Business news from Ukraine

Business news from Ukraine

Uzbekistan and Ukraine Signed  Memorandum of Cooperation on Regulation of Medicines

On October 19–21 of this year, a Ukrainian delegation led by Deputy Minister of Health Yevhen Gonchar paid a working visit to Uzbekistan. The delegation also included Deputy Minister of Economy and Environment Vitaliy Petruk, Chairman of the Federation of Employers of Ukraine Ruslan Illichov, and representatives of pharmaceutical companies.

During talks with representatives of the Uzbek Ministry of Health and relevant agencies, the parties exchanged experiences in the areas of healthcare provision, drug reimbursement, public procurement, and improving access to medicines. Particular attention was paid to expanding the supply of Ukrainian pharmaceutical products, localizing production, and attracting investment.

A key issue was the simplification of GMP inspections of Ukrainian enterprises. Starting January 1, 2026, a national GMP certificate will be required for the registration of medicines and the renewal of registration certificates in Uzbekistan. At the same time, conducting inspections directly at Ukrainian production sites is complicated by the ongoing war. The Ukrainian side proposed allowing remote or hybrid inspections and temporarily extending the validity of existing certificates. Uzbekistan expressed its readiness to help resolve this issue, in particular by preparing legislative amendments that would provide for the possibility of remote inspections.

On October 21, the Uzbekistan Center for Pharmaceutical Product Safety and the Ukrainian Ministry of Health signed a memorandum on regulatory cooperation in the field of medicines and medical devices. The document provides for the exchange of information, expertise, and practical experience to ensure the quality, safety, and efficacy of medical products.

On the economic front, Vitaliy Petruk, Deputy Minister of Economy and Environment of Ukraine, and Akram Aliyev, Deputy Minister of Investment, Industry, and Trade of Uzbekistan, discussed the expansion of trade, economic, and investment ties, as well as the prospects for resuming the regular work of the intergovernmental commission.

The Ukrainian delegation visited the Tashkent Pharma Park pharmaceutical cluster, familiarized itself with its research and production infrastructure and opportunities for investors, and toured the production site of the Ukrainian company “Lekhim” in Uzbekistan. The cost of the company’s production complex project is estimated at 42.5 million U.S. dollars.

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TASHKENT CONTENT MARKET Will Be Held in Uzbekistan for First Time

On February 4–5, 2027, the “Uzbekexpo Center” exhibition complex will host the Tashkent Content Market 2027—the first major international platform in Uzbekistan’s history for representatives of the film, television, animation, digital media, and creative industries.

More than 3,000 representatives from over 50 countries are expected to attend. The program will feature an international exhibition, a professional forum, B2B meetings, screenings of audiovisual content, and venues for negotiating licensing, distribution, and co-production agreements.

The Tashkent Content Market is designed to serve as a bridge between Central Asia and the global media market, opening up new opportunities for international cooperation, content exchange, joint projects, and attracting investment in the creative industries.

Participants will be able to present their products to international buyers, discuss the acquisition of content distribution rights, and establish business contacts with TV channels, streaming platforms, distributors, and investors.

Participation in the program’s main events will be free for confirmed participants. Online registration began on September 1, 2026.
The event is organized by the Center for Media Content Training under the Administration of the President of the Republic of Uzbekistan, with support from partner organizations.

The Embassy of the Republic of Uzbekistan invites interested representatives of the media industry, the creative sector, and the business community to learn more about the opportunities for participating in the Tashkent Content Market 2027.

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Uzbekistan and China Strengthen Their Strategic Partnership

October 17–18 of this year Li Qiang, Premier of the State Council of the People’s Republic of China, paid an official visit to the Republic of Uzbekistan with the aim of further strengthening the comprehensive strategic partnership between the two countries, expanding trade, economic, and investment cooperation, and implementing the agreements reached at the highest level.

