The Business Activity Index (BAI), estimated by the Center for Economic Research and Reforms, reached 1124 points in February 2026, increasing by 12.4% compared with the previous month (and by 24.2% compared with the same period last year, Chart No.1).

In February of the current year, the following changes were observed across the BAI components:

• the component reflecting the number of transactions on business entities’ bank accounts increased by 22%;
• the intensity of raw material purchases on the commodity exchange rose by 10.6%;
• the component reflecting active business entities increased by 0.9%;
• the trademark component grew by 9.4%.

In February 2026, the BAI also increased in 13 regions compared with the previous month (Chart No.2).

In particular, notable growth was observed in Andijan region (44.8%), Syrdarya region (41.7%), Tashkent region (33.3%), and Kashkadarya region (28.2%).

At the same time, in the Republic of Karakalpakstan the indicator slightly declined by 0.5%, remaining at a moderate level.

Banking operations

During the reporting period, the number of interbank payment transactions reached 6,760.3 thousand, increasing by 1,220.5 thousand transactions (22%) compared with January 2026.

An increase in interbank payment operations was recorded in 12 regions. In particular, a significant rise in banking operations between legal entities compared with the previous month was observed in Tashkent city (24.1%), Surkhandarya region (23.3%), Samarkand region (21.4%), and Navoi region (17.7%).

At the same time, this indicator declined in Syrdarya region (8.1%) and the Republic of Karakalpakstan (1.6%).

Exchange component

In February of the current year, the exchange component of the BAI reached 1.1058 points, increasing by 10.6% compared with the previous month.

This reflected a 36.2% increase in the number of transactions concluded, while the average volume of goods purchased per transaction declined by 15.1%.

The total turnover of goods traded on the UzEx amounted to 6,296 billion soums in February 2026, which is 6.5% higher than in the previous month.

Component of active business entities

During the reporting period, this component amounted to 1.0088 points, increasing by 0.9% compared with the previous month.

At the same time, the total number of operating business entities increased by 4,079 units, reaching 508.5 thousand.

The number of large enterprises increased by 51 units, reaching 4,161.
The number of small enterprises rose by 3.9 thousand, reaching 415.1 thousand.
The number of farms increased by 36, reaching 89.2 thousand.

Trademark component

In February 2026, the trademark component reached 1.0641 points, increasing by 9.4% compared with the previous month.

During this period, 430 trademarks and product names were registered by legal entities.

Islombek Saparmatov, CERR

The Central Election Commission held a meeting and a series of events today, July 26th. The primary agenda item was the preparation and high-level accomplishment of the upcoming elections for the Legislative Chamber of the Oliy Majlis and the Councils of People's Deputies in full compliance with the Constitution and laws.

According to Article 128 of the Constitution of the Republic of Uzbekistan, elections for the Legislative Chamber of the Oliy Majlis and the Councils of People's Deputies are scheduled to take place on the first Sunday of the third ten-day period of October in the year their term expires. Considering that the term of the deputies of the Legislative Chamber of the Oliy Majlis and the Councils of People's Deputies ends in 2024, the elections will be held on October 27th of this year, and the election campaign will begin on July 26th, as decided by the Central Election Commission.

These elections mark a significant departure from the past, taking place in a new socio-political environment as stipulated by our Constitution. The meeting underscored the unique features of these elections, which include:

1. For the first time in Uzbekistan's history, the Legislative Chamber of the Oliy Majlis elections will be conducted using a mixed electoral system, combining majoritarian and proportional systems. This significant change will see seventy-five deputies elected directly through the majoritarian system, where voters vote for specific candidates. The remaining seventy-five deputies will be elected based on votes cast for political parties under the proportional system.
2. One of the most significant advancements is the full digitization of election commissions' activities at all levels and their interactions with participants in the election process. This development significantly reduces bureaucracy, time, and document handling in election procedures, ushering in a new era of efficiency in our electoral system.
3. Our election legislation has been fundamentally improved to align with advanced democratic standards. These improvements include introducing a new system for election bodies led by the Central Election Commission and requiring political parties to ensure that at least 40% of their candidates for deputy positions are women. Additionally, a candidate must receive a relative majority of votes to be elected. If a candidate gets more votes than other candidates in their respective electoral district, they will be elected without needing a repeat vote.
4. The elections are taking place in conditions of significantly strengthened parliamentarianism and the powers of representative bodies at the local level, as established by the Updated Constitution. Specifically, the absolute powers of the Legislative Chamber have increased from 5 to 12, and those of the Senate from 12 to 18. The parliament's oversight functions over the activities of executive, judicial, law enforcement agencies, and special services have been expanded. The institution of hokims leading local Councils of People's Deputies is being abolished. To enhance the role of representative bodies in resolving important state issues, 33 powers previously held by hokims have been transferred to local Councils.

The meeting underscored the significance of these elections as a vivid example of democratic state-building in our country and an essential means for citizens to exercise their constitutional rights to vote and be elected to democratic state bodies. The elections will involve the election of 150 deputies to the Legislative Chamber, 65 members to the Senate, 65 deputies to the Jokargy Kenes of the Republic of Karakalpakstan, deputies to 208 district (city) Councils in the regions and Tashkent city, with around 30,000 candidates and nearly 90,000 trusted representatives actively participating. Over 120,000 election commission members and more than 70,000 citizens and international observers are expected to participate in the election process.

