AGP Executive Report

Tashkent–London Finance Link: Uzbekistan is moving to connect its new Tashkent International Financial Centre with the City of London, using an English common-law style legal regime and an independent commercial court to attract foreign investment. Transport & Logistics Push: Uzbekistan is studying participation in a railway linking Azerbaijan’s Nakhchivan to Türkiye to reach Samsun and Istanbul, alongside work to expand Caspian and Black Sea logistics capacity (including a Poti logistics centre). Renewables Build-Out: Construction has started on a 1.5 GW wind farm in Karakalpakstan with ACWA Power, targeting grid integration and commissioning in 2027. Agriculture Cooperation: Uzbekistan and Iran are deepening agricultural ties via a business forum focused on livestock, mechanization, fisheries, research, and joint investment projects. Water-Saving Irrigation: Kyrgyzsuudolboor met Uzbek firms to advance drip and sprinkler irrigation technologies, aiming to improve water efficiency in Kyrgyz agriculture. Fertilizer Exports: Uzbekistan plans to more than double mineral fertilizer exports to the EU, targeting $500m/year after a deal for 10,000 tons to France by end-2026.

Transport & Logistics: Uzbekistan is weighing participation in a railway linking Azerbaijan’s Nakhchivan to Türkiye, opening access to Samsun and Istanbul ports, alongside studies on the Anaklia route and logistics upgrades at ports like Poti; the plan targets route diversification for textiles, chemicals, agriculture and mining, with sector investment and service-export growth goals by 2030. Renewables & Power: Construction has started on a 1.5 GW wind farm in Karakalpakstan with ACWA Power, aiming to feed 1.5 GW into Uzbekistan’s grid and commission in 2027. Fertilizer Exports: Uzbekistan plans to more than double mineral fertilizer exports to the EU to $500m/year, signing an agreement for 10,000 tons to France by end-2026. Energy Integration: Uzbekistan and Azerbaijan signed a 2026–2028 roadmap for a “Green Energy Corridor” to EU markets, while also discussing SOCAR-linked downstream retail expansion and refining capacity plans. Mining & Water Cooperation: Uzbekistan and Israel advanced talks on groundwater management and critical metals, including hydrogeology expertise and potential proposals. Agri-Industry Upgrade: Nukus district will shift from raw melon cultivation to vertical integration, dedicating 10,000 hectares to melons and building on-site deep processing with imported agronomy know-how. Trade & Investment Platforms: Uzbekistan–Syria held a business forum in Tashkent to push joint projects via a new committee and planned 2027 exhibitions. VC for Startups: A new SparkLabs–Mirae Silk Road venture fund is set to back Series A+ AI-native startups across Central Asia, with Uzbekistan’s IT Park Ventures as an anchor investor.

Green Energy & Industry Integration: Uzbekistan and Azerbaijan signed a 2026–2028 roadmap in Baku to build a “Green Energy Corridor” sending Central Asian renewable power via Azerbaijan, Turkey and the Black Sea toward EU markets, while also pushing SOCAR-led downstream steps like expanding fuel retail, plus upstream exploration and new refining capacity. Energy Mega-Projects: Uzbekistan has started a $2.6B, 1.5GW wind power plant in the northwest with 1,500 km of high-voltage lines and new substations, aiming to ease electricity shortages and attract investment. Agri-Processing Push: Karakalpakstan’s Nukus district will dedicate 10,000 hectares to melons and shift to an integrated chain of production, on-site deep processing, and export—supported by imported agrotechnology and a specialized technical college. Trade & Business Links: Uzbekistan and Syria agreed to set up a Joint Economic and Trade Committee and a Business Council, with a 2026–2028 roadmap and planned mutual exhibitions in 2027. Venture Capital for Startups: SparkLabs, Mirae Asset Venture Investment and IT Park Ventures (Uzbekistan) backed a new Central Asia-focused VC fund targeting AI-native startups at Series A and later. Nuclear Safety Cooperation: Uzbekistan and the United States signed an MoU to strengthen radiation and nuclear safety regulatory frameworks as Uzbekistan expands its nuclear energy infrastructure. Regional Trade Snapshot: Central Asia’s intra-regional trade rose 25.4% in Jan–July 2026 to $8.1B, led by Kazakhstan and Uzbekistan.

