AGP Executive Report

Rail & Logistics Finance: The EU, via international financial institutions, is building an investment pipeline for Uzbekistan’s Trans-Caspian Transport Corridor (TCTC) projects, with railway rehabilitation and border/logistics upgrades highlighted as priorities. Air Cargo Growth: Uzbekistan’s air freight market surged 182% from 2019 to 2024, with 98,000 tonnes handled in 2025 and a further 33% rise in H1 2026; the country targets 300,000 tonnes annually by 2036 by upgrading airports and logistics. Rail Digitalization: The EBRD will lend up to €38.4m to Uzbekistan Railways to digitalize transport management and strengthen cybersecurity, aiming to boost safety, reliability, and capacity planning. Regional Connectivity Push: Kazakhstan, Uzbekistan and the UAE agreed to study the CASA rail corridor toward Pakistan’s seaports, including technical/economic feasibility and financing options. Energy & Industry Context: Central Asia’s industrial expansion is driving new, harder-to-serve air cargo demand for heavy and project shipments, while regional power and water sovereignty debates continue to shape investment priorities.

Railway Digitalization: The EBRD will lend up to €38.4m to Uzbekistan Railways (UTY) to digitize transport management and upgrade cybersecurity, aiming to cut costs and improve safety while supporting the Middle Corridor. Cross-border Freight Planning: Kazakhstan, Uzbekistan and the UAE have signed an MoU to study the CASA railway corridor through Afghanistan to Pakistan’s seaports, with route and financing details still open. Clean Energy & Storage: IsDB approved US$938m in development financing across member states, including a US$115m Kungrad wind power and battery storage project in Uzbekistan. Sports Governance: Uzbekistan’s president met FIFA chief Gianni Infantino in Tashkent to expand football cooperation, including preparations for the 2027 FIFA U-20 World Cup and plans for a FIFA regional office. Media Cooperation: At the CICA Media Forum in Baku, Uzbekistan’s media content chief Kobuljon Akhmedov discussed strengthening trust, media literacy and cooperation against disinformation. Defense Drills: “Power of Unity – 2026” is underway in Azerbaijan with participation from Azerbaijan, Türkiye and Uzbekistan, involving thousands of troops and large-scale equipment.

Middle Corridor & Rail Connectivity: Kazakhstan, Uzbekistan and the UAE agreed to jointly study a new CASA railway corridor linking Central and South Asia with access to Pakistan’s seaports, aiming to boost freight, trade and logistics investment. Logistics Expansion: Rhenus Group plans 14 terminals along the Middle Corridor and a trimodal container terminal in Aktau to better connect maritime, rail and road flows into Europe. Energy & Infrastructure Finance: The AIIB and Uzbekistan signed a 2026-2029 infrastructure project pipeline worth up to $5bn and a $1.5m grant to prepare electricity transmission upgrades to integrate new solar and wind capacity. Renewables in Uzbekistan: The IsDB board approved $938m in development financing, including $115m for Uzbekistan’s Kungrad wind power and battery storage project. Oil & Gas Equipment: Uzbekneftegaz and China’s Ximile discussed faster delivery of wellhead compressor stations for Mubarek and Gazli fields, plus plans for a local service center. Trade & Industry Partnerships: Oman and Uzbekistan pushed talks on a preferential trade agreement and joint industrial and logistics projects; Oman’s MAYS signed a $17.9m deal to supply 750 EVs to Uzbekistan with localisation and after-sales support. Digital Governance: Central Asia’s digital policy and AI governance draft proposes mutual recognition of electronic documents and closer alignment on data and AI rules. Business & Exports: TEI 2026 in Indonesia drew 1,533 exhibitors from 113 countries, targeting $17.5bn in transactions.