Considering the important role of elections in state life and with the aim of widely engaging citizens in this process, the Central Election Commission announced that the elections will be held on October 27th under the slogan “My Choice—My Prosperous Homeland.”

The 'E-Saylov' information system is a key tool in making the election process more transparent and accessible. It facilitates around 60 interactions between election commissions, political party candidates, observers, and the media entirely electronically. Integrated with other electronic platforms, the system automates many procedures in the election process without human intervention. This system forms an extensive database of nearly 400,000 participants in the election process, including election commission members, candidates, and observers. Around 32,000 participants will professionally use the information system, which includes communication through 40 types of SMS notifications.

For citizens, the "E-Saylov" information system introduces several conveniences in obtaining election-related information. Specifically, it provides statistical data on voters and polling stations, information on candidates for various elections, and interactive maps to learn about candidates and their biographies.

The meeting emphasized that the "E-Saylov" information system represents a new level of technological advancement and transparency in elections.

It was also noted that according to Article 37 of the Election Code, political parties have the right to nominate candidates for deputies to the Legislative Chamber and local Councils.

To participate in the elections, political parties must have been registered by the Ministry of Justice at least four months before the announcement of the election campaign and collect at least 40,000 signatures supporting their participation.

Additionally, the meeting approved a calendar plan to ensure that the activities related to conducting the elections are carried out step-by-step within the timelines specified by election legislation. The Central Election Commission, as an impartial and independent constitutional body, will take all necessary measures to prepare for and conduct the upcoming elections in full compliance with national legislation and international election standards, ensuring the process is open and transparent.

A Press Center has also been established under the Central Election Commission.

Central Election Commission

of the Republic of Uzbekistan

The text of the article is in Russian!

President Shavkat Mirziyoyev has been informed of the work being done in the spiritual and educational sphere.

The main priority of transformations in multi-ethnic Uzbekistan is the comprehensive protection of the rights and freedoms of all its citizens. And one of the inalienable rights is freedom of religion. Therefore, all conditions are being created in our country so that believers can perform rituals and observe religious traditions.

It is worth emphasizing that the policy of New Uzbekistan in this area is receiving great recognition not only among our people, but also among the international community.

Thus, if in the early years of Uzbekistan's independence the number of compatriots honored with the holy pilgrimage to Mecca and Medina could be counted on fingers, these days more than 15 thousand Uzbeks are performing the sacred rites.

President of Uzbekistan Shavkat Mirziyoyev's greeting to our people on the occasion of Kurban Hayit, his conversation with Chairman of the Muslim Mufti Sheikh Nuriddin Khaliknazar on the pilgrimage of our compatriots have become one of the brightest pages of this year's Hajj season.

In a short period of time, Uzbekistan has created a comprehensive system of training qualified personnel in the religious and educational sphere. In order to study and popularize the rich scientific heritage of our scholars, research centers have been launched. Examples of this are the International Islamic Academy of Uzbekistan, the Mir Arab Higher Madrasa, the School of Hadith Studies, and the international research centers of Imam Bukhari, Imam Termizi, and Imam Moturidi. Large-scale renovation and improvement of Imam Bukhari memorial complex is underway.

During today's meeting it was emphasized the necessity of wider study and propaganda of works of these great thinkers among the population, especially among the youth. Since it is in them that the true meaning of Islam, enlightening ideas of the Muslim religion are laid down. And it is especially actual now, in our troubled time, when all over the world various forces try to distort the essence of religion and to lead young people off the true path.

It was noted a great role in this work and those who now make pilgrimage in sacred Mecca. The pilgrims have recently made an appeal, where they expressed their readiness to contribute to the spiritual education of the younger generation in their districts, in their mahallas.

Also at the meeting, the head of state stressed that an important role in these processes should be played by the Center of Islamic Civilization, the activities of which will serve to widely acquaint our people and foreign guests with the invaluable heritage of ancestors, to promote the ideas of enlightened Islam. At present, scientists-historians and theologians are working on filling the activities of the center with new content.

Information about further plans of the center's activity was heard.

On November 3, President of Uzbekistan Shavkat Mirziyoyev, at the invitation of Emir Sheikh Tamim bin Hamad Al Thani, arrived in Qatar on a working visit to participate in the Second World Summit for Social Development.

Over the years of independence, Uzbekistan and Qatar have progressed from establishing diplomatic relations to forming a comprehensive strategic partnership based on trust, mutual respect, and common interests in the political, economic, and humanitarian spheres.

Qatar recognized Uzbekistan's independence on December 30, 1991, and diplomatic relations between the two countries were established on November 27, 1997. In recent years, the intensity of contacts at the highest levels has significantly increased. A milestone event was the signing of the Strategic Partnership Agreement in Tashkent in April 2024, which solidified a new level of cooperation between the two countries. This document outlines priorities for expanding cooperation in investment, energy, transport, education, and culture.

