. U.S. goods exports to Turkmenistan last year were $113.3 million, up 43.6% from the previous year, and U.S. goods imports from Turkmenistan were $39.4 million, up 169% from 2024. While those numbers are relatively low compared to the volume of trade between the United States and its bigger trading partners, the annual percentage increase is notable. One of Turkmenistan’s biggest exports to the U.S. is fertilizer. Turkmenistan has major reserves of natural gas and oil, and the Central Asian country is working to diversify its trading partners. U.S. and other foreign companies are hoping for reforms in the highly controlled country that would make it a more attractive place to invest.

U.S.-Kazakh Partnership

SelectUSA Investment Summit: U.S.-Kazakhstan Trade and Investment Relations on the Rise

Despite global economic headwinds and ongoing conflict in the Middle East, Kazakhstan is doubling down on its efforts to deepen commercial ties with the United States, an ambition on full display at this year’s SelectUSA Investment Summit in National Harbor, Maryland, near Washington, D.C. The annual forum, organized by the U.S. Department of Commerce, serves as the U.S. government’s flagship platform for attracting foreign direct investment. While SelectUSA is designed to attract foreign direct investment into the United States, Kazakhstan’s presence also reflects a broader shift: Kazakhstani companies are increasingly looking for ways to enter and scale in the U.S. market. [caption id="attachment_48403" align="aligncenter" width="1280"] Magzhan Ilyassov, Ambassador of Kazakhstan to the U.S. - image: TCA[/caption] “Kazakhstan views the United States not only as a strategic partner, but as an emerging priority destination for long-term investment and technological collaboration,” said Magzhan Ilyassov, Kazakhstan’s ambassador to the United States. “One of our missions is to facilitate collaboration for Kazakh companies to enter the American market while strengthening bilateral trade and innovation ties.” That vision is being driven in large part by Kazakhstan’s private sector. “We already have a significant number of companies operating in the U.S. market, including in fintech and construction,” said Timur Turlov, founder and CEO of Freedom Holding Corp. “We have learned how to meet international standards, and the products being developed within our ecosystems today are becoming truly global. I genuinely believe that our competitiveness has grown, and our business culture has matured. We are now going to see many more success stories of our companies expanding beyond Kazakhstan.” SelectUSA says its investment summit has helped generate more than $250 billion in new U.S. investment projects, supporting more than 125,000 jobs across the United States and its territories. This year marked a milestone in that evolving relationship. Kazakhstan became the first country from Central Asia and the South Caucasus to host an investment and trade roundtable at SelectUSA. The roundtable, focused on “Strategic Sectors and U.S. Market Entry Opportunities,” brought together government officials, investors, and business leaders, underscoring Kazakhstan’s transition from participant to initiative-taking player within SelectUSA. [caption id="attachment_48401" align="aligncenter" width="833"] U.S. Ambassador to Kazakhstan, Julie Stufft - image: TCA[/caption] U.S. Ambassador to Kazakhstan Julie Stufft said that a delegation of 30 Kazakhstani firms representing various business sectors has come to the U.S. for the summit to pursue trade and investment prospects. "This is a historic event for our relations and for Kazakhstani business - one that truly demonstrates the level of development Kazakhstani companies and investors have achieved, enabling them to enter the world's largest market: the United States," Ambassador Stufft stated. The roundtable highlighted a clear trend: Kazakhstani firms are increasingly looking outward. Companies from sectors including manufacturing, agri-tech, healthcare, food production, and digital platforms presented plans for entering or expanding in the U.S. market, while also outlining the challenges of regulatory compliance, localization, and competition. Support from institutions like SelectUSA and the U.S. Commercial Service remains critical in navigating these complexities. Economic conditions are...

Azerbaijan

Uzbekistan and Azerbaijan Plan New Parks in Tashkent and Baku

Uzbekistan and Azerbaijan have agreed to establish new public parks in each other’s capitals as part of broader efforts to expand bilateral cooperation, Uzbekistan’s Ministry of Investment, Industry and Trade has reported. The announcement followed an official visit to Azerbaijan from April 22 to 24 by a delegation led by Minister Laziz Kudratov. During the trip, talks were held with Azerbaijan’s Ministry of Economy and senior executives from major companies on joint projects and future cooperation. According to the ministry, both sides identified several priority areas, including mining, construction materials, transport and logistics, urban planning, agriculture, and pharmaceuticals. Particular attention was given to plans to create an “Uzbekistan” park in Baku and an “Azerbaijan” park in Tashkent, alongside expanding pharmaceutical retail networks and developing fruit and vegetable processing projects. Trade between the two countries has been growing steadily. In 2025, bilateral trade turnover reached $307.3 million, marking a 14.6% increase compared to the previous year, the ministry said. The Times of Central Asia previously reported that trade rose by 25% in 2024, while the number of joint ventures approached 300, with a combined project portfolio valued at around $4 billion. The two countries have set a target of increasing annual trade and investment to $1 billion by 2030, supported by a comprehensive cooperation program covering sectors such as industry, infrastructure, agriculture, healthcare, tourism, and banking. Progress has also been noted in transport and energy cooperation. Both sides highlighted growing cargo volumes along the Trans-Caspian International Transport Route, also known as the Middle Corridor. Uzbek shipments along the route increased by 25% in 2024, exceeding one million tonnes, aided by the introduction of a new electronic permit system.