AGP Executive Report

Uzbekistan–Sweden Mining Ties: Uzbekistan and Sweden signed an expanded mining and geology MOU in Tashkent, aiming to bring in modern tech, training, investment projects and ESG-aligned standards, building on work with firms like Epiroc, Volvo CE, ABB and Green 14. Energy & Power Finance: Fitch upgraded the outlook to Positive for three Uzbekistan state utilities—Regional Electrical Power Networks, Thermal Power Plants and Uzbekhydroenergo—linking the move to Uzbekistan’s recent sovereign upgrade. Gas Supply Talks: Uzbekistan is negotiating a major jump in Russian gas imports, potentially to 11 bcm (about +70% vs 2025), with Kazakhstan ready to transit more volumes. Capital Markets Milestone: Uzbekistan registered its first mortgage bond issuance (40.5bn soum) via UMRC SPV, using mortgage collateral and an MRC guarantee to channel funds into residential lending. Digital/Industry Push: IT Park Ventures invested $1m in UK Islamic fintech Ayan Capital, while SeoulTech and Fergana plan joint AI/IT degrees and dual education pathways. Urban Engineering: Tashkent is redesigning traffic flow at Sergeli auto market with a dedicated access road to cut congestion. Consumer/Regulatory: Uzbekistan fined Nika Farm over ads using historical figures in a nasal spray promotion, and set ICH-aligned drug registration rules requiring GMO/prion disclosures. Tax Cashback Watch: Authorities explained why cashback payouts can be delayed and warned fraud is rising.

Uzbekistan–South Korea Rail Push: Uzbekistan and South Korea reviewed the next phase of the Tashkent–Samarkand high-speed rail feasibility study, with talks also covering possible corridors toward Andijan and Termez. Textile Export Drive: Uztextileprom and partners in Azerbaijan discussed boosting Uzbek textile visibility via trade houses and dedicated showrooms to open new sales channels. Finance Snapshot: Uzbekistan’s bank lending reached about $52.5bn as of May 1, 2026, with credit diversifying beyond industry into households, construction, services and agriculture. Nuclear Industry Milestone: Rosatom began construction of an export Small Modular Nuclear Power Plant in Uzbekistan, with the project’s first concrete poured under IAEA standards. Education & Skills: Fergana region plans joint programs with SeoulTech and IT Park links, targeting AI and IT talent pipelines. Migration Pact: Uzbekistan and Sweden signed their first intergovernmental migration and mobility agreement to support legal work and study pathways. World Cup Backdrop: Global reports flag the 2026 World Cup’s record emissions and heavy travel footprint, a reminder of the logistics and energy pressures around major events.

Mining & AI Push: Uzbekistan is rolling out an AI-led digital overhaul for mining and geology, aiming to add 879 tons of gold, 510 tons of silver and 676,000 tons of copper over five years, with a national digital geological database and faster drilling decisions. Investment Climate & Land Reform: Lawmakers passed a first-reading bill to extend foreign investors’ land lease terms from 25 to 49 years (and agricultural leases to 49), adding a dedicated Land Code chapter to reduce legal fragmentation. Tax & Talent Attraction: Uzbekistan is considering a tax residency regime for foreign talent that can be opened via either a bank account or a registered crypto wallet, plus incentives for employers under the dual education system. Bilateral Trade & Logistics: Uzbekistan and China agreed to link customs broker networks and streamline documentation to cut clearance delays; Uzbekistan also moved to deepen ties with Hong Kong via a planned business council. Capital Markets: Uzbekistan joined the New Development Bank as the first Central Asian member, with early focus on energy, water, transport and utilities. Precious Metals Enforcement: Authorities detained a jewelry firm employee in Tashkent region over illicit gold and silver sales, seizing bullion worth billions of soums. Tech Parks Collaboration: Hong Kong’s Cyberport signed MoUs with Kazakhstan and Uzbekistan’s tech hubs to boost “hub-to-hub” innovation links. World Cup Noise (Local Angle): Uzbekistan’s name is showing up in global fan coverage, including Group K previews and broadcast “hyper-regional” viewing trends.

