Uzbekistan

Ankara-Tashkent relations: What’s the next milestone?

Authors: Marin Mae Ekstrom and Wilder Alejandro Sánchez*

The Organization of Turkic States (OTS) recently held a summit focused on “Artificial Intelligence and Digital Development.” While the May 15 meeting itself did not offer any groundbreaking resolutions, all five heads of the OTS member states participated and reaffirmed their commitment to greater cooperation and integration. This summit was just one example in a series of events that demonstrate growing unity and collaboration among the Turkic states.

How far integration will go between Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye, and Uzbekistan is debatable. There are several regional initiatives that are bringing these countries, as well as other states across the Caucasus and Central Asia, together, including connectivity projects such as the Middle Corridor and the Uzbek-Kyrgyz-Chinese railway, as well as agencies such as the Shanghai Cooperation Organization and the Eurasian Economic Union.

However, to secure the success of most multilateral initiatives, bilateral relations between participating members must be consolidated. When ties between two countries are stabilized and routinely strengthened, a bilateral friendship serves as a building block for expanding to additional actors and ensuring constant, reliable dialogue and collaboration among all involved players.

Türkiye, the leader of the Turkic world in terms of population, economic strength, and growing global geopolitical influence, is leveraging shared Turkic heritage to deepen and cement engagement with other OTS members. Uzbekistan is a natural and important partner: as the most populous Central Asian state, it is the second-largest majority-Turkic state in terms of both language and population. The landlocked nation has the third-largest economy in the Turkic world and is rapidly developing economically and expanding its membership in international initiatives.

This commentary will thus provide an analysis of Ankara-Tashkent relations. However, while statements by presidents & joint economic and investment projects are important parts of this geopolitical puzzle, the true sign of integration between two nations often occurs at the cultural level.

BILATERAL POLITICAL AND ECONOMIC RELATIONS

Bilateral relations between Türkiye and Uzbekistan are particularly dynamic. It is noteworthy that high-level meetings occur quite regularly: Presidents Recep Tayyip Erdoğan of Türkiye and Shavkat Mirziyoyev of Uzbekistan met in Ankara on January 29, as part of the 4th meeting of the Joint Strategic Planning Group (JSPG). The two leaders signed several agreements, including the “Decision on Cooperation Mechanisms for Comprehensive Strategic Partnership Relations between the Republic of Türkiye and the Republic of Uzbekistan,” an agreement on health cooperation, a memorandum of understanding for the development of international transport corridors, and a memorandum of understanding for promoting cooperation in mining.

The two countries celebrated 34 years of diplomatic relations, and the Turkish state-run news agency Anadolu marked the occasion with a March op-ed; the essay described bilateral relations as evolving into a “comprehensive strategic partnership.” The Uzbek presidency has utilized the same wording to describe the current level of bilateral relations.

Trade between Türkiye and Uzbekistan has nearly tripled over the past decade, rising from USD$1.2 billion in 2016 to over USD$3 billion in 2025. Short and long-term trade targets amount to USD$5 billion and USD$10 billion, respectively. Türkiye is the fourth-largest trading partner of Uzbekistan, accounting for 3.7% of Uzbekistan’s foreign trade. Uzbekistan is not as high a trade priority for Turkiye: even in Central Asia, which is not Turkiye’s primary trade area, Kazakhstan is a larger overall partner. Although neither country is pursuing top trading status with the other, trade and engagement remain high priorities for both Ankara and Tashkent. The evidence clearly displayed that both nations have taken major strides to consolidate both political and economic engagement.

THE CULTURAL FACTOR

From a cultural standpoint, Türkiye has swiftly gained soft power traction in Uzbekistan. Turkish TV series and movies enjoy immense popularity in Uzbekistan: the appeal of Turkish media, coupled with expanded transit options between the two countries, has inspired a tourism boom to Türkiye. From January to October 2025, over 230 thousand Uzbek nationals traveled to Türkiye for various reasons, a 16.3% increase compared to the same period in 2024.

