Uzbekistan's $12bn business drive gathers pace during Rubio visit

Uzbekistan has announced 54 agreements and proposed projects with American partners worth nearly $12bn (€10.7bn), following high-level meetings in Samarkand attended by US Secretary of State Marco Rubio.

Rubio met President Shavkat Mirziyoyev on Monday, with the two discussing trade, energy, critical minerals, aviation and technology. The two countries are seeking to expand their strategic partnership through private investment and joint industrial projects.

According to the Uzbek presidency, bilateral trade has increased by 35% since the beginning of the year, although it did not specify the comparison period.

New priorities for US investment

Senior officials and American business representatives attended the second meeting of the American-Uzbek Business and Investment Council, where the economic agenda was developed.

Mirziyoyev described the council as an important mechanism for developing joint projects, emphasising its distinctive role in Uzbekistan's international economic relations.

"We do not have this kind of format with any other country of the world," he said during his meeting with Rubio.

The Uzbek president announced a package of 54 agreements and prospective initiatives valued at around $12bn and called for a comprehensive action plan to support their implementation.

He also proposed a new approach to attracting investors, under which projects would be prepared with land, infrastructure, permits and administrative requirements already addressed.

Uzbek companies would be encouraged to participate as partners, while a newly established direct investment fund could help finance eligible projects.

Mirziyoyev identified critical minerals, renewable energy, electricity storage, data centres and artificial intelligence as priority areas. He also proposed a joint trade, investment and technology cooperation programme extending to 2035.

The council is co-chaired by Head of Uzbekistan's Presidential Administration Saida Mirziyoyeva and US Special Envoy Sergio Gor.

Mirziyoyeva encouraged US companies to bring investment proposals and practical problems directly to the council, positioning it as a mechanism for resolving obstacles rather than simply discussing future cooperation.

US investors praise growing activity

Business representatives interviewed by Euronews in Samarkand identified opportunities in mining, agriculture and financial services.

Dan Patterson, CEO of Silver Leaf International, pointed to the potential for Uzbek fruit exports to reach US consumers and for US companies to invest in mineral development.

"So there's also tremendous opportunity for minerals and mining advancements in almost every sector," Patterson told Euronews.

Quinn Martin, president of Bluestone, said US investment activity had accelerated after several years of discussions.

"Just my firm has been involved in three transactions in the last five months regarding US investors," he told Euronews.

According to Martin, the transactions involved Uzbekistan's national investment fund, banking and hospitality. He expects US investment to increase further over the coming years.

Uzbekistan's Deputy Minister of Investment, Industry and Trade Shokhrukh Gulyamov also described discussions with US financial institutions.

"Citigroup, one of the leading financial institutions in the United States, is in discussions with our banks about providing financing for various projects," Gulyamov told Euronews.

He also highlighted cooperation with Boeing, including aircraft deliveries and the supply of spare parts needed for maintenance.

Which companies are involved in the agreements?

According to Uzbekistan's Ministry of Investment, Industry and Trade, the agreements and proposed initiatives cover transport, energy, critical minerals, finance, digital technologies, agriculture and healthcare.

Railway manufacturer Wabtec is discussing locomotive supplies, maintenance services and local component production.

Financial cooperation involving Franklin Templeton, Oppenheimer & Co, Citigroup and BlackRock includes access to international capital markets, institutional investment and infrastructure financing.

In critical minerals, projects involving ReElement Technologies, Traxys and Trafigura cover geological exploration, processing technologies and mineral supplies.

Other initiatives include satellite communications with Amazon Leo, medical technologies with GE HealthCare and agricultural development with Valmont Industries.