Uzbekistan–Syria Trade Push: Uzbekistan held a Tashkent business forum with Syria, with ministers Laziz Kudratov and Mohammad Nidal al-Shaar backing practical investment and trade projects. The sides set up a Joint Economic and Trade Committee, a Business Council and working groups, and agreed on a 2026–2028 roadmap plus mutual exhibitions in 2027. Karakalpakstan Agribusiness Upgrade: Uzbekistan plans to shift melon farming in Nukus from raw cultivation to a vertical chain of production, processing and export. Starting next spring, 10,000 hectares will be devoted to melons, with imported high-yield varieties and agrotechnology, and a local technical college upgraded into a specialized melon center. Renewables at Scale: Construction has started on a $2.6bn, 1.5GW wind power plant in northwestern Uzbekistan (Kungrad), with 1,500km of transmission lines and three substations, alongside earlier wind and storage projects. Energy Cooperation: SOCAR and Uzbek partners met in Baku to accelerate joint gas and oilfield work, including Ustyurt exploration and plans for a network of gas stations in Uzbekistan. Mining & Critical Metals Talks: Uzbekistan and Israel discussed mining, hydrogeology and critical metals, including groundwater cooperation and Uzbekistan’s updated subsoil law and investment tools. Competition Policy in SCO: Uzbekistan’s antimonopoly authority shared results from consumer and business protection work, including digital regulation via the Fair Tech system.

Energy & Infrastructure: Uzbekistan and Azerbaijan agreed to accelerate joint oil and gas projects, including SOCAR cooperation with Uzbek firms, faster geological exploration in Ustyurt, and plans to expand Uzbekistan’s gas-station network. Renewables Buildout: Construction has started on a $2.6B, 1.5GW wind power plant in northwestern Uzbekistan, with 1,500 km of high-voltage lines and three substations—positioned as the world’s largest wind project in the region. Regional Development: President Mirziyoyev chaired a Karakalpakstan meeting in Nukus, launching 47 projects worth $7B and highlighting wind power growth (green energy at 23%) plus major tax and tariff incentives that helped attract $1.7B in investment last year. Trade & Industry Cooperation: Uzbekistan and Syria will set up a Joint Economic and Trade Committee and a 2026–2028 roadmap, alongside a new business council to connect companies. Logistics & Markets: Uzbek logistics operator Centrum plans an IPO in London in 2027, aiming to expand multimodal terminals along the Middle Corridor. Mining & Critical Metals: Uzbekistan discussed mining, hydrogeology and critical metals cooperation with Israel, including groundwater management know-how. Competition Policy: Uzbekistan’s antimonopoly authority shared results on reducing state involvement in GDP and using the Fair Tech system for digital competition regulation.

Renewables Push: Uzbekistan has started building a 1.5GW wind power plant in the northwest at a reported $2.6bn, in partnership with Saudi ACWA Power, with 1,500km of power lines and three substations planned to feed the unified grid. Energy & Infrastructure Pipeline: During President Mirziyoyev’s Karakalpakstan visit, Uzbekistan launched 11 projects worth $592m and broke ground on 47 more valued at $7bn, spanning energy, digital economy, industry, transport and healthcare, targeting 8,000 high-income jobs. Trade Institutions: Uzbekistan and Syria signed an agreement to set up a Joint Economic and Trade Committee and a 2026–2028 roadmap, plus a new Uzbekistan–Syria Business Council to connect firms. Mining Cooperation: Uzbekistan and Israel discussed mining, hydrogeology and critical metals, including groundwater management ideas and interest in technology proposals. Logistics IPO Watch: Uzbek logistics operator Centrum plans an IPO in London in 2027, with Citigroup and JPMorgan reportedly advising, as it expands multimodal terminals along the Middle Corridor. Competition Policy: Uzbekistan’s antimonopoly authority shared results from SCO talks, including reduced state enterprise share in GDP and digital regulation via the Fair Tech system. Industry Finance: Allied Biofuels’ Uzbekistan SAF/e-SAF project held a FEED meeting with Sinopec Engineering and technology partners, aiming for Final Investment Decision in Q1 2027.

