EUROUZ’s Oybek Shaykhov: Why Uzbekistan Stands Out for European Investors

The Tashkent International Investment Forum (TIIF) 2025 continues to position Uzbekistan as a rising hub for global investors. Since its launch in 2022, the forum has resulted in 357 investment agreements worth $44 bn. Of those, 57 projects are already operational.

In TIIF 2024 alone, $26.6 bn in agreements were signed, a clear sign of growing global confidence in Uzbekistan’s economy. Against this backdrop, Kursiv Uzbekistan spoke with Oybek Shaykhov, Secretary General of Europe-Uzbekistan Association for Economic Cooperation (EUROUZ), about the country’s evolving investment landscape.

— Uzbekistan is becoming more attractive to foreign investors. What, in your view, are the top three things that make Uzbekistan stand out today?

— I believe that stability, both economic and political, is one of the most important elements. It is the foundation of trust. Investors want to know they are entering a country where policies are consistent, institutions are functioning, and the business climate is not going to change overnight. Uzbekistan offers that kind of predictability.

The second factor is the political will behind reforms. The government’s reform agenda is not just ambitious, it is being implemented. There is real momentum. We have seen improvements in governance, deregulation, tax reforms, judicial independence—all things that directly impact investor confidence.

And the third point is transparency. The government is open to dialogue—even difficult conversations. And these are not just symbolic meetings. There is real follow-up. Investors feel that they are being listened to and that their concerns matter. That kind of responsiveness is crucial, especially in a developing market. It builds long-term relationships.

— Many international companies are attending TIIF for the first time. What advice would you give to a European business considering Uzbekistan as an entry point to Central Asia?

— My advice is: understand where Uzbekistan is coming from. This is a market that was closed until 2016. For many years, there was little or no international engagement. So now, there’s a sense of urgency to catch up—and that creates a lot of opportunity.

With a population approaching 40 mln, Uzbekistan is by far the largest market in Central Asia. But more than that, it’s a market that’s still open in many sectors. It is what we call a «blue ocean.» And in today’s world, blue oceans are extremely rare. Most markets are already saturated or highly competitive.

Of course, some large companies have already entered, but the majority of sectors still offer room for growth. At EUROUZ, we represent more than 120 companies. More than half of them entered the market in the last five years. What is remarkable is that many of them are growing faster than they expected.

So if you approach the market thoughtfully—partner with the right people, do your research, and adapt to local conditions—there is significant potential here.

— We have seen billions in investment deals signed at forums like this. But from your experience, what makes these deals actually turn into real projects on the ground?

— The signing ceremony is just the beginning. It is a great photo opportunity, but it is not the finish line. Real success comes from implementation, and that part is hard work.
I have seen many agreements that look great on paper, but they stall because follow-up is missing or because local regulations are not ready. Others struggle with permitting, land access, or unclear procedures.

A successful project is one that not only gets built but also operates efficiently and creates value—jobs, exports, tax revenue. That is when people say, «This works. Let’s do more.»
Uzbekistan has implemented many excellent projects with international investors. But we still have a long way to go. The next 5–6 years will be critical, especially for public-private partnerships (PPPs). That is where the challenge is now—not just signing deals, but delivering results.

And once we reach a stage where several PPPs are not just signed but completed and operating successfully, that will unlock a new wave of investment. Investors trust results more than promises.

— If an investor asked you what sectors are currently most promising in Uzbekistan, beyond energy, what would you tell them?

— Mining is one of the most promising sectors, and it’s still largely unexplored. Uzbekistan has a lot of untapped potential—especially in critical raw materials that Europe is very interested in.

French companies like Orano are already involved in uranium, and doing well. But beyond that, there’s a real opportunity for exploration and development of other critical materials. With the EU’s focus on securing strategic resources, Uzbekistan can be a reliable partner.

Transport and connectivity is another major area. Uzbekistan’s location in the heart of Central Asia makes it a strategic transit hub. The country is investing heavily in road and rail infrastructure—not just for domestic purposes, but to connect with neighbors and beyond.

This includes logistics hubs, trade corridors, and energy transport infrastructure. Over the next 5–6 years, I believe this sector will see growing attention from international investors.

— In your conversations with European companies, what are the most common concerns or questions they raise about doing business in Uzbekistan?

— The most common concern is about engagement. The government is very active, launching many reforms and initiatives. But at the same time, the capacity to handle every inquiry is limited. Everyone wants to talk to Uzbekistan, and there’s only so much bandwidth.

This means that not all conversations get the attention they deserve, and sometimes follow-up can lag. The government is efficient, but when you reduce its size and ask it to do more, you have to be selective. That’s challenging.

As EUROUZ, we try to help by prioritizing the most impactful projects—those that can create jobs, bring technology, or contribute to long-term development. We support both sides: helping companies navigate the system and helping the government identify who to engage with first.

The government is learning quickly. There is a genuine effort to improve how engagements are managed. Not at all times things go perfect to plan and there are plenty of challenges. But we must acknowledge that there is significant progress as discussions develop.

What is important is that there is willingness to improve, and that’s what gives us confidence. The direction is right—we just have to keep building on that.

Earlier, Kursiv Uzbekistan reported that projects worth $30 bn to be showcased at Tashkent International Investment Forum 2025.