AGP Executive Report

Uzbekistan Finance Push: Uzbekistan has started a pilot for everyday payments using HUMO, a privately issued stablecoin pegged 1:1 to the Uzbek soum and backed by government securities, under joint supervision of the Central Bank and NAPP. Special Economic Zone Leadership: President Shavkat Mirziyoyev appointed his daughter Saida Mirziyoyeva to manage the Tashkent International Financial Center, a planned tax- and customs-free zone designed to attract long-term foreign investment under a special legal regime. Regional Trade Links: Algeria and Uzbekistan agreed to set up a joint business council and draft a preferential trade agreement to boost bilateral trade and open new markets. Cultural Economy Spotlight: A profile highlights Gayane Umerova’s role in Uzbekistan’s cultural transformation, including the push behind CCA Tashkent as part of a broader creative-economy strategy. BRICS Context for Business: As India hosts the BRICS summit in New Delhi on Sept 12-13, coverage focuses on security, leader attendance, and summit priorities like resilience, trade and critical supply chains—issues that will shape regional dealmaking.

Uzbekistan–Serbia Trade Push: Uzbekistan and Serbia are preparing a zero-tariff free trade agreement with reciprocal zero-rate tariffs across goods, plus a separate industrial cooperation program spanning light industry, agriculture, pharma, IT and metallurgy; talks also include possible direct air links. Diplomacy for Business: Serbia’s FM Marko Đurić met Uzbekistan’s FM Bakhtiyor Saidov in Belgrade, stressing faster embassy steps and more business forums to lift trade and investment. BRICS Spotlight (Uzbekistan as partner): As India hosts the Sept. 12–13 BRICS summit in New Delhi, Uzbekistan is listed among BRICS partner countries; the agenda centers on resilience (food, energy, health), critical supply chains, and global governance reforms. Education & Skills: A new Uzbekistan–Korea educational partnership highlights human capital as a driver for innovation, with expanded higher education and vocational training links. E-Waste & Batteries: Recyclekaro and Uzbekistan’s TMK plan a JV recycling facility for end-of-life batteries and e-waste, starting with critical metal recovery for Uzbekistan and later scaling across Central Asia. Regional Connectivity: Turkmenistan hosted a C5+1 Secretariat meeting with the U.S. and Central Asia, focusing on trade, transport and critical minerals—key themes for Uzbekistan’s regional economic agenda.

BRICS Summit Watch: India’s 18th BRICS Leaders’ Summit in New Delhi (Sept 12-13) will spotlight resilience in food, energy, health, disaster reduction and critical supply chains, with leaders including Xi, Putin, Ramaphosa and Iran’s Pezeshkian expected as India also invites wider Global South blocs to broaden engagement. Uzbekistan–India Ties: PM Modi’s visit to Tashkent upgraded the India–Uzbekistan Strategic Partnership to a Comprehensive Strategic Partnership, aiming to lift bilateral trade to $5bn by 2030 and expand cooperation on connectivity, banking and payments. Uzbekistan–Serbia Business & Security: Serbia’s Vučić said Serbia could start producing long-range ballistic missiles within a year and is ready to cooperate with Uzbekistan; meanwhile, Serbia and Uzbekistan are also pushing deeper economic cooperation via business forums and steps toward opening embassies. Trade & Connectivity: Hong Kong and Uzbekistan signed an MOU to boost gold market cooperation at the Belt and Road Summit, while Uzbekistan’s automotive market stayed active in July with ~80k total vehicle sales and EV sales up. Sustainable Agriculture: Uzbekistan and FAO advanced measures to combat land degradation and desertification, including farmer field schools and better pasture and land management. Regional Diplomacy: Turkmenistan and Uzbekistan held MFA talks focused on strengthening trade-economic and cultural ties and coordinating on UN and regional platforms.

Uzbek-Serbia Deal Momentum: Uzbekistan and Serbia signed an agreement on mobility and labor migration during Mirziyoyev’s Belgrade visit, alongside a broader strategic partnership covering transport, renewable energy, agriculture, digitalization and customs cooperation, with a working group set up to negotiate a free trade agreement. Renewables Investment: Trinasolar supplied 184,328 Vertex N modules for Uzbekistan’s 126 MW Sarimay Solar project in Khorezm, now commissioned and feeding the national grid as Tashkent pushes renewables toward a 40% electricity target by 2030. Middle Corridor Digital Trade: Azerbaijan, Turkmenistan and Uzbekistan completed a cross-Caspian pilot using eTIR for one digital transit document across borders, a practical step to cut paperwork friction on the route. Regional Connectivity & Air Links: Uzbekistan and India ties get a boost as Centrum Air plans direct Hyderabad–Tashkent flights from Sept. 28, framed as an “air bridge” for tourism, business and healthcare. BRICS Watch: Ahead of the Sept. 12–13 BRICS summit in New Delhi, Modi and Putin are set for talks, with the agenda spanning trade and sensitive global issues.

