Trade - The Times Of Central Asia

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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.

Afghanistan

Uzbekistan Expands Afghan Rail Capacity to Support Growing Trade

A new 1,000-meter siding track has been completed at Naibabad railway station in Afghanistan, aimed at increasing freight handling capacity and improving the efficiency of rail operations, according to Uzbekistan Railways. The project was implemented by Uzbekistan Railways in cooperation with Sogdiana Trans. The additional track is expected to significantly expand the station’s throughput and accelerate loading and unloading processes, reducing delays and congestion along the route. Afghanistan plays a key role in regional connectivity, linking Central Asia with South Asia through transport corridors that pass through its territory. Naibabad is expected to serve as an important hub for the movement of goods from countries such as Russia, Kazakhstan, and China to markets in Pakistan and India. The development comes amid a steady increase in cargo volumes between Uzbekistan and Afghanistan. The Hayraton-Naibabad-Mazar-i-Sharif corridor has become an important route for regional trade, and infrastructure upgrades are seen as essential to maintaining stable freight flows. According to project details, the new siding will enable more efficient processing of freight wagons and help prevent bottlenecks along the line. It is also expected to improve service quality for customers and support the long-term development of Naibabad station. Uzbekistan Railways noted that the project reflects the country’s ongoing efforts to modernize railway infrastructure in Afghanistan and strengthen cross-border logistics links. Cooperation with Sogdiana Trans has further reinforced their position as long-term partners in the development of Afghanistan’s rail sector. The expansion builds on earlier work at the station. In 2024, Uzbekistan Railways reported that the restored Naibabad station officially reopened on August 7, following reconstruction carried out in cooperation with the Termez regional railway hub and Sogdiana Trans. The arrival of the first freight cars marked the resumption of operations. As freight traffic along the corridor continues to grow, Uzbekistan Railways and its partners, in coordination with Afghanistan’s Ministry of Public Works, are continuing efforts to modernize infrastructure along the route.

Energy Exports

Russia to Boost Energy Exports to Uzbekistan as Trade Surpasses $13 Billion

Russia plans to increase deliveries of oil and natural gas to Uzbekistan, Prime Minister Mikhail Mishustin said at the sixth session of the intergovernmental commission at the level of the two countries’ prime ministers in Moscow. “Agreements have been reached to continue supplies of Russian oil and natural gas and to increase their volumes,” Mishustin said, noting that energy remains a key area of cooperation between Moscow and Tashkent. He added that Russian specialists are also involved in drilling new wells and modernizing refining and gas transportation infrastructure in Uzbekistan. The meeting brought together Mishustin and Uzbekistan’s Prime Minister Abdulla Aripov to review progress on agreements set by Presidents Vladimir Putin and Shavkat Mirziyoyev. Both sides emphasized the continued expansion of what they described as a comprehensive strategic partnership. Mishustin said bilateral trade increased by nearly 12.5% last year, approaching one trillion rubles, and is expected to grow further by 2030. Aripov, citing Uzbek data, said trade turnover exceeded $13 billion in 2025 and rose by a further 30% in the first two months of this year. Energy cooperation featured prominently in the discussions. Construction of a Russian-designed nuclear power plant in Uzbekistan’s Jizzakh region is underway, with concrete work beginning in March. Aripov described the project as opening “a new page” in bilateral relations, adding that Uzbekistan would become “the first country where both small and large nuclear power plants will be located on one site.” Beyond energy, the two sides highlighted expanding investment and industrial cooperation. Around 150 joint projects worth more than four trillion rubles are currently being implemented, while Uzbekistan hosts over 3,200 enterprises with Russian capital. Projects span sectors including mining, chemicals, textiles, pharmaceuticals, logistics, and digital technologies. Previous reporting indicates that Russia remains one of Uzbekistan’s largest trading partners, with both governments aiming to increase bilateral trade to $30 billion by 2030. Transport links are also expanding, with 367 weekly flights now operating between the two countries, according to Aripov.

Economy

IMF Warns of Risks for Rapidly Growing Kyrgyz Economy

Kyrgyzstan continues to record strong economic growth and rising per capita income. At the same time, elevated inflation above the National Bank’s 5%-7% target range, rapid credit expansion, strong wage growth, and high liquidity point to signs of economic overheating, requiring timely macroeconomic policy adjustments. These are the key points of an International Monetary Fund (IMF) statement following consultations with Kyrgyz authorities in Bishkek between March 18 and April 1. The IMF noted that after recording fiscal surpluses between 2023 and 2025, the overall fiscal balance is projected to shift into deficit in 2026, reflecting higher public-sector wages and increased capital spending. The mission also emphasized that monetary policy should remain focused on bringing inflation back within the National Bank’s target range. Strengthening the central bank’s independence and governance remains critical to safeguarding price stability. Repeated transfers of National Bank profits to the state budget, while capital remains below statutory thresholds, risk undermining institutional credibility and the effectiveness of monetary policy. The IMF urged the authorities to uphold the provisions of the constitutional law governing the National Bank and to suspend regular profit transfers until capital is adequately restored. According to the IMF, Kyrgyzstan’s banking sector is stable, well capitalized, and liquid. However, nonperforming loans remain elevated, and rapid credit growth could increase vulnerabilities if macroeconomic conditions deteriorate. The mission stressed that structural reforms remain essential to support sustainable and inclusive growth. These should focus on strengthening governance, reducing the state’s role in the economy, and fostering private-sector-led development. Key priorities include reforming state-owned enterprises, improving the business environment and competition, strengthening the rule of law and anti-corruption efforts, and addressing informality and labor market rigidities. According to the National Statistical Committee, Kyrgyzstan’s gross domestic product (GDP) grew by 11.1% in 2025, while inflation reached 9.4%. The government aims to sustain economic growth under the National Development Program through 2030, targeting average annual GDP growth of 8%, total GDP of at least $30 billion, and GDP per capita of $4,500. The Asian Development Bank (ADB) also forecasts continued strong growth, projecting GDP expansion of 8.9% in 2026 and 8.4% in 2027, following 11.1% growth in 2025. Growth is expected to moderate as construction and trade normalize, although domestic demand will remain the main driver, supported by resilient remittance inflows and sustained investment under the National Development Program. ADB projects inflation to rise to 10.3% in 2026 before easing to 8.5% in 2027, driven by strong domestic demand and planned increases in electricity and heating tariffs. Concerns about overheating are not new. A July 2025 meeting at the Kyrgyz Ministry of Economy and Commerce highlighted structural imbalances, including a widening gap between income growth and labor productivity, rising inflation, labor shortages, increased public spending, and rapid growth in consumer lending. Economist Azamat Akeneev told 24.kg that sustainable growth is not possible without improvements in labor productivity and exports. “If the economy grows through consumption and government spending rather than competitiveness and expansion into foreign markets, sooner or later an adjustment phase...