News

Uzbek and Russian specialists will jointly work on designing the Trans-Afghan Railway, according to TASS, citing the press center of the Russian Trade Mission in Uzbekistan.

The new transport corridor aims to establish transit routes connecting Southeast Asia with CIS countries, China, and Europe. It is expected that the Trans-Afghan Railway will reduce cargo transportation costs by up to 40%.

The railway will also become part of the larger North-South transport corridor. The implementation of this logistics project is set to strengthen Uzbekistan’s position as a key regional hub.

“According to estimates, the North-South route is...

Uzbekistan has won an international arbitration case against Turkish company Bursel Tekstil Sanayi Ve Diş Ticaret A.Ş, according to the Ministry of Justice. The company had filed a $700 mln claim against Uzbekistan.

The International Centre for Settlement of Investment Disputes (ICSID) ruled in favor of Tashkent in the fall of 2024.

Bursel Tekstil alleged that the Uzbek government had failed to meet various obligations, including the cancellation of VAT requirements, which, according to the investor, contributed to the bankruptcy of several enterprises.

The Ministry of Justice emphasized that the legal proceedings lasted nearly seven years.

Kursiv Uzbekistan also...

On Saturday, April 26, President of Uzbekistan Shavkat Mirziyoyev and President of Azerbaijan Ilham Aliyev held a telephone conversation.

The two leaders discussed strengthening cooperation between their countries, with a particular focus on economic collaboration. Since the beginning of this year, trade turnover between Uzbekistan and Azerbaijan has increased by 20%.

Both sides are currently working on joint projects across various sectors, including automotive manufacturing and agriculture.

Tashkent and Baku are also planning to hold an intergovernmental commission meeting and other joint events later this year.

Kursiv Uzbekistan also reports that Uzbekistan, Kazakhstan and Azerbaijan have become strategic partners in...

China is ready to strengthen pragmatic cooperation with Central Asian countries, Chinese Foreign Minister Wang Yi said during a meeting with his Uzbek counterpart, Bakhtiyor Saidov, in Almaty.

According to Wang, Beijing is particularly interested in expanding collaboration in the fields of digital trade and artificial intelligence (AI).

Wang Yi emphasised that China is committed to defending multilateralism alongside countries that share the same vision. He added that Beijing advocates cooperation based on established rules rather than a “law of the jungle” approach.

During the meeting, Bakhtiyor Saidov and Wang Yi also discussed ways to enhance bilateral ties between...

Uzbekistan’s private airline Qanot Sharq will begin direct flights from Tashkent to Busan, South Korea, starting June 3, the carrier’s press service announced.

According to South Korea’s Yonhap News Agency, flights between the two cities will operate twice a week — on Wednesdays and Sundays — using Airbus A330-200 aircraft.

In addition, Yonhap reported that starting this summer, Eastar Jet will launch direct flights from Busan to Almaty, Kazakhstan.

Flights between South Korea and Central Asian countries are growing increasingly popular, especially among students and business travellers, Yonhap noted.

Kursiv Uzbekistan also reports that AirAsia X plans...

A new golf club and hotel complex could soon be developed in the Tashkent region, according to a statement from the regional administration’s press center.

The Mines Resort and Golf Club, a company based in Malaysia, has expressed strong interest in investing in the project. Discussions regarding the implementation of this investment initiative were held between company representatives and regional authorities during a meeting in Malaysia.

Authorities have proposed allocating 100 hectares of land for the project. Several locations across the Tashkent region were offered to investors, including sites in the popular Bostanlyk district, known for its scenic beauty...

The World Bank (WB) has launched a mission to reform Uzbekistan’s financial sector, as reported by the press service of the Central Bank of Uzbekistan.

WB experts will assist Uzbekistan in implementing a consumer protection framework for financial services and guidelines for monitoring the financial market. Both documents have been prepared by WB specialists.

These documents draw on regulatory experiences from the banking systems of the UK and Canada. The World Bank expects that they will enhance transparency and fairness in the country’s financial system.

Additionally, the bank’s experts will participate in developing a plan for establishing a financial...

In 2024, Almalyk Mining and Metallurgical Complex (MMC) topped the list of the most transparent state-owned companies and agencies, scoring 91.8 points, according to the Anti-Corruption Agency of Uzbekistan.

The Tax Committee of Uzbekistan and the company Uzavtosanoat took second and third places, respectively. In total, 50 government bodies and enterprises made it into the green zone of the openness index (high transparency), compared to just 31 in 2023.

