AGP Executive Report

Tashkent Investment Push: Uzbekistan’s TIIF 2026 kept turning pledges into projects, with a six-point foreign investment agenda including a Tashkent International Financial Center under English common law and an international commercial court, plus more support for AI, renewables and manufacturing. Digital Finance Ecosystems: At TIIF, Uzum’s leadership argued Uzbekistan is moving from payments into integrated fintech ecosystems that bundle shopping, credit and banking in one app-like experience. Aviation Growth Reality Check: TIIF panels heard that Tashkent’s new airport is already outpacing forecasts—10mn passengers hit in 2025, with 20mn capacity at opening and a long-term push toward 50mn. Green Energy Scale-Up: Gulf-backed Masdar and ACWA Power highlighted Uzbekistan’s renewable surge and pipeline as the country targets a much larger share of power from clean sources. Industrial Efficiency Upgrade: EBRD approved up to $25M for Tashkent Pipe Plant to cut gas use 22% and electricity up to 35% via energy-efficient heating and insulation upgrades. Tech-Jurisdiction Plan: Enterprise Uzbekistan outlined a new legal “jurisdiction” aimed at tech firms, focusing on legal certainty and regulatory flexibility to attract global companies. Regional Tech Diplomacy: A TIIF panel on digital diplomacy said governments now must communicate online fast—while managing misinformation, cyber threats and tech-company influence. Bilateral Tech Deals: Uzbekistan explored tech cooperation with Qatar’s MBK Holding, including AI and startup development.

Investment Push at TIIF 2026: Uzbekistan unveiled a six-point foreign investment plan at the Tashkent International Investment Forum, including a new Tashkent International Financial Center under English common law, an international commercial court, and support for AI, critical minerals, manufacturing, and renewables. Green Industry Finance: EBRD approved up to $25M for Uzbekistan’s TPP to upgrade long-steel production and cut gas use by 22% annually, backed by climate-focused funds. Digital Infrastructure: Saudi DataVolt secured $150M to build a 12MW Tashkent data centre (TAS-1), with plans for additional 250MW sites by 2030. Tech Ecosystem Legal Reform: Enterprise Uzbekistan is preparing a technology-focused legal jurisdiction to give global tech firms more certainty and flexibility beyond tax incentives. Korea–Uzbekistan Partnership: At the Korea-Uzbekistan Business Forum, Seoul and Tashkent highlighted transport modernization, airport expansion, and digitalization, while Eximbank Korea pledged financing tools to turn cooperation into projects. AI and Education Links: Kazakhstan signed AI and data-centre deals with U.S. NVIDIA and Firebird (up to $10B) and discussed deeper education cooperation with Uzbekistan, including AI in classrooms. Regional Diplomacy: Turkmenistan and Uzbekistan advanced ties through the 19th Joint Commission meeting, prioritizing energy, transport, agriculture, pharma, and tourism.

Digital Finance & E-commerce: Uzbekistan’s Uzum is preparing a new private funding round before end-2026 to fuel growth and lay groundwork for a possible IPO in 2–3 years, with its integrated platform spanning e-commerce, logistics, digital banking and fintech; it already reaches 20M+ monthly users. Green Industry & Waste Tech: At TIIF-2026, Uzbekistan agreed a $78M hazardous waste processing venture with Saudi Vision International Investment and France’s SUEZ, aiming to boost hazardous recycling and cut ecological risks. Data Infrastructure: Saudi DataVolt secured $150M financing for a 12MW Tashkent data centre (TAS-1), expected online in late 2026, with plans for further 250MW expansions by 2030. Korea-Uzbekistan Tech & Transport: A Korea-Uzbekistan Business Forum in Tashkent pushed cooperation in aviation, rail, digital tech and AI; highlights include Korea’s Incheon Airport operator backing the New Tashkent Airport plan and Korean firms pitching AI digital twin tools for smart construction. Energy Prices & Policy: A World Bank study finds households across multiple middle-income countries (including Uzbekistan) cope with energy price rises differently than experts expect, and want more practical government support.