Investment Pitch & Reforms: Uzbekistan is using the Tashkent International Investment Forum in June to court foreign capital with a sharper message: privatization, energy transition, logistics upgrades and digital reforms backed by stronger growth and cooling inflation. Land Security for FDI: Lawmakers have passed a first reading to nearly double maximum land lease terms for foreign investors to 49 years, aiming to reduce legal uncertainty in land-right rules. Trade Facilitation with China: Uzbekistan and China agreed to link customs broker networks and streamline export/import documentation to cut delays and friction for cross-border cargo. US Capital Pipeline: Uzbekistan and the U.S. DFC are moving toward a structured joint investment platform to turn deal-by-deal cooperation into a project pipeline. Industrial Expansion: Chinese Si Jie Stone is eyeing battery recycling and export-focused lighting manufacturing in Uzbekistan. Energy & Climate Momentum: Solar and wind output jumped 28% in 2026, while Uzbekistan also joined the New Development Bank as the first Central Asian member. Aviation Safety Watch: IATA warns aviation faces a compounding safety crisis from conflict-driven airspace changes and navigation interference. IP Enforcement: A court banned sales of “Samsyng” counterfeit electronics, signaling tighter trademark protection. TIIF Scale-Up: TIIF 2026 is set for June 16–18 with 8,000 guests from 99 countries and deal-signing across energy, transport, construction, pharma and digital tech.

Renewables Push: Uzbekistan’s solar and wind output has jumped 28% year-on-year, topping 5 billion kWh since January and saving about 1.3bn cubic meters of gas while cutting millions of tons of emissions. Construction Decarbonization: The government has approved Zero Energy Building standards by 2040, with phased rules from 2026–27 and mandatory ZEB/NZEB requirements for new public buildings by 2031. Nuclear Build-Out: Work has started on Uzbekistan’s first nuclear power plant, with the project cost capped at $9.5bn and construction launched alongside Russia. Trade & Industry Deals: Uzbekistan and the US signed a trade MOU as bilateral commerce passed $1bn in 2025, with cooperation spanning energy, extractives, transport, agriculture and emerging tech. Digital & GovTech: A Tajik delegation studied Uzbekistan’s e-government and AI services in Tashkent, including digital identity, e-document exchange and biometric/cybersecurity platforms. Competition & Market Rules: TBC Bank Group’s planned OLX acquisition was cleared with strict conditions to prevent dominance and protect payment competition. Fraud Crackdown: Authorities in Fergana uncovered a Soliq Mobile tax cashback scheme using shell companies and fake invoices, targeting 211,584 citizens. Agriculture Security: Uzbekistan and Russia held talks to stabilize fruit and vegetable export supply chains and strengthen veterinary/phytosanitary cooperation. Energy Supply Reality: Russian gas deliveries to Uzbekistan rose 15% in 2025 to nearly 6.5 bcm as domestic production declines continue. Human Capital: Uzbekistan will roll out mandatory entrepreneurship courses in universities from 2026–27 and expand financing for student business projects to curb graduate unemployment.

Uzbekistan–U.S. Business Forum: Uzbekistan will host the Uzbekistan–U.S. Business Forum on June 16 in Tashkent alongside TIIF-2026, with major American firms and finance players expected to explore industrial, mining, transport, construction, digital tech, agriculture and investment deals. Critical Minerals & Industry: Uzbekistan and a Chinese firm (Shaanxi Non-ferrous Metals) signed an MoC to expand extraction, processing, tech transfer and workforce training for critical minerals. Copper Sector Push: President Mirziyoyev reviewed major copper projects, including Almalyk MMC’s Copper Concentrator Plant No. 3 phases tied to higher output and value-added processing. Nuclear Energy Momentum: Uzbekistan’s first nuclear power plant construction is moving ahead, with officials and partners highlighting financing, licensing and safety alignment. Aviation & Logistics: IATA launched an emergency-evacuation passenger safety campaign, while Uzbekistan-linked aviation developments also keep focus on connectivity and infrastructure. Agribusiness Exports: Uzbek raisins have entered Senegal for the first time, supported by logistics expansion and quality management upgrades.

