Over recent years, Uzbekistan has implemented a broad programme of liberalisation, privatisation and infrastructure modernisation led by Shavkat Mirziyoyev. The programme aims to transform Uzbekistan into a more competitive, investment-oriented and globally integrated economy. Since 2017, Uzbekistan’s economy has nearly tripled in size, while reforms have focused on strengthening market institutions, improving the investment climate and developing domestic capital markets.
According to official figures, in 2025 the total volume of investments implemented in Uzbekistan reached $43.1 billion, representing a 24% increase compared to the previous year. The largest share consisted of foreign direct investment amounting to $38.2 billion, along with $4.9 billion in funding from international financial institutions.
Growing investor interest has been reflected in the entry of international brands into the Uzbek market and cooperation with key international partners, including China, Russia, India, Türkiye, Saudi Arabia and the United Arab Emirates.
China remains one of Uzbekistan’s largest economic partners. Bilateral trade between the two countries reached $17.8 billion in 2025, while Chinese investment has continued to contribute to industrial modernisation, green energy projects and transport connectivity initiatives. Uzbekistan has also become an increasingly active participant in the Belt and Road Initiative, including through the China–Kyrgyzstan–Uzbekistan railway project, which is expected to strengthen the country’s position as a Eurasian transit and logistics hub.
Economic cooperation with India has also accelerated. According to official data, Indian investment into Uzbekistan increased by 135% in 2025, reaching $332 million, while the total volume of Indian investments exceeded $717 million. Cooperation between the two countries continues to expand across pharmaceuticals, digital technologies, artificial intelligence, infrastructure, agriculture and manufacturing.
Building on this broader economic momentum, Uzbekistan marked another milestone on May 18 with the completion of what organisers described as the country’s first international IPO and dual listing on the London Stock Exchange and the Tashkent Stock Exchange, followed by a ceremony commemorating the commencement of trading of the National Investment Fund of the Republic of Uzbekistan (UzNIF).
The event was chaired by Saida Mirziyoyeva, Head of the Presidential Administration of Uzbekistan, and co-hosted by Julia Hoggett, CEO of the London Stock Exchange, and Jenny Johnson, CEO of Franklin Templeton.
Among the guests were Chris Bryant, UK Minister of State for Trade Policy, Lord John Alderdice, UK Trade Envoy to Central Asia and Azerbaijan, Varun Chandra, Prime Minister’s Chief Business, Investment and Trade Adviser, as well as Sergio Gor, US Special Envoy for South and Central Asia and Co-Head of the US-Uzbekistan Business and Investment Council. Representatives of financial institutions including EBRD, BNY Mellon, Jefferies and Hudson Sandler also attended, alongside investors and members of the Uzbekistan delegation.
According to the announced results, the IPO of UzNIF became the largest equity capital markets transaction in Uzbekistan’s history. Total gross proceeds amounted to approximately $603.6 million, while investor demand exceeded $2.8 billion and the order book was reportedly oversubscribed more than four times. BlackRock, alongside institutional investors including Franklin Resources, Redwheel and the Allan & Gill Gray Foundation, participated as cornerstone investors in the transaction.
UzNIF was established pursuant to a Presidential Resolution adopted in August 2024 as part of Uzbekistan’s broader economic reform programme aimed at accelerating capital market development, modernising state-owned enterprises and attracting long-term international investment. Franklin Templeton was appointed as trustee and fund manager of the Fund in May 2025.
Speaking during the ceremony, Saida Mirziyoyeva described the listing as “deeply symbolic,” reflecting the broader transformation of Uzbekistan’s economy and the country’s growing integration into international capital markets. She stated that the significance of the transaction extended beyond capital raising and reflected international interest in a new generation of Uzbek institutions.
She also stated that Uzbekistan is preparing additional listings, expanding private sector participation and advancing the creation of the Tashkent International Financial Centre.
Trading in UzNIF securities commenced simultaneously on the London Stock Exchange and the Tashkent Stock Exchange. The domestic tranche became the largest local listing in the history of Uzbekistan’s equity capital markets and enabled Uzbek citizens to participate in the country’s economic transformation through investment in the Fund.
Market participants expect the listing of UzNIF to support future IPOs of Uzbek enterprises and contribute to the continued development of the country’s capital markets infrastructure, strengthening Uzbekistan’s integration with international financial markets and expanding relationships with institutional investors and economic partners.
As Uzbekistan continues its economic transformation, the country is increasingly positioning itself as a regional growth market and developing financial centre connecting Asia, the Middle East and Europe. The launch of UzNIF is expected to form part of a broader phase of capital market development, with additional privatisations, international listings and strategic partnerships anticipated to play an important role in the country’s long-term economic agenda.
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