Tashkent and Washington, DC officials have commended the establishment of the US-Uzbekistan Business and Investment Council, saying it will prove instrumental in smoothing the way to turning multiple investment deals under discussion into deliverable projects.

The agenda of the new bilateral body was discussed at the American-Uzbek Business Forum, held on June 16 during the 5th annual Tashkent International Investment Forum (TIIF 2026) at CAEx Uzbekistan exhibition centre. Officials and executives gathered at the event moved beyond broad commitments toward a growing pipeline of structured investment initiatives.

The forum brought together government representatives, US financial institutions and major American corporations with a focus on expanding trade, accelerating investment flows and creating jobs in strategically important sectors.

Record US participation

Opening the forum, Uzbekistan's Minister of Investment, Industry and Trade Laziz Kudratov pointed to what he described as a historic level of engagement with the Central Asian country from American business.

“Today, 193 American companies are represented at the Tashkent International Investment Forum — this is an absolute record,” he said. “This signals that American business views Uzbekistan not only as a market but also as a long-term investment partner.”

The scale of participation pointed to growing US commercial interest in Uzbekistan’s reform agenda and its efforts to attract foreign capital into infrastructure, industry and technology, he added.

Structured cooperation

The programme opened with a high-level panel session and a fireside chat titled “Innovation, Investment and Jobs: New Horizons of US-Uzbek Cooperation,” where officials and investors focused on how to translate dialogue into bankable projects.

US International Development Finance Corporation (DFC) CEO Ben Black highlighted Central Asia’s long-term economic trajectory, pointing to a population of more than 100mn and rising demand for infrastructure and investment.

Export-Import Bank of the United States (EXIM) president John Jovanovic described the current moment as a rare window to deepen cooperation, stressing that EXIM can play a central role in scaling the flow of US technology, equipment and services into Uzbekistan’s private sector.

Critical minerals move to centre

A dedicated session on “Critical Minerals and Advanced Technologies: The Foundation of Future Industrial Development” reflected growing global competition for strategic resources and Uzbekistan’s increasing relevance in that space.

FLSmidth senior vice president Peter Flanagan said mining remains a key driver of industrial development and mentioned ongoing modernisation efforts, including the launch of the MOF-3 copper beneficiation complex at Almalyk Mining and Metallurgical Complex, as evidence of accelerating industrial transformation.

Executives across technology, agriculture, aviation and finance also outlined potential projects linked to Uzbekistan’s industrial and digital modernisation agenda.

New investment architecture

A key outcome of the forum was the announcement of the inaugural members of the US-Uzbekistan Business and Investment Council, launched in Washington in April.

The council brings together senior officials from DFC, EXIM, the US Department of Commerce and the US Department of State, alongside US Ambassador Jonathan Henick.

Co-chaired by US Special Envoy for South and Central Asia Ambassador Sergio Gor and Saida Mirziyoyeva, head of Uzbekistan's presidential administration, the council is designed as a permanent platform to accelerate investment and coordinate major bilateral projects.

Officials emphasised Uzbekistan’s reserves of critical minerals as a strategic asset for US industries in energy, technology and defence supply chains.

Bilateral trade continues its upward trajectory. The United States ranked 12th among Uzbekistan’s top trading partners in January-April, with turnover reaching $342.7mn, up from $304.4mn in the same period of 2025, representing an increase of $38.3mn, or 12.6% y/y. Compared to the $262.2mn recorded in 4M24, the trade figure for the first four months of this year shows a 30.7% rise.

While still distinctly limited in absolute terms, the steady increase reflects expanding corporate engagement and a gradual deepening of commercial ties.

Presidential meetings with US business leaders

On the eve of the forum, President Shavkat Mirziyoyev met with senior executives from leading US companies including Air Products, Boeing, BlackRock, Visa, JPMorgan, Meta and others.

The president outlined priority areas for cooperation, including critical minerals, energy, metallurgy, artificial intelligence, finance and digital technologies. Corporate representatives presented investment proposals and highlighted improved conditions for foreign investors.

The meeting concluded with an exchange of bilateral documents with leading US companies.

Separate talks between Mirziyoyev, EXIM president John Jovanovic and DFC CEO Ben Black focused on expanding financial support for large-scale infrastructure.

Projects discussed included a new international airport in Tashkent, a modern medical complex in Fergana, a digital bank, data centres and dry ports.

The parties also agreed to develop a joint investment platform targeting healthcare, energy modernisation and infrastructure development and to prepare a unified roadmap to move projects into implementation.

US industrial group Air Products reaffirmed its long-term commitment to Uzbekistan. CEO Eduardo Menezes met Mirziyoyev to discuss further expansion of operations.

The company has already invested more than $1bn in Uzbekistan across industrial gas production, hydrogen projects at the Fergana Oil Refinery, gas processing at Uzbekistan GTL and carbon dioxide production at Navoiazot, alongside education initiatives in Tashkent and Karshi.

Both sides agreed to accelerate new projects under a joint roadmap, reinforcing Air Products’ position as one of the most established US industrial investors in the country.

US-Uzbek economic relations are entering a more structured phase, defined less by political signalling and more by institutional frameworks, financing mechanisms and project-level delivery.