In June and December 2023, Emir Sheikh Tamim bin Hamad Al Thani visited Uzbekistan, and in October of the same year, President Shavkat Mirziyoyev made a reciprocal state visit to Doha. These meetings marked a new stage in the development of bilateral interactions, giving the relationship between Tashkent and Doha a strategic direction.

Dialogue at the highest level continued within the framework of major international forums, such as the Summit of the Conference on Interaction and Confidence-Building Measures in Asia, the "Central Asia – Cooperation Council for the Arab States of the Gulf" summit, and other global events.

Evidence of the intensification of cooperation was the opening of the Embassy of Qatar in Tashkent in May 2023 and the Embassy of Uzbekistan in Doha in December of the same year. These steps marked a transition to a qualitatively new level of political and diplomatic presence.

An important milestone in the political dialogue was the visit of the Prime Minister and Minister of Foreign Affairs of Qatar, Sheikh Mohammed bin Abdulrahman Al Thani, to Uzbekistan in April 2024. During the visit, the Qatari official was received by President Shavkat Mirziyoyev, where a wide range of issues were discussed, from strengthening political dialogue and expanding investment cooperation to partnership in the energy, transport, education, and culture sectors.

While in Tashkent, Sheikh Mohammed bin Abdulrahman Al Thani also held talks with Uzbekistan’s Minister of Foreign Affairs Bakhtiyor Saidov. During the meeting, the parties confirmed their mutual interest in further deepening cooperation between their foreign ministries, including through regular political consultations.

In turn, in March and October 2024, Uzbekistan's Minister of Foreign Affairs Bakhtiyor Saidov visited Qatar on working trips, where he met with Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani, as well as with leaders of Qatar's Investment Authority and major companies. The meetings focused on expanding economic ties, involving Qatari capital in joint projects, and exploring prospects for cooperation in the transport and logistics sectors.

Particular attention is being paid to the development of trade and economic relations. In 2024, the volume of mutual trade amounted to 7.7 million USD, with exports at 2.2 million and imports at 5.5 million. From January to August 2025, trade turnover grew by 28%, exceeding 7 million USD. Leading positions in exports are held by food products, copper pipes, and services, while imports primarily consist of chemicals and lubricants.

A significant step forward was the first meeting of the Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation, which took place in Doha on November 11-12, 2024. Additionally, in June 2024, Qatar Airways launched its first flight on the Doha-Tashkent-Doha route, opening new opportunities for business and tourism exchanges.

Humanitarian and cultural cooperation has also been actively developing. During the pandemic, Qatari charitable foundations provided Uzbekistan with approximately 400,000 USD in humanitarian aid. In recent years, Uzbekistan and Qatar have regularly hosted cultural weeks, craft exhibitions, and concerts. In 2024, the "Culture, Crafts, and Tourism Week of Uzbekistan" was held in Doha, and the "Culture Week of Qatar" took place in Tashkent, attended by Qatar's Minister of Culture Sheikh Abdulrahman Al Thani.

Education cooperation is of particular importance. In September 2024, the agreement was signed in Qatar for the training of Afghan women at the Termez Educational Center, with financial support from Qatar.

Thus, the political dialogue, economic partnership, and humanitarian ties between Tashkent and Doha demonstrate a sustainable dynamic. The consistent implementation of the agreements reached suggests that bilateral relations have transitioned to a new level—one of strategic cooperation, focused on the long-term future and regional stability.

In this context, the upcoming visit of President Shavkat Mirziyoyev to Qatar and his participation in the Second World Summit for Social Development will undoubtedly continue Uzbekistan's consistent foreign policy, aimed at fostering mutual understanding and trust with countries in the Middle East. It will also open new opportunities for comprehensive, mutually beneficial cooperation between Tashkent and Doha for the sustainable development and prosperity of both nations.

«Dunyo» IA

In recent years, taking into account international standards and advanced foreign experience, ensuring the protection of the rights of convicts, respect for their honor and dignity, education of morality and conscientious work for further social adaptation in society upon release, a fundamental improvement of the penal enforcement legislation in the Republic of Uzbekistan has been carried out with the introduction of effective legal mechanisms.

Currently, there are a number of international conventions and provisions aimed at protecting the rights of convicts, which are regulated by the International Covenant on Civil and Political Rights. (1966), "Convention against torture and other cruel, inhuman or degrading treatment or punishment" (1984), "Declaration on the protection of all persons from torture and other cruel, inhuman or degrading treatment or punishment" (1975), "Standard minimum rules for the treatment of convicts (Nelson Mandela rules)" (2015), "UN rules for the protection of minor children deprived of liberty " (1990), "Basic principles of the treatment of convicts" (1990).

Based on the norms of these international documents developed and adopted by the international community on standards for the treatment of convicts, systematic work is underway in the country to humanize execution and reduce negative consequences during their execution, as well as strengthen the legislative, organizational and legal framework for the protection of human rights, the implementation of international human rights standards into national legislation and other important norms human life activities that have been accepted for implementation by the Republic of Uzbekistan as a subject of the above-mentioned and other international treaties.