Conversely, Uzbek influence in Türkiye is also increasing. Turkish tourism to Uzbekistan is also rising: between January and April 2025, around 49,400 Turkish citizens visited Uzbekistan for tourism, a 57.4% increase compared to the same time period in 2024. Turkish businesses are also investing in Uzbekistan’s tourism sector: Turkish partners support 12 hotels and over 100 joint restaurants, and in 2025-2026, Turkish investors pledged to help finance 11 additional hotel projects.

Language is another area of soft power, as Turkish is one of the top five most popular foreign languages to learn in Uzbekistan. Factors, including the popularity of Turkish media, academic study, and career opportunities, have bolstered its appeal. Although the study of Uzbek in Türkiye is not as widespread, the linguistic overlap between the two makes it relatively easy for a native Turkish speaker to learn Uzbek and vice versa, making it a less daunting endeavor than the study of other languages.

Cultural relations and people-to-people diplomacy are sometimes overlooked in grand analyses of international relations, as analysts and scholars often focus on presidential summits, trade agreements, investment, or joint military initiatives. However, people-to-people relations, as well as cultural and public diplomacy, are important tools in a country’s toolkit for strengthening grassroots ties.

Generally speaking, the OTS and its member governments support initiatives to promote people-to-people relations and to continue developing a common Turkic identity. During the recent OTS summit, the five leaders reaffirmed their determination to deepen cooperation in digital transformation, innovation, artificial intelligence, connectivity, and sustainable economic development. More broadly, they highlighted their shared commitment to further deepening solidarity, mutual trust, and strategic cooperation within the Turkic World in line with the objectives of the “Turkic World Vision-2040.”

Specifically, the heads of state “laid a time capsule to officially launch the construction of the Center of the Turkic Civilization.” This Center has been described by regional officials as “a groundbreaking architectural complex that will utilize AI, VR, and holography to immerse visitors in the rich philosophy and history of the Turkic World.” Moreover, during the January meeting between Erdoğan and Mirziyoyev, the two heads of state signed a Cultural Cooperation Plan for 2026-2027. Thus, a key strategy for encouraging Turkish-Uzbek bilateral ties is to highlight their commonalities within the wider Turkic cultural and linguistic sphere.

DISCUSSION/CONCLUSIONS

Tashkent-Ankara relations are generally strong, but additional factors complicate their full level of engagement. Although Ankara is very much interested in increasing connectivity with Central Asia via the Middle Corridor and engaging with the Turkic world, those are not its primary objectives. Issues like the Russo-Ukrainian War & the Black Sea; the recent conflict between Iran against the United States and Israel, as well as the related spillover across neighboring Lebanon and Syria; and even the upcoming elections in Armenia, are all arguably higher priorities for Ankara. Domestically, Türkiye is facing its own obstacles, as Erdoğan maintains a tight grip on power while the Turkish economy remains plagued by rising inflation and currency depreciation.

Similarly, Tashkent wants to improve connectivity with Türkiye via the Middle Corridor, but it also wants to increase trade and investment with China and attract investment and partnerships from the Gulf States and India. A good example of this diversification of partnerships is Tashkent’s new airport, to be built via investments and partnerships with Saudi Arabia, Japan, and South Korea. Meanwhile, Moscow remains committed to maintaining its historical influence across Eurasia (President Mirziyoyev visited Moscow for the May celebrations of the Great Patriotic War, one of the few leaders to do so), while the current US administration is focused on transactional diplomacy to secure access to critical minerals and rare earth elements that Uzbekistan has in abundance.

Ankara’s engagement in recent years with Central Asia via the OTS, the Middle Corridor, and bilateral interactions has attracted widespread academic and scholarly interest. However, there is a predictable focus on diplomatic, security, and trade & investment analyses; for example, a 2024 analysis on Tashkent-Ankara relations published by the Central Asia Caucasus Institute did not mention tourism, cultural diplomacy, or education (apart from military education).