On October 17, President of the Republic of Uzbekistan Shavkat Mirziyoyev received the Chinese delegation. The parties discussed the practical implementation of the agreements reached during the meeting of the two countries’ leaders in Bishkek in August 2026 and noted the intensification of contacts between parliaments, governments, regions, and business circles. Uzbekistan reaffirmed its commitment to the “One China” policy.

On the same day, talks between Uzbekistan’s Prime Minister Abdulla Aripov and Li Qiang took place at the “Uzbekistan” International Forum Palace. The main focus was on developing cooperation in industry, energy, agriculture, transportation, digital technologies, and other promising sectors.

Over the past five years, the volume of bilateral trade has tripled, reaching nearly 18 billion U.S. dollars by the end of 2025. The volume of Chinese direct investment in Uzbekistan’s economy in 2025 amounted to 17 billion U.S. dollars. There are more than 6,500 enterprises with Chinese capital operating in the country, and the portfolio of promising joint projects is estimated at approximately 60 billion U.S. dollars.

The parties emphasized the importance of constructing the China–Kyrgyzstan–Uzbekistan railway, which is expected to expand the region’s transport connectivity and create additional opportunities for trade. Other priorities include the development of renewable energy, the chemical industry, automotive manufacturing, metallurgy, geology, infrastructure, peaceful nuclear energy, artificial intelligence, robotics, and machine tool manufacturing.

Special attention was given to the development of tourism, cultural, and educational exchanges, particularly increasing the frequency of flights between cities in the two countries. Uzbekistan Culture Days in China and the reciprocal opening of cultural centers are planned for the near future. Cooperation within the framework of the Shanghai Cooperation Organization and the “Central Asia–China” format was also discussed.

Following the talks, bilateral memorandums of cooperation were signed in the fields of industry, energy, customs administration, healthcare, e-commerce, and mass media. A symbol of the strengthening of friendly ties was the decision to name one of Tashkent’s streets “Beijing.”

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Ukrainians’ net sentiment toward Uzbekistan stands at +11.2 percentage points, according to study

In August 2026, Ukrainians’ attitudes toward Uzbekistan remain predominantly neutral: 55.6% of respondents hold this view. Taking these categories together, 25.7% of those surveyed view the country positively, while 14.5% view it negatively, according to the Experts Club Information and Analytical Center. In the summary report, the positive figure is listed as 25.6%, which is due to the rounding of the raw data.

6.5% of Ukrainians have a completely positive attitude toward Uzbekistan, while 19.2% have a mostly positive attitude. 55.6% of respondents chose a neutral response. 13.1% view the country mostly negatively, 1.4% completely negatively, and another 4.3% were undecided.

When the categories are combined, the balance between positive and negative attitudes is +11.2 percentage points. Positive assessments thus outnumber negative ones by approximately 1.8 times. At the same time, more than half of those surveyed do not express a strong positive or negative stance toward the country.

In the overall regional picture, Uzbekistan has a less pronounced positive image than Georgia and Azerbaijan. In August, positive assessments stood at 57.3% for Georgia and 48.7% for Azerbaijan, while a high proportion of neutral responses remains the key feature of perceptions toward Uzbekistan.

At the same time, compared to the April 2025 survey, attitudes have become more defined. At that time, 63.4% of Ukrainians held a neutral stance toward Uzbekistan, 21.7% had a positive view, 9.3% had a negative view, and 5.6% were undecided. Thus, the positive segment grew by approximately 4 percentage points, the negative segment by 5.2 percentage points, and the share of neutral responses decreased by 7.8 percentage points.

Maksym Urakin, founder of the Experts Club Information and Analytical Center and a candidate of economic sciences, believes that a key factor in how Uzbekistan is perceived remains Ukrainians’ lack of awareness about the country’s current role in Central Asia.

“For a significant portion of Ukrainian society, Uzbekistan remains a rather distant country. People are exposed to far less information about its economy, business, politics, or humanitarian ties than they are about EU countries, the Caucasus, or Ukraine’s immediate neighbors. That is precisely why the neutral group still accounts for more than half of the respondents,” Urakin noted.