It is important to note that "Standard minimum rules for the treatment of prisoners" of UN 1955 are generally recognized minimum standards for the detention of prisoners and have great importance and influence on the improvement of legislation, criminal law policy and the practice of penitentiary institutions around the world.

The revised text of these standard minimum rules of December 17, 2015 at the 70th session of the UN General Assembly № A/RES/70/175 was unanimously adopted in the form of a resolution. These Rules became known as the "Nelson Mandela rules" as a sign of respect for his memory after the death of the famous statesman, the President of South Africa, who outlined these rules based on the experience of spending a long part of his life in prison.

It is also necessary to pay attention to the fact that, following the visit to Uzbekistan of the Special Rapporteur of the UN Human Rights Council, the topic "Promotion and protection of human rights and fundamental freedoms in the fight against terrorism" recommendations were made to bring the legislation of the Republic of Uzbekistan into line with the minimum standard rules for the treatment of prisoners (Nelson Mandela rules), in order to improve the conditions of detention of convicts in penal institutions, to ensure the rights to freedom of religion, which formed the basis of the “Road maps”, developed in accordance with the National Action Plan of the Republic of Uzbekistan.

In order to ensure the fulfillment of these tasks, the conditions of detention of convicts in penal institutions of the Republic of Uzbekistan are considered on the basis of the requirements of the standard minimum rules for the treatment of prisoners (Mandela rules), which are gradually being implemented in accordance with these rules.

On the basis of international standards of the rights and duties of convicts, taking into account the best practices of foreign countries, the system of execution of punishments is being radically improved, the problems that have accumulated over the years are being solved.

In the new version of the Constitution of the Republic of Uzbekistan the right to life is an inalienable right of every person and is protected by law. The most serious crime is an attempt on a person's life. The death penalty is prohibited in the Republic of Uzbekistan. Essence is that no one can be intentionally deprived of life. This norm is in line with the Convention for the Protection of Human Rights and Fundamental Freedoms, as well as the International Covenant on Civil and Political Rights. The human right to life is recognized as a natural and inviolable right arising from the moment of his birth, and belongs to a person regardless of the existence of statehood and laws.

In recent years, as part of the work to bring national legislation into line with international standards, for the first time the right to be elected was granted to convicts, except for persons who committed serious and especially serious crimes (Part 6 of Article 128 of the Constitution of the Republic of Uzbekistan). The number of convicts held in institutions of general, strict, special, prison and educational regime has doubled, for correspondence, receiving visits, parcels, transfers and parcels, conducting telephone conversations.

In addition, those sentenced to imprisonment are guaranteed psychological assistance and non-application of disciplinary measures for violations committed at the time of mental disorder, and the right to a pension is established for those serving sentences in penal colonies.

Law of the Republic of Uzbekistan June 30, 2020 introduced a new norm into the Penal Enforcement Code defining the procedure for the application of incentive measures for persons serving sentences, expanded measures aimed at ensuring the personal safety of convicts while serving their sentences.

At the request of the convicts, long-term visits can be replaced by short-term visits or remote video calls or telephone conversations, and short-term visits are replaced by remote video calls or telephone conversations. Persons serving sentences from low-income families are employed in high-paying jobs.

In the process of ongoing reforms, special attention was paid to creating decent conditions for convicts, for this purpose, the pre-trial detention facility -64/1, which had a negative character and was popularly nicknamed "Tashturma", was closed in Tashkent. Instead, a new pre-trial detention facility №1 has been built and is functioning in  Zangiata district of the Tashkent region, fully meeting international standards. Similarly, the institution "Jaslyk" in Karakalpakstan was abolished, and the convicts held in it were transferred to other colonies of the republic.

In recent years, there has been a tendency in our country to use alternative, non-custodial measures, which has reduced the number of convicts sent to penal institutions. This situation has made it possible over the past four years to reduce three penal colonies of the general regime, one each in Navoi, Kashkadarya and Tashkent regions.

In the Republic, the legislative, executive, and departmental authorities constantly monitor compliance with the rule of law and ensure the rights and legitimate interests of persons serving sentences in places of deprivation of liberty.

Thus, with the introduction of the post of Commissioner of the Oliy Majlis of the Republic of Uzbekistan for Human Rights (Ombudsman) He was granted the right to freely visit penal institutions. The Ombudsman and the Prosecutor have separate mailboxes designed for applications and complaints from these persons. The Prosecutor's Office and the Ombudsman regularly examine the observance of laws in penal institutions. The management of the Department for the Execution of Punishment constantly carries out field visits to places of deprivation of liberty in order to study the complaints and statements of convicts and make an appropriate decision and its immediate execution.

It should be added that, according to the recommendations of the UN charter bodies and treaty committees, the national preventive mechanism is being improved on the basis of the "Ombudsman Plus" model. The Ombudsman, and the Children's Ombudsman, the National Center for Human Rights and the Business Ombudsman have also been given the authority to monitor penal institutions.

As a result of the ongoing reforms, completely new priorities of the State penal enforcement policy have been developed and put into practice, providing for the following main aspects.

