The Uzbekistan Economic Update 2026, organized by EUROUZ, brought together government representatives, international financial institutions, European partners, investors, and members of the business community to discuss Uzbekistan’s economic performance and outlook for the coming year.
The conference opened with welcoming remarks by Pierre-Paul Antheunissens, Chairman of the EUROUZ Board and CEO of EDF Central Asia (EDF Power Solutions), Akram Aliev, Deputy Minister of Investment, Industry and Trade of the Republic of Uzbekistan, and Umid Abidkhodjaev, Deputy Minister of Economy and Finance of the Republic of Uzbekistan.
The event highlighted Uzbekistan’s strong economic momentum, including 7.7% GDP growth in 2025 and foreign investment reaching USD 43 billion, reflecting growing international confidence in the country’s reform agenda and investment climate.
EUROUZ’s annual flagship briefing focused on Uzbekistan’s macroeconomic developments, ongoing reforms, and investment opportunities across key sectors. Participants emphasized the importance of continued structural reforms, infrastructure development, and stronger private sector engagement to sustain economic growth and attract further international investment.
Economic Outlook and Reform Progress
The panel “Uzbekistan 2025 Economic Performance & 2026 Trajectory Outlook” provided an overview of the country’s economic landscape and progress in reforms.
Panelists included:
- Assel Aitkhozhina, Regional Policy Lead for Central Asia & Mongolia, European Bank for Reconstruction and Development (EBRD)
- Olivier Kueny, Head of Regional Representation for Central Asia, European Investment Bank (EIB)
- Enrico Pinali, Regional Head of Private Sector Development for Central and West Asia, Asian Development Bank (ADB)
- Pinar Yasar, Senior Country Economist, World Bank Group in Uzbekistan
The discussion was moderated by Ketevan Antidze, Director of Commerzbank AG in Uzbekistan and EUROUZ Board Member.
Speakers noted that Uzbekistan’s economic growth continues to exceed the regional average in Central Asia, supported by ongoing reforms and improvements in the country’s credit outlook by international rating agencies. They also highlighted the need to address infrastructure bottlenecks, particularly in the energy sector, to support economic diversification and maintain investment momentum.
International financial institutions reaffirmed their strong commitment to Uzbekistan’s development. The EBRD has invested almost US$ 6.9 billion in Uzbekistan to date across 208 projects, with most of the funds supporting private entrepreneurship. The country has been the leading recipient of EBRD funding in Central Asia for each of the past six years. The World Bank continues to provide financial, technical, and analytical assistance to support policy reforms and institutional development.
The European Investment Bank (EIB) also highlighted plans to formally inaugurate its regional office in Tashkent during the Tashkent International Investment Forum (TIIF) in June 2026, which will be attended by the Bank’s Vice President.
CEO Panel: Shaping the New Economy
The panel “CEO Panel: Shaping the New Economy” focused on the role of private sector leaders in driving Uzbekistan’s economic transformation.
Panelists included:
- Anvar Isamukhamedov, CEO of Paynet
- Marius Dan, CEO of Franklin Templeton Central Asia
- Sandro Rtlevandze, CEO of OTP Bank Uzbekistan
- Murodjon Farmanov, CEO of the Mortgage Refinancing Company of Uzbekistan (UzMRC)
- Kodirjon Norov, Managing Partner of Highland Capital
The discussion was moderated by Oybek Shaykhov, Executive Chairman of East-West Group and EUROUZ Board Member.
Panelists highlighted the rapid development of digital payments, fintech innovation, financial market expansion, and mortgage financing as key drivers of Uzbekistan’s modernizing economy. Anvar Isamukhamedov, CEO of Paynet, emphasized the importance of addressing cybersecurity risks, strengthening regulatory frameworks, and improving financial literacy to sustain innovation and ensure long-term stability in Uzbekistan’s rapidly evolving financial sector.
Speakers also discussed the upcoming IPO of the National Investment Fund of Uzbekistan, which is expected to be the country’s first international equity transaction. The fund currently includes a portfolio of 13 state-owned companies across several fast-growing sectors, and its planned listing is expected to attract significant interest from institutional investors.
Strengthening EU–Uzbekistan Economic Partnership
The event also featured remarks from Gayrat Fazilov, Ambassador of Uzbekistan to the BENELUX countries and Head of Mission to the EU and NATO, who highlighted Uzbekistan’s growing strategic importance for Europe and the strengthening partnership between Uzbekistan and the European Union.
Peter Ustubs, Director for Asia and the Pacific at the European Commission, emphasized expanding cooperation under the EU Global Gateway strategy, which prioritizes transport connectivity, clean energy, digital infrastructure, and sustainable resource development. Key initiatives include the Trans-Caspian Transport Corridor, cooperation on critical raw materials, green energy projects, and digital connectivity.
Speaking about the event, Oybek Shaykhov, Founder and Board Member of EUROUZ, noted:
“We are honored to host this annual event for the fifth time in six years. As the largest international business association in Uzbekistan, we are proud to partner with government institutions, international financial organizations, and our members to provide a comprehensive and high-quality update on Uzbekistan’s economic developments to a global audience”.
About the Event
The Uzbekistan Economic Update is EUROUZ’s flagship annual briefing, providing a platform for dialogue between government officials, international financial institutions, investors, and the private sector to discuss Uzbekistan’s economic trajectory and investment opportunities. Previous events were held in 2020, 2022, 2023, 2024, and 2025 in a similar format.
EUROUZ expresses its sincere gratitude to all partners, speakers, and sponsors for their support and participation in the Uzbekistan Economic Update 2026. Their engagement plays an important role in strengthening economic dialogue, fostering international cooperation, and supporting Uzbekistan’s integration into the global economy.
