According to Fixygen, on April 1 of this year, Uzbekistan issued sovereign international bonds denominated in local currency on global financial markets for an amount equivalent to $1 billion, at a historically low interest rate of 12.25%. This was reported by the Ministry of Economy and Finance.
For comparison: the yield on similar three-year issues in previous years was significantly higher—16.625% in 2024 and 15.5% in 2025. The decline in borrowing costs reflects growing confidence among global investors in the republic’s macroeconomic stability and the reform agenda outlined in the “Uzbekistan-2030” Strategy.
Demand from foreign investors was overwhelming.
During the auction on April 1, nearly 50 major funds from the U.S., Europe, Asia, and the Middle East submitted bids totaling 24.3 trillion soums, which was four times the initial offering. As a result, bonds worth 12.2 trillion soums were successfully placed. Notably, the final yield was even lower than the yield on Uzbekistan’s domestic financial market.
The relevant agency highlighted the uniqueness of the event: this issuance of Eurobonds in the national currency became the largest transaction of its kind in Central and Eastern Europe, the Middle East, and Africa over the past 15 years. The success of the placement confirmed the stability of the country’s economy even amid ongoing geopolitical tensions worldwide.
On March 25 of this year, the President of Uzbekistan reviewed a presentation on the establishment of the Tashkent International Financial Center, the launch of the International Center for Digital Technologies, and the introduction of Islamic finance mechanisms into the banking system.
It was noted that the current geopolitical situation opens up additional opportunities for attracting international capital, and it is important for Uzbekistan to promptly take advantage of this window of opportunity. To achieve the goal of attracting more than $50 billion in investments this year, the focus is on simplifying market access for investors, creating a transparent business environment, adopting international legal standards, and offering additional incentives.
The key areas identified are the development of the financial and digital sectors, as well as the diversification of banking services through Islamic finance. It is expected that the institutions being established will ensure an influx of new types of investment, job creation, export growth, and the improvement of workforce skills. The initiatives include:
Following the presentation, the President instructed that the practical implementation of certain initiatives be accelerated, emphasizing their importance for the development of a modern and competitive economy.
The Embassy of the Republic of Uzbekistan invites everyone to participate in the 2026 Tashkent International Marathon, which will take place on April 5, 2026, in Tashkent.
The marathon is timed to coincide with the celebration of the national holiday Navruz and aims to strengthen international friendship, foster cooperation, and promote a healthy lifestyle. The event is organized in accordance with World Athletics requirements and is aimed at obtaining World Athletics Label Road Race status, which guarantees a high level of organization and compliance with international standards.
The program includes the following distances:
• Marathon (42.195 km)
• Half Marathon (21.097 km)
• 10 km
• 5 km
• 2 km (race for people with disabilities)
• 3 km (Nordic walking)
• Kids Run (1 km, 600 m, 400 m)
Over the course of 20 years in the Central Asian market, the Star Brands Group (Flint, Chipster’s, BigBob) has established four production facilities in Kazakhstan and is preparing to expand into Uzbekistan, said Star Brands Director of Strategic Marketing Yevgen Razuvayev at the Forbes Ukraina Exporters Summit.
“In our case, everything was built against the odds. In 2006, we entered Kazakhstan but couldn’t find a single logistics company or distributor capable of ensuring a nationwide presence in a country that stretches over 3,000 kilometers from east to west. So we became our own first national distributor: our ‘rapid response team’ of 13 people went there and learned about the new culture and customs right on the ground,” Razuvayev said.
The speaker paid special attention to the transformation of logistics chains due to Russian aggression. According to him, Star Brands made a fundamental decision to completely cease operations and exit the Russian market as early as 2014–2016, without waiting for this to become a widespread trend among large businesses.
“I’ll let you in on a secret: we exited that market back in 2014, when it wasn’t ‘extremely popular.’” “We realized we wouldn’t be able to ensure normal logistics from Ukraine to Central Asia, since the main route—the railway—ran through the territory of the aggressor country, which we don’t even want to mention. Transit became impossible without a critical increase in the product’s price,” the manager emphasized.
It was precisely the logistics blockade and the impossibility of safe transit through Russia that prompted the creation of our own production facilities directly in Kazakhstan. Currently, four Star Brands sites are operating successfully there, specifically for the production of crackers and potato chips, which allows the company to maintain a competitive cost of goods sold in the region.
“Logistics matters more for our product than it does for metallurgy. When we sell chips, we’re essentially ‘transporting air.’ That’s why logistics costs are extremely important in our production costs. If you don’t have a truly unique product, then when you calculate your capabilities ‘bottom-up’ and ‘top-down,’ the numbers just don’t add up. It takes a special talent to build a business where logistics ‘eat up’ the entire margin,” Razuvayev explained.
The marketing director also urged Ukrainian exporters to “stop looking only toward the European Union” and turn their attention to the East, specifically to Uzbekistan, whose population already exceeds that of Ukraine.
“Uzbekistan is a country undergoing remarkable changes. From a completely closed-off territory, it is transforming into a market with enormous potential. For us, it serves as a springboard for further development in Eastern countries. Look to the East—that’s the real Asia, where there are countless opportunities,” he concluded.