Uzbekistan–Serbia Trade Push: Serbia and Uzbekistan exchanged 20 bilateral documents in Belgrade, covering digitalisation, customs cooperation, renewable energy, a possible free trade agreement working group, transport, agriculture and culture—part of a push to turn political momentum into business results. Economic Cooperation Governance: The Uzbekistan–Serbia Intergovernmental Commission held its first meeting, with both sides saying trade volumes still fall short of potential and preparing a mechanism to negotiate an FTA. Bilateral Strategic Partnership: Presidents Aleksandar Vučić and Shavkat Mirziyoyev signed a joint statement establishing a strategic partnership, with Vučić urging faster steps on free trade and direct flights. Stablecoin Trial in Uzbekistan: Uzbekistan is testing HUMO, a government bond-backed stablecoin pegged 1:1 to the som, with merchants in a regulatory sandbox overseen by NAPP and the central bank. Connectivity for India–Uzbekistan: Centrum Air will launch direct Hyderabad–Tashkent flights from Sept. 28, aiming to boost tourism, healthcare, education and tech ties. Education Skills Watch: OECD’s PISA 2025 shows a sharp decline in reading, math and science among 15-year-olds, raising concerns for future workforce readiness.

Customs Modernization: Uzbekistan says 94% of exports and 87% of imports now clear under simplified procedures, cutting customs declaration processing to about 20 minutes as it prepares for WTO accession. Digital Money Policy: Uzbekistan’s central bank rejects a retail CBDC, pointing to fast, cheap existing payment rails and shifting retail use toward privately issued stablecoins under a legal pilot. Hard-Currency Watch: A new look at Uzbekistan’s foreign-exchange sources highlights gold purchases, remittances, and investment as key pillars—especially as gold and labor-market cycles move. BRICS Diplomacy: India is ramping up for the Sept 12-13 BRICS Leaders’ Summit in New Delhi, with trade, finance, tech and governance reform on the agenda. Uzbek-Serbia Business Push: President Mirziyoyev’s Belgrade visit spotlights strategic partnership talks, a business forum, and expanded cooperation areas. Regional Trade: Azerbaijan and Uzbekistan report trade tripling over five years and a joint-project portfolio topping $5bn. Capital Markets: Pakistan’s PSX approved SE Fruits & Vegetables’ IPO, a reminder of regional investor appetite for export-led agribusiness. Water Infrastructure: Kazakhstan is digitizing and overhauling water management, while Uzbekistan’s reforms also extend to water data systems—both tied to water security and economic resilience.

Uzbek Digital Finance Policy: Uzbekistan’s central bank says there’s “no value” in a retail CBDC, pointing instead to faster, cheaper instant payments and shifting retail digital money use to privately issued stablecoins under a legal pilot. Fiscal Management: Uzbekistan and the IMF discussed steps to strengthen fiscal stability, budget planning, deficit limits, and public financial management discipline. Trade & Investment Links: Uzbekistan and Serbia are pushing new business-to-business ties, highlighting agriculture, ICT and light industry, with use of GSP+ discussed. Uzbekistan–China Road Map: In Tashkent, Uzbekistan and China agreed a joint cooperation “Road Map” to expand trade, investment and joint projects, with added focus on interparliamentary work. Gold Reserves Trend: World Gold Council data shows central banks bought 23 tonnes of gold in July; Uzbekistan sold about one tonne. SCO Security Spending: Pakistan’s upcoming 2027 SCO summit gets a technical supplementary grant approved for bullet-proof vehicles for heads of state movement. Regional Legal Cooperation: At the BRICS Chief Justices’ Forum, judicial leaders including Uzbekistan’s counterparts discussed commercial dispute mediation and arbitration and digital justice. SCO/Serbia Diplomacy: President Mirziyoyev’s official Serbia visit includes a strategic partnership joint statement and a Serbia-Uzbekistan business forum.

