Recently, Uzbek economist Behzod Khoshimov stated that it will take Uzbekistan 30 years to catch up with Kazakhstan in terms of economic development. In the article below, Ulysmedia.kz tried to understand whether Khoshimov is right and why this old rivalry still determines the region’s development. The rivalry between Kazakhstan and Uzbekistan began during the Soviet
Kazakhstan and the Islamic Development Bank (IsDB) have signed a Protocol of Intent providing for financing of up to USD 1.1 billion for the implementation of priority infrastructure projects. The document was signed following a meeting between Advisor to the Prime Minister of Kazakhstan Nurlan Baibazarov and President of the Islamic Development Bank, Dr. Muhammad Sulaiman Al Jasser.
On July 5, the Uzbek-Korean Business Forum was held in Tashkent as part of the official visit of the delegation from the city of Ulsan. The event brought together over 100 representatives from the business community and government agencies of Uzbekistan and the Republic of Korea. The forum was chaired by the Deputy Prime Minister
The Eurasian Development Bank (EDB), a supranational financial institution headquartered in Almaty, Kazakhstan, issued a private placement bond, denominated in dirham, in the local UAE capital markets. This pioneering issuance of AED 200 million (equivalent to c. US$54 million), was arranged by First Abu Dhabi Bank (FAB), the largest bank in the UAE, in partnership with
A Memorandum of Understanding has been signed between Azamat Kozhanov, Deputy Chairman of the Management Board of Kazakh Invest national company, and Maria Perez, Kazakhstan Project Director of the international business publication The Business Year. The agreement outlines cooperation on the upcoming edition The Business Year: Kazakhstan 2026, focused on Kazakhstan’s investment potential. In line with the
As a follow-up to the agreements reached during the visit of Deputy Prime Minister – Minister of Foreign Affairs of Kazakhstan Murat Nurtleu to India, a meeting was held on June 26 at Kazakh Invest national company with the leadership of one of India’s leading pharmaceutical companies, MSN Group. During the negotiations, Chairman of the
On June 24 in Astana, Chairman of the Investment Committee of the Ministry of Foreign Affairs of Kazakhstan Gabidulla Ospankulov signed an investment contract with Alexander Blumhardt, Authorized Representative for CIS Countries at Knauf’s Managing Partners. The project involves building a modern plant using local raw materials, with a total investment of 30.5 million US dollars
The United Nations Conference on Trade and Development (UNCTAD) has published its annual World Investment Report 2025, highlighting an 11% decline in global foreign direct investment (FDI) flows to $1.5 trillion. The drop was particularly severe in developing and landlocked countries, Kazakh Invest reported. According to UNCTAD, Kazakhstan has attracted over $151 billion in net FDI since gaining independence, making
On June 23, in the capital city of Mongolia, Ulaanbaatar, the Mongolia–Uzbekistan Business Forum was held ahead of the state visit of the President of Uzbekistan Shavkat Mirziyoyev. The event brought together leaders from ministries and government agencies, regional administrations, industry associations, and over 300 companies from both countries. The forum was organized by the Ministry
The 2025 Central Asia–China Furniture and Construction Industry Cooperation Forum was held in Astana last week. As part of the forum, a founding ceremony was held for the Association of Furniture and Building Materials Manufacturers of Central Asia and China. The event brought together around 100 business representatives from China and countries of the region,
The United Nations Development Programme in partnership with the National Investment Agency under the President of the Kyrgyz Republic officially launched the Kyrgyzstan SDG Investor Map. The SDG Investor Map is a market intelligence tool that identifies priority investment opportunities aligned with the Sustainable Development Goals (SDGs) and the country’s national development priorities. It provides
A ceremony to launch the new production line at the Kant Cement Plant, the construction of which began in spring 2024, was held on June 16 in Kyrgyzstan. One year later, the plant begins operations on a renewed, environmentally friendly and energy-efficient platform, the Eurasian Development Bank (EDB) reported. The project involved the construction of a
The Second Central Asia – China Industrial and Investment Cooperation Forum was held in Astana on June 16. The main goal of the forum was to develop and strengthen economic ties between the Central Asian countries and China, attract mutual investments, establish joint production facilities, and promote cooperative projects in the strategic sectors of the region’s economy.
U.S. Ambassador to Uzbekistan Jonathan Henick and Farkhod Makhmudov, Founder and Shareholder of OSON Holding (Brio Group), signed a Memorandum of Understanding (MOU) in January 2025 to launch a new public-private partnership to expand support for the U.S. State Department’s entrepreneurship activities. Through this partnership, OSON will contribute $50,000 to sponsor a new cohort of
On June 11, Prime Minister of Kazakhstan Olzhas Bektenov held a meeting with Prime Minister of the Slovak Republic Robert Fico, who arrived in Kazakhstan on his first official visit. The parties discussed the development of trade and economic cooperation, the Kazakh government’s press service reported. “Slovakia is a reliable partner of Kazakhstan in the
In the current challenging environment, we are focusing our primary attention on maintaining economic stability in Uzbekistan, President Shavkat Mirziyoyev stated in his address to the Fourth Tashkent International Investment Forum on June 10. According to Mirziyoyev, Uzbekistan’s gross domestic product has doubled over the past eight years, and the country has set a goal
The IV Tashkent International Investment Forum (TIIF) opened in Uzbekistan’s capital on June 9, marking a key event in the regional investment agenda. The forum has brought together leading international investors, government representatives, financial institutions, and business leaders. In 2025, the forum is being held on an unprecedented scale, with investment projects across strategically important sectors
The Uzbekistan–U.S. Business Forum was held in Tashkent on June 9. The event was organized by the Ministry of Investments, Industry and Trade of Uzbekistan together with the American-Uzbekistan Chamber of Commerce (AUCC). More than 150 representatives from the business and government sectors of both countries participated in the event, including around 100 leading U.S.
by Shoira Toirova In this interview, we sit down with Ozan Sevimli, former Country Manager of the World Bank Group in Tajikistan, whose time in the country left a lasting imprint on both his career and soul. He led the World Bank’s efforts during a globally transformative period — navigating the aftermath of the COVID-19
On June 1–2, the Second Uzbekistan–China Interregional Forum was held in Samarkand, strengthening the strategic partnership between Uzbekistan and China, enhance interregional cooperation, and expand investment and business ties. The forum brought together more than 2,800 representatives from the business communities, government bodies, regional administrations, as well as academic and educational institutions of both countries.