AIIB Infrastructure Push: AIIB’s 11th annual meeting in Doha focused on financing the “infrastructure of the future,” with the bank aiming to roughly double annual financing to about €17.6bn by 2030 and highlighting climate resilience, renewables, digital transformation and regional connectivity. Power Grid Modernization: AIIB and Uzbekistan signed a 2026-2029 pipeline of up to $5bn for potential infrastructure projects and a $1.5m grant to prepare upgrades to Uzbekistan’s electricity transmission network, including studies to integrate new solar and wind into the grid. Digital Integration: Central Asian states proposed a draft deal for mutual recognition of electronic documents and closer alignment of rules on data and AI, aiming to connect regional digital markets and ease cross-border business. Oman–Uzbekistan Trade & Industry: Oman and Uzbekistan discussed expanding economic cooperation, joint industrial projects, logistics corridors, and a preferential trade agreement, including work on tariffs and rules of origin. UN Women in Uzbekistan: UN Women opened an official office in Uzbekistan, with talks on boosting women’s economic opportunities and participation in digital markets, green jobs and sustainable industries. Sports & Infrastructure Spotlight: FIFA President Gianni Infantino arrived in Tashkent to inspect preparations for the 2027 FIFA U-20 World Cup, including a planned New Tashkent stadium (55,000 capacity) under a $100m project. Aviation Connectivity: Centrum Air launched twice-weekly direct flights between Hyderabad and Tashkent, strengthening South Asia–Central Asia air links. Innovation Index Note: Kyrgyzstan improved its Global Innovation Index ranking to 92nd, with Central Asia comparisons including Kazakhstan’s progress.

Clean Energy & Agriculture Finance: The IsDB Board approved a $938m package for six member countries, including $115m for Uzbekistan’s Kungrad Wind Power and Battery Storage Project and $202.15m for agriculture mechanisation to boost climate-smart farming and productivity. Regional Connectivity: CAREC ministers met in Ulaanbaatar to adopt the Ulaanbaatar Declaration, keeping focus on green and digital corridors, trade and tourism, and private-sector participation under CAREC 2030/2050. Mining Cooperation: Uzbekistan’s Ministry of Mining and Geology met EU Ambassador Toivo Klaar and WMC Group to discuss new mining and geology projects and EU-linked trade initiatives. Digital Integration: In Astana, Central Asian business and IT groups pushed proposals to align digital policy and AI governance across the region, aiming for compatible systems while keeping national digital sovereignty. Transport Infrastructure: Uzbekistan-Afghanistan-Pakistan rail plans (Termez–Hairatan–Peshawar) are at feasibility-study stage, with field surveys expected to finish by end-2026. Trade & Food Safety: Uzbekistan and Latvia expanded phytosanitary and lab diagnostics cooperation to support safe food production and exports. Industrial Signals: Uzbekistan’s tech outsourcing sector continues to scale for export, with IT outsourcing services rising sharply over recent years.

IsDB Financing Push: The Islamic Development Bank approved a $938m package for clean energy, agriculture mechanization, health, transport and water/sanitation across six member countries, including $115m for Uzbekistan’s Kungrad wind power and battery storage and $202.15m for agriculture mechanization. Tech Outsourcing Growth: Uzbekistan says its tech outsourcing sector is shifting from domestic IT work to export-ready services (software, BPO/KPO and professional services), with IT outsourcing rising from $3.2m (2019) to $716.4m (2025). Digital Integration in Central Asia: At Astana’s B5+1 digital roundtable, business groups pushed for compatible regional rules for e-docs, digital ID, data protection, cybersecurity and AI governance. Transport & Logistics: A World Bank report flags that Middle Corridor (Trans-Caspian) investments could more than triple trade by 2040 and cut travel times, with Uzbekistan among the corridor countries. Energy & Industry Signals: Uzbekistan’s wind and battery storage project and agriculture mechanization funding underline a broader push to modernize production and supply chains. Regional Context: Uzbekistan also appears in wider Central Asia cooperation and connectivity discussions, including corridor and digital-economy initiatives.