Climate & Water Risk: A new UNEP assessment says the world will likely cross 1.5°C soon, with Central Asia urged to plan for unavoidable impacts—especially water stress that hits irrigated agriculture and food systems. Nuclear Procurement Shift: Uzbekistan’s nuclear cooperation with Russia appears to be cooling after a Rosatom-linked project update omitted the Russian firm and pointed instead to a new consortium for oversight and independent assessments. Startup Finance Push: Uzbekistan will launch the “Future Entrepreneur” program (2027-2030), with IT Park Uzbekistan backing tech projects and UzVC funding up to 30 startups via interest-free convertible loans/SAFE; the state plans an initial 150bn soums. Digital Payments Link: At the IPU conference in Samarkand, BJP MP Raghav Chadha highlighted India’s UPI and the planned interoperability with Uzbekistan’s UZQR/UZCARD to simplify cross-border payments for travelers and students. Capital Markets Reform: UzNIF says governance changes and energy tariff reforms are helping it grow, while it plans to take six state-owned champions public over the next three years. Trade Corridor Momentum: China’s Kyrgyzstan-to-Andijan rail bypassing Russia is advancing, with a tunnel milestone that could cut China–Middle East/Europe transit times. Business Expansion Model: East West Barbershop touts “exporting” its franchising model, including operations across Uzbekistan, as it scales internationally.

Digital Payments & Rights: India’s Raghav Chadha used Uzbekistan’s IPU youth conference to push a “digital future” built on inclusion and safeguards, pointing to the planned UPI–UZQR link so Indian travellers can pay by scanning QR codes without cash or forex markups. Startup Finance: Uzbekistan will launch the “Future Entrepreneur” program (2027-2030) to fund up to 30 startups via UzVC, offering interest-free convertible loans/SAFE deals (up to 5bn soums each) with an initial 150bn soums state allocation. State Investment Push: UzNIF says governance changes and energy tariff reforms are set to help it take six state-owned portfolio firms public over the next three years, with H1 2026 net asset value up 6.1% to $2.63bn. Gold Reserves Watch: World Gold Council data shows central banks bought 23 tonnes of gold in July and 130 tonnes in the first seven months of 2026, with China and Poland leading while Uzbekistan is listed among net sellers. Uzbekistan–Qatar Ties: As Uzbekistan marks 35 years of independence, coverage highlights rapidly expanding cooperation with Qatar across investment, trade, energy, infrastructure and tourism. Regional Connectivity: Reports on Central Asia’s shifting trade routes underscore efforts to reduce reliance on Russia by building alternative corridors—an angle that directly affects Uzbekistan’s logistics and trade outlook.

Startup Finance Push: Uzbekistan will launch the “Future Entrepreneur” program (2027-2030), with IT Park Uzbekistan backing tech projects and UzVC’s National Venture Fund financing up to 30 startups in priority sectors; each can get up to 5 billion soums via interest-free convertible loans/SAFE, with the state capped at 49% and an initial 150 billion soums earmarked for 2027. Digital Payments & Fintech Policy: A look at how Uzbekistan’s Central Bank is shaping fintech through an innovation hub and a $50mn venture fund, while earlier reforms moved card processing arrangements to avoid conflicts of interest. Trade & Diplomacy: Uzbekistan opened its first consulate in the USA (Seattle), aiming to expand trade, investment, technology ties, and education/social cooperation. Regional Deals: President Mirziyoyev is set to visit Serbia on Sept 7-8 for talks and a business forum covering transport, engineering, light/food industries, agriculture, pharma, IT, and labor migration. Geopolitics With Business Impact: At the SCO summit in Bishkek, leaders adopted a Bishkek Declaration focused on security, technology and connectivity—key themes for Central Asia’s trade routes and investment climate.

Uzbekistan-Serbia Trade Push: President Shavkat Mirziyoyev heads to Serbia on Sept 7-8 for high-level talks and a business forum aimed at expanding trade, investment and joint projects across transport, engineering, light and food industries, agriculture, pharma and IT, with a package of intergovernmental agreements expected. Fintech Regulation & Growth: A new report on Uzbekistan’s state-led fintech push highlights how the Central Bank of Uzbekistan sets market rules, runs an innovation hub, and backs the sector with a $50mn venture fund—part of a broader effort to scale digital finance. Digital Payments Boom: Coverage points to record UPI-style transaction growth in August, underlining how faster, more accessible digital payments are becoming a key driver of consumer and business activity. Legal Cooperation for Business: At the BRICS Chief Justices’ Forum in New Delhi, India’s CJI Surya Kant urged BRICS to act like a “living Nalanda University,” while also backing mediation/arbitration platforms to speed cross-border commercial dispute resolution—relevant for investor confidence. Energy & Connectivity Context: Uzbekistan’s wider SCO/Bishkek agenda continues to link security, water and connectivity, while regional infrastructure plans (including rail links) are framed as trade-growth engines. Investment Dispute Watch: Amsterdam & Partners says it filed an ICSID arbitration request against Uzbekistan seeking $100mn+ compensation, keeping investor-risk and dispute-resolution on the radar.