Karakalpakstan Push: Uzbekistan kicked off 11 projects worth $592m and broke ground on 47 more valued at $7b in Karakalpakstan, spanning energy, digital, industry, transport, healthcare and services, aiming to create 8,000 high-income jobs; the plan also highlights wind power (300 MW) and a 100 MW storage system already commissioned. Capital Markets: Uztelecom is emerging as the leading candidate in Uzbekistan’s broader IPO pipeline for major state-linked firms, with UzNIF driving preparations to widen access for international investors beyond UzNIF’s prior London debut. Logistics IPO Watch: Centrum Holding, a major Uzbek logistics player, is reportedly preparing an IPO in London in 2027, backed by Citigroup and JPMorgan, as it expands multimodal terminals along the Middle Corridor and grows Caspian ferry and rail/truck capacity. Air Cargo Expansion: SolitAir added Tashkent and Navoiy to its Central Asian air cargo network, targeting perishable shipments and building on Uzbekistan’s rising air freight volumes. Business Climate: A CERR survey says Uzbekistan’s composite business climate index rose to 59 in August, with industry and services improving while agriculture and construction dipped slightly. Trade Connectivity: SCO trade ministers adopted a 2026–2030 action plan in Dushanbe, with Uzbekistan’s region-focused agenda aligning on trade facilitation, digital customs and stronger industrial value chains.

IPO Watch: Uzbekistan logistics operator Centrum Holding plans a London listing in 2027, with Citigroup and JPMorgan advising; the group says it earns about $1bn in revenue and is pushing multimodal terminals along the Middle Corridor plus Caspian cargo ferry services. Business Climate: CERR’s August survey shows Uzbekistan’s composite business climate index at 59 points, up year-on-year, with industry and services improving while agriculture and construction dip slightly. SCO Trade Push: At the SCO economic and foreign trade ministers’ meeting in Dushanbe, India urged lower trade costs, paperless customs and digital document exchange to boost intra-SCO commerce. Air Cargo Expansion: SolitAir adds dedicated freighter routes to Tashkent and Navoiy, targeting perishables and scaling its fleet to 20 aircraft by end-2027. Energy & Industry Links: SOCAR discussed new SOCAR-branded filling stations in Uzbekistan and work under the Ustyurt blocks, where SOCAR is set to invest about $2bn. Tech & Skills: Kookmin University and Tashkent University of Information Technologies signed an AI and software education cooperation deal to build industry-ready digital talent.

Monetary Tightness: Uzbekistan’s Central Bank kept its policy rate at 14%, citing still-elevated inflation risks from global commodity, food and energy prices plus import and logistics costs. Carbon Pricing: Uzbekistan is designing an Emissions Trading System, starting with 50–60 heavy emitters (25,000 tons CO₂e+ annually) and moving compliance from rules to market-based trading. Energy Deals: Azerbaijan and Uzbekistan signed a 2026–2028 energy roadmap, covering oil and gas, electricity, renewables, energy efficiency and the Central Asia–Azerbaijan Green Energy Corridor. Oil & Gas Investment: SOCAR and Uzbek partners discussed new SOCAR-branded filling stations in Uzbekistan and cooperation tied to Ustyurt blocks. Rail Modernization: Tashkent approved a €157m plan to buy 10 Škoda electric commuter trains, targeting a 20% capacity boost with EIB financing. Agri Tech & Exports: Uzbekistan and South Korea launched new agricultural cooperation on water-saving tech, soil fertility, smart livestock and greenhouse projects, plus fruit/veg export plans. Cybersecurity: New reporting links parts of the SilkParasite campaign to older, broader SpiceRAT infrastructure targeting Central Asian governments, telecoms and energy. Industry & Markets: Uzbekistan’s car imports shifted sharply toward EVs and hybrids in Jan–Aug, while average import prices fell across categories.

Central Banking: Uzbekistan’s central bank kept the base rate at 14%, citing still-elevated inflation risks from global food, energy and logistics costs. Energy Cooperation: Azerbaijan and Uzbekistan signed a 2026–2028 energy roadmap, covering the Central Asia–Azerbaijan Green Energy Corridor, oil and gas exploration, refining cooperation and SOCAR’s expanded role in Uzbekistan. SOCAR Expansion: SOCAR said it is discussing potential new SOCAR-branded filling stations in Uzbekistan and further work on the Ustyurt investment blocks with Uzbek energy and trade officials. Oil & Gas Drilling: SOCAR, BP and Uzbekneftegaz are preparing exploration drilling in Uzbekistan’s Ustyurt region after 3D seismic work, with one exploration well planned first. Nuclear Safety: Uzbekistan signed radiation and nuclear safety cooperation with Türkiye, and also held talks with Finland and Russia to strengthen its national nuclear safety system. Rail Modernization: Tashkent approved a €157m plan to buy 10 Škoda electric commuter trains, targeting at least a 20% capacity increase and faster transit on key corridors. Trade & Industry Links: An Afghanistan–Uzbekistan light industries exhibition concluded in Termez, with Afghan producers pitching carpets, textiles, leather, saffron and dried fruits to Uzbek traders. Cybersecurity Watch: A report links Uzbekistan-related infrastructure to the SilkParasite campaign targeting Central Asian governments and critical sectors. Agriculture Innovation: Uzbekistan is pushing beyond irrigation delivery toward soil moisture retention using biochar made from cotton waste. Korea Business Momentum: South Korean capital in Uzbekistan keeps growing, with Hansae Yes24 expanding auto parts localization and Shinhan offering up to $200m financing for Uzbekistan infrastructure and renewables.