Star Brands is an international trading and manufacturing group of companies founded in 1995 in Dnipro. The holding operates as a vertically integrated structure with a full cycle of production, logistics, and marketing, and unites 33 production sites. The group includes the distribution company “Concept” with a portfolio of over 50 international brands, its own logistics company “Logistic American,” and the Star Brands Asia division for business development in Central Asian countries.
The group’s portfolio includes 32 brands, among which are the snack brands Flint, Chipster’s, BigBob, and “San Sanich,” the grocery brands “Khutorok” and La Pasta, as well as the non-food brands SoHo and Zeffir. Products are exported to 35 countries worldwide, including the EU, the U.S., and the Baltic states.
Akmalkhuzha Mavlonov, Chairman of the Customs Committee of the Republic of Uzbekistan, held a meeting with representatives of the pharmaceutical industry to discuss streamlining drug imports, strengthening quality control, and addressing systemic market issues. According to the data presented, in 2025, the total turnover of pharmaceutical products in the country reached $2 billion, which is 18% (about $300 million) more than a year earlier, while exports amounted to $32 million.
According to Mavlonov, pharmaceutical products are imported from 79 countries, primarily India, Russia, China, Turkey, Germany, and Ukraine, with about 85% of imports (approximately $1.7 billion) accounted for by finished medicinal products. He also named the largest importers among Uzbek companies, including Grand Pharm Trade, Meros Pharm, Farm Lyuks Invest, GD Pharm, Eurofarm Business, and Astor Alliance.
The Customs Committee announced that starting in 2026, medicines must be stored only in customs and free warehouses that meet the requirements of good storage practices and have appropriate storage conditions. At the same time, medicines and medical products worth $379 million, imported by 63 enterprises within the structure of the Agency for the Development of the Pharmaceutical Industry, are currently under customs storage and control. Mavlonov emphasized the need for quality and circulation checks: “Checks are objectively necessary. Without inspections, it is impossible to allow such products to be consumed by the population.”
It was also noted that over the past three years, customs authorities have detected 3,914 violations in the field of illegal circulation of medicines and medical products, and in 2025, according to the committee’s estimates, about 40% of imported medicines were imported during a period of high temperatures, which creates risks of violating transportation and storage conditions.
Ukraine has traditionally been a prominent supplier to the Uzbek pharmaceutical market and was among the leaders in terms of supplies: According to data from the State Statistics Committee of Uzbekistan, cited by local media, in 2021 Ukraine was the fourth largest exporter of pharmaceutical products to Uzbekistan (after India, China, and Russia) with a value of $86 million. At the same time, Uzbekistan is one of the key destinations for Ukrainian drug exports — in 2023, it became the largest market for Ukrainian pharmaceutical products ($53 million, or 19.1% of exports in this group).
A separate trend is the localization of production with the participation of Ukrainian companies in Uzbekistan. In particular, Farmak is implementing a project in the Tashkent Pharma Park cluster with the localization of solid dosage forms (tablets and capsules) according to GMP standards, which, according to the project statement, will enable the production of over 500 million tablets per year.
In addition, in 2023, Ukrainian company YURiA-PHARM, with the support of EBRD financing, acquired Uzbek company Reka-Med; the EBRD noted that the deal should enable local production for the Uzbek market and reduce risks for exports in the context of the war.
The American company Gulf intends to open a network of gas stations in Uzbekistan and invest in the aviation industry. This was announced by the company’s vice president Craig Kramer on February 18 in Washington at a meeting of President Shavkat Mirziyoyev with representatives of American business and financial institutions.
According to him, over the next two years, the company plans to launch at least 100 modern and convenient gas stations that will meet Western standards.
“They will be built according to Western standards and provide high-quality fuel. During this period, we will invest at least $150 million in retail assets. The financing is fully secured. Each facility will be modern and unique in terms of volume and design,” he said in a story on Uzbekistan 24 TV channel.
In addition, it is planned to create transport centers for tourists and transit carriers along the highways.
“These projects will create at least 30 new jobs at each facility. In total, more than 3,000 new jobs will be organized for Uzbek citizens,” the Gulf representative said.
Kramer said that he had received proposals from the country’s regions on infrastructure development.
“I have received specific proposals from all the khokims of Uzbekistan’s regions to develop nearly 200 gas stations across the country. This clearly demonstrates that your country has an open business climate and a high level of trust in investors,” he said.
The company also intends to introduce modern technologies and develop the aviation sector.
“We will launch mechanisms that provide modern amenities for retail and corporate clients. Along with retail, we are also investing in aviation. About $50 million will be invested in the aviation sector through Gulf Aviation,” Kramer said.
According to him, this will provide Uzbekistan’s rapidly growing aviation industry with a safe and stable fuel supply, as well as establish a reliable supply system for local and international airlines.
Gulf’s operating base in Central Asia is planned to be located in Tashkent.
“This will be another important step towards transforming Uzbekistan into a center of regional logistics and retail infrastructure,” the company representative emphasized.
The fuel for the stations will be purchased at the Republican Commodity Exchange on general terms and conditions, as well as imported.
