Why is this important
The portfolio of €40 billion is the largest volume of European investment in Central Asia. Projects in critical minerals and “green” energy strengthen Uzbekistan’s position as a strategic partner of the EU. The completion of WTO accession negotiations opens the way for full integration into the global trade system.
What happened
- Mirziyoyev held talks with European Council President António Costa and European Commission President Ursula von der Leyen;
- Agreements were reached on new projects worth over €10 billion;
- The total portfolio of projects involving European companies exceeded €40 billion;
- The projects cover energy, logistics, pharmaceuticals, critical mineral extraction, textiles, and chemicals;
- The simplification of visa procedures to strengthen business and humanitarian ties was discussed.
Key topics
- Implementation of the agreements of the April “Central Asia— EU” summit;
- New projects in critical minerals, energy, transport, science and education;
- Completion of negotiations on Uzbekistan’s accession to the WTO with EU support;
- Significance of the Enhanced Partnership Agreement for Expanding the Legal Basis of Cooperation.
Business activity
At the beginning of October, the second EU Global Gateway forum was held with the participation of the Uzbek delegation. Recently, meetings of the Cooperation Council and the Subcommittee on Economy, Trade and Investment were held. On October 23, a business forum was held, and on October 24, a meeting was held with the heads of leading European companies.
Context
The EU is one of Uzbekistan’s largest trading partners and investors. The portfolio of €40 billion includes implemented, ongoing, and planned projects. New agreements worth €10 billion strengthen partnerships in strategic sectors.
Critical minerals are a priority for the EU as part of reducing dependence on China. Uzbekistan possesses reserves of rare earth metals, uranium, copper, and gold. European companies are interested in joint development of deposits and processing of raw materials.
Energy — participation in renewable energy projects corresponds to the European Green Deal. Uzbekistan is developing solar and wind energy to achieve 30% of “green” energy by 2030. European investors (Masdar, ACWA Power, Total Eren) are already implementing large projects.
Logistics — the development of transit routes between Europe and Asia through the Trans-Caspian corridor strengthens Uzbekistan’s role as a transport hub.
WTO accession — the completion of negotiations with EU support opens access for Uzbek goods to global markets on preferential terms and strengthens the legal protection of investors.
Simplifying visas is crucial for business trips and educational exchanges. The EU is considering simplifying visa procedures for Uzbek businesspeople and students.