In particular, the Penal Enforcement Code has been supplemented with a new Article 102 "Procedure for the application of incentive measures", which abolished restrictions on visits of juvenile convicts with their parents or persons replacing them; convicted pregnant women with children are granted additional rights to long visits with minor children lasting up to five days - four times a year as well as long - term visits with the possibility of living outside the territory of the institution, the application of incentive measures to convicts - at least twice a year; if there is a threat to the safety of a person sentenced to imprisonment, it is established that he can apply, verbally or in writing, to any employee of the institution for the execution of punishment in order to ensure the declared safety, while the requirement is defined – upon receipt of such a statement about the need for immediate action, measures should be taken immediately to ensure his safety. An important requirement is also to prevent the unjustified use of rudeness, physical force and special means by employees and military personnel during the search of convicts; timely and appropriate conduct of long and short-term visits, telephone conversations, remote video communication, short-term remote video communication or telephone conversation.

It should be noted that such measures of encouragement for convicts are also enshrined in the penal codes of Spain, Turkiye, Japan and some other countries.

In accordance with the norms of the Penal Enforcement Code of the Republic of Uzbekistan, penitentiary institutions provide measures to protect the health of convicts, ensure their education, free use of libraries and other authorized sources of information (radio, television, movies and video films, etc.).

The "Import model" of prison management in Norway with a developed penal enforcement system is of interest. To implement this model, work is underway to establish a system of providing services (education, library use, health care) in places of detention.

It is also necessary to mention the Law of the Republic of Uzbekistan dated December 7, 2021, which, in order to humanize minors in the Penal Enforcement Code, provides for a norm defining the placement of persons in educational colonies not from the age of 13, but from 14. This has become one of the important steps towards reliable protection of the rights and legitimate interests of minors in the process of criminal and judicial proceedings in our country.

In order to further deepen the large-scale reforms being implemented in the system of Ministry of Internal Affairs, decree of March 26 and Resolution of April 2, 2021, the Main Directorate for the Execution of Punishment was transformed into the Department for the Execution of Punishment under the Ministry of Internal Affairs, it defines the legal basis for the department's activities to ensure the order of serving punishment by digitalizing the penal enforcement system, which will eliminate errors related to the human factor.

In addition, the law of the Republic of Uzbekistan dated February 15, 2023 "On State pension provision for citizens" provides that any work performed by persons sentenced to imprisonment while serving their sentence in penal institutions may be envisaged that the convicted person will be included in the work record in case of tax payment. This procedure is now defined in Article 96 of the Penal Enforcement Code of the Republic of Uzbekistan in a new edition, which has been renamed as "Payment of social tax and pension provision for convicts." Its first part defines "The expenses of institutions for the execution of punishment for the payment of labor sentenced to imprisonment that are subject to social tax", along with this, convicts have the right to transfer funds and use other services provided to convicts.

An important legislative decision is the prohibition of the use of a punishment measure with the use of a "straitjacket". This provision is based on Article 26 of the Constitution of the Republic of Uzbekistan, which states: "No one may be subjected to torture, violence, or other cruel, inhuman or degrading treatment or punishment" directly acts to prevent the use of torture and other cruel, inhuman or degrading treatment or punishment in penal institutions.

As a result of the ongoing reforms in the system of state penal enforcement policy, it is stipulated that common living quarters for persons with disabilities of groups I and II sentenced to imprisonment should be equipped with special means and devices; it is allowed to watch films, television and radio broadcasts, except for the time allotted for night rest; criteria for treatment are defined convicts.

In addition, it is important to eliminate corruption factors in assessing the behavior of convicts by including the length of service in the institution in the total length of service for their further retirement and, most importantly, by establishing strict criteria that determine the way to correct convicts.

The above allows us to conclude that the reforms carried out in this area are yielding positive results. In particular, recently the offenses of convicts in places of deprivation of liberty and after their release have been reduced; to a greater extent, the conditions of serving a sentence in the form of imprisonment comply with international standards, the incentive mechanisms applied to convicts serving sentences and those who have embarked on the path of correction are being improved, they ensure the protection of the rights, freedoms and legitimate interests of convicts, allowing them not to violate their interests; Public groups and citizens' self-government bodies are actively involved in the educational process of correcting convicts; offenses by law enforcement agencies have significantly decreased.

Mirzayusup Rustambayev,

Head of the University of Public Safety of the Republic of Uzbekistan, Doctor of Law, Professor

Throughout the year, the business climate remained in positive territory, with an annual average of 57 points, indicating an overall favorable business environment in Uzbekistan.

The Center for Economic Research and Reforms (CERR) presented the results of its 2025 business climate analysis, based on monthly nationwide surveys of entrepreneurs. Using the collected data, a composite Business Climate Indicator was constructed, reflecting assessments of current business conditions as well as expectations for the next three months.

Dynamics of the Composite Business Climate in Uzbekistan

According to the results of 2025, the annual average value of the Composite Business Climate Index in Uzbekistan amounted to 57 points on a scale from −100 to +100, which is 7% higher than in 2024. The growth was primarily driven by improved assessments of current conditions. The annual average value of the Current Business Conditions Index increased by 22% and reached 47 points.

