AGP Executive Report

Uzbek-Russia Chill: A Kremlin statement after Putin met Uzbek President Shavkat Mirziyoyev in Kyrgyzstan was unusually curt, hinting at a cooling in ties even as both sides talk up their “comprehensive strategic partnership.” SCO Business Agenda: At the Bishkek SCO summit, leaders pushed multipolar cooperation, trade and investment, and expanded “SCO Plus” engagement—keeping regional connectivity and security tied to economic outcomes. Nuclear Build Localization: Uzbekistan is advancing a $9.5bn nuclear power plant and plans a 200-hectare industrial zone in Farish to lift domestic supply from 21% to at least 30% and ensure more work by local firms. Digital Payments Push: Uzbekistan’s rollout of UPI payments for Indians via UZQR/HUMO and NPCI International signals deeper fintech integration and easier cross-border commerce. Tech & Investment Pipeline: ICTWEEK Uzbekistan 2026 (Sept 22-25) will bring global tech leaders and investors to Tashkent, targeting AI, cybersecurity, cloud and startup funding. Water Security Talks: Uzbekistan and Kazakhstan discussed protecting and sustainably using transboundary aquifers, including a roadmap to 2030 and a draft MOU. Trade Links: Direct flights launched between Tashkent and Karachi, adding to Uzbekistan-Pakistan business travel and tourism capacity. Land Restoration Funding: ICBA highlighted drought resilience and financing for degraded land at UNCCD COP17, with Uzbekistan renewing ICBA’s Tashkent accreditation through 2029.

Uzbekistan–Pakistan Trade Push: Pakistan and Uzbekistan set a target to lift bilateral trade to $2 billion over the next five years, with plans to expand direct air connectivity to nine weekly flights by October 2026—part of a broader push to deepen economic and strategic ties. Energy Cooperation: Pakistan’s energy minister said there is “significant scope” for expanding cooperation in electricity links, renewables, hydropower, energy infrastructure and investment, building on recent high-level visits. SCO Summit Security & Connectivity: Uzbekistan’s regional agenda remains tied to the SCO Bishkek Declaration, which leaders used to back cooperation on security, trade facilitation and transport/technology—while Kyrgyzstan hosted CIS news-agency talks on boosting tourism information across the region. Capital Markets Move: Bluestone Investment Bank hired a new head of research and launched an equity research platform, signaling a push to deepen Uzbekistan’s capital markets. Visa/Travel Facilitation: Uzbekistan’s 30-day visa-free entry for Indians and related travel updates underline a wider effort to make cross-border movement easier for business and tourism. Regional Security Concern: South Korea detained Uzbek nationals over alleged financing and support for a Syria-based terrorist group, highlighting ongoing compliance and security risks for cross-border networks.

Uzbekistan-India Trade & Uranium: India and Uzbekistan are pushing to lift bilateral trade to $5bn by 2030, with talks on a long-term uranium supply arrangement nearing a deal after Modi’s Tashkent visit and the upgrade to a comprehensive strategic partnership. Uzbekistan Trade Performance: Uzbekistan’s foreign trade turnover hit $49.5bn in the first seven months of 2026, up 8.1%, with imports led by machinery/transport equipment and exports showing diversification beyond gold. SCO Summit Outcomes: SCO leaders adopted the Bishkek Declaration, prioritizing security, AI, open trade and sustainable development, while calling out “double standards” and backing a more representative multipolar order. Energy for Digital Economy: Uzbekistan is positioning electricity reliability as a key enabler for data centers and the digital economy, highlighting new power generation and battery storage commissioning. Labor Migration Push: Uzbekistan is looking beyond Russia for labor migration markets in Europe and Asia as demand grows in healthcare, construction, logistics and IT. Regional Connectivity Angle: The Middle Corridor’s trade volumes are surging as shippers reroute around sanctions and disruptions, with Uzbekistan’s wider corridor role increasingly tied to Eurasian logistics. Security Watch: South Korea detained a Uzbek national over alleged crypto-linked support to a Syria-based terrorist group, with additional Uzbek suspects under investigation.