That said, the frequently overlooked factors of cultural and public diplomacy will likely be critical to promoting long-term, successful cooperation between Türkiye and Uzbekistan: Turkish pop culture has had a strong influence in Uzbekistan, tourism is growing, and Turkish language study is increasingly popular there. population to learn Turkish. While Uzbekistan’s cultural and language appeal does not hold the same sway in Türkiye, the country is nonetheless growing in terms of global soft power appeal indicators. Uzbekistan’s rebranding as a globally-oriented and dynamic society steeped in rich Islamic and historical heritage -for example, by leveraging the legacy of legendary cities such as Bukhara, Samarqand, and Khiva- echoes the Kemalist model of a Türkiye embracing both modernity and its Ottoman historical legacy. Thus, framing the contemporary Uzbek national narrative as parallel to the Turkish one could help bolster its appeal in Türkiye and strengthen the sense of collective identity in the broader Turkic cultural space.

*Wilder Alejandro Sánchez is president of Second Floor Strategies, a consulting firm in Washington, D.C. He is also a non-resident fellow at Cfive, a think tank headquartered in Astana, Kazakhstan.

The opinions expressed are those of the authors and do not reflect the views or policies of any organizations with which the authors are affiliated.

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UzNIF debuts on London market in first international Uzbek IPO

Uzbekistan’s National Investment Fund, known as UzNIF, began trading on the London Stock Exchange on Monday, marking the country’s first international equity offering.


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The fund, which is managed by Franklin Templeton, also launched simultaneously on the Tashkent Stock Exchange through a dual listing structure, bringing Uzbek state-linked assets to international equity markets for the first time.

The opening ceremony at the London Stock Exchange brought together executives, investors and Uzbek officials, with speakers presenting the listing as a significant step in the country’s efforts to expand access to international capital markets.

First international equity offering

Speaking during the ceremony, Julia Hoggett, Chief Executive Officer of the London Stock Exchange, described the IPO as “the first ever international IPO out of Uzbekistan” and said the transaction could help “more global investment to flow” into the country’s economy.

Hoggett also said the dual listing marked “a new chapter both in London and in Tashkent”, adding that the offering connected international investors with a portfolio of Uzbek companies through a single fund managed by an international asset manager.

Saida Mirziyoyeva, Head of the Administration of the President of Uzbekistan, said Uzbekistan was preparing “new listings” and expanding private sector participation, while also working on plans linked to the proposed Tashkent International Financial Centre.

Speaking from the London Stock Exchange balcony, Mirziyoyeva said the IPO was “not just about raising capital” but also about “building trust in a new generation of Uzbek institutions”.

Jenny Johnson, President and Chief Executive Officer of Franklin Templeton, described the IPO as “a defining and historic milestone” for both Uzbekistan and Franklin Templeton, saying the transaction had generated more than $2.8 billion in investor demand globally.

Johnson said orders exceeded the initial offering by more than four times during the bookbuilding process, which ran from late April to mid-May. She added that the domestic offering in Tashkent had become the country’s “largest local listing to date”, allowing local investors to participate alongside international institutional funds.

International investors and state assets

Thirty percent of the fund’s shares were offered internationally through global depositary receipts, while part of the allocation was also made available to domestic investors through the Tashkent Stock Exchange.

According to previously released information from the fund and its advisers, international demand reached around $2.9 billion (€2.6bn), with more than 160 institutional investors participating in the offering. Among them were BlackRock, Franklin Templeton and Redwheel.

The IPO raised approximately $603.6 million (€540m), valuing the fund at around $1.95 billion (€1.74bn) at the offer price. The shares were sold by Uzbekistan’s Ministry of Economy and Finance, meaning the proceeds from the transaction will go to the state rather than directly to the fund itself.

The international tranche included more than 23 million global depositary receipts, or GDRs, listed in London under the trading symbols UZNF and UZ20. One GDR represents 64,700 shares in the fund.

Cornerstone investors, including funds and accounts managed by BlackRock, Franklin Resources and Redwheel, as well as treasury companies linked to the Allan & Gill Gray Foundation, committed a combined $300 million (€268m) to the offering.

UzNIF was established in 2024 under a presidential decree and is managed by Franklin Templeton, the US-based investment company that oversees more than $1.4 trillion (€1.25 trn) in assets globally and operates in more than 150 countries.