At the same time, he said, the decline in the share of neutral responses—from 63.4% in April 2025 to 55.6% in August 2026—is a more significant signal than the individual increase in positive or negative assessments.

“We are seeing the gradual formation of a more defined image of Uzbekistan. Some respondents are shifting from a neutral stance to a specific assessment of the country. At the same time, positive attitudes still significantly outweigh negative ones. This means that there is a sufficiently favorable foundation for the development of economic, educational, cultural, and humanitarian ties, but the image of Uzbekistan in Ukraine still requires a greater informational presence,” Urakin added.

The current results partially confirm this assessment: the neutral group remains the largest, but it has shrunk significantly compared to 2025. The simultaneous increase in both positive and negative responses indicates, above all, the gradual formation of a more defined attitude toward Uzbekistan.

The survey was conducted in August 2026 using an online self-administered questionnaire via the SunFlowerSociology panel among 800 Ukrainian citizens aged 18 and older. The sample is representative by age, gender, and region; the maximum theoretical margin of error for indicators at the 50% confidence level is ±3.5 percentage points.

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Georgia and Azerbaijan Have Highest Positive Ratings Among Ukrainians in Region — Experts Club

Georgia has the highest balance of positive and negative attitudes among Ukrainians among the countries of the Caucasus and Central Asia included in the study—48.5 percentage points. Azerbaijan scored 40.1 percentage points, while Uzbekistan’s score was 11.1 percentage points. These findings come from the third wave of the study “Ukrainians’ Attitudes Toward Countries Around the World,” conducted by Active Group in collaboration with Experts Club, according to the Experts Club Information and Analytical Center.

57.3% of Ukrainians surveyed view Georgia positively, 32.1% neutrally, 8.8% negatively, and another 1.8% were undecided. The balance of positive and negative assessments stands at 48.5 percentage points and has gradually increased over the three waves of the survey: from 45.6 percentage points in August 2025 to 47.5 percentage points in March 2026 and 48.5 percentage points in August of this year. The current figures for positive attitudes and the balance are confirmed by the published survey data.

A positive attitude toward Azerbaijan was expressed by 48.7% of respondents, a neutral one by 39.5%, a negative one by 8.6%, and another 3.1% chose the “difficult to answer” option. The balance stands at 40.1 percentage points. Compared to March 2026, it has risen from 37.8 percentage points, but remains lower than the August 2025 level of 51 percentage points. In terms of the share of positive assessments, Azerbaijan ranks second in this regional group after Georgia.

Attitudes toward Uzbekistan are characterized primarily by a high proportion of neutral assessments. 25.6% of respondents view the country positively, 55.6% neutrally, 14.5% negatively, and another 4.3% are undecided. The balance between positive and negative responses is 11.1 percentage points. In the study’s analytical materials, the high proportion of neutral responses is noted as a characteristic feature of perceptions of countries in the region that receive less media attention from the Ukrainian audience.

Thus, the balance remains positive for all three countries surveyed, but the structure of the assessments differs significantly. In the case of Georgia, the overwhelming majority of respondents express a positive attitude; positive assessments also prevail regarding Azerbaijan, while a neutral stance dominates in assessments of Uzbekistan.

Maksym Urakin, founder of the Experts Club Information and Analytical Center, deputy director of the Interfax-Ukraine news agency, and candidate of economic sciences, emphasized the importance of systematic communication between foreign partners and Ukrainian society.

“Second, we must be open to questions and inquiries from the media and the public. We also need to make use of our sociological data,” Urakin noted. According to him, it is important for embassies to regularly inform the Ukrainian audience about specific results of cooperation and to maintain full-fledged communication in the Ukrainian language.

Oleksandr Pozniy, director of the research company Active Group, drew attention to the need to develop the practical component of international economic cooperation.

