The US and Uzbekistan are working to expand business-to-business contacts with the aim of expanding US trade and investment in some key economic sectors, including mining, energy, IT technologies, agriculture and artificial intelligence.

US Assistant Secretary of Commerce David Fogel signed a memorandum of understanding with Laziz Kudratov, the Uzbek minister of investment, on June 9 in Tashkent outlining plans to facilitate business delegation visits and promote investment opportunities, The Caspian Post reports via Eurasianet.

“The MOU is structured around actionable economic outcomes: supporting … a framework that moves the [US-Uzbek] relationship from intent to mechanism, said a commentary published by the semi-official UzDaily news outlet.

“The signing marks a practical step forward in what Tashkent has positioned as a pivotal external economic relationship - one increasingly defined by technology and investment rather than traditional commodity trade,” the commentary added.

Prior to the signing ceremony, Fogel met with Saida Mirziyoyeva, President Shavkat Mirziyoyev’s daughter and chief of staff.

“American businesses are showing increasing interest in investment and infrastructure projects in our country. It is important that this interest translates into concrete agreements, jobs, and new economic opportunities,” Mirziyoyeva wrote in a Telegram post.

The memo to promote business contacts is consistent with US aims outlined during a February meeting of Central Asian economic leaders in the Kyrgyz capital Bishkek, held under the auspices of the B5+1 process. The B5+1 is the private enterprise wing of the government-to-government C5+1 initiative.

Bilateral trade turnover reached about $1 billion in 2025. Late last year, President Mirziyoyev announced an investment plan with the United States potentially worth $100 billion over the next decade.