News

Tashkent and Baku are accelerating joint efforts to launch a strategic electricity export project aimed at the European market. The agreement followed a high-level meeting between President Shavkat Mirziyoyev and President Ilham Aliyev during the second session of the Supreme Interstate Council held in Baku.

The leaders confirmed their commitment to energy cooperation, building on the trilateral agreement signed in November 2024 between Uzbekistan, Azerbaijan, and Kazakhstan. The project involves laying a subsea cable across the Black Sea, creating a new transcontinental electricity corridor connecting Central Asia, the South Caucasus, and Europe.

As part of the roadmap, national grid operators from the three countries established a joint venture last December...

During his state visit to Azerbaijan, President Shavkat Mirziyoyev took part in the official opening of Uzbekistan’s new embassy building in Baku, the president’s press service reports.

The ceremony was attended by both President Mirziyoyev and President Ilham Aliyev of Azerbaijan. The leaders cut a symbolic ribbon and formally inaugurated the new diplomatic mission.

They toured the building and reviewed the working conditions created for diplomats stationed in Baku.

The embassy is designed to support the further strengthening of the strategic partnership and alliance between the two countries. Each hall in the building is named after a region of...

President of Uzbekistan Shavkat Mirziyoyev has announced plans for Uzbekistan and Azerbaijan to jointly host the Futsal World Cup, according to Azerbaijan’s state news agency Azertag.

«We have agreed to jointly approach FIFA to organise the Futsal World Cup together,» said Mirziyoyev during a press briefing.

Azerbaijan won the most recent Futsal World Cup, held in Baku at the end of May. The national team defeated Hungary 4–2 in the final, while Serbia claimed bronze.

The tournament brought together national teams from 32 countries. The next edition is expected to take place in...

Day three of the World Boxing Cup: Kazakhstan – Astana 2025 concluded with 44 bouts held across two sessions, World Boxing reports.

Kazakhstan led the day with eight victories, followed by India with six and Brazil with five.

Fourteen quarter final matches took place, as the tournament advanced to its most intense stages.

In standout performances, Finland’s Pihla Kaivo-Oja claimed victory by RSC in the women’s 51kg bout. In the women’s 65kg, USA’s Morelle McCane also secured an RSC win, continuing her strong run.

Uzbekistan saw three women compete, with two advancing to the next stage of the tournament:

The World Bank has appointed Najy Benhassine as its new Regional Director for Central Asia, with effect from July 2025. He will lead the Bank’s regional office based in Tashkent, according to the institution’s press service.

Benhassine replaces Tatiana Proskuryakova, who held the position from 2021 until June this year. Prior to his new role, he headed the World Bank’s office in Pakistan from 2020 to June 2025.

«It is an honour to lead the World Bank’s dynamic and wide-ranging operations in Central Asia — a region of more than 80 mln people undergoing rapid economic and demographic transformation,» Benhassine said.

President of Uzbekistan Shavkat Mirziyoyev discussed key international and regional issues with Azerbaijani counterpart Ilham Aliyev during his recent visit to Baku, according to the Azerbaijani news agency Azertag.

«We touched on all matters — international, regional, bilateral and sensitive ones — because in today’s turbulent world it is important to consult and exchange views,» Mirziyoyev told journalists.

He highlighted the alignment of positions between Tashkent and Baku on several serious issues, noting that both countries intend to promote these shared views across international platforms.

The two leaders also discussed closer cooperation...

Uzbekistan has been highlighted in the Sustainable Development Report 2025 as one of the countries that has advanced more rapidly than many of its peers in implementing the Sustainable Development Goals (SDGs).

The report identifies Uzbekistan as a regional leader in Eastern Europe and Central Asia. The country’s strong improvement in areas such as health, infrastructure and education are among notable achievements.

Uzbekistan ranks 62nd out of 167 nations on the 2025 SDG Index, with a score of 73.1. This places it ahead of many similarly positioned economies, including Azerbaijan, Kazakhstan and several states in Latin America and the...

At the Capital Market: New Investment Opportunities conference, First Deputy Chairman of the National Agency for Perspective Projects (NAPP), Vyacheslav Pak, noted that there is no legal mechanism in Uzbekistan to purchase shares of foreign companies.

According to him, Uzbek citizens who want to invest in international securities are forced to use questionable platforms like Libertex or Global Trader. This, he said, leads to a growing number of financial pyramids and fraudulent schemes.

Pak stated that a presidential decree has already been issued by Shavkat Mirziyoyev to create a platform on the stock exchange for trading shares of foreign issuers...