The number of companies and government institutions in the red zone of the ranking has decreased by more than half.

The average index score increased to 70 points (up from...

Uzbekistan’s Jizzakh region will receive $700 mln in investments, as agreements were signed during the Jizzakh 2025 business forum.

Over 300 business representatives from 32 countries, along with diplomatic mission heads, participated in the forum. Regional authorities reached agreements with companies such as KFH Capital Investment Company (Kuwait), Himgrad (Russia), and others to implement various projects.

Plans include the development of healthcare projects in partnership with Kuwaiti firm Gulf Care General Trading Co Ltd.

Ipoteka Bank in Uzbekistan posted a net loss of UZS 30.7 bn (USD 2.4 mln) in the first quarter of 2025, compared to a profit of UZS 3.6 bn (USD 278,000) during the same period last year, according to the bank’s financial statement.

The bank’s financial performance has been under pressure due to the growth in problem loans. The share of these loans in the bank’s portfolio has increased to 10.2%, reaching UZS 3.2 trillion (USD 247 mln). The bank now estimates potential losses from loans and leasing at UZS 1.6 trillion (USD 123 mln).

Interest income rose by...

India and Pakistan are approaching the verge of renewed armed conflict, according to The New York Times, citing informed sources. Relations between the two countries have deteriorated sharply following the recent shooting of tourists in the Kashmir region.

New Delhi has accused Islamabad of orchestrating the attack, an allegation that Pakistan strongly denies. Pakistani officials argue that India is using the incident as a distraction from its internal security challenges in Kashmir.

«India initiated an escalation last night, and this one will be more intense than the events of February 2019,» said Pakistani...

The United States is preparing to supply military equipment worth $100 bn to Saudi Arabia. President Donald Trump is expected to announce the deal during his visit to the Kingdom in May, according to Reuters.

Previously, the administration of former President Joe Biden had offered Riyadh access to advanced weaponry in exchange for halting the purchase of military equipment from China. It remains unclear whether Trump intends to set similar conditions.

«Maintaining our security cooperation remains a vital component of this partnership, and we will continue working with Saudi Arabia to meet its defence...

Kazakhstan and Afghanistan have agreed to construct a railway along the route Turgundi – Herat – Kandahar – Spin Buldak, according to the Kazakh government. The two sides signed a formal protocol to initiate the project.

Kazakh authorities highlight that the railway will serve as a key component of a new transnational corridor in Central Asia. Strategically, the route is significant as it opens Kazakhstan’s access to ports along the Indian Ocean, enhancing the country’s trade potential with South Asia and beyond.

During the meeting, representatives from both countries also discussed the installation of a fibre-optic cable along the railway line. This would not only...

The World Bank forecasts that Uzbekistan’s eco nomy will grow by 5.9% this year and repeat the performance in 2025, placing the country among Central Asia’s three fastest‑growing markets.

The Bank’s latest regional outlook states that Central Asia will remain the most dynamic sub‑region within Europe and Central Asia, although growth is set to slow to 4.7% in 2025 and 2026. Weaker momentum in Kazakhstan’s oil sector, lower exports and normalising remittance inflows explain the deceleration.

Within Central Asia, Kyrgyzstan leads the 2024 rankings with expected growth of 6.8 per cent, followed by Tajikistan at 6.5 per cent and Uzbekistan at 5.9 per cent.

The International Monetary Fund suggests Uzbekistan to speed up the sale of state‑owned banks. The Fund says private ownership will boost financial stability and use resources better.

In its post‑mission note, the IMF advises Tashkent to hold competitive tenders open only to qualified investors. It also calls for stronger laws, greater transparency and firm protection of shareholder rights. These steps should lift the sale price of state assets.

The Fund warns against keeping «systemically important» lenders under state control. Such a policy, it argues, would raise fiscal costs and financial risks.

Stricter oversight remains essential. The IMF urges the...

Switzerland has transferred $95 mln to Uzbekistan after investigators confirmed that former presidential daughter Gulnara Karimova amassed the money illegally, Deputy Economy and Finance Minister Otabek Fozilkarimov reports.

Officials have also agreed to repatriate an additional $131 mln.

Earlier, the government allocated $87 mln confiscated from Karimova to education and healthcare projects nationwide.