At the same time, the Expectations Index declined slightly from 68 to 66 points, while remaining at a relatively high level. This reflects a certain degree of caution among enterprises regarding future prospects amid an overall improvement in perceptions of current conditions.

Over the year, the dynamics of the Composite Business Climate Index were uneven. The highest value was recorded in June at 63 points, while the lowest level was observed in January at 52 points. Fluctuations during the year reflected both seasonal factors and businesses’ adaptation to rapidly changing economic conditions.

By the end of the year, a high level of optimism among enterprises persisted. In December, the Business Climate Index stood at 58 points, increasing by 2 points compared to the end of 2024.

Sectoral and Regional Dynamics of the Business Climate Index

From a sectoral perspective, improvements in the business climate were recorded across most sectors of the economy in 2025. In the services sector, the index reached 58 points, representing an increase of 14.7%. In construction, the index stood at 57 points, up by 14.2%, while in industry it reached 54 points, increasing by 6.8%.

In agriculture, the index remained virtually unchanged at 56 points, indicating the persistence of previously established assessments of business conditions in this sector.

From a regional perspective, the annual average Business Climate Index increased compared to the previous year in 11 regions of the republic. In seven regions, the annual average value of the index reached 57 points.

The most pronounced improvement in business climate conditions was observed in Kashkadarya region, where the index increased by 27%, followed by Jizzakh region with a 23% increase and Khorezm region with a 17% increase. In the Republic of Karakalpakstan, growth amounted to 19%.

In Samarkand region, despite a slight decline in the index, the annual average business climate remained in positive territory at 51 points. In Tashkent region, the indicator remained unchanged at 44 points.

Business Expectations Regarding Price Dynamics and Demand

In terms of business expectations, inflationary and market assessments remained moderate in 2025. On average, 23% of companies expected price increases in the near term, which is 2 percentage points lower than in 2024.

During the year, the share of entrepreneurs expecting price increases fluctuated within the range of 18–27%, reaching a peak in April and the lowest levels in September and December. The highest price expectations were observed among enterprises in agriculture and construction, reflecting sector-specific cost structures as well as the impact of seasonal and weather-related factors.

At the same time, assessments of market conditions remained relatively strong. On average, 66% of entrepreneurs expected an increase in demand for goods and services, while 57% of companies planned to expand their workforce. Overall, the results indicate the persistence of positive expectations regarding business activity and employment, alongside more restrained assessments of price dynamics.

Assessments of Demand and Employment

The Employment Index in 2025 amounted to 43 points, corresponding to a 12% increase. The most significant growth was recorded in the services sector at 14%, construction at 17%, industry at 7%, and agriculture at 11%. Throughout the year, employment dynamics remained moderate, with sustained demand for labor.

The Demand Index also showed improvement. Its annual average value reached 48 points, representing an increase of 13%. The largest contribution came from the services sector, where the index increased by 19%, while in construction, industry, and agriculture the Demand Index rose by 6% in each sector. During the year, the index remained relatively stable, with stronger positive assessments in the second half of 2025.

Barriers to Entrepreneurial Activity

Over the course of the year, a gradual reduction in barriers to doing business was observed. According to the results, 60% of entrepreneurs reported that they did not face difficulties in conducting business, which is 6% higher than in 2024.

In industry, problems related to electricity supply decreased by 4%, high tax rates by 3%, and access to financing by 3%.

At the same time, in agriculture and construction, financing-related barriers declined significantly, by 7% and 5%, respectively.

Despite the overall reduction in complaints, financing remained the main obstacle cited by entrepreneurs in construction and industry, reported by 11% of respondents in each sector.

Overall, sectoral data indicate an increase in the share of entrepreneurs who do not face significant constraints, as well as a decline in the importance of financial and infrastructure barriers.

The Business Climate Change Indicator is constructed based on the methodology of the Ifo Institute (Germany). As part of the surveys, company managers assess current and expected changes in business activity based on developments in production, demand, prices, and other indicators.

CERR Sector for the Study of Competitiveness of Economic Sectors and Investment Activity
tel.: (78) 150 02 02 (441)

CERR Public Relations and Media Sector
tel.: (78) 150 02 02 (417)

At the invitation of the of President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, on January 13 President of the Republic of Uzbekistan Shavkat Mirziyoyev departed to this country with an official visit. 

In accordance with the program negotiations at the highest level, as well as bilateral meetings with the heads of leading organizations, companies and banks of the UAE will be conducted in the Emirates’ capital of Abu Dhabi. 

President of Uzbekistan will also participate in the activities of the international summit “Abu Dhabi Sustainability Week”. 
In the framework of the visit, the Head of our state will visit Dubai, where he will hold a meeting with Vice President, Prime Minister of the United Arab Emirates, Emir of Dubai Sheikh Mohammed bin Rashid Al Maktoum.

URGENCH, September 28. /IA “Dunyo”/. A delegation of Latvian businessmen visited Khorezm with the support of the Embassy of Uzbekistan in Riga, Dunyot news agency's correspondent reports.

