Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

As part of the Tashkent International Investment Forum (TIIF-2026), a panel session titled “The New Silk Road Takes Flight” was held, focusing on the prospects of the region’s aviation industry. The event, coordinated by the Ministry of Investments, Industry and Trade of the Republic of Uzbekistan, brought together leading international experts, executives of major airlines, and representatives of investment funds, including:

Suresh Subudhi - Managing Director and Senior Partner at Boston Consulting Group (BCG); Global Leader for Travel, Cities and Infrastructure (Moderator)

Alisher Sattarov - First Deputy Chairman of the Management Board for Transformation, Finance and Privatization at Uzbekistan Airways JSC

Javlonbek Umarxo‘jayev - Chairman of the Board of Uzbekistan Airports JSC

Kazbek Bassiev - Head of the Uzbekistan Representative Office in Uzbekistan, Head of New Business Development and Senior Vice President at Vision Invest

Bum Ho Kim - Interim President and Chief Executive Officer of Incheon International Airport Corporation

Mario Antonio Ebcim - Director of Commercial Airplane Sales for Eurasia and India at The Boeing Company

Marius Dan - CEO for Central Asia at Templeton Global Investments and CEO of Franklin Templeton Asset Management Uzbekistan

Manuel Ambriz — Senior Advisor at Abrial

Omar Turk - Director at international investment company BlackRock

Participants noted that today Uzbekistan and the entire Central Asian region stand at a unique historical turning point. Geographic location, evolving global demand, economic activity, and geopolitical developments are converging to create unprecedented opportunities for the region. The positive growth dynamics of recent years clearly confirm this trend: since 2019, passenger traffic in the aviation market has doubled, while air cargo volumes have increased by 70 percent.

At the same time, the growing economic attractiveness of the region has intensified market competition to an unprecedented level. In particular, the number of airlines serving the regional market has increased from 15 to 44 within this relatively short period—almost tripling. This rapid growth has been primarily driven by the increase in foreign carriers, whose number rose from 14 to 36.

The session emphasized that Uzbekistan has consistently implemented reforms aimed at attracting investment and has significantly increased the volume of foreign capital inflows. In particular, the liberalization of the foreign exchange market, privatization of state-owned enterprises, and the introduction of Public-Private Partnership (PPP) mechanisms have contributed to a rise in foreign direct investment inflows from USD 4 billion in 2017 to more than USD 40 billion in 2025 - a tenfold increase. At the same time, efforts to modernize airports and gradually introduce private management practices are continuing.

“There is demand, and we need to transform it into long-term and sustainable growth,” said Alisher Sattarov, First Deputy Chairman of the Management Board for Transformation, Finance and Privatization at Uzbekistan Airways JSC. According to him, Uzbekistan is exploring new opportunities in promising markets such as Southeast Asia, India, and Pakistan.

Continuing the discussion, Javlonbek Umarxo‘jayev, Chairman of the Management Board of Uzbekistan Airports JSC, emphasized that the success of airports depends not only on new terminals but also on creating a convenient and digitalized ecosystem for passengers. In his view, customer experience is the key factor determining the success of airports as regional hubs.

According to Kazbek Bassiev, Head of Vision Invest’s Representative Office in Uzbekistan, the country’s demographic and geographic advantages provide a strong foundation for the long-term growth of the aviation sector. He noted that in a country where more than 60 percent of the population is under the age of 30, economic growth and rising consumption will further increase demand for air travel. He also pointed out that although transit traffic currently accounts for less than 7 percent of passenger flows at Tashkent Airport, the city’s location at the crossroads of Asia, Europe, and the Middle East creates significant potential for it to become a major international hub.

“Only 1 percent of global cargo is transported by air. However, that 1 percent accounts for 35 percent of the total value of global freight,” said Mario Antonio Ebcim, Director of Commercial Airplane Sales for Eurasia and India at The Boeing Company. These figures clearly demonstrate the strategic importance of air cargo transportation.

“Traditional tourist destinations such as Paris, Venice, and Barcelona are increasingly facing excessive pressure from visitor flows. In this environment, Uzbekistan is emerging as a promising destination capable of offering tourists new experiences and new routes,” said Manuel Ambriz, Senior Advisor at Abrial. According to him, the rapid transformation of Tashkent, the development of infrastructure, and Central Asia’s strategic location could further strengthen the region’s position on the global tourism map.

It was also emphasized that, alongside infrastructure development, several systemic issues must be addressed in the process of transforming Tashkent into a regional aviation hub. These include improving regulatory frameworks, developing a skilled workforce, ensuring balanced growth of the aviation ecosystem, accelerating digitalization, and addressing supply chain challenges.

During the session, participants openly discussed four key strategic issues that will define the next stage of development of the national aviation sector. These included: how to strike a balance between intensifying competition and interstate cooperation; ways to transform Tashkent into a major regional aviation hub; how to enhance the value of local airlines ahead of potential Initial Public Offerings (IPOs); and mechanisms for fully unlocking the region’s air cargo potential.

Reflecting on the positive indicators and tangible outcomes of ongoing economic reforms, representatives of the Ministry of Investments, Industry and Trade of the Republic of Uzbekistan - the organizer of the forum - emphasized that the event served not only as an opportunity to review achievements but also as an open platform for dialogue with international partners on the implementation of new strategic projects. Ministry representatives particularly noted that the introduction of Public-Private Partnership mechanisms in aviation and logistics in accordance with international standards would provide reliable guarantees for foreign investors.