How Uzbekistan’s investment image changed

I had the pleasure of attending in early June, the fourth Tashkent International Investment Forum (TIIF), an internationally recognized platform in Uzbekistan, that was launched to foster collaboration and deal-making with itsinternational partners. This flagship event offers foreign investors a firsthand look at Uzbekistan’s business climate and the momentum of its growing economy. As the trustee and fund manager of the National Investment Fund of the Republic of Uzbekistan (UzNIF), Franklin Templeton played an active role at the Forum, and I’d like to share the most important highlights from the conference.

Surging Investor Interest Driven by Reform Momentum

Uzbekistan is attracting fast-growing global investor attention. This reflects the increasing worldwide awareness of the reform programme and its momentum, the country’s powerful and attractive dynamics, its economic growth, and significant foreign direct investment track record. While hard numbers tell part of the story—attendance has grown five-fold since the first Forum in 2022 and more than three-fold compared to last year’s event – the shift in participant profiles is equally telling. This year saw a notable influx of equity investors, a trend fueled by tangible steps toward integrating Uzbek companies into global capital markets.

The establishment of UzNIF and the President’s April 2025 decree outlining plans for state-owned enterprises (SOEs) to list on the stock exchange have sent a clear signal: Uzbekistan is committed to attracting equity investment and advancing privatisation. The international business community now has growing confidence in these efforts, and an opportunity to invest in a country of great potential.

Additionally, successful Eurobond issuances by companies like NGMK, SQB, Asaka Bank and NBU highlight two key trends: Uzbek state-owned enterprises (SOEs) are becoming adept at investor engagement, and global markets are responding with strong demand, which is testament to the country’s rising credibility. A key theme of the conference was ‘reform in action’, and these transactions are a testament to that.

Capital Markets Development Takes Center Stage

A major theme at the Forum was strengthening Uzbekistan’s local stock market, namely building infrastructure, refining regulations, and ensuring privatisation drives domestic market growth. Government leaders emphasized that SOEs listings should empower citizens to invest in their economy’s expansion. Significant groundwork has already been laid; the focus now is execution and leveraging these foundations to maximise the market’s development during the privatisation wave.

Franklin Templeton is engaged in this effort and our key goal is to facilitate access for global institutional investors, thereby supporting liquidity boost and market depth.

Reform Velocity and Global Integration

From our offices in Tashkent, we are witnessing rapid evolution in regulations, corporate transformation, and the adoption of global best practices. As a global firm, we are impressed by the pace of change. The government’s reform drive is palpable, and in our dialogues with investors worldwide, we’re committed to amplifying awareness of the New Uzbekistan — its potential, its opportunities, and its undeniable momentum.