SCO Summit in Bishkek: Uzbekistan’s President Shavkat Mirziyoyev joined SCO leaders as the group marked its 25th anniversary and adopted the Bishkek Declaration, pushing deeper cooperation on security, trade and technology while condemning economic coercion and sanctions. Terror & connectivity agenda: PM Narendra Modi urged SCO members to move from declarations to results, calling for a “terrorism ecosystem” crackdown and stronger regional connectivity. Water diplomacy: Pakistan PM Shehbaz Sharif warned that shared water must never be weaponised, echoing wider regional stability concerns. Uzbekistan-Russia ties: Mirziyoyev and Vladimir Putin met in Bishkek, citing 12% trade growth since early 2026 and renewed focus on joint projects in industry, energy and transport. Trade targets: Pakistan and Uzbekistan set a goal of $2bn annual bilateral trade over five years, supported by new flight links and the Uzbekistan–Afghanistan–Pakistan rail push. ADB border upgrade: The ADB approved a $400m BUILD facility for CAREC borders, aiming to cut crossing times and logistics costs. Uzbekistan digital payments: Reports highlight UPI expansion into Uzbekistan via partners, including UZQR-based QR payments for travelers. Security case abroad: South Korea arrested Uzbek nationals over alleged crypto-linked terror financing tied to a Syria-based group.

SCO Summit in Bishkek: Uzbekistan’s President Shavkat Mirziyoyev backed multipolarity and “space for opportunity” as SCO leaders adopted the Bishkek Declaration to deepen security, trade and technology cooperation, including plans for a Universal Centre in Tashkent to counter shared threats. Terror & “double standards”: India’s PM Narendra Modi urged SCO members to dismantle the “ecosystem of terrorism” and reject selective enforcement. Water diplomacy: Pakistan PM Shehbaz Sharif told the summit that water is the region’s “lifeblood” and must never be weaponised, amid the ongoing Indus Waters Treaty dispute. Uzbek-India business push: Modi’s visit to Uzbekistan set a $5bn trade target by 2030 and pointed to long-term uranium supply talks. Payments expansion: NPCI International and Uzbekistan’s NIPC partner to enable UPI merchant payments via UZQR for Indian travelers. Logistics investment: DP World plans to start building a $288m Tashkent multimodal terminal in October.

Uzbek-India Trade & Energy: PM Narendra Modi’s Uzbekistan visit elevated ties to a Comprehensive Strategic Partnership, with a long-term uranium supply framework and a push to lift bilateral trade to $5bn by 2030. Cross-border Payments: NPCI International and Uzbekistan’s NIPC (HUMO) partnered to enable UPI merchant payments across Uzbekistan via UZQR, aimed at Indian tourists and business travelers. SCO Summit Diplomacy: In Bishkek, Modi met Putin on SCO sidelines, urging a shift from “endless war” to peace; leaders also converged on regional security and connectivity as the bloc marks its 25th anniversary. Connectivity Projects: Xi and Mirziyoyev highlighted the China-Kyrgyzstan-Uzbekistan railway and cooperation in AI and desertification control, while SCO discussions keep transport and trade routes in focus. Business Climate (FTA): Singapore and Uzbekistan took the first step toward an FTA, with Singapore’s PM Lee saying it could “de-risk” the market for firms. Security & Compliance: Four Uzbek men were arrested in South Korea over alleged terror financing and support to a Syria-based group. Agriculture Supply Chain: A $260m Chinese-led fertilizer plant in Kyrgyzstan began operating, targeting domestic supply stability across Central Asia.