During the visit, a business forum and meetings were held with participation of representatives of business circles of the two countries.

The parties exchanged views on economic and investment potential of Khorezm region, opportunities for realization of joint projects in agriculture, personnel training, services, logistics and energy.

The Latvian side also familiarized with the activities of “Opportunity Generosity” LLC, a pharmaceutical manufacturer located in Urgench, and other companies.

As a result of the visit, representatives of Latvian companies expressed interest in the implementation of specific projects in the field of education, in connection with which the relevant documents were signed.

During one of his visits to the Kashkadarya province, President of Uzbekistan, Shavkat Mirziyoyev, emphasized the profound wisdom and exemplary value embedded in the literary works dedicated to our historical figures. In particular, he highlighted the significance of texts related to Amir Temur, most notably the Temur tuzuklari (Institutes of Temour), which he identified as a critical source for understanding our national heritage. The President stressed again the necessity of comprehensive scholarly engagement with this text, recognizing it as a testament to the intellectual and statecraft traditions of the Uzbek people.

The Temur tuzuklari commissioned by Amir Temur, occupies a prominent place in the historiography of world civilization. Its significance is multifaceted. First, the authorship is attributed to a statesman of exceptional strategic and intellectual capacity, and the text has remained a subject of sustained scholarly interest. Second, the clarity of the work’s prose enhances both its accessibility and its continued relevance. Third, the work was produced in a period marked by geopolitical realignments and intellectual developments that would later contribute to the European Renaissance. Finally, Amir Temur’s enduring stature within a multipolar global order, all of these factors emphasize the broader historical value of the text, which continues to engage both academic and general audiences.

Temur tuzuklari is a very simple yet deeply meaningful and richly substantive work. To write such a piece, the author must possess a broad worldview, have personally experienced the heavy footsteps of history and the hardships of building an immense state, and must have attained the status of a noble figure who could easily fathom the world, deeply understand history and geography, be well-versed in ethnonymy, toponymy, and be capable of drawing profound conclusions about life, the flow of the world, and the paths of existence, a figure at the level of a wise philosopher. In other words, the Turon saltanati (Turanian kingdom) was the creation of Amir Temur. He referred to himself as the “Sultan of Turan”. In 1391, these words were inscribed in Old Uzbek on stone in Dasht-i Kipchak Steppe. That empire was built through the arduous labor of our forefather, and its institutions did not emerge spontaneously, but arose from pressing necessity (emphasis by the author). Temur tuzuklari came about as a vivid expression of all of this.

Only an individual of Amir Temur’s stature, who, as the historian Nizomiddin Shomiy described, attained perfection and high rank through his own mature effort and determined striving,” and who had acquired firsthand experience in the art of empire-building, could have created the Tuzuklar. The authorship of such a piece lies solely within the capacity of such a figure; there can be no room for doubt in this regard. In fact, a close reading of the Temur tuzuklari reveals the expansive intellectual breadth of its author.

Another important point: it would be illogical, a fundamental error, to suggest that this intellectually rich and thematically mature work, which has been the subject of scholarly inquiry for six centuries and continues to attract global interest, was authored by an anonymous writer and merely “presented” to Amir Temur, with authorship later attributed to him as a gesture of “flattery”. Such speculation lacks credibility. Moreover, Major William Davy, Persian secretary to the Commander in Chief of the Bengal Forces, was the first translator of the Tuzuklar into English, emphasizing that Amir Temur was the genuine author of the work.

The composition of the Tuzuklar appears to have been an iterative process, spanning several years and undergoing multiple revisions, abridgments and expansions.

The Arab historian Mazhar Shihab, as cited by Ubaydulla Uvatov, affirms that “Amir Temur began recording his memoirs long before he assumed power”. This observation suggests that Temur maintained a long-standing interest in documenting his thoughts and experiences and that he may have been reluctant to delegate such a task to others, either  out of concern for accuracy or due to the absence of individuals he deemed suitably qualified.

The Temur tuzuklari, enriched with wisdom, also offers invaluable insight into Amir Temur’s character. The text depicts him as a champion of justice, committed to truth, loyalty, and the well-being of his people. He is portrayed as magnanimous, fearless, and principled ruler. He bravely strives to uphold the rights of the oppressed against the tyrants, for he knows that a country may endure with disbelief but cannot tolerate oppression.

Alisher Navoi, a contemporary of Amir Temur’s legacy, begins the seventh chapter (majlis) of his work “Majalis un-Nafais” (The Assemblies of the Refined) with the name of Amir Temur Kuragon. Navoi portrays the Sahibkiran as an intellectual and a man of high spirituality, awarding him the most prestigious place among the “refined souls”.

Navoiy also recounts a remarkable episode that illustrates the Sohibqiron’s powerful memory. When a long-sought criminal–Xoja Abdulkadir Marogi, famous composer, musician, the Qur’an reciter–was finally brought before Amir Temur, the man began reciting the Qur’an in a melodious voice. Moved by the recitation, Temur’s wrath softened and he forgave the offender. Deeply affected, the Sohibqiron then recited a line of poetry in response.

