AGP Executive Report

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.

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.