Uzbekistan, US Launch New Business and Investment Council

Uzbek President Shavkat Mirziyoyev has signed a decree establishing the US-Uzbek Business and Investment Council, a new platform aimed at strengthening strategic economic ties between Uzbekistan and the US.

The council will be co-chaired by the head of the Presidential Administration of Uzbekistan and a US presidential representative, The Caspian Post reports via Uzbek media.

Its mandate includes coordinating major investment and trade projects, creating a special investment fund with participation from the US Development Finance Corporation (DFC) and leading international financial institutions such as EBRD, IFC, and ADB, to finance infrastructure and strategic projects while mitigating investment risks.

The council will also promote Uzbekistan’s export potential, particularly in IT services, continue negotiations on tariff reductions, and develop proposals to diversify the country’s investment portfolio, including strategic use of Central Bank foreign reserves.

To strengthen coordination with US partners, starting January 1, 2026, Uzbekistan will appoint a counselor-envoy within its US embassy to oversee major investment projects and council activities. The decree also directs the Ministry of Foreign Affairs and Ministry of Investments, Industry, and Trade to expand the embassy staff and explore opening additional consulates in Philadelphia, Chicago, Orlando, and Seattle to support economic initiatives and engage the Uzbek diaspora.

Furthermore, starting January 1, 2026, Uzbek residents will be allowed unrestricted transfers of funds for investments and working capital for their US-based companies and subsidiaries, with the Central Bank adjusting legislation accordingly. The Ministry of Economy and Finance, together with the Central Bank, will also prepare measures to increase returns on investment assets and foreign reserves via profitable and liquid instruments in the US market.