The fund’s portfolio includes stakes in 13 state-linked companies operating in sectors considered strategic for the Uzbek economy, including electricity distribution, thermal power generation, hydropower, telecommunications, aviation, rail infrastructure, utilities and banking.

Among the companies included in the portfolio are Uzbektelecom, Uzbekistan Airways, Uzbekhydroenergo and several state energy and infrastructure operators.

The listing also reflects broader efforts to develop domestic capital markets in Uzbekistan and increase participation from local investors alongside international institutions.

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‘I went to cheapest country in the world where you can get a beer for under £1’

A travel creator has shared his experience of visiting what he branded the ‘cheapest country’ in the world, where you can get a beer for under £1 and a meal for just £2.60

Many of us enjoy jetting off on holiday every so often, yet the expenses can quickly mount up – from flights and accommodation to food and excursions. Now, one travel content creator has shared his experience of visiting what he calls the ‘cheapest country in the world‘.

Lourens, known as @l.ourens on Instagram, is a Dutch travel creator with more than 15,000 followers. He regularly posts content about ‘discovering unknown destinations around the world’ and says he’s aiming to visit every country in Europe – having “already gone to 47 of them”. In one of his most recent reels, he gave his followers an insight into his trip to what he described as the “cheapest country in the world” – Uzbekistan.

In the clip, he tells fans: “I went to the cheapest country in the world, where you can have a beer on a terrace for about €1 (87p) and stay in a local apartment for about €15 (£13) per night.

“It’s capital city feels like a mini Dubai with modern glass towers and a spotless metro. Yet this city also has ancient buildings with lots of culture and a rich local cuisine.

“For example, we went to this restaurant and we ordered a local dish for about €3 (£2.60) per person.”

The creator added that those put off by the Dubai-style architecture can hop aboard a luxury high-speed train for around €15, whisking you away to the cultural hub of Samarkand, where he “saw one of the most beautiful buildings of the ancient Silk Road”. He continued: “On top of that, you can also take from this city a guided day trip over the border to Tajikistan to see the Seven Lakes. These lakes contain clear water and pristine mountain views, which we really enjoyed.”

Lourens also noted in the caption that Uzbekistan was the “best budget friendly country” he’d visited after “visiting 60+ countries”.

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The post proved a massive hit with followers, amassing more than 70,000 likes.

One delighted user exclaimed: “One of my favourite countries ever!”

While another enthusiastically agreed: “I just left Uzbekistan and it’s amazing.”

A third chimed in: “Looks so interesting, I love the idea of going somewhere that’s not over-touristy.”

Is Uzbekistan actually the cheapest country in the world?

While Uzbekistan ranks amongst the most wallet-friendly destinations on the planet, it isn’t technically the absolute cheapest. Despite offering remarkable value for money, several other nations typically boast lower overall costs for both locals and tourists.

Uzbekistan frequently features in the “Top 10” or “Top 20” most affordable destinations, though countries such as Pakistan, Egypt, Libya and India generally rank as having a lower cost of living according to global indices.

Within Central Asia specifically, nations such as Kyrgyzstan and Tajikistan are frequently regarded as even more budget-conscious destinations than Uzbekistan.

Is Uzbekistan safe to travel to?

Uzbekistan is widely regarded as a safe destination for tourists, with numerous visitors rating it among the safest countries they have ever travelled to. That said, official guidance differs depending on your country of origin, and certain precautions are advised.

UK government advice suggests the country is generally safe, though travellers are cautioned to remain vigilant of terrorism risks and to steer clear of any protests or demonstrations.

The majority of the country, including popular tourist destinations such as Tashkent, Samarkand, and Bukhara, benefit from strong security and a prominent police presence. Particular areas of concern include the border with Afghanistan, where travel is strongly discouraged, as well as regions bordering Tajikistan and Kyrgyzstan, notably the Fergana Valley, where parts remain mined or have a history of unrest.