India–Uzbekistan Deal Push: PM Narendra Modi’s Tashkent visit elevated ties to a Comprehensive Strategic Partnership, with a target of $5bn trade by 2030 and a long-term uranium supply arrangement plus 11 agreements spanning defence, critical minerals, connectivity and more. Digital Payments: UPI goes cross-border in Uzbekistan as NPCI International and Uzbekistan’s NIPC/HUMO enable instant merchant payments via UZQR for Indian tourists, business travellers and students. Visa Ease for Business Travel: Uzbekistan announced a 30-day visa-free entry for Indians, aiming to boost tourism and business exchanges. Logistics Investment: DP World plans to start construction of a $288m Tashkent dry port in Oct 2026, linking rail/road, warehousing and customs to cut handling costs. Regional Connectivity: China says the China–Kyrgyzstan–Uzbekistan railway is advancing fast, with Xi calling it a key Belt and Road project. SCO Summit Context: At the Bishkek SCO 25th anniversary, leaders including Xi, Putin and Modi focus on trade, connectivity and regional security amid Middle East and Ukraine tensions.

India–Uzbekistan Deal Push: PM Narendra Modi’s Tashkent visit lifted bilateral ties to a Comprehensive Strategic Partnership, with a $5bn trade target by 2030 and a long-term uranium supply framework, plus a Foreign Ministers-led coordination mechanism to speed implementation. Digital Payments: India and Uzbekistan agreed to move toward UPI interoperability so Indian apps can scan Uzbekistan’s UZQR for merchant payments, with rollout expected within a year. SCO Summit in Bishkek: Modi arrived in Kyrgyzstan for the 26th SCO summit marking the bloc’s 25th anniversary, where leaders including Xi, Putin and Modi will focus on regional security, trade/energy/transport connectivity and digital cooperation, with West Asia tensions and Iran’s role in the agenda. Regional Connectivity: Coverage highlighted the China–Kyrgyzstan–Uzbekistan railway as a flagship Belt and Road corridor. Media & Culture: Uzbekistan’s International Media Forum adopted an address backing closer international media cooperation and making the event a regular platform.

India–Uzbekistan Strategic Upgrade: PM Narendra Modi and President Shavkat Mirziyoyev elevated ties to a Comprehensive Strategic Partnership in Tashkent, targeting $5bn bilateral trade by 2030 and agreeing on a long-term uranium supply framework plus deeper cooperation in critical minerals, defence, energy, agriculture, pharma, and digital public infrastructure (UPI). Visa & Tourism Push: Uzbekistan announced a 30-day visa-free entry for Indian citizens, alongside plans to boost people-to-people travel and business exchanges. Payment Link-Up: India’s UPI is set to work with Uzbekistan’s UZQR system for merchant payments, expanding digital payments between the two markets. Implementation Mechanism: Leaders also backed a foreign ministers-led coordination setup and raised the inter-governmental commission to ministerial level to speed up delivery of signed agreements. Uzbekistan Business Relief: Uzbekistan launched an “economic amnesty” for small and medium enterprises, offering penalty waivers and enforcement relief if tax debts are settled by year-end. SCO Context: Modi then departed for Bishkek to attend the 26th SCO Summit, where security and regional connectivity remain on the agenda.

India–Uzbekistan State Visit: PM Narendra Modi arrived in Tashkent for a two-day visit and was personally received by President Shavkat Mirziyoyev, with talks set to cover trade and investment, defence, digital connectivity, energy, education and people-to-people ties, plus shared development visions. SCO Summit in Bishkek: Modi will then travel to Bishkek for the 26th SCO summit (Aug 31–Sep 1), where India’s priorities are security, connectivity and opportunity; leaders including Xi, Putin, Mirziyoyev and others are expected to attend. Energy & Industry Deal: SOCAR’s Uzbekistan venture moves from “national champion” to global operator, taking on operator status under a PSA with Uzbekneftegaz to explore and develop six blocks on the Ustyurt Plateau with a reported $2bn investment plan. Trade Facilitation for Businesses: A Uzbekistan Visa Facilitation Center opened at the GCCI in Pakistan’s Gujrat, aiming to let local firms obtain Uzbekistan visas without traveling to Islamabad. Regional Connectivity Demand: Bishkek residents link SCO cooperation to cheaper goods and new transport links, including a China–Kyrgyzstan–Uzbekistan rail project under construction. Critical Minerals Strategy: Commentary highlights Uzbekistan’s push to attract investment in critical minerals while avoiding over-dependence on any single power.

