Uzbekistan in global economic trends

**Uzbekistan in the Global Economic Spotlight: A Review of Key Meetings and Achievements**

**Meeting with the Management of the US Exim Bank and the International Development Finance Corporation**

On June 16, at the Tashkent International Investment Forum, President of Uzbekistan Shavkat Mirziyoyev held talks with John Yovanovitch, President and Chairman of the US Exim Bank, and Ben Black, Chief Executive Officer of the International Development Finance Corporation (DFC). The discussion focused on these institutions' participation in financing Uzbekistan's strategic projects in high-tech areas such as infrastructure development, critical mineral development, energy, artificial intelligence, and digitalization.

An agreement was reached with the US Exim Bank to accelerate projects to modernize the energy sector and develop export lending for domestic businesses. The DFC supported the initiative to create a joint investment platform for projects in healthcare, energy, and infrastructure. The need to move toward the practical implementation of large-scale infrastructure projects was emphasized, including the construction of a new international airport in Tashkent, a modern medical complex in the Fergana region, the launch of a digital bank, and the construction of data centers and dry ports. Following the meeting, a joint roadmap for advancing these projects was adopted.

Meeting with a Delegation of Leading US Companies

On June 16, on the eve of the 5th Tashkent International Investment Forum, President Shavkat Mirziyoyev met with representatives of leading American companies. The delegation included John Yovanovitch (US Eximbank), Ben Black (DFC), Carolyn Lamm (American-Uzbekistan Chamber of Commerce), as well as the heads of Air Products, Cove Capital, Templeton Global Investments, Boeing, 77 Construction, Black Rock, FLS, Visa, JP Morgan, Meta, GULF, and others. The head of state noted that the meeting confirms the growing interest of American businesses in Uzbekistan.

It was emphasized that economic cooperation is a key element of the strategic partnership between Uzbekistan and the United States. The President outlined priority areas for deepening trade and economic ties, including the development and processing of critical materials, energy, metallurgy, finance, artificial intelligence, and digital technologies. Executives from American companies presented their proposals and plans. Following the roundtable, bilateral documents were exchanged.

Meeting with Air Products Management

On June 16, at the Tashkent International Investment Forum, President Shavkat Mirziyoyev received Eduardo Menezes, Chief Executive Officer of Air Products. The discussion focused on further expanding cooperation with this American company, which is actively investing in high-tech industrial enterprises in Uzbekistan.

Air Products, a global leader in industrial gases with a market capitalization of over $60 billion, has already invested over $1 billion in Uzbekistan. Projects for industrial gas processing at the GTL Uzbekistan plant, hydrogen production at the Fergana Oil Refinery, and liquid carbon dioxide at Navoiazot, as well as educational programs in Tashkent and Karshi, have been completed. An agreement was reached to expedite the implementation of new projects involving the company based on the roadmap.

Meeting with the Prime Minister of Russia

On June 16, President of Uzbekistan Shavkat Mirziyoyev received Prime Minister of the Russian Federation Mikhail Mishustin, who arrived to participate in the fifth Tashkent International Investment Forum. The parties discussed the practical implementation of high-level agreements as part of deepening the Uzbek-Russian strategic partnership and alliance.

A steady increase in trade turnover was noted, increasing by 20 percent since the beginning of the year. Major projects in energy, metallurgy, and other priority sectors continue to be implemented. Particular attention was paid to maintaining the momentum of trade and economic cooperation and supporting industrial cooperation projects. The Uzbek leader expressed support for expanding regional cooperation and promoting cultural and educational exchanges.

Meeting with the Prime Minister of Malaysia

On June 16, President of Uzbekistan Shavkat Mirziyoyev met with Malaysian Prime Minister Anwar Ibrahim. The two discussed the development of bilateral relations and their practical implementation.

Thanks to mutual high-level visits, cooperation has reached a new level: trade turnover has increased by 15 percent since the beginning of the year, and the number of joint ventures has reached 50. The head of state emphasized the need to accelerate the implementation of strategic projects in petrochemicals, high-tech industries, agriculture, mechanical engineering, pharmaceuticals, and other priority areas, particularly following talks with a delegation from the Malaysian corporation Petronas. Prospects for cooperation in Islamic finance, interregional cooperation, pilgrimage tourism, increasing the number of direct flights, and cultural exchanges were also discussed. Opinions on international and regional agendas were exchanged.

Meeting with a Delegation of Leading Chinese Companies

On June 17, as part of the Tashkent International Investment Forum, President of Uzbekistan Shavkat Mirziyoyev received a delegation of leading Chinese companies and financial institutions led by Wang Hongzhi, Director General of the National Energy Administration of the People's Republic of China. The meeting was attended by the heads of China Energy Engineering Corporation, China Datang, Sinoma Energy Conservation, China Southern Power Grid, CAMCE, CNNC, State Nuclear Uranium Resource Development, as well as the Export-Import Bank of China and Bank of China. The discussion focused on promoting high-tech projects in energy and geology, as well as expanding partnerships in the banking and financial sectors.