Copper & Critical Minerals: President Mirziyoyev reviewed major copper projects, including Almalyk MMC’s Yoshlik-1 push and Copper Concentrator Plant No. 3 (US$2.7bn), while Uzbekistan also signed a cooperation memo with China’s Shaanxi Non-ferrous Metals to expand extraction, processing, tech transfer and training for critical minerals. Aviation & SAF: IATA warned airlines face a jet-fuel cost squeeze and a sustainable aviation fuel shortage, with SAF still under 1% of demand; it also launched “Save a Life, Not a Bag” to curb risky passenger behavior during evacuations. Energy Infrastructure: Russia’s gas deliveries to Uzbekistan rose 15% in 2025 to 6.48 BCM, and the country’s nuclear build-out continues to draw international attention. Construction & Consumer Protection: Complaints to the competition and consumer rights committee jumped in Q1 2026, with buyers citing delays, poor quality and illegal fund collection; separately, Uzbekistan renationalized Fergana Oil Refinery after Saneg’s stake disappeared from the registry. Trade & Investment: Qatar Chamber discussed boosting trade and investment with Uzbekistan, while Uzbekistan-Iran trade jumped 48.1% in Jan–Apr 2026 ahead of a planned intergovernmental commission meeting; Hong Kong and Uzbekistan agreed to set up a joint Business Council. Industry Growth: Rubber & plastics output rose 25.7% in early 2026, reaching 6.2tn soums (Jan–Apr). Business Climate: Germany plans to investigate visa processing delays for Uzbek specialists, and Tashkent region made a reshuffle tied to investment and industrial enterprise development.

Nuclear Power Push: Uzbekistan officially began construction of its first nuclear power plant, with President Shavkat Mirziyoyev and Russia’s Vladimir Putin launching the first unit via video link in Jizzakh; the project is led by Rosatom and framed as a long-term engineering and technology upgrade under IAEA supervision. Construction Reform: Uzbekistan will simplify construction services from 1 July under a “one application, one payment” approach for utility connections, and introduce a unified process for architectural and urban planning assignments from 1 September. Aviation & Carbon Markets: IATA says aviation’s “new normal” won’t fully revert after the Iran crisis and warns of a massive aircraft delivery backlog; separately, IATA highlights Uzbekistan as a leading supplier of CORSIA-eligible aviation carbon credits. Trade & Industry Links: A Hong Kong delegation in Tashkent secured 96 agreements worth $1.65bn and discussed fintech, logistics, high tech and digital services; Uzbekistan also discussed expanding industrial ties with India, including critical minerals, mining and nuclear energy. Agribusiness Exports: An Uzbek firm plans to export 2,000 tonnes of Afghan fresh fruits annually to Uzbekistan, Russia and Europe. Finance for Businesses: Uzbekistan’s factoring market grew 75% in Q1 2026 to 2.3tn soums, showing demand for faster working-capital financing.

Nuclear Power Rollout: Uzbekistan has officially started construction of its first nuclear power plant, with Mirziyoyev and Putin authorizing the first power unit at the Farish site in Jizzakh; the milestone includes first concrete for an SMR unit and is framed as an IAEA-supervised, standards-based project led by Rosatom. Aviation & Carbon Markets: IATA warned of a crippling backlog of 18,000 undelivered aircraft and projected airline profits could halve in 2026 as jet fuel costs surge; at the same time, IATA highlighted Uzbekistan as a top supplier of CORSIA-eligible aviation carbon credits. Construction Reform: From 1 July, Uzbekistan will simplify construction services via “one application, one payment” for utility connections and unify architectural/urban planning assignments; a risk scoring system for developers is also out for public comment. Finance for Industry: Uzbekistan’s factoring market grew 75% in Q1 2026 to 2.3 trillion soums, showing banks dominating and businesses leaning on working-capital tools. Tech & Investment Links: A Hong Kong delegation visited IT Park Uzbekistan to explore fintech and digital cooperation, while Uzbekistan also lined up major industry forums with India and South Korea and discussed SCO industrial collaboration.