In April, Belgian authorities returned $108 mln to Tashkent. Prosecutors say Karimova collected the money in bribes from foreign telecom companies seeking licences in Uzbekistan.

The Board of the Central Bank of Uzbekistan decides to leave the main interest rate unchanged at 14% per annum.

The regulator states: «This decision aims to return inflation and inflation expectations to a stable downward trend and to create the conditions for achieving the 5% target in the medium term.»

Since the start of the year, headline inflation has increased, reaching 10.3% in March. Core inflation also continues to accelerate, standing at 8.1% year-o- year.

According to the Bank’s new forecast, headline inflation should fall to 7–8% by the end of 2025.

The Central...

Ipoteka Bank logged the largest stock of non‑performing loans among Uzbek lenders in March, with overdue credit totalling UZS 3.5 trillion. This total moves the bank ahead of the National Bank of Uzbekistan, the sector’s previous leader in problem loans.

As of April 1, system‑wide NPLs totalled UZS 23.5 trln, down 3.5 % from March 1. The sector’s overall NPL ratio fell to 4.3 %, compared with 4.5 % in February. The collective loan portfolio reached UZS 551.8 trillion in the first quarter, an increase of UZS 11.8 trillion month on month.

State‑owned banks

Most problem loans remain on the books of banks with state ownership, amounting to just over...

US President Donald Trump has described the current 145 % tariff on Chinese imports as excessively high and indicated it could soon be reduced, The Washington Post reports.

Speaking to journalists, Trump highlighted his good working relationship with Chinese President Xi Jinping and said he is confident the two countries will reach a trade deal. He made clear, however, that tariffs will not fall to zero.

«Various factors pushed tariffs up to 145 %. No, they will not stay that high. The rate will come down significantly, but it will not reach zero,» he said.

Trump called...

Uzbekistan’s airlines carried 1.7 mln passengers between January and March, up 17 % on the same period last year, the National Statistics Committee reports.

Air‑freight volumes also increased. Cargo traffic reached 13,900 tonnes, a year‑on‑year rise of 31.9 %.

Earlier, Kursiv Uzbekistan reported that rail freight in the country grew by 3 % to 27 mln tonnes.

By early April 2025, Uzbekistan sold $629.3 mln worth of textile products abroad, according to the country’s National Statistics Committee. That marks a 19.1% drop compared to the same period in 2024.

Textile goods made up 7.8% of Uzbekistan’s total exports in the first quarter.

Finished textile products accounted for 45% of all sales, while yarn made up 35%. The country also exported knitted fabrics, various textiles, socks, and carpets.

The Supreme Court of Uzbekistan has dismissed recent online rumours suggesting that Gulnara Karimova has been released from prison. The reports gained traction across Uzbek social media but have been confirmed as false.

«This information does not reflect reality,» the court’s press service told Kursiv Uzbekistan.

In 2015, the Tashkent Regional Court sentenced Karimova to five years in prison after finding her guilty of extortion and embezzlement. In 2020, a court in the capital extended her sentence to 13 years.

Born in 1972 in Ferghana, Karimova is the daughter of Uzbekistan’s first president. She previously headed...

Russian Foreign Minister Sergey Lavrov met with the President of Uzbekistan, Shavkat Mirziyoyev, to discuss economic and cultural cooperation between the two countries. Lavrov spoke to journalists following the talks.

“Russian investments already rank among the largest in Uzbekistan’s economy. In terms of trade turnover, we account for around 18% of Uzbekistan’s total,” Lavrov said.

He noted that Russian investors are currently involved in 115 additional projects in Uzbekistan worth $38.7 bn (₽ 3.2 trillion). Lavrov discussed the implementation of these initiatives with President Mirziyoyev and his Uzbek counterpart, Foreign Minister Bakhtiyor Saidov.

Energy remains...

Foreign Minister of the Russian Federation Sergey Lavrov, during his official visit to Uzbekistan, raised concerns over the lack of Russian inscriptions at the Grieving Mother memorial in Samarkand.

Lavrov visited the site accompanied by Uzbekistan’s Foreign Minister Bakhtiyor Saidov. He noted that the monument featured inscriptions only in Uzbek and English.

“I don’t see any Russian. A mother is sacred,” Lavrov told the tour guide.

Earlier, the Russian Foreign Ministry shared photos from a wreath-laying ceremony, where Lavrov appeared alongside an honour guard unit.

Lavrov also met with the President of Uzbekistan, Shavkat Mirziyoyev, during...