The head of state noted the rapid growth of Uzbek-Chinese cooperation: trade turnover has exceeded $6 billion, over $8 billion in direct Chinese investment has been utilized, and nearly 6,000 joint ventures are successfully operating. Particular attention was paid to green energy projects, including the construction of solar and wind power plants and energy storage systems. Plans to accelerate these projects and launch new initiatives, such as expanding photovoltaic capacity, implementing agrovoltaics, and constructing power transmission lines, were supported. Cooperation in waste-based energy generation and the development of modern technological solutions, including the creation of data centers, were also discussed. Opinions were exchanged on prospects for collaboration in the mining and geological sectors, including joint exploration and development of deposits, as well as the establishment of a long-term partnership in the supply of critical raw materials. A separate set of negotiations was devoted to expanding financial cooperation with major Chinese banks, including financing infrastructure projects, modernizing irrigation systems, constructing high-speed highways and hydroelectric power plants, supplying agricultural machinery, and supporting small and medium-sized businesses.

**Official Visit of the President of Germany to Uzbekistan**

On June 17, talks were held between President of Uzbekistan Shavkat Mirziyoyev and Federal President of Germany Frank-Walter Steinmeier at the Kuksaroy residence. Key issues related to the development of Uzbek-German cooperation, strengthening political dialogue, expanding trade and economic ties, and cultural and humanitarian interaction were discussed. The President of Uzbekistan particularly noted the personal contribution of the Federal President of Germany to the development of relations between his country and the European Union with Uzbekistan and the Central Asian states.

The parties noted the intensive nature of the bilateral dialogue and the high level of contacts. Trade and investment cooperation is demonstrating steady positive momentum: mutual trade exceeded $1.4 billion last year and has increased by another 5 percent since the beginning of this year. German investment in Uzbekistan's economy is expected to reach $2 billion in 2025. The importance of the Days of the German Economy and the 10th meeting of the German-Uzbek Business Council, which took place in May in Tashkent and resulted in the signing of a package of new investment and trade agreements worth over $1 billion, was emphasized.

Cultural and humanitarian ties are steadily strengthening: over 400,000 young people in Uzbekistan study German, and over 2,000 students are studying at leading German universities. Last year, the first Forum of Universities between the two countries was held. An important step in developing educational cooperation was the signing of an agreement with a consortium of German universities to open the Uzbek-German University of Applied Sciences in Samarkand.

The heads of state confirmed their interest in further expanding cooperation in industry, energy and the green economy, transport and logistics, mining and textiles, pharmaceuticals, agriculture, education, and healthcare. The leaders welcomed the launch of new joint projects and programs in the automotive industry, household chemicals, logistics, and skilled labor training. They supported the holding of the Second University Forum and the Third Uzbek-German Medical Forum in Tashkent.

The parties also exchanged views on pressing regional and international issues and discussed prospects for cooperation in multilateral formats, including the Central Asia-Germany platform. They expressed confidence that the current visit of the German Federal President will usher in a new stage in the development of Uzbek-German relations.

Following the talks, President of Uzbekistan Shavkat Mirziyoyev and Federal President of Germany Frank-Walter Steinmeier adopted a Joint Statement, reaffirming their intention to strengthen multifaceted cooperation. A ceremony to exchange bilateral documents was also held, including agreements on financial cooperation providing for the allocation of grants and concessional financing for the implementation of sustainable urban development projects in Uzbekistan. In the presence of the two leaders, a number of joint investment and educational projects were launched, including the establishment of a Volkswagen SKD assembly plant in Tashkent, the construction of a logistics center in the Andijan region, the production of liquid household detergents, the training of specialists for the railway industry, and the opening of modern examination centers.

Meeting with the EBRD Delegation

On June 18, during the regular meeting of the Foreign Investors' Council, President of Uzbekistan Shavkat Mirziyoyev received a delegation from the European Bank for Reconstruction and Development, led by its President Odile Renault-Basso. The current status and plans for further expanding practical cooperation and strengthening the full-scale partnership with the EBRD were discussed, particularly in the context of the implementation of the reform program in New Uzbekistan.

The unprecedentedly high level of strategic partnership with the EBRD was noted, with Uzbekistan being its largest partner in the region. The total project portfolio exceeds $7 billion, with the majority of investments directed toward supporting the private sector. The signing of new agreements in the areas of green transport development, digitalization of railway infrastructure, entrepreneurship support, the mortgage market, and the country's startup ecosystem was noted with satisfaction.

