London is becoming one of the centres through which Uzbekistan is seeking to attract long-term capital. This involves not only funding but also export finance, transport routes and the establishment of a financial centre in Tashkent.
“The country is gradually moving from one-off deals to systematic mechanisms for attracting capital,” notes Alona Lebedieva, owner of Aurum Group. According to her, it is precisely this transition that now determines the practical value of cooperation with the United Kingdom.
On October 9, President Shavkat Mirziyoyev met with Lord Anas Sarwar, the United Kingdom’s Minister of State for Trade. They discussed projects involving UK Export Finance in transport, energy, infrastructure and geology. London also confirmed its readiness to support the establishment of an International Financial Centre in Tashkent based on the principles of English law.
From IPO to Long-Term Financing
In May, Uzbekistan’s National Investment Fund was listed on the London Stock Exchange. The fund raised $690 million, with investor orders exceeding $2.8 billion. This was the first international IPO by an Uzbek company. Its portfolio includes minority state-owned stakes in telecommunications, energy, transport and utilities.
“The listing showed that institutional investors are willing to consider Uzbek assets,” says Lebedieva. “But one successful IPO is not enough. Regular instruments for long-term financing are needed.”
One such instrument is UK Export Finance. The British agency provides guarantees and financing for projects involving British suppliers, thereby sharing risks. This is important for energy, railways and industry, where investment payback periods are measured in decades. However, guarantees alone do not make projects happen: they still need to be properly structured and private capital must be attracted.
The Middle Corridor
On July 2, 2025, the House of Lords discussed the Middle Corridor – a route from China to Europe via Kazakhstan, the Caspian Sea, Azerbaijan, Georgia and Türkiye. It is seen as a way to diversify freight flows.
Freight volumes increased from approximately 800,000 tonnes in 2021 to 4.5 million tonnes in 2024. Further growth is constrained by railway, port and logistics capacity. Uzbekistan is not located on the main route but can connect to it through Kazakhstan.
“This creates more opportunities for industrial exports and provides an additional route,” believes Lebedieva. However, the impact will depend on how quickly infrastructure is modernised and how well the route can compete with alternative corridors.
Critical Minerals
Infrastructure is also important because it enables the transportation of raw materials. The United Kingdom and Europe are seeking alternative sources of critical minerals for energy, electronics and mechanical engineering. Uzbekistan, Kazakhstan and Kyrgyzstan possess such potential.
At the Uzbek-British Economic Committee meeting on October 9, critical minerals, transport engineering and financing for joint projects were among the topics discussed.
“London’s interest consists of three elements: infrastructure, access to raw materials and financial instruments,” notes Lebedieva. Implementation will depend on the terms of access to deposits, the regulatory environment and competition with other partners.
Financial Centre in Tashkent
Another area of cooperation is the establishment of an International Financial Centre based on the principles of English law. For investors, this means predictable contracts, investment protection and clear dispute resolution procedures. English law is widely used in international finance, and its application could reduce barriers.
“The centre is important not only as a place where money flows in, but also as an environment in which capital can operate over the long term,” says Lebedieva.
This initiative comes against a backdrop of growing investment: foreign direct investment (FDI) increased from $2.3 billion in 2021 to $4.4 billion in 2025, while average annual economic growth over the past five years has remained at around 6%. At the same time, investors are paying increasing attention to the sustainability of reforms and the quality of institutions.
What Comes Next
Cooperation gives Uzbekistan access to investors, export finance and legal expertise. British businesses gain opportunities to participate in the modernisation of industry, energy and transport in Central Asia.
“The main question is whether individual successful deals can be turned into permanent mechanisms for attracting capital,” emphasises Lebedieva.
If this succeeds, the combination of financing, legal instruments and infrastructure could accelerate modernisation. If not, cooperation will remain limited to individual projects with a restricted impact.