India-Uzbekistan diplomacy: Prime Minister Narendra Modi arrived in Tashkent for a two-day state visit, personally received by President Shavkat Mirziyoyev, with talks set to cover trade and investment, digital connectivity, defence, energy and education, plus visits to the Shastri Memorial and the Mahatma Gandhi Centre. SCO summit in Bishkek: Modi then heads to Kyrgyzstan for the 26th SCO Summit on Sept 1–1, where leaders including Mirziyoyev, Xi Jinping, Putin and others are expected to attend, with India pushing a “security, connectivity and opportunity” agenda. Uzbekistan’s SCO stance: A senior Uzbek lawmaker said the SCO’s “Shanghai Spirit” is meant to unite security and economic development and keep the bloc open to broader cooperation. Trade expansion beyond Eurasia: Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov held talks with South Africa’s counterpart on a planned autumn business mission of about 50 Uzbek firms to Johannesburg to find new trade and investment deals. Africa outreach: Coverage also highlights Uzbekistan’s growing diplomatic push into African markets as a base for commercial ties. Uzbekistan independence push: Uzbekistan marked its 35th anniversary with major events in New Tashkent, where President Mirziyoyev outlined priorities for the next decade.

India–Uzbekistan diplomacy: Prime Minister Narendra Modi has departed for a four-day Central Asia trip, starting with a two-day state visit to Tashkent at President Shavkat Mirziyoyev’s invitation, where delegation-level talks will cover trade and investment, digital connectivity, energy, defence, education, and people-to-people ties, with both sides aligning long-term roadmaps like “Viksit Bharat 2047” and “Uzbekistan-2030.” SCO business agenda: Modi then heads to Bishkek for the 26th Shanghai Cooperation Organisation (SCO) Summit, as the bloc marks its 25th year and pushes a broader agenda that includes connectivity and development alongside security. Critical minerals supply talks: Ahead of the visit, India’s ambassador said both countries are exploring long-term critical mineral supply arrangements, alongside energy and wider strategic cooperation. Uzbek growth targets: Separately, Mirziyoyev said Uzbekistan’s GDP could reach $300bn by 2030 and announced a push toward a high-tech, high-productivity model with new industrial jobs. Regional trade push: Kyrgyzstan and Uzbekistan reiterated plans to lift mutual trade to $3bn, backed by transport and logistics links and industrial cooperation.

Banking Deal: ABB Bank is expanding into Uzbekistan by acquiring a controlling stake in Davr Bank, with the new ABB Davr brand set to serve corporate and retail clients nationwide and bring digital, AI and SME-focused services. Trade & Payments: Singapore and Uzbekistan have signed a joint statement to start negotiations for a bilateral free trade agreement, alongside MoUs on investment/industry/trade and a planned investment tied to an Indorama-Wilmar venture. Exports: Uzbekistan resumed gold exports in July, selling about $1.3bn after a two-month pause; gold remains a key foreign-currency earner as production targets rise toward 175 tons by 2030. Energy Cooperation: Uzbekistan and SOCAR are exploring new $2bn energy opportunities in the Ustyurt region, with talks also covering broader industrial and investment cooperation. Regional Diplomacy: PM Narendra Modi’s Aug 29–Sep 1 trip will take him from Tashkent to Bishkek for the SCO summit, with trade, defense, critical minerals, digital connectivity and energy on the agenda and a likely Modi-Putin meeting on the sidelines. Tourism: Uzbekistan hosted its first international ecotourism summit, bringing 100+ operators from 20+ countries and pushing sustainable tourism reforms and B2B deals. Tech & Logistics: IkarusWay joined FasterCapital’s EquityPilot to speed rollout of its corridor road-freight Book-Track-Document-Pay platform across the Middle Corridor. Finance Tech: Uzbekistan’s central bank met Azerbaijan’s counterpart on building an innovative financial ecosystem and fintech access to funding.