Key priorities for the current year include scaling up lending to small and medium-sized businesses, including export financing, implementing programs to train women and youth in business management, participating in the development of the agrifood sector and transforming the banking and financial sectors, and other areas. Plans to promote public-private partnership projects in education, healthcare, and transport infrastructure were supported. Interest was expressed in engaging EBRD experts to improve project preparation mechanisms and enhance the effectiveness of their implementation.

**Meeting with a World Bank Delegation**

On June 29, President of Uzbekistan Shavkat Mirziyoyev met with a World Bank delegation led by Antonella Bassani, Vice President for Europe and Central Asia, who arrived to participate in a meeting of the Swiss Group of the Bank's founding countries. The discussion focused on the full-scale development of strategic cooperation with the World Bank Group in priority areas of structural reform in the New Uzbekistan.

The unprecedented level of bilateral interaction and constructive partnership achieved with this global financial institution in recent years was noted. The joint project portfolio has exceeded $15 billion. The Bank's regional office is successfully operating in Tashkent. New financing instruments are being effectively implemented. The importance of thorough preparation for upcoming visits of the Bank's senior management and joint events this year was emphasized.

Plans for the formation of a new long-term Country Cooperation Program in the most urgent areas of socioeconomic development were supported. Particular attention was paid to expanding the use of the Bank Group's instruments to support the development of small and medium-sized businesses, implement poverty reduction measures, jointly promote state-owned enterprise privatization programs, and introduce artificial intelligence across economic sectors. Close cooperation in water sector financing, human capital development, and assistance in improving Uzbekistan's position in global rankings were also highlighted as priorities.

Meeting with the Management of the International Monetary Fund

On June 29, President of Uzbekistan Shavkat Mirziyoyev received Bo Li, Deputy Managing Director of the International Monetary Fund, who arrived to participate in the regular meeting of the Fund's Swiss Group. The current situation and development prospects for global financial markets were discussed. Key aspects of further strengthening practical cooperation with this prestigious international institution were addressed, primarily within the framework of the agreements reached during his meeting with the IMF Managing Director in New York last September.

The Fund's important role in implementing large-scale reforms in Uzbekistan in areas such as improving monetary, foreign exchange, and fiscal policies was noted. The need for increased expert and technical assistance in developing a macroeconomic policy strategy and digital payments, liberalizing capital flows, improving the methodology of national statistics and public revenue management, and maintaining a free exchange rate was emphasized. Particular attention was given to expanding training programs for the country's economic departments.

Meeting with the Jordanian Delegation

On July 6, President of Uzbekistan Shavkat Mirziyoyev received a delegation led by Ayman Hussein Safadi, Deputy Prime Minister and Minister of Foreign Affairs and Expatriates of the Hashemite Kingdom of Jordan. The meeting discussed current issues related to expanding multifaceted cooperation between Uzbekistan and Jordan. It was noted with satisfaction that the fruitful high-level talks held last year in Samarkand opened a new chapter in the history of bilateral relations.

As part of the agreements reached this year, interparliamentary friendship groups were established, the first meeting of the joint Intergovernmental Commission was held, a Business Council was established, and air service was established. Particular attention was paid to further deepening political dialogue and promoting joint projects and programs in trade, economic, investment, cultural, and humanitarian spheres. An exchange of views on current international and regional issues also took place.

Meeting with a Delegation from the Italian Region of Tuscany

On July 14, President of Uzbekistan Shavkat Mirziyoyev received an Italian delegation led by Eugenio Giani, Governor of the Tuscany Region, who arrived on a working visit. The parties discussed the further development of the Uzbek-Italian strategic partnership, primarily in trade, economic, investment, cultural, and humanitarian spheres. Particular attention was paid to expanding interregional cooperation.

The intensification of bilateral contacts at all levels and the dynamic growth of key cooperation indicators were noted with satisfaction. Mutual trade has increased by 25 percent since the beginning of this year. Projects with leading Italian companies in metallurgy, energy, agriculture, the chemical industry, and other sectors are being successfully implemented in Uzbekistan.

It was emphasized that Uzbekistan and Tuscany are linked by centuries-old historical and cultural ties. During the Silk Road, active trade took place between Florence and the ancient cities of Uzbekistan, and Florentine merchants and diplomats were received at the court of Amir Temur.

Today, a branch of the University of Pisa successfully operates in Tashkent, graduating its first students this year. A Trading House of Uzbek Textiles operates in Prato. In 2024, the Uffizi Gallery in Florence hosted an exhibition of Uzbek avant-garde art.

Significant potential for developing cooperation with the Tuscany region was noted in the textile, leather, food, jewelry, construction, education, culture, and tourism industries. The development of partnerships and the signing of a cooperation agreement between Tuscany and the Bukhara region were highly praised.

Following the meeting, an agreement was reached to prepare and adopt a joint roadmap, providing for the implementation of new projects and initiatives to develop cooperation between Tuscany and the regions of Uzbekistan.

*Economic Review Magazine No. 7/2026*