Uzbekistan’s aviation agency has issued Air China an operational permit for regular international flights.

This approval is based on the Air Services Agreement signed between Uzbekistan and China on 19 April 1994.

Air China will operate flights on two routes: Beijing–Tashkent–Beijing and Urumqi–Tashkent–Urumqi. The airline will use Boeing 737-800/8 (MAX) and Airbus A330-300/200 aircraft for these services.

Air China is the flag carrier of the People’s Republic of China and a major international airline. It operates one of Asia’s largest fleets and connects China with over 180 destinations worldwide.

Kursiv also reports that Uzbekistan Airways restarted direct flights between Tashkent...

The Cabinet of Ministers of Kyrgyzstan has approved a decree to formally bring two land plots into state ownership. This follows their transfer from Uzbekistan along the Kyrgyz-Uzbek border in Osh region, 24.kg reports.

The first plot, covering 100 hectares, is located in Kara-Suu district between border points No. 312/4 and 312/6. The second, measuring 198.44 hectares, lies in Aravan district between points No. 324 and 328.

These decisions are part of the implementation of the law which was signed on November 3, 2022 in Bishkek. The State Agency for Land Resources, Cadastre, Geodesy and Cartography, together with the...

President Shavkat Mirziyoyev has begun a state visit to Azerbaijan aimed at deepening bilateral relations, the president’s press secretary reports.

During the trip, he will visit the cities of Baku, Khankendi, Shusha and Aghdam.

On the first day, the two presidents will hold the second meeting of the High Intergovernmental Council. They will also lay the foundation stone for Uzbekistan Park and open a new Uzbek embassy in Baku.

On the second day, Presidents Mirziyoyev and Ilham Aliyev will travel to the Karabakh region. There, they will visit a joint textile factory in Khankendi and the historic Imaret complex...

On June 30, a delegation from Uzbekistan led by Minister of Transport Ilkhom Makhkamov visited Kyrgyzstan’s Jalal-Abad region to inspect progress on the China–Kyrgyzstan–Uzbekistan railway project.

During the visit, the delegation reviewed construction work at the Fergana and Kosh-Dobo tunnels. Each tunnel stretches over 12 kilometres and represents a major feat of engineering in the region’s mountainous terrain.

The delegation also examined plans and the construction site for a new railway station to be built in place of the existing Makmal station, as well as the proposed site for the future Jalal-Abad railway station.

June 30 marked the official...

On July 1st, President Shavkat Mirziyoyev reviewed proposals for Uzbekistan’s preparations ahead of the 2028 Summer Olympic and Paralympic Games, set to take place in Los Angeles, USA.

As highlighted during a national video conference on 13 February, where the President called for stronger efforts in Olympic development, Uzbekistan had achieved notable results at the 2024 Olympic and Paralympic Games in Paris — finishing 13th in the overall medal standings at both events. That success has now laid the foundation for a far-reaching, long-term sports strategy.

A draft presidential decree has been prepared, setting out ten key priorities...

The World Boxing Cup: Kazakhstan – Astana 2025 launched on 30 June, drawing over 400 elite fighters from 31 nations to the Zhaksylyk Ushkempirov Martial Art Palace, World Boxing reports.

The week-long tournament, which runs until 6 July, follows a structure developed by World Boxing where athletes earn ranking points across multiple stages during the year. It features 20 Olympic-style weight categories — ten for men and ten for women — consistent with previous editions in Poland and Brazil.

The event aims to bring greater clarity and meaning to the boxing calendar and culminates in a final showdown between...

The Tashkent Stock Exchange has ambitious plans to expand Uzbekistan’s capital market, focusing on the bond market, individual investment accounts (IIAs) and high-profile IPOs.

«Our bond market is far too small for a country like Uzbekistan. In essence, it barely exists,» said George Paresishvili. He believes regulatory changes are needed: «At the moment, exchange-traded bonds are limited to a one-year maturity. That’s unattractive. If we allow longer terms, they will become more popular.»

The introduction of IIAs is expected to be a game-changer. Citizens will be able to invest up to 127 mln UZS per...

Today marks a key moment in Uzbekistan’s history — the anniversary of the adoption of its national emblem on July 2, 1992, as per the Government Portal of Uzbekistan. Approved by the Supreme Council of the Republic of Uzbekistan, the emblem has since become a powerful symbol of the nation’s identity, heritage, and aspirations.

At the heart of the emblem is the mythical bird Humo, wings spread wide to symbolize freedom and happiness. Celebrated in Uzbek folklore and praised by poet Alisher Navoi as the kindest of all creatures, the Humo represents the spirit and resilience of the Uzbek...