Rail & Land Management: Uzbekistan’s government reclassified 2 hectares of state land in Toguz-Toros (Jalal-Abad) for relocation plots tied to the China–Kyrgyzstan–Uzbekistan railway, with new urban planning, drainage, seismic safety and life-support infrastructure requirements. High-Speed Rail Procurement: Uzbekistan Temir Yollari discussed with Hyundai Rotem a plan to buy eight high-speed electric trainsets, including VIP carriage upgrades, and also talks with CRRC on a locomotive service center and modern freight wagons. Energy & Renewables: Uzbekistan launched a $2.6B wind power project in Karakalpakstan, while plans also point to green hydrogen infrastructure for the $6.1B Uzbekistan e-SAF complex. Trade & Agriculture: Iran–Uzbekistan trade turnover topped $280M in the first five months of Iran’s year, and Russian wheat shipments to Uzbekistan surged nearly 16-fold in Jan–Aug 2026. Logistics & Corridors: The World Bank proposed an asset-light single logistics operator to coordinate container flows along the Middle Corridor (Trans-Caspian). Startup & Investment Ecosystem: Golden Gate Ventures will run a two-year Uzbekistan program for 20 Central Asian startup founders, and IT Park Uzbekistan is set to host the launch.

Startup & Investment: Golden Gate Ventures will launch a two-year program in Uzbekistan for 20 Central Asian startup founders, starting with IT Park Uzbekistan after ICT Week in Tashkent. Macroeconomic Outlook: The ADB raised Uzbekistan’s 2026 growth forecast to 7% (inflation 6.7%), citing stronger-than-expected activity. Renewables & Power Infrastructure: Construction has started on a $2.6B, 1.5GW wind project in Karakalpakstan’s Kungrad district, alongside 1,500 km of transmission lines and new 500kV substations. Energy Transition: Uzbekistan is also moving ahead with green hydrogen plans for a $6.1B e-SAF complex. Industry & Regional Development: Bukhara Region reported major industrial expansion in 2017–2025, with industry and construction’s share of GRP rising to 31.1%. Trade & Logistics: A World Bank report says Trans-Caspian/Middle Corridor upgrades could triple trade volumes and create 2 million jobs by 2040—key for Uzbekistan’s corridor strategy.

Renewables & Power: Uzbekistan’s Karakalpakstan has started a $2.6B, 1.5GW wind power project in Kungrad, with 1,500 km of transmission lines and three 500kV substations to plug new generation into the grid. Energy Infrastructure: A major power outage hit the newly opened Syrdarya-2 plant, underscoring the risks of ramping up new capacity. Industrial Policy & Investment: Uzbekistan’s Bukhara Region reported strong 2017–2025 growth, with GRP rising to 86.6T sums and industry/construction’s GRP share climbing to 31.1%, alongside faster industrial output and agricultural gains. Aviation & Defense Procurement: Embraer delivered the first C-390 Millennium to the Uzbekistan Air Force, making Uzbekistan the first Central Asian operator of the aircraft. Rail & Trade Connectivity: Iran completed the Chabahar–Zahedan rail line, strengthening a rail route that can feed Central Asia-linked freight corridors. US–Central Asia Business Push: US Secretary of State Marco Rubio is set to visit Samarkand for C5+1 talks with a delegation of 100+ companies focused on energy, transport, logistics, and private investment. Digital Finance: VEON and Square Group secured Bangladesh Bank approval for a digital bank license, with VEON citing its experience across Pakistan, Kazakhstan and Uzbekistan.