BRICS Judicial Cooperation: India’s Chief Justice Surya Kant used the BRICS Chief Justices’ Forum to push a common arbitration and mediation platform for cross-border commercial disputes, while holding bilateral talks that included Uzbekistan on MoUs, mutual recognition of awards, and improving trust for foreign investors. Investment Dispute Watch: Amsterdam & Partners filed an ICSID arbitration request against Uzbekistan seeking $100m+ over a detained company director, raising the stakes for investor confidence and dispute resolution. Tech & Fintech Links: Hong Kong’s Cyberport and Kazakhstan’s Astana Hub plan deeper tech transfer and market access for AI, fintech and smart-city startups, with Uzbekistan’s IT ecosystem also referenced via earlier hub-to-hub MoUs. Trade & Growth Messaging: Uzbekistan’s envoy to India praised India’s 7.8% GDP growth as a “breakthrough” and said the economies are “complementary,” aiming to lift bilateral trade toward $5bn. Social Protection Reform: Uzbekistan, with the World Bank and UNICEF, is developing an Adaptive Social Protection Strategy to help households manage climate, natural and economic shocks faster. Local Industry Push: Chinese firms are exploring new projects in Uzbekistan’s Fergana region across nonwovens, road materials and petrochemical additives.

SCO & Regional Trade: Uzbekistan’s diplomatic push is feeding into the 26th SCO summit in Bishkek, where leaders backed the Bishkek Declaration and renewed focus on security, connectivity and economic cooperation as Pakistan took over the rotating presidency. India-Uzbekistan Deal Momentum: Uzbekistan’s envoy in India called India’s 7.8% GDP growth a “world breakthrough” and said both sides aim to lift bilateral trade to $5bn, with cooperation also expanding in uranium and critical minerals. Uranium/Mining Supply Chains: A U.S. push for a critical minerals chain across Central Asia is intensifying, with Washington looking more closely at Uzbekistan and Kyrgyzstan as access and processing remain key bottlenecks. Social Protection Financing: Uzbekistan, the World Bank and UNICEF are working on an Adaptive Social Protection Strategy to help households manage climate, natural and economic shocks faster. Digital Payments in Uzbekistan: UPI expansion is gaining traction, with Uzbekistan moving toward wider digital payment interoperability. Youth & Rights Agenda: The 12th Global Conference of Young Parliamentarians opened in Samarkand, focusing on youth rights, digital rights, climate resilience and economic rights. Travel Rule Change: Thailand ends visa-free entry for Uzbek citizens from Sept. 15, requiring an e-visa in advance—an immediate hit for tourism and business travel planning.

SCO in Bishkek: Uzbekistan used this week’s Shanghai Cooperation Organization summit to push “practical” economic integration—turning security and connectivity goals into working projects on digital development, cross-border links, and investment. Central Asia trade & investment: A new infographic-style review highlights growing Uzbekistan–Serbia cooperation, with trade turnover rising sharply since 2016 and deals expanding across engineering, pharma, chemicals, agriculture and more. Digital payments push: Uzbekistan’s digital economy got another boost as UPI/UZQR-linked payment access expands for Indian travelers via partners tied to Uzbekistan’s payment infrastructure. Nuclear localization: Uzbekistan’s $9.5bn nuclear power plant project is moving into active construction, with the government demanding higher local content—plus a planned 200-hectare industrial zone in Farish to supply construction materials and components. Cultural economy deal: Qatar Museums and Uzbekistan’s ACDF signed a five-year cooperation agreement to support human capital, creative industries, artist residencies, and heritage conservation. Energy security watch: A report flags how Ukraine’s strikes on Russian refining capacity is tightening fuel supplies and raising prices across Central Asia, where dependence on Russian petroleum products remains high. Visa friction: Thailand has moved to cancel visa-free entry for Uzbek travelers, requiring advance visas.

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.