Uzbekistan–South Korea Industrial Push: President Mirziyoyev proposed a “Central Asia–Korea: Partnership for Accelerated Development” framework, aiming to lift bilateral trade to $20bn by 2030, create a Central Asia–Korea Industrial and Technology Park in Uzbekistan, and set up a Regional Investment Alliance on Critical Minerals plus a Climate and Carbon Partnership. Korea–Central Asia Summit Follow-through: South Korea and five Central Asian states adopted the Seoul Declaration, setting a two-year summit cycle and prioritizing critical minerals, energy, supply chains, logistics, aviation cooperation, and AI/digital transformation. Trade Dealmaking in Seoul: KOTRA’s Korea–Central Asia Business Partnership brought 33 Central Asian buyers and about 90 Korean firms, producing 200 consultations and 16 export contracts worth ~$14m on-site, including energy and construction project discussions. Finance for Industry: Shinhan Financial Group signed back-to-back cooperation deals with Uzbekistan and Kazakhstan, planning up to $200m for Uzbek financial institutions and joint support for infrastructure and renewables. Agritech Mechanization: TYM agreed with Uzbekistan’s agriculture ministry to field-test CNG tractors (pilot through end-2028) to cut fuel costs and emissions. Education & Skills: Uzbekistan will add Korean language to its national academic competition, with MOUs covering early education, AI/digital learning, teacher training, and higher-education exchanges. Regional Connectivity Context: Analysts highlighted the Trans-Caspian “Middle Corridor” as Central Asia’s key logistics reroute away from Russia and volatile chokepoints.

Korea-Central Asia Summit: South Korea and Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyzstan and Tajikistan adopted the Seoul Declaration in Seoul, agreeing to biennial leaders’ summits (next in Astana in 2028) and pushing deeper cooperation on critical minerals, energy, trade, logistics, digital transformation and AI—with a focus on building joint industrial and supply-chain value chains rather than only infrastructure projects. Uzbekistan–Korea Industrial Push: Uzbekistan’s President Mirziyoyev proposed a Central Asia–Korea Industrial and Technology Park in Uzbekistan, a Regional Investment Alliance for Critical Minerals, and a $20bn trade target by 2030, alongside ministerial platforms and climate/carbon partnership ideas. Middle Corridor Logistics: OTS officials reiterated that the Middle Corridor (Trans-Caspian route) is key for freight growth, highlighting ongoing rail segments like China–Kyrgyzstan–Uzbekistan and customs/logistics upgrades. Energy & Transport in Uzbekistan: UTY launched passenger service on the electrified Baytqo‘rg‘on–Parkent rail line, while Kazakhstan said it is ready for additional Russian gas transit to Uzbekistan pending final talks. EU Sanctions Pressure: France urged the EU to lift sanctions on Russian-Uzbek billionaire Alisher Usmanov, citing pressure linked to Azerbaijan’s handling of French nationals.

