Uzbekistan is preparing a law on alternative investment funds. This was announced by President Shavkat Mirziyoyev on June 10 during the plenary session of the Tashkent International Investment Forum .
According to the head of state, alternative financing instruments are actively developing in the country, primarily venture capital.
“Last year, the valuation of two national start-ups, Uzum and TBC, exceeded $1 billion for the first time. We intend to significantly increase the number of such companies,” the president said.
In this regard, a draft law has been prepared that will allow the volume of venture capital and other forms of alternative investment to reach $1 billion over the next five years.
At the same time, structural changes will be introduced in the banking system, insurance, finance, and the capital market. In particular, the country plans to establish a Financial Stability Council, and specialized platforms aimed at developing financial technologies and cybersecurity will be launched at the Central Bank.
To stimulate the industry, three venture capital funds with a total capital of $50 million have already been created.
According to a study of the Central Asian venture market conducted by RISE Research in collaboration with KPMG, by the end of 2024, total venture capital investment in the region reached approximately $95 million, up 7% from the previous year.
Uzbekistan showed one of the highest growth rates in the region, increasing 2.7 times from $6.3 million to $17.5 million. The number of venture deals in the country also increased to 38 per year (compared to 34 in 2023 and 24 in 2022). The average investment amount more than doubled, from $204,000 to $460,000.
In terms of the number of startups (over 400) and active investors (over 25), Uzbekistan ranks second in Central Asia, behind only Kazakhstan, which has about 1,000 startups and over 50 investors.
According to the April report of the World Gold Council, Uzbekistan has once again become the world leader in gold sales.
In April 2025, total gold purchases by central banks worldwide amounted to 12 tons, which is 12% less than in March and significantly below the average for the last 12 months (28 tons). This is the second consecutive month of decline in purchases.
WGC experts believe that the decline in demand may be linked to record gold prices recorded at the beginning of the year. Although central banks usually adhere to a long-term strategy, the rise in the price of gold may have temporarily reduced interest in active purchases.
The largest purchase in April was made by the National Bank of Poland, which increased its reserves by 12 tons to 509 tons. This exceeded the European Central Bank’s reserves of 507 tons. In total, Poland has purchased 61 tons of gold since the beginning of the year.
Other notable buyers included the central banks of the Czech Republic (+3 tons), China (+2 tons), Turkey (+2 tons), Kyrgyzstan (+2 tons), Kazakhstan (+1 ton), and Jordan (+1 ton).
Amid general caution in the gold market, the Central Bank of Uzbekistan continued to sell off its reserves, selling another 11 tons in April. Thus, for the third month in a row, the republic has maintained its position as the largest seller of the precious metal. Since the beginning of the year, gold reserves have decreased by 26 tons to 356 tons.
Uzbekistan retains its status as the largest gold exporter in 2025.
As of May 1, the country’s total gold and foreign exchange reserves reached $49.25 billion, equivalent to 15 months of imports. At the same time, foreign exchange reserves exceed $11 billion.
On the eve of Kurban-Hayit, a group of Ukrainian children arrived in Tashkent for rest and rehabilitation at the invitation of the Uzbek side.
The group includes children from regions of Ukraine affected by the war, including Kharkiv, Kherson, Mykolaiv, Zaporizhzhia, Sumy, Khmelnytskyi, Lviv, and Kyiv.
Over the course of 12 days, the children will undergo a program of health and psychological support.
Each day will be dedicated to a separate theme, from National Traditions Day to Sports and Health Day, with creative competitions and educational excursions.
The humanitarian mission aims to help children restore their inner balance and forget about their worries and shelling, at least for a while.
The children and their escorts were greeted with a ceremony at Tashkent International Airport, after which they left for a health camp in the foothills of the Tien Shan mountains.
Almost all relevant ministries and agencies of Uzbekistan are involved in the implementation of the program.
The Central Asia-European Union Economic Forum and Investor Forum will be held in Uzbekistan in November. This was announced by the European Union Ambassador to Tashkent, Toivo Klaar, during the celebration of Europe Day on May 12.
“These forums will open up new business opportunities,” said the head of the diplomatic mission.
As a reminder, during the first Central Asia-European Union summit, which took place in April, the EU announced an investment package for Central Asia worth €12 billion for the development of four areas: transport corridors, critical raw materials, green energy, and satellite internet.
Toivo Klaar also noted that the EU is looking forward to the next Human Rights Dialogue.
In addition, the European Union is expecting a visit by Uzbekistan’s President Shavkat Mirziyoyev to Brussels this year to sign an Agreement on Enhanced Partnership and Cooperation.
“This historic visit will open a new chapter in relations between the EU and Uzbekistan, which will be deepened, diversified, and modernized in many areas,” the EU ambassador said in his speech.
On June 1, 2025, the Agreement on the mutual abolition of visas between Uzbekistan and China will come into force.
Under the Agreement, citizens of the Parties shall be exempt from visa requirements for entry, exit, or transit through the territories of both countries for a period of up to 30 days for each separate stay and a total of up to 90 days within any 180-day period.
At the same time, the period of each entry and stay in the territory of the Parties shall not exceed 30 days.
The visa-free regime does not apply to employment, study, media activities, or other activities that require prior approval by the competent authorities of the other Party.
The American investment company Franklin Templeton Asset Management has begun managing the assets of the National Investment Fund of the Republic of Uzbekistan. The company’s participation in the management of the investment fund was announced in February of this year.
This agreement is being implemented with the aim of supporting Uzbekistan’s economic development and attracting international investors.
As part of the cooperation, Franklin Templeton will manage an investment portfolio of 18 state-owned enterprises and commercial banks owned by the Fund and implement transformation programs aimed at increasing their investment attractiveness. After the implementation of these programs, the shares of the Fund, as well as the enterprises and banks under its management, will be listed on local and international stock exchanges.
To this end, Franklin Templeton will implement transformation programs, including reviewing the development strategies of state-owned enterprises and banks, bringing their corporate governance, financial performance, internal audit, and risk management systems into line with international standards, and improving staff skills.