Energy & Industry Diplomacy: Russia’s TNF 2026 in Tyumen (Sept 14-17) expanded from a domestic oil-and-gas forum into a fully international technology and supplier platform, drawing 18,000+ participants and foreign delegations including Uzbekistan, with 50+ cooperation deals and 200+ tech launches. U.S.-Central Asia Business Push: U.S. Secretary of State Marco Rubio is set to visit Samarkand mid-October for C5+1 talks, backed by a delegation of 100+ American companies, signaling a shift from diplomacy to trade, energy, logistics and private investment. Rail & Manufacturing Exports: Hyundai Rotem says it’s accelerating overseas growth on AI, next-gen rail tech and hydrogen, citing momentum from Uzbekistan’s first high-speed train imports and a second deal in talks. Food Industry Investment: Saudi Arabia’s Saudifood Show and Saudifood Manufacturing 2026 opened in Jeddah with MODON support, aiming to boost local processing, supply chains and investment under Vision 2030. Uzbekistan Aviation Upgrade: Embraer delivered the first C-390 Millennium to the Uzbekistan Air Force, making Uzbekistan the first Central Asian operator and moving toward tests and training support. Digital Finance Expansion: VEON’s JV with Square Group received Bangladesh Bank approval for a digital bank licence, with VEON noting its existing customer base across Pakistan, Kazakhstan and Uzbekistan. Regional Connectivity & Security: ECO ministers discussed how Afghanistan-linked militancy threatens regional peace and urged stronger connectivity to ports and deeper economic integration.

Aviation Modernisation: Embraer delivered the first C-390 Millennium multi-mission transport aircraft to the Uzbekistan Air Force, making Uzbekistan the first C-390 operator in Central Asia and signaling a push to upgrade air mobility with training, support and spare parts included. Regional Security & Trade: Pakistan urged ECO members to tackle militancy linked to Afghanistan to secure lasting peace and boost economic integration, highlighting connectivity projects between Central Asia and Arabian Sea ports. Energy & Industry Links: While not in Uzbekistan, Azerbaijan’s “Textile Cluster” foundation stone and small hydropower plant launch show how regional industrial parks are pairing manufacturing with power supply—an approach Uzbekistan firms watching cross-border value chains may want to mirror. Gold Reserves Watch: A study notes central banks kept adding gold in 2026, with reported net purchases reaching about 130 tonnes through July, even as some countries reshuffled storage locations. Uzbek Halal Push Abroad: Uzbekistan is looking to Malaysia as a “good teacher” to strengthen its halal certification system, working with JAKIM to set up a certification body that could open wider access to Southeast Asia and OIC markets. Finance & Connectivity Context: Coverage of Central Asia’s “Mid-Corridor” role frames recent diplomacy as helping keep transit trade flowing through Kazakhstan and Uzbekistan amid global tariff and sanctions pressures.

U.S.-Uzbek Business Push: US Secretary of State Marco Rubio will visit Uzbekistan in mid-October with a delegation of 100+ American companies, and join a C5+1 foreign ministers meeting in Samarkand focused on trade, energy security, and regional economic modernization. Energy & Industry Linkages: Azerbaijan launched a Textile Cluster production facility in Mingachevir and opened the Minkend small hydropower plant, with the textile project covering the full chain from cotton to finished garments—an example of how regional industrial parks and power supply are being tied together. Halal Trade Upgrade: Uzbekistan is looking to Malaysia as a “good teacher” for halal certification, working with JAKIM to set up a halal certification body to help Uzbek producers access Southeast Asia and OIC markets. Aviation Modernization: Embraer delivered the first C-390 Millennium transport aircraft to the Uzbekistan Air Force, marking a major step in air mobility upgrades. Regional Power Planning: Kyrgyzstan says it has secured electricity imports from Kazakhstan, Russia, Uzbekistan and Turkmenistan for the autumn-winter season to manage demand and reduce outage risk.

US–Uzbekistan Business Push: US Secretary of State Marco Rubio will visit Uzbekistan in mid-October with a delegation of 100+ American companies, joining a C5+1 foreign ministers meeting in Samarkand focused on trade, private investment, regional connectivity and energy security. Halal Industry Upgrade: Uzbekistan is looking to Malaysia as a “good teacher” for halal certification, working with Malaysia’s JAKIM to set up a halal certification body to expand access to Southeast Asia and OIC markets. Agro Innovation Funding: Agrobank launched the $6.1m AgroVentures venture fund at ICT Week Uzbekistan, targeting 60–75 startups with $25k–$500k checks, mainly agtech and AI for yield prediction, smarter irrigation and better market access. Energy & Power Reliability: Uzbekistan’s regional energy ties stay in focus as Kyrgyzstan negotiates electricity imports from Kazakhstan, Russia, Uzbekistan and Turkmenistan for the autumn-winter season. Aviation Modernization: Embraer delivered the first C-390 Millennium transport aircraft to the Uzbekistan Air Force, marking a Central Asia first and including training and support.