SCO Diplomacy & India-Uzbekistan Agenda: PM Narendra Modi will visit Uzbekistan on Aug 29-30 and Kyrgyzstan Aug 31-Sep 1 for the 26th Shanghai Cooperation Organisation summit in Bishkek, with talks in Tashkent expected to cover trade, investment, defence, critical minerals, healthcare, energy, digital connectivity, education and technology; a Modi-Putin meeting is also set on SCO sidelines. Trade & Macroeconomic Pressure: Uzbekistan’s trade deficit widened to $9.67bn in Jan–Jul as exports fell to $19.93bn while imports rose to $29.60bn; China remained the top partner with $11.26bn in trade. Border Modernization for Faster Commerce: The ADB approved a $400m CAREC facility to modernize border crossing points and cut logistics costs across Central Asia. Aral Sea Restoration Push: Chinese and Uzbek scientists are collaborating on Aral Sea ecosystem recovery, with progress despite the sea having shrunk by over 90% since the 1960s. Qatar-Uzbek Light Industry Talks: Qatar Chamber met Uzbekistan’s light industry agency to explore textile and light manufacturing investment and joint ventures, noting bilateral trade is below expectations. Fintech & Tokenized Markets: Bilal Bin Saqib held Hong Kong talks on tokenized capital markets and digital finance cooperation, focusing on regulation and fintech legislation.

India–Uzbekistan Diplomacy: Prime Minister Narendra Modi will visit Uzbekistan on Aug 29-30 and then attend the 26th SCO Summit in Bishkek on Aug 31–Sep 1, holding delegation-level talks with President Shavkat Mirziyoyev on trade, investment, defense, digital connectivity, energy, education and people-to-people ties. Energy & Renewables: ACWA Power and Korea Western Power (KOWEPO) signed an MoU in Tashkent to jointly explore renewable energy, energy storage and related infrastructure in Uzbekistan, with possible engagement of Korean financiers. Light Industry Trade: Qatar Chamber met Uzbekistan’s Agency for the Development of Light Industry to boost private-sector cooperation, with textiles highlighted as a key growth area. Banking Deal: ABB Davr Bank project was launched in Tashkent, with ABB Bank set to acquire a controlling stake in Uzbekistan’s Davr Bank and operate under the ABB Davr brand. Cross-border Payments: Uzbekistan’s central bank signed an MoU with Cambodia’s National Bank to cooperate on cross-border payment systems and digital settlement. Logistics & Connectivity: Etihad Cargo appointed Aviareps as its Uzbekistan cargo general sales agent, following the airline’s Abu Dhabi–Tashkent direct flights.

Uzbekistan–China Partnership: Saida Mirziyoyeva met China’s top diplomat Wang Yi in Beijing, with both sides stressing a new stage for the “all-weather” strategic partnership and renewed focus on trade, investment, energy and people-to-people ties. Reserves & Finance: Uzbekistan’s central bank is seeking input from Goldman Sachs and BlackRock on how to manage reserves as gold-heavy holdings near $77.1bn, signaling a push to professionalize investment policy. Tech & Outsourcing: IT PARK Uzbekistan expanded its Los Angeles operation to connect U.S. firms directly with Central Asia’s BPO/KPO and engineering talent, aiming to capture more North American export demand. Islamic Finance Push: At the Silk Road Finance & Technology Forum, the central bank outlined staged development of Islamic microfinance, banking and capital markets, including plans for sovereign sukuk. Trade & Connectivity: Dubai Chamber launched an Uzbekistan Business Council to boost UAE–Uzbekistan trade and investment links. Green Land Agenda: Uzbekistan, China and Mongolia discussed green technologies to restore degraded drylands during UNCCD COP17. Energy Dealmaking: KOWEPO and ACWA signed an MoU in Tashkent to expand renewable power projects as Uzbekistan targets 40% renewables by 2030.