Korea-Uzbekistan Business Push: South Korea’s President Lee Jae Myung backed deeper ties with Uzbekistan, saying the two countries can turn supply-chain shocks into opportunity by combining Korea’s technology with Uzbekistan’s energy strengths. Transport & Aviation Modernization: Uzbekistan’s transport deputy minister highlighted Korean support for airport and rail upgrades, including modernization of Urgench International Airport and plans for the New Tashkent International Airport, where Incheon Airport Corp. aims to build and operate a “second Incheon” model. Tech Ecosystem & AI: Uzbekistan is pitching a global-ready tech ecosystem via IT Park incentives, while Korean firms including Zyx Technology offered AI digital twin tools for urban development and smart construction. Finance for Projects: Korea’s Eximbank said it’s ready to finance the next wave of Uzbekistan projects, moving from government cooperation to investable deals. Green Waste Deal: At TIIF-2026, Uzbekistan signed a $78m hazardous waste processing venture with Saudi and French partners to boost recycling and green economy standards. Trade Expansion with India: India and Uzbekistan agreed to tackle non-tariff barriers and target doubling bilateral trade in three years, with focus on pharma, medical devices, agriculture, engineering, and logistics.

Green Economy & Waste Tech: Uzbekistan is set to launch a $78 million hazardous waste processing venture, agreed at TIIF-2026, with Saudi Vision International and France’s SUEZ to boost hazardous waste recycling and raise environmental standards. Trade & Science Cooperation: India and Uzbekistan reaffirmed plans to deepen economic ties, tackle non-tariff barriers, and aim to double bilateral trade in three years, with priority areas including pharmaceuticals, medical devices, agriculture, engineering, electronics, and logistics. Investment Momentum: TIIF-2026 wrapped up with 166 investment deals totaling $43.1 billion, highlighting Uzbekistan’s growing role for Europe via long-term projects in industry, infrastructure, and finance. Transport Modernization: Škoda Transportation will supply 10 modern electric trains to Uzbekistan Railways’ commuter unit under a €120 million deal, alongside a local maintenance joint venture and training plans. Digital Sovereignty Debate: Russia urged SCO members to build their own digital platforms to reduce reliance on Western media giants, framing it as an information security priority. Regional Connectivity: Uzbekistan and Iraq discussed direct Tashkent–Baghdad flights to expand tourism and business links, with plans for joint marketing and B2B matching.

Transport & Industry: Škoda Transportation signed a €120M deal to deliver 10 modern electric trains to Uzbekistan Railways’ commuter unit, with a local maintenance joint venture and training academy aimed at faster repairs and skills transfer. Green Tech & Waste: Uzbekistan, Saudi Arabia and France agreed on a trilateral “Zero Waste” partnership to develop high-tech projects for deep processing of hazardous industrial and household waste, with head-of-terms signed at TIIF-2026. Digital Infrastructure: Saudi DataVolt secured up to $150M in non-recourse financing for a 12MW AI-ready green data center in Tashkent (TAS-1), targeting late-2026 operations and workforce development. Energy & Minerals: India and Uzbekistan discussed critical minerals supply as key to clean baseload power for India’s AI/data-center growth, alongside plans to double bilateral trade and cut non-tariff barriers. Trade & Business Links: Uzbekistan and Iraq launched a joint business council at TIIF-2026 to boost corporate cooperation, including food, electrical engineering and construction, plus B2B matchmaking. Climate Finance & Resilience: A GCF concept-note training workshop wrapped up in Almaty, helping Central Asian countries build project pipelines for climate funding. Regional Water-Energy Watch: A new analysis highlights Kambarata-1 dam cooperation as a real test of durable cross-border rules for shared water and power.