“We should focus not only on raising general awareness. We need to expand cooperation with countries where we can achieve a positive trade balance,” Pozniy noted. He also highlighted the role of business associations, the Ministry of Economy, and the Ministry of Foreign Affairs in developing bilateral relations.

The survey was conducted in August 2026 using self-administered online questionnaires via the SunFlowerSociology panel. A total of 800 Ukrainian citizens aged 18 and older were surveyed. According to the organizers, the sample is representative in terms of age, gender, and region, and the maximum theoretical margin of error for indicators at the 50% confidence level is ±3.5 percentage points. This is the third wave of the survey, following surveys conducted in August 2025 and March 2026.

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Poland Overtook China and Became the Largest Gold Buyer Among Central Banks in 2026 – Experts Club

Poland became the largest gold buyer among the world’s central banks in January-August 2026, increasing its reserves by approximately 98 tonnes, according to an Experts Club analysis based on World Gold Council (WGC) data published on October 6.

In August, global central banks continued actively increasing their gold reserves, purchasing another 39 tonnes on a net basis compared with 23 tonnes a month earlier. However, the ranking of cumulative purchases since the beginning of the year differs noticeably from the results of August alone.

According to the WGC, the largest gold buyers in January-August 2026 included:

Poland – about 98 tonnes
China – about 80 tonnes
Uzbekistan – about 50 tonnes
Kazakhstan – about 36 tonnes
Czech Republic – about 14 tonnes

The National Bank of Poland retained first place thanks to the continuation of its large-scale precious metal accumulation programme. In August alone, the Polish central bank purchased another approximately 7.8 tonnes.

As a result, Poland’s gold holdings approached 648 tonnes, while the National Bank’s strategic target is 700 tonnes.

China ranks second. In August, the People’s Bank of China was the largest buyer in the world, increasing its reserves by as much as 20.2 tonnes.

In January-August, China purchased about 80 tonnes of gold, while its official gold reserves reached approximately 2,387 tonnes. Gold accounts for about 9% of the country’s international reserves.

At the same time, China has continued buying the precious metal for 22 consecutive months, making it one of the most consistent buyers among the world’s largest central banks.

Uzbekistan ranks third, having increased its gold reserves by approximately 50 tonnes since the beginning of the year. In August, the country purchased another approximately 7.8 tonnes. The total volume of gold in Uzbekistan’s reserves reached approximately 439 tonnes, with the precious metal accounting for about 90% of the country’s international reserves.

Kazakhstan ranks fourth, with purchases of approximately 36 tonnes over eight months. In August, the National Bank of Kazakhstan added about 7.4 tonnes, bringing its gold holdings to approximately 377 tonnes. Gold accounts for about 79% of the country’s international reserves.

The Czech Republic rounds out the top five largest buyers. The Czech National Bank purchased 14 tonnes since the beginning of the year, including approximately 1.7 tonnes in August. The country’s total gold reserves reached around 86 tonnes.

Notably, the Czech Republic has been increasing its gold holdings for 42 consecutive months, implementing one of the most consistent reserve expansion programmes among European central banks.

At the same time, Turkey and Russia became the largest gold sellers since the beginning of 2026. Turkey reduced its reserves by approximately 82 tonnes, although in August it returned to purchases and bought about 2.9 tonnes. Russia sold about 56 tonnes in January-August, including approximately 6.2 tonnes in August.

The World Gold Council notes that the continued presence of the same countries among active buyers indicates the long-term nature of gold accumulation policies. Monthly changes in purchase volumes largely reflect the implementation schedules of these programmes, market conditions and the liquidity needs of individual countries.

According to the WGC, in January-August 2026 central banks reported net purchases of approximately 170 tonnes of gold. At the same time, officially recorded changes in reserves do not necessarily reflect total public-sector demand, as some central bank transactions become known with a delay or are not disclosed.

The World Gold Council regularly tracks changes in central banks’ official gold reserves based on data from the International Monetary Fund, national regulators and other official sources. The WGC regards central bank demand as one of the key factors in the global gold market.

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