At the “Capital Market: New Opportunities for Investment” conference in Tashkent, George Paresishvili, Chairman of the Republican Stock Exchange (RSE) “Toshkent”, announced new efforts to develop Uzbekistan’s capital market by introducing simplified procedures for issuing bonds in the national currency.

According to Paresishvili, the initiative involves collaboration with major international financial institutions — including the EBRD, IFC, World Bank, and ADB — to launch local currency bonds as a complement to the sovereign bond market.

«There is stable global demand for mortgage-backed bonds. Together with regulators, we are working to enable international financial institutions to issue...

At the “Capital Market: New Opportunities for Investment” conference in Tashkent, Spartak Tetrashvili, Chairman of TBC Bank, addressed the critical role of bonds in Uzbekistan’s financial development and the challenges holding back their growth.

«Most people in Uzbekistan still don’t fully understand what a bond is,» Tetrashvili noted. «Many prefer to keep money under the mattress—or invest in livestock, seeing it as a safe and tangible asset.

He stressed that integrating these informal savings into the formal financial system is crucial for economic progress. The biggest obstacle? Low financial literacy.

“In...

At the «Capital Market: New Opportunities for Investment» conference in Tashkent, Karen Srapionov, Managing Partner at Avesta Investment Group, outlined several key obstacles to the growth of Uzbekistan’s securities market.

According to Srapionov, weak digital infrastructure remains one of the main barriers to increased securities trading activity in the country. He also pointed out a lack of modern financial instruments, which could otherwise attract younger investors to the market.

«There are still concerns about fraud risks,» he added, explaining why many entrepreneurs remain reluctant to invest in bonds or participate in stock trading.

The conference program includes four focused sessions:

Fitch Ratings has affirmed Kapitalbank’s long-term issuer default rating at B, while upgrading the outlook from “Stable” to “Positive”, citing Uzbekistan’s economic growth, the bank’s strong financial metrics, and solid client operations.

Over the past four years, Kapitalbank has demonstrated consistent profitability. In 2024, it doubled its lending to small and medium-sized businesses and expanded its portfolio of secured consumer loans, all while maintaining a cautious approach to credit risk and high asset quality.

“The upgraded outlook reflects our sustained efforts to diversify our loan portfolio, maintain strong profitability and asset quality and benefit from Uzbekistan’s favorable macroeconomic conditions,” said...

At the Capital Market: New Opportunities for Investment conference in Tashkent, Denis Sokolov, Partner and CEO of CWMP, outlined key trends and challenges facing Uzbekistan’s real estate market, calling for a shift from small-scale private investments to a more institutional approach.

«Without transforming the market from private, small-scale investments, where someone buys an apartment or office space, to a systemic, institutional model, nothing will fundamentally change,» said Sokolov.

He emphasised that further growth depends on banks becoming more engaged in professional property valuation, project financing, and offering mortgage lending under modernised standards.

Sokolov also touched...

As of mid-2025, 28 Kyrgyz enterprises have been newly added to the Eurasian Economic Union (EAEU) export registry, bringing the total number of registered companies to 462, according to Kyrgyzstan’s Ministry of Agriculture.

The registered businesses include producers, processors and exporters of dairy, meat, fish, honey, poultry and other livestock products. Notable figures include:

In addition, six Kyrgyz companies have been approved to export livestock products to China, and 37 more are ready for certification, including 13 in dairy, 12 in...

«For years, market participants complained about the old Korean system. It lacked API access and didn’t allow data integration,» explained George Paresishvili, CEO at the Tashkent Stock Exchange. «But we took this seriously and after a lot of work, we finally managed to unlock what was considered an ‘unbreakable’ system.»

Bloomberg terminals can now display live data from the Uzbek exchange without delay. Anyone with access to Bloomberg can open the Uzbekistan page and see real-time figures.

This integration is seen as a key step in building international investor confidence. It enables better transparency, facilitates...

The Tashkent Stock Exchange celebrates its most successful year in its 30-year history. The CEO of Tashkent Stock Exchange, George Paresishvili shares achievements of the institution for the past year.

«In the past year, we reached a trading volume of about 2 trln UZS — that’s over 170 mln USD. This is an all-time record for our exchange,» states George Paresishvili.

The institution also recorded 500 thousand transactions in 2024, following a 400% increase in 2023 compared to 2022.

One of the key drivers behind this expansion is digitalisation. «Mobile applications like Chat and...