Uzbekistan deepens financial and infrastructure ties with Britain

Uzbekistan is widening cooperation with the U.K. to pull in long-term capital, export finance and legal support for a planned financial center in Tashkent. The push follows new talks in London and rising investor interest in Uzbek assets, transport routes and critical minerals.

Why it matters: - Uzbekistan is trying to move from one-off capital deals to repeatable financing channels. - The shift could affect transport, energy, infrastructure and industrial exports. - A stronger U.K. link also matters for the planned International Financial Centre in Tashkent, which could lower legal and financing barriers for investors.

What happened: - On Oct. 9, President Shavkat Mirziyoyev met with U.K. Minister of State for Trade Lord Anas Sarwar. - The talks covered projects involving UK Export Finance in transport, energy, infrastructure and geology. - London also confirmed readiness to support the International Financial Centre in Tashkent under English law. - In May, Uzbekistan National Investment Fund listed on the London Stock Exchange. - The fund raised $690 million on demand of more than $2.8 billion. - The listing was the first international IPO by a Uzbek company.

The details: - Uzbekistan National Investment Fund holds minority state stakes in telecom, energy, transport and utilities. - UK Export Finance can provide guarantees and financing for projects involving British suppliers, spreading risk across lenders and investors. - The model is most relevant for long-payback sectors such as energy, railways and industry. - Financing support alone does not deliver projects; deal structuring and private capital are still required. - On July 2, 2025, the House of Lords discussed the Middle Corridor route from China to Europe via Kazakhstan, the Caspian Sea, Azerbaijan, Georgia and Turkey. - Cargo volumes on the route rose from about 800,000 tons in 2021 to 4.5 million tons in 2024. - Uzbekistan is not on the main corridor, but it can connect through Kazakhstan. - The route still depends on rail, port and logistics upgrades to sustain growth. - Britain and Europe are seeking alternative supplies of critical minerals for energy, electronics and manufacturing. - Uzbekistan, Kazakhstan and Kyrgyzstan have that resource potential. - On Oct. 9, the Uzbek-British economic committee discussed minerals, transport engineering and financing for joint projects. - The International Financial Centre in Tashkent would use English law to give investors predictable contracts, investment protection and clearer dispute procedures. - Foreign direct investment in Uzbekistan rose from $2.3 billion in 2021 to $4.4 billion in 2025. - The economy has grown at an average annual rate of about 6% over the past five years.

Between the lines: - The U.K. is not just offering capital. It is also offering legal architecture and export-finance tools that can make projects bankable. - Uzbekistan is positioning itself as a hub for both regional infrastructure and investor-friendly financial services. - The Middle Corridor and critical-mineral agenda give London a strategic reason to deepen ties beyond pure investment returns. - The main test is whether Uzbekistan can turn isolated transactions into a durable financing system.

What’s next: - Further project pipeline work is likely in transport, energy, infrastructure and geology. - The Tashkent financial center will need operational rules and investor confidence to become meaningful. - Progress on the Middle Corridor will depend on infrastructure upgrades and competition from other routes. - If the U.K.-Uzbekistan partnership keeps advancing, it could speed industrial modernization and broaden access to long-term capital.

The bottom line: - Uzbekistan is betting that finance, law and logistics together can unlock bigger and more durable British involvement in the region.