Uzbekistan–India Trade Boost: India and Uzbekistan agreed to deepen cooperation and work toward doubling bilateral trade in three years, focusing on non-tariff barriers and expanding exports in pharma, medical devices, agriculture, engineering, electronics, and logistics. SCO Digital Sovereignty: Russia urged SCO members to build their own digital platforms to cut reliance on Western media giants, arguing for stronger information security and sovereignty. TIIF 2026 Investor Roadmap: Uzbekistan plans a formal implementation roadmap for 120 foreign-investor recommendations, spanning banking, energy, AI, capital markets, and corporate governance, with progress reported to President Mirziyoyev. Green Finance for Climate Projects: A Central Asia workshop in Almaty wrapped up on building Green Climate Fund concept notes, helping countries prepare project pipelines for climate financing. Regional Disaster Response Planning: Kyrgyzstan will host a Bishkek dialogue (June 24–26) on harmonizing policies and digital tools for coordinated transboundary natural hazard prevention and response. Green Data Center in Tashkent: DataVolt secured up to $150M for a 12MW AI-ready green data center in Tashkent, aiming for late-2026 operations. Women in Enterprise: TIIF 2026 highlighted Uzbekistan’s push for gender-inclusive growth, noting women’s rising role in the digital economy alongside persistent gaps in credit and leadership. Middle Corridor Upgrade Push: A report calls for tripling Middle Corridor freight volumes by 2030s via key rail, port, and logistics upgrades across Central Asia and the Caucasus. EU Concerns on Railway: An EU-linked statement at the UN Human Rights Council raised environmental and human-rights risks tied to the proposed China–Kyrgyzstan–Uzbekistan railway through fragile mountain ecosystems. Uzbekistan–Iraq Business Council: A joint business council was launched in Tashkent to speed up corporate ties, with early focus on food, electrical engineering, and construction.

Tashkent Investment Push: The 5th Tashkent International Investment Forum wrapped with big signals for Uzbekistan’s tech-and-industry ambitions, including plans for a Tashkent International Financial Center with tax/customs incentives, free capital movement and an independent regulator, plus about €75bn in proposals across energy, transport, logistics, digital infrastructure and industry. AI & Media Trust: At an SCO media forum in Issyk-Kul, Uzbekistan’s media officials stressed building a modern information space that counters misinformation, while Kazakhstan called for sharing approaches to deepfakes and fake news and discussed AI’s impact on journalism and algorithm ethics. Uzbek-Korea Tech Clusters: Uzbekistan and South Korea agreed to expand industrial clusters and infrastructure cooperation, including a biotechnology cluster in Tashkent and pharma/industrial collaboration tied to TIIF-2026. Digital Finance Growth: Uzbek fintech Uzum says it plans a new financing round before an IPO, aiming to expand its digital banking and e-commerce footprint. Housing Market Snapshot: A May review found Tashkent prices rising most for smaller apartments—especially resale one-bed units—while larger premium homes saw mild declines. Uzbekistan Airports PPP: A PPP deal was signed for a new Tashkent International Airport, with a consortium led by Vision Invest and partners from Japan and South Korea, targeting construction through 2030 and long-term private operation. Uzbekistan–Iraq Business Council: Uzbekistan and Iraq launched a joint business council at TIIF-2026, focusing on food, electrical engineering and construction, with a memorandum signed to enable direct B2B manufacturing ties.

Tashkent Investment Push: Uzbekistan used the 5th Tashkent International Investment Forum to pitch itself as a long-term investment destination, with President Mirziyoyev stressing legal guarantees, high-tech industries, and private-sector-led momentum as global investors signed new partnerships. U.S.-Uzbek Dealmaking: A joint U.S.-Uzbek investment platform was launched in Tashkent, bringing together EXIM, DFC and major firms across energy, finance, aerospace and tech. AI as Geopolitics: At TIIF, an expert warned that AI development now depends on alliances, export controls and “trusted partner” networks, not just research capacity. Fintech Growth: Uzbek fintech Uzum said it plans a new financing round before an IPO, aiming to expand digital banking and e-commerce reach. Critical Minerals Strategy: Uzbekistan doubled down on moving from raw materials to processing and high-value production, framing critical minerals as a value-chain race. Regional Connectivity: Russia’s Mishustin highlighted rising trade and ongoing projects with Uzbekistan, while TIIF discussions also pointed to deeper China and SCO-linked cooperation. World Cup Tech & Culture: Uzbekistan’s World Cup debut ended with a 3-1 loss to Colombia, but the match kept Uzbekistan in the spotlight as fans and media tracked the tournament’s early shocks.