Nuclear Power Rollout: Uzbekistan has started construction of its first civilian nuclear power plant, with Mirziyoyev and Putin launching the first unit via video link; the project is pegged at about $9.5bn and will follow IAEA standards. Housing & Construction Safety: A new decree bans structural and layout changes in multi-family buildings older than 50 years, while pushing contractors to fix defects during warranty periods and face penalties that can hurt their ratings. Inflation Watch: Uzbekistan’s annual consumer inflation eased to 5.5% in May (from 7% in April), with food broadly flat and services/non-food goods rising modestly. Digital Trade Boost: Wildberries sales of Uzbek goods are set to jump 50% in 2026, with turnover forecast to top $2bn, as e-commerce helps small manufacturers scale across Eurasia. Regional Security: Uzbekistan is among SCO partners discussing cooperation on illegal immigration, narcotics control, and counter-terror efforts linked to Afghanistan. Bilateral Business Push: Cyprus’ FM Kombos pledged to deepen trade, investment, transport and logistics ties with Uzbekistan after meetings in Tashkent.

Nuclear Power Push: Uzbekistan has officially started construction of its first civilian nuclear power plant, with a launch order jointly issued by President Shavkat Mirziyoyev and Russia’s Vladimir Putin via video link; the project is budgeted at about $9.5bn and is expected to generate roughly 17bn kWh annually (Jizzakh region), built to IAEA standards. Housing Safety Rules: Mirziyoyev signed new regulations banning structural and layout changes inside multi-family apartment buildings older than 50 years, while shifting warranty-era defect responsibility back to contractors for newer projects. Inflation Watch: Uzbekistan’s annual consumer inflation slowed to 5.5% in May 2026 (from 8.7% a year earlier), with food prices flat and services/non-food goods edging up. Digital Trade Growth: Wildberries sales of Uzbek-made goods are projected to rise 50% in 2026 to over $2bn, driven by easier cross-border access for small manufacturers. Consumer Market: Meat prices and local transport costs continued to creep up despite easing overall inflation.

Nuclear Power Rollout: Uzbekistan has officially started construction of its first integrated nuclear power plant in the Jizzakh region, with the project cost set at about US$9.5 billion and an expected output of roughly 17 billion kWh per year (up to 15% of national demand), while the IAEA says it will support the project at every stage. Energy & Industry Policy: Uzbekistan also highlighted renewables momentum, with solar and wind plants preventing 2.6 million tons of emissions in Jan–May 2026, alongside broader moves like energy-efficiency mandates for public buildings. Digital Markets: Uzbekistan’s competition regulator gave preliminary approval for Tapuz Limited’s planned acquisition of OLX Classifieds, but only under conditions aimed at protecting competition and limiting data and platform influence. Transport & Urban Mobility: The Cabinet extended a zero recycling fee for imported buses (including electric and trolleybuses) until end-2027 and introduced a new exit-based fare payment system for certain bus routes. Regional Connectivity: At the Termez Dialogue, Uzbekistan discussed advancing Afghanistan-linked transit plans, including feasibility work for a strategic rail route.

Nuclear Power Push: Uzbekistan officially started construction of its first nuclear power plant in Jizzakh, with Mirziyoyev and Putin ordering work to begin via video link; the integrated project is pegged at a US$9.5bn base cost and combines two VVER-1000 units with two RITM-200N small modular reactors, while the IAEA pledged support at every stage and issued a construction license for the RITM-200N unit. Energy & Industry: The Ministry of Energy said solar and wind plants prevented 2.6m tons of emissions and generated 4.66bn kWh in Jan–May; Uzbekistan also reported inflation easing to 5.5% in May. Transport Policy: The Cabinet extended a zero recycling fee for imported buses, electric buses and trolleybuses until end-2027 and rolled out a new exit-based fare payment system from Sept 2026 with contactless and mobile options. Digital & Competition: Uzbekistan’s regulator gave preliminary approval for Tapuz Limited’s planned OLX acquisition, but imposed conditions to prevent dominance abuses; Uzbekistan also signed an AI-based deal with Italy to modernize environmental impact assessments. Regional Business Links: Ferghana officials eye new chemical projects after a Chirchiq technopark visit, while Ferghana and Germany expanded vocational education cooperation. Diplomacy & Trade: Mirziyoyev told SPIEF that Uzbekistan-Russia trade has topped US$13bn and proposed deeper industrial, digital and logistics integration; Belgium announced it will open an embassy in Tashkent. Security & Crime: U.S. prosecutors charged Uzbek-born suspects in a US$4.5m cargo theft ring involving freight fraud and illegal distribution.

