As the first-ever EU-Central Asia summit started this week in Samarkand, Euronews spoke to Uzbekistan President, Shavkat Mirziyoyev, about how the EU is developing trade and investment ties with Central Asian states.
“Over the past seven years, the trade turnover between Central Asian countries and the EU has quadrupled, amounting to 54 billion euros,” Mirziyoyev said.
“We are pleased to see the growing interest of European businesses in the opportunities for trade and investment interaction with Uzbekistan and other countries of the region,” he added.
Strengthening the economic partnership with the EU
Mirziyoyev said Uzbekistan is consistently creating a favourable business environment, developing market institutions, and improving the investment climate - and noted key steps in this direction include the introduction of a "one-stop-shop" system for foreign investors, the liberalisation of the foreign exchange market, and the reduction of the tax burden on businesses.
“As a result, our country’s economic cooperation with the European Union has shown positive dynamics. In 2024, Uzbekistan's trade turnover with EU countries reached $6.4 billion, increasing by 5.2% compared to the previous year.
“More than 1,000 enterprises with European capital now operate in Uzbekistan, and the total volume of investment projects amounts to €30 billion,” he added.
The Uzbekistan President also pointed out that new opportunities for improved investment and trade relationships between the EU and Central Asia are likely to be created with the signing of the Enhanced Partnership and Cooperation Agreement (EPCA).
The Central Asian region is also key to building strong connectivity links between Asia and Europe, with Mirziyoyev emphasising that the region can be “an active participant in global economic processes.”
He said: “In this context, we propose aligning the EU’s Global Gateway strategy with key transport projects in our region, as well as jointly developing an Action Plan to advance the Trans-Caspian Transport Corridor.
“This will drive investment growth, infrastructure development, and the introduction of innovative technologies.”
However, the Uzbekistan President highlighted that it is vital to simplify trade processes, and provide better access for Central Asian goods to reach EU markets, in order to enhance economic ties.
“We are ready to supply the EU market with a greater volume of high-quality, environmentally friendly products that meet the highest European standards,” Mirziyoyev said.
How can Central Asia ensure the EU’s energy stability?
Central Asia has vast resources of energy resources and significant potential for the development of renewable energy. As such, it can go a long way in helping Europe improve its energy stability and reduce dependence on countries like Russia.
When asked about this, Mirziyoyev said that Central Asia can become a reliable partner, capable not only of ensuring stable energy supply but also of making a significant contribution to global decarbonisation.
“A major area of cooperation lies in the ongoing project, involving Central Asian countries, to create a Green Strategic Corridor through the Caspian and Black Seas to Europe. The implementation of this initiative will lay a solid foundation for our mutually beneficial energy connectivity.”
He also noted how the creation of a Central Asia-EU Clean Energy Partnership could help strengthen energy connectivity between the two regions, as could the development of a carbon credit market in Central Asia - to facilitate the production of sustainable energy, while also attracting more investments in clean technologies.
It comes as Central Asian countries ramp up their renewable energy facilities.
“In addition to the 14 newly commissioned solar and wind power plants, we plan to implement more than 50 similar projects with a total capacity of 24,000 megawatts. Over the next five years, we aim to increase the share of renewable energy sources to 54%,” Mirziyoyev said.
