At the second meeting of the US-Uzbek Business and Investment Council in Samarkand, the parties prepared a package of 54 agreements worth approximately $12 billion. The event was attended by US Secretary of State Marco Rubio and representatives of American companies and banks.

Priority areas

President Shavkat Mirziyoyev named five key sectors:

  • development and deep processing of critical minerals;
  • energy development;
  • creation of data centers;
  • implementation of artificial intelligence and digital solutions;
  • education and personnel training.

To implement the agreements, a comprehensive action program is planned, as well as a trade, investment and technology cooperation program until 2035.

Two mechanisms worth noting

Plug and play model. Investors will be offered projects with ready-made sites, connected infrastructure, permits and documents.

This approach addresses the problem discussed at New Tashkent meetings: administrative barriers such as land allocation, obtaining permits, and processing payments hindered private investment.

Risk sharing. Local companies will be able to act as partners of foreign investors and share investment risks through the established Direct Investment Fund.

New direction: reverse investments

A separate statement was made that Uzbek companies are beginning to invest in the US economy.

Details on volumes and sectors were not provided, but the fact itself is noteworthy: until now, relations were built as a one-way flow of capital.

Financial sector participants

The package of agreements includes arrangements with Franklin Templeton, Oppenheimer & Co., Citigroup, BlackRock, as well as with industrial companies GE Aerospace, Wabtec and technology company Amazon Leo.

The financial block directly affects the local capital market: these organizations are involved in preparing national companies for entry into international markets.

Three of the listed ones already work with the republic:

  • BlackRock helps shape the concept of the Tashkent International Financial Center;
  • Citigroup together with JPMorgan supports Centrum Holding's preparation for listing in London;
  • Franklin Templeton participates in the transformation of state enterprises.

What this means for retail investors

Inter-state agreements have no direct effect on retail securities buyers.

Indirect effects will appear through issuer preparation: the more companies undergo management and reporting transformation, the wider the selection on the exchange will become.

A practical reference point is the National Investment Fund placement model: dual listing in London and Tashkent provided access to securities for local investors. If the scheme is repeated, the range of available shares will expand.

This material is informational in nature and is not an investment recommendation.