Why is this important
When Bloomberg, Citibank, and JPMorgan turn their attention to Uzbekistan, it’s not just a signal, but a shift in global attitudes towards the country.
This can accelerate access to capital markets, reforms, and the privatization of state assets.
What happened
- Bloomberg published a longread about Uzbekistan’s investment potential, comparing the country to “frontier markets” of the early 2000s.
- JPMorgan and Citibank have begun actively studying the market: they are conducting road shows and organizing investor trips.
- Uzbek authorities are launching a fund with the support of Franklin Templeton to place state-owned shares.
- Privatization and reforms are the main bait: Uzbekistan’s economy shows ambitious growth goals.
- Uzbekistan is perceived as the “next investment story” for the first time against the backdrop of Russia’s isolation.
What they say
- Bloomberg: “The country’s economy is transforming rapidly, and large funds see a chance to replicate the successes of markets like Vietnam”.
- Analysts call Uzbekistan a “new center of gravity” for global capital in Central Asia.
- JPMorgan: “There are risks, but they are manageable. The main thing is to confirm the intentions of reforms with actions”.
Context
Uzbekistan has been implementing reforms since 2016: free exchange rate, removal of barriers, plans for IPO of state-owned companies. Against the backdrop of geopolitical reorientation, the West is looking for alternatives to the Russian Federation in Eurasia. Bloomberg writes: investment teams are increasingly including Tashkent in their routes.