Critical Minerals Strategy: At TIIF-2026, Uzbekistan pushed a clear shift from exporting raw materials to building processing, enrichment and high-value manufacturing, citing mineral reserves worth $3T and plans like a digital geology database and technoparks. Water Stress & Climate Resilience: The same forum flagged a looming water squeeze: rising demand and shrinking supplies could create a major deficit by 2040, putting pressure on agriculture and industry. Energy & Utilities Modernization: France-backed support will modernize Fergana’s Qirguli heating networks—rebuilding 76 km of lines and upgrading substations to cut losses and improve hot water reliability. Investment & Partnerships: Russia’s PM Mishustin praised expanding trade and investment ties with Uzbekistan, while the U.S. launched a joint investment platform (with DFC and EXIM) targeting energy, infrastructure, critical minerals and advanced manufacturing. Regional Tech/Finance Links: Golden Gate Ventures opened a Uzbekistan office with UzOman to connect Central Asia startups with MENA capital. Industry Cooperation: Poland and Uzbekistan agreed to deepen textile and light-industry collaboration, including orders for major fashion brands. Sports (Local Interest): Colombia beat Uzbekistan 3-1 in the World Cup opener in Mexico City, with Luis Díaz starring.

Environmental Governance: Uzbekistan is moving from fragmented rules to a revised Environmental Code that treats nature as “national natural capital,” aiming for integrated climate-aligned management. Digital Infrastructure: Beeline Uzbekistan and DataVolt signed MoUs at the Fifth Tashkent International Investment Forum to expand data-center capacity, including a major tenant deal for the Tashkent IT Park facility. Islamic Finance Push: Uzbekistan is positioning Islamic banking as a $4T opportunity, with new regulatory steps highlighted during TIIF 2026. Critical Minerals Industrialization: Tashkent unveiled a $4.2B critical minerals plan to shift from raw exports to higher-value refining and lab work, with 120 projects through 2030. Investment Reform Signals: Mirziyoyev used TIIF to promise continued reforms, including an independent financial regulator and a Tashkent International Financial Center with zero tax and customs rates plus free capital movement. Tech in Banking: TBC Group won global finance innovation awards for AI-led banking products, including Lola, Uzbekistan’s AI banking assistant. Regional Deals: Poland and Uzbekistan agreed to deepen textile cooperation, while Azerbaijan and Uzbekistan signed mining and banking cooperation to develop gold and critical minerals.

Food Security & Research Recognition: The World Food Prize Foundation named 40 “Top Agri-food Pioneers” from 30 countries, including awardees working on crop and livestock research, child nutrition, methane cuts, and even AI and 3D/4D food printing—set to be honored at the 2026 Borlaug International Dialogue in Iowa. Uzbekistan Investment Push: Tashkent International Investment Forum (TIIF-2026) opened as a major Central Asia deal hub, with President Mirziyoyev promising continued reforms and a new Tashkent International Financial Center featuring zero profit/VAT/property/customs duties, free capital movement, and an independent financial regulator. Biotech & Industry Clusters: Uzbekistan and South Korea agreed on new industrial clusters, including a dedicated biotechnology cluster and a joint industrial zone, following Uzbek–Korean business talks tied to TIIF. Critical Minerals Plan: Uzbekistan unveiled a $4.2B critical minerals investment program (120 projects) aimed at building full value chains and high-value products by 2030. Energy Efficiency Finance: Japan approved about $230M in loans for energy-efficiency upgrades in Uzbekistan’s public buildings and industry. Regional Connectivity Think-Tank Talks: Afghanistan and Central Asian states, plus Azerbaijan, met in Kabul to strengthen research-led cooperation on connectivity, trade, energy, transit, and stability. Health & Safety Regulation Watch: India moved cough syrups to prescription-only rules after safety concerns and child deaths linked to contaminated products—an example of tighter medicine oversight.