Korea–Uzbekistan Agricultural Pact: South Korea’s Rural Development Administration signed an MOU with Uzbekistan’s Ministry of Agriculture to share Korean farming expertise, build tailored training programs, and boost productivity using advanced and sustainable practices ahead of the Korea–Central Asia summit in Seoul. Korea–Uzbekistan Finance & Industry: Korea Eximbank met Uzbek President Shavkat Mirziyoyev to expand cooperation in critical minerals, energy, bio and digital sectors, aiming to turn summit deals into concrete projects and financial support. Korea–Central Asia Summit Push: President Lee Jae-myung urged a renewed “Silk Road spirit” to strengthen supply chains and technology links, with Seoul positioning critical minerals and Eurasian connectivity as key themes. Tashkent Urban Investment: Vietnam’s ROX Group plans the $1.5bn Uchtepa City mixed-use district in Tashkent, with a first 37-hectare phase covering housing, business, hotels, retail and utilities, targeting 20,000 jobs. Energy Safety Incident: A fire at an Uzbekneftegaz oil storage tank in Bukhara injured three workers; authorities are investigating the cause. Payments Policy Watch (India): RBI backed a 0.4% MDR on high-value UPI merchant payments above Rs 2,000 from Oct 15, while keeping small and person-to-person transfers free.

Uzbekistan Privatization Push: Uzbekistan has relisted 84 previously unsold state assets for electronic auction, with opening bids starting from 1 million soums (about $85), including stakes in small firms, a district laboratory, vacant buildings and a former mineral fertilizer warehouse—part of a wider August privatization package. Energy Safety: A fire at an oil storage facility in Bukhara injured three people with burns; Uzbekneftegaz said the affected tanks were outside the main plant and production was not disrupted while authorities investigate causes. Urban Investment: Vietnam’s ROX Group plans a $1.5bn mixed-use “Uchtepa City” in Tashkent (first phase on 37 hectares), targeting 20,000 jobs through residential, business, hotel, retail and upgraded utilities. Industry & Finance Linkages: South Korea and Uzbekistan are moving toward “strategic production partners,” with talks on critical minerals, AI and advanced manufacturing, including a proposed Korea-Uzbekistan industrial technology alliance. Payments Policy Watch: While not Uzbekistan-focused, India’s RBI/NPCI moves on UPI merchant fees above Rs 2,000 are a reminder of how payment rules can reshape merchant economics.

Uzbek–Korea Industrial Push: Uzbekistan and South Korea signed 13 deals in Seoul covering high-speed rail, defense, critical minerals, AI, aviation and industrial cooperation, as President Shavkat Mirziyoyev and Lee Jae-myung set a “resource diplomacy” agenda ahead of the first Korea–Central Asia summit. Logistics & Trade Corridors: Uzbekistan is expanding cargo aviation with regular Tashkent–Nanjing freighter flights from Oct. 12, while Central Asian rail links are also being used to move Chinese goods toward Iran via the China–Central Asia–Iran corridor. Energy & Supply Chains: A new Korea–Central Asia summit track highlights deeper cooperation in critical minerals and supply chains, while a separate regional focus argues pipelines must evolve beyond oil and gas toward hydrogen and CO₂-ready infrastructure. Agriculture Cooperation: Uzbekistan’s delegation heads to Egypt to study desert reclamation, pivot irrigation and livestock projects, with large B2B meetings planned. Finance & Payments: Kazakhstan plans cross-border QR payments with China by end-2026, signaling wider yuan use in everyday transactions across the region. Industry Events: Plastex Uzbekistan 2026 will bring 250+ polymer and plastics firms to Tashkent, including new European and Turkish exhibitors.

Uzbekistan–South Korea Industrial Push: President Shavkat Mirziyoyev and South Korea’s Lee Jae-myung signed 13 agreements in Seoul covering critical minerals, AI, defense, rail and biotech, including feasibility work for eight more high-speed train sets and a national genome/biobank center. Regional Summit Momentum: Seoul will host the first Korea–Central Asia leaders’ summit on Sept 16–17, with supply-chain resilience, transport links, and mineral processing as key themes. Logistics Upgrade: Uzbekistan will launch regular Tashkent–Nanjing cargo flights from Oct 12 (three times weekly) to strengthen East China logistics ties for industrial equipment and e-commerce freight. Energy & Waste-to-Energy: Uzbekistan plans six waste-to-energy projects with Chinese firms (2026–2027), targeting 3.6m tons of municipal waste annually and 1.6bn kWh of electricity. EU Sanctions Crosscurrent: EU envoys extended Russia sanctions listings by seven days amid disputes over delisting Russian-linked billionaire Alisher Usmanov, a move that could affect regional business risk. Finance Outlook: Moody’s says AI investment and Middle Corridor logistics expansion can drive growth across Central Asia, with Uzbekistan among countries making progress on AI infrastructure. Trade Diversification Angle: Uzbekistan’s embassy in Washington highlights private-sector-led, more diversified trade networks as the path to stronger U.S. ties.