Uzbekistan is increasingly making a name for itself as a premier destination for solo female travellers, having recently claimed the #1 position in the Solo Female Travel Safety Index. Reports of harassment are notably low in comparison to many other major tourist hotspots.

Street crime is uncommon, and walking alone after dark in the main cities is broadly considered safe, with most streets remaining well-lit and regularly patrolled.



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‘I went to cheapest country in the world where you can get a beer for under £1’

A travel creator has shared his experience of visiting what he branded the ‘cheapest country’ in the world, where you can get a beer for under £1 and a meal for just £2.60

Many of us enjoy jetting off on holiday every so often, yet the expenses can quickly mount up – from flights and accommodation to food and excursions. Now, one travel content creator has shared his experience of visiting what he calls the ‘cheapest country in the world‘.

Lourens, known as @l.ourens on Instagram, is a Dutch travel creator with more than 15,000 followers. He regularly posts content about ‘discovering unknown destinations around the world’ and says he’s aiming to visit every country in Europe – having “already gone to 47 of them”. In one of his most recent reels, he gave his followers an insight into his trip to what he described as the “cheapest country in the world” – Uzbekistan.

In the clip, he tells fans: “I went to the cheapest country in the world, where you can have a beer on a terrace for about €1 (87p) and stay in a local apartment for about €15 (£13) per night.

“It’s capital city feels like a mini Dubai with modern glass towers and a spotless metro. Yet this city also has ancient buildings with lots of culture and a rich local cuisine.

“For example, we went to this restaurant and we ordered a local dish for about €3 (£2.60) per person.”

The creator added that those put off by the Dubai-style architecture can hop aboard a luxury high-speed train for around €15, whisking you away to the cultural hub of Samarkand, where he “saw one of the most beautiful buildings of the ancient Silk Road”. He continued: “On top of that, you can also take from this city a guided day trip over the border to Tajikistan to see the Seven Lakes. These lakes contain clear water and pristine mountain views, which we really enjoyed.”

Lourens also noted in the caption that Uzbekistan was the “best budget friendly country” he’d visited after “visiting 60+ countries”.

Content cannot be displayed without consent

The post proved a massive hit with followers, amassing more than 70,000 likes.

One delighted user exclaimed: “One of my favourite countries ever!”

While another enthusiastically agreed: “I just left Uzbekistan and it’s amazing.”

A third chimed in: “Looks so interesting, I love the idea of going somewhere that’s not over-touristy.”

Is Uzbekistan actually the cheapest country in the world?

While Uzbekistan ranks amongst the most wallet-friendly destinations on the planet, it isn’t technically the absolute cheapest. Despite offering remarkable value for money, several other nations typically boast lower overall costs for both locals and tourists.

Uzbekistan frequently features in the “Top 10” or “Top 20” most affordable destinations, though countries such as Pakistan, Egypt, Libya and India generally rank as having a lower cost of living according to global indices.

Within Central Asia specifically, nations such as Kyrgyzstan and Tajikistan are frequently regarded as even more budget-conscious destinations than Uzbekistan.

Is Uzbekistan safe to travel to?

Uzbekistan is widely regarded as a safe destination for tourists, with numerous visitors rating it among the safest countries they have ever travelled to. That said, official guidance differs depending on your country of origin, and certain precautions are advised.

UK government advice suggests the country is generally safe, though travellers are cautioned to remain vigilant of terrorism risks and to steer clear of any protests or demonstrations.

The majority of the country, including popular tourist destinations such as Tashkent, Samarkand, and Bukhara, benefit from strong security and a prominent police presence. Particular areas of concern include the border with Afghanistan, where travel is strongly discouraged, as well as regions bordering Tajikistan and Kyrgyzstan, notably the Fergana Valley, where parts remain mined or have a history of unrest.

Uzbekistan is increasingly making a name for itself as a premier destination for solo female travellers, having recently claimed the #1 position in the Solo Female Travel Safety Index. Reports of harassment are notably low in comparison to many other major tourist hotspots.

Street crime is uncommon, and walking alone after dark in the main cities is broadly considered safe, with most streets remaining well-lit and regularly patrolled.



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