Nuclear Power Rollout: Russia and Uzbekistan officially kicked off construction of Uzbekistan’s first nuclear power plant, with Putin and Mirziyoyev launching the first reactor unit and the project using Rosatom’s RITM–200N design under IAEA supervision. Energy & Grid Reliability: A technical fault at Tashkent’s thermal power plant triggered a temporary blackout across five districts and briefly disrupted metro lines before power was fully restored. Trade Flows: Uzbekistan’s foreign trade hit $26.3bn in Q1 2026, with imports rising sharply on machinery and industrial inputs even as exports fell. Logistics Investment: Oman’s Asyad Group agreed to acquire controlling stakes in key Uzbek logistics platforms, aiming to link Omani ports with Central Asian rail/road and warehousing. Agriculture Value Chains: ICBA and Uzbekistan’s innovation agency launched a Farmers’ Accelerator program in Karakalpakstan to help farmers commercialize crop value chains. Regional Diplomacy: Uzbekistan and Kyrgyzstan reaffirmed strategic partnership after Kyrgyzstan’s UN Security Council election; leaders also discussed cooperation across transport, energy, and culture. Mobility Tech: Kyivstar’s Uklon signed to acquire Ukraine’s E-wings to expand its electric scooter micromobility offering. Environment & Health: Uzbekistan hosted GEF-related discussions, while One Health progress in Central Asia was reviewed with the World Bank and regional health, agriculture, and environment ministries.

Nuclear Energy Push: IAEA chief Rafael Grossi met Uzbekistan officials in Tashkent, reaffirming support as construction of the Jizzakh nuclear power plant kicks off—plus Mirziyoyev heads to St. Petersburg to help launch the first reactor and discuss trade and investment. Logistics Deal: Oman’s Asyad Group closed a controlling-stake acquisition in Uzbekistan logistics platforms (Universal Logistics Services and Highway Logistics Center), aiming to move more cargo across China–Europe–Middle East corridors. Green Food & Land: At GEF-8 in Samarkand, Mirziyoyev backed regenerative, wheat-focused landscape transformation and lifecycle chemical management, while youth leaders urged agriculture as a serious investment path for sustainable food systems. Aquaculture Upgrade: Uzbekistan and South Korea launched a new phase of aquaculture cooperation, with Jeju partners sharing marine farming, feed, and disease-control know-how. Industrial Policy: Tashkent introduced stricter environmental and safety rules for construction sites, and Uzbekistan plans to launch production of at least 100 homecare chemical brands. Energy Reliability: A technical fault at Tashkent TPS caused a brief blackout and metro disruptions, with power restored within hours. Finance Access: Uzbekistan’s microfinance sector doubled lending to 12.2 trillion soums in Q1 2026. Regional Connectivity: Afghanistan and Uzbekistan used the Termez Dialogue to push transit and trade cooperation, including removing barriers.

Energy & Power Output: Uzbekistan generated 37.6842 billion kWh of electricity in Jan–May 2026, up 5.8% year-on-year, while May output rose 3.7% to 7.0157 billion kWh. Connectivity & Diplomacy: Tashkent hosted the second Termez Dialogue on Central and South Asia connectivity, framing it as a practical trust-building platform with four thematic tracks. Telecom Investment: The planned sale of state mobile operator MobiUz to a US-led consortium is being pitched as a Central Asia investment signal, with a promised extra $500m for infrastructure. Governance for Construction Transparency: A draft decree would expand open-data disclosure, including monthly reviews of construction pre-projects and projects and monthly permit/commissioning information. Real Estate Administration: New rules set procedures for technical inventory of real estate, including electronic cadastral files and an appeal route. Trade & Finance Links: Uzbekistan and Hong Kong agreed to expand cooperation across investment, finance, AI, and transport, including a push toward visa-free travel. Credit Outlook: Fitch upgraded Uzbekistan’s outlook to “positive,” citing reforms, fiscal improvement, and stronger reserves.