Critical Minerals Push: Uzbekistan plans to launch 120 critical-minerals and high-tech projects worth $4.2B from 2026–2030, including new selenium, tellurium and rhenium production and a full tungsten–molybdenum value chain, with digital tech and workforce training to scale output. Investment & Trade Diplomacy: Russian PM Mikhail Mishustin toured the 5th Tashkent International Investment Forum, while German President Frank-Walter Steinmeier is set to visit Uzbekistan and sign deals with German firms; an infographic shows Uzbekistan–Germany trade rising 2.3x since 2017. Regional Research Cooperation: Afghanistan’s foreign minister Amir Khan Muttaqi called for research- and think-tank-led regional integration with Central Asia and Azerbaijan, pointing to connectivity projects like CASA-1000 and the Lapis Lazuli corridor. Digital & Data Governance: Report says Yandex complied with 85% of Russian government data requests in 2025, with more disclosures tied to ride-hailing and transport services. Public Health Regulation: India moves cough syrups to prescription-only after child deaths linked to contaminated products, tightening safety checks for liquid medicines.

Critical Minerals Push: Uzbekistan plans to invest $4.2bn in 120 projects from 2026-2030 to expand critical-mineral supply and build high-tech industry, including new high-purity selenium, tellurium and rhenium production plus a tungsten-molybdenum value chain, with a Metals of the Future technopark and an R&D center in Chirchik. Diplomacy & Energy: South Korea and Uzbekistan held a policy consultation in Tashkent, focusing on energy, transport, infrastructure, healthcare, digital tech and climate response, while preparing for a Korea-Central Asia summit in September. Regional Research Forum: Afghanistan’s Taliban foreign ministry will host a Kabul meeting of research institutions from Central Asia and Azerbaijan on regional security, connectivity, trade, energy, transit and investment, with Uzbek presidential-affiliated centers among participants. Vehicle Recycling Draft: Uzbekistan’s draft resolution proposes annual environmental compensation fees for owners of vehicles over 30 years old starting Jan 1, 2027, alongside a phased national scrappage and recycling system. Health Regulation (India, regional signal): India ended over-the-counter sales of cough syrups by removing them from prescription-free categories, while keeping cough lozenges OTC—an example of tighter medicine safety rules.

Silk Road Food History: A Turkish restaurant in Ankara is spotlighting manti as part of a wider dumpling family traced back along the Silk Road, linking Turkish and Chinese culinary roots through shared dough-and-filling traditions. Uzbekistan Environment Policy: Uzbekistan is considering a draft rule that would charge owners of vehicles over 30 years old an annual environmental compensation fee starting in 2027, alongside plans for a national end-of-life vehicle collection and recycling system. Regional Research Collaboration: Afghanistan’s Taliban Foreign Ministry says it will host a Kabul meeting of research centers from Afghanistan, Central Asia and Azerbaijan to discuss connectivity, stability, trade, energy, transit and investment. Road Safety Tech & Standards: WHO and partners are pushing updated vehicle safety regulations and testing approaches, with participation including Uzbekistan, to better protect vulnerable road users. Investment Pipeline for TIIF 2026: Uzbekistan’s Tashkent forum will pitch about €75bn in projects to global investors across energy, transport, logistics, digital infrastructure and industry. US-Uzbek Trade & AI: The US and Uzbekistan are expanding business-to-business links via a memorandum aimed at mining, energy, IT, agriculture and artificial intelligence.

Uzbekistan–US Tech Push: The US and Uzbekistan are expanding business-to-business ties via a June 9 MoU to drive deals in mining, energy, IT, agriculture and AI, aiming to turn interest into concrete projects and jobs. Nuclear Energy Milestone: Rosatom has started construction of an export small modular nuclear plant in Uzbekistan’s Jizzakh region, with the project positioned to supply up to 14% of national electricity demand and kick off wider high-tech cooperation. Agriculture & Food Tech: Malaysia and Uzbekistan agreed to deepen agri-food cooperation, including aquaculture, sustainable irrigation tech and R&D, with smart technologies highlighted for productivity gains. Regional Investment Forum: Tashkent will host the V International Investment Forum (TIIF-2026) from June 16–19, targeting major B2B/B2G meetings and large-scale interregional projects. Transport Market Impact: Uzbekistan’s mandatory escrow system has cooled housing and car sales, with transactions falling sharply in April and May. Governance & Finance Law: Uzbekistan’s Senate sent back the draft law for the Tashkent International Financial Center for legal revisions, especially around court appointments and arbitration boundaries. White-Collar Crime Pressure: Switzerland’s prosecutors say outdated rules let defendants delay rulings, including cases involving Uzbekistan-linked allegations.