Halal Trade Push: Uzbekistan is looking to Malaysia as a “good teacher” to strengthen its halal certification system, working with JAKIM to set up a new halal certification body that could open wider access to Southeast Asia and OIC markets. US–Uzbek Business Drive: US Secretary of State Marco Rubio will lead a delegation of 100+ American companies to Samarkand in mid-October for C5+1 talks, with a strong focus on trade, energy security, and attracting private investment. Agrobank Startup Funding: Agrobank launched a $6.1m venture fund (AgroVentures) to back 60–75 startups, targeting agri-tech and AI to help farmers monitor crops, improve irrigation, and access markets and financing. Power Supply Shock: A 1,600 MW outage hit parts of Bishkek after generation was disconnected in Uzbekistan, with Kyrgyz grid systems activating emergency controls. ICT Week Uzbekistan Tech: ICT Week Uzbekistan 2026 in Tashkent showcased fintech and AI, including biometric “palm/smile” payments and experimental satellite and drone demos. Azerbaijan–Uzbek Investment Links: Azerbaijan and Uzbekistan launched 10 investment projects worth $389m, including SOCAR filling stations and a new “Azerbaijan” park in New Tashkent. Regional Connectivity Talk: Uzbekistan highlighted the Middle Corridor as a fast-growing freight route, noting delivery times to Europe have doubled amid conflicts and stressing corridor diversification.

Business Climate: Uzbekistan says it is becoming a stable, predictable partner for long-term international business, pointing to rapid growth in registered firms, private jobs and record export volumes. Digital Economy: ICT Week Uzbekistan 2026 spotlights Huawei’s push for 5G/AI infrastructure and digital services, while Uzbekistan also moves to set up AI and data-processing centres in Karakalpakstan. Energy & Industry: Uzbekistan is building AI/data capacity alongside major energy momentum, including a reported $20M plant to make small hydropower equipment and broader energy-sector priorities. Transport & Trade: Azerbaijan and Uzbekistan launched 10 investment projects worth $389m, including SOCAR filling-station expansion and a new Azerbaijan Park in New Tashkent. Aviation & Manufacturing: Uzbekistan Airways signs with Jiatai for premium and economy seats for its Airbus A321neo fleet, with deliveries starting in 2028. Mining & Tech Services: Caltta and Radiocom deploy a multi-site DMR enhanced communications system for a key mining operator in Uzbekistan.

Azerbaijan–Uzbekistan Investment Push: Azerbaijan and Uzbekistan launched 10 investment projects worth $389m, including SOCAR plans for new filling stations across Namangan, Jizzakh, Samarkand, Syrdarya and Tashkent, plus an Azerbaijan Park in New Tashkent. Mining Comms Upgrade: Caltta Technologies, with local partner Radiocom Holding Group, deployed a multi-site DMR Enhanced Communication System for a major Uzbekistan mining operator to improve coordination and safety across large, complex sites. AI and Data Infrastructure in Karakalpakstan: Uzbekistan is creating AI centres in Kungrad and Takhiyatash (plus a planned third in Takhtakupyr) under a $7.6bn Karakalpakstan development drive, alongside broader energy and transport projects. Renewables and Power Buildout: Uzbekistan announced 58 Karakalpakstan projects (~$7.6bn), including the 1.5GW Kungrad wind farm and major data-center expansion plans tied to renewable power. Transport Connectivity with China: Uzbekistan and China agreed to expand air services and road freight and signed amendments to boost international road transport efficiency and cut administrative barriers. Aviation Deal: Uzbekistan Airways became launch customer for Jiatai’s JT220B Premium electric business seat for its Airbus A321neo fleet.