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

The United Kingdom signaled its growing confidence in Uzbekistan’s economic trajectory during the panel session “Mobilising UK Capital for Uzbekistan’s Sustainable and Inclusive Growth,” held as part of the 5th Tashkent International Investment Forum.

One of the key announcements during the session was the launch of the UK–Central Asia Green and Inclusive Growth (GIG) Fund, aimed at supporting sustainable and private sector-led economic growth across the region.

The session brought together senior representatives of the UK government, financial institutions and capital markets, including:

• His Excellency Timothy Smart - Ambassador Extraordinary and Plenipotentiary of the United Kingdom of Great Britain and Northern Ireland to the Republic of Uzbekistan (Moderator)
• Lord Jason Stockwood - UK Minister for Investment
• Julia Hoggett - Chief Executive Officer (CEO) of the London Stock Exchange
• Saif Malik - Chief Executive Officer (CEO) of Standard Chartered Bank
• Tim Reid - Chief Executive Officer (CEO) of UK Export Finance (UKEF)

A key focus was expanding access to international capital, financing large-scale infrastructure and industrial projects, and strengthening links between Uzbekistan and global financial markets. UK Investment Minister Lord Jason Stockwood said Uzbekistan is entering a decisive phase where years of economic reforms are beginning to generate tangible opportunities for international investors and businesses:

“Uzbekistan is reaching a real turning point where the reforms that you’re seeing are translating into real economic opportunity. The scale of that opportunity is already visible. UK exports have increased from 66 million pounds in 2016 to nearly 600 million pounds last year. That modernization that you’re seeing across Uzbekistan in key sectors of mining, education, legal services, design, architecture, and financial services is creating real opportunities for partnership. What is really clear to me is that there’s huge momentum, there’s huge energy, there’s huge excitement about what is happening in your country.”

Stockwood highlighted the growing role of British companies in strategic projects across Uzbekistan, including New Tashkent, the Alisher Navoiy Research Center and the mining sector. He also stressed the importance of connecting Uzbekistan’s growth story to international investors and capital markets.

Another key theme of the discussion was access to long-term financing. Tim Reid, Chief Executive Officer of UK Export Finance, announced that UKEF currently has up to £4 billion in financing capacity available for projects in Uzbekistan:

“We have up to 4 billion pounds in financing capacity available. And that puts Uzbekistan right in the top tier of the markets that we’re trying to do business in around the world. We see huge opportunities here for partnership between businesses in the UK and in Uzbekistan in clean energy, infrastructure, transport, advanced manufacturing, critical minerals and healthcare. Our involvement signals the long-term UK partnership and commitment to markets like Uzbekistan.”

The role of international capital markets in Uzbekistan’s development was highlighted by Julia Hoggett, Chief Executive Officer of the London Stock Exchange, who pointed to the successful listing of the Uzbekistan National Investment Fund (UzNIF) as an important milestone in introducing the country to a wider global investor base.

“If you think about what’s happened with UzNIF, it’s done two things. The first is the creation of the fund itself and the discipline that comes with putting companies under international scrutiny and preparing them for that. The next piece is then the convening of the capital. The degree of oversubscription in the transaction and its subsequent performance is a demonstration of London investors’ capacity to back international stories.”

She described UzNIF as a “pathfinder transaction” that could pave the way for future listings by both state-owned and private Uzbek companies and deepen Uzbekistan’s engagement with global investors.

The session demonstrated growing British confidence in Uzbekistan’s reform agenda and highlighted the increasingly important role of export finance, international capital markets and private investment in supporting the country’s infrastructure, industrial modernization and energy transition goals.