Navoiy was astonished by this poetic line. The Sohibqiron had recited the fourth line of a rubai (quatrain) composed by the renowned Sufi poet and sheikh Abusaid Abulxayr, who had lived about four centuries earlier. Amir Temur had become enamored with this verse and had committed it to memory. This incident reveals not only his deep appreciation for poetry but also his exceptional memory and reverence for spiritual literature. These are precisely such moments that justify the inclusion of Temur’s name in “Majalis un-Nafais”.

Amir Temur was deeply invested in ensuring the accuracy and truthfulness of the work being produced. In this context, the guidance, instructions, demands, advice, and reflections he directed toward the authors, reflecting his intellectual acuity and refined cultural sensibilities, are particularly compelling and merit close scholarly attention.

One thing appears particularly striking: for nearly two centuries after Amir Temur’s death, no information can be found regarding Tuzuklar or its fate. The work seemed to have been engulfed in a darkness of neglect and oblivion.

“The 'Tuzuk-i-Timuri” (Temur Tuzuklari) was a high document of the empire and a state secret; such a document exists in only one, at most two copies, kept in strict confidentiality and secrecy.

Major Davy once wrote the following about Boburnoma: “The book of Baburnama, too, remained in the shadows of neglect and forgetfulness until nearly the middle of the reign of Bobur’s grandson, Emperor Akbar (1566–1605), when it was finally translated from Chagatai Turkic into Persian. Until that time, no one in either Asia or Europe had questioned the authenticity of Babur’s memoirs. Nevertheless, this work, like Tuzuklar, eventually faced a similar degree of scholarly neglect.

An essential scholarly and cultural imperative now rests with leading institutions, including the International Amir Temur Public Foundation, the State Museum of the History of the Temurids, the Al-Beruniy Institute of Oriental Studies of the Academy of Sciences of Uzbekistan, Institute of History of the Academy of Sciences and the Center for Islamic Civilization in Uzbekistan, as well as with the broader intellectual community: namely, to locate the original manuscript of the “The 'Tuzuk-i-Timuri” - Temur tuzuklari, subject it to rigorous academic scrutiny, and reintegrate this foundational text into the corpus of the nation’s cultural and historical legacy.

The recovery of the authentic manuscript, an unparalleled artifact that reflects the political thought and historical consciousness of a pivotal epoch, would constitute a landmark achievement in the advancement of Uzbek historiography and civilizational self-understanding.

        Muhammad ALI

                              Chairman, International Amir Temur Public Foundation

                                      Distinguished Writer of Uzbekistan, Professor

In January, growth in the business climate was mainly driven by an outpacing increase in the expectations component. The agricultural sector and services became the key drivers of business confidence.

The Center for Economic Research and Reforms (CERR) presented the results of its business climate analysis based on monthly surveys of entrepreneurs across the republic. Based on the collected data, a composite Business Climate Indicator was formed, reflecting both current assessments of business conditions and expectations for the next 3 months.

Dynamics of Uzbekistan’s Composite Business Climate

In January of the current year, Uzbekistan’s composite Business Climate Index stood at 64 points (on a scale from −100 to +100), which is 23% higher than the level of 2025.

The improvement in the business climate was primarily driven by stronger assessments of the current business situation, which increased by 28%.

An additional contribution came from improved optimism regarding short-term business prospects. In particular, business expectations rose by 20%.

According to the survey, 22% of enterprises increased their number of employees. At the same time, 71% of respondents expect demand for their products to grow over the next three months, compared to about 60% in the same period last year.

The share of enterprises forecasting an increase in employment in the coming quarter rose to 65%, up from 58% a year earlier.

Sectoral Dynamics of the Business Climate Index

In sectoral terms, an improvement in the business climate compared to last year was observed in construction, agriculture, and services.

In agriculture, the Business Climate Index increased by 62% year-on-year and reached 77 points, compared to 48 points in January 2025.

Growth was mainly supported by a significant improvement in assessments of current conditions and more favorable expectations. The current situation indicator in the sector increased 2.7 times from 27 to 72 points, while expectations grew by 17% to reach 82 points.

44% of entrepreneurs assessed the condition of their business in the sector as “good,” compared to 39% a year earlier. Growth in demand for products over the past three months was reported by 46% of enterprises versus 39% in January last year. Expectations for further demand growth in the near term remain high at 71%, compared to 68% a year earlier.

In the services sector, the business climate increased by 25% compared to January last year, reaching 65 points versus 52 points a year earlier.

Growth was driven by a gradual improvement in current business conditions. Current assessments in services rose by 18% to 52 points. At the same time, a more pronounced increase was observed in the expectations component, which grew by 32% to 79 points, indicating a substantial strengthening of companies’ confidence in short-term prospects.

70% of entrepreneurs expect demand for their services to grow over the next three months, compared to 58% in January 2025. The share of enterprises expecting to increase employment in the coming quarter amounted to 61%, up from 54% a year earlier.

In the construction sector, the business climate increased by 13% to 61 points, compared to 54 points a year earlier. The current situation indicator improved by 43% to 57 points. Expectations were formed at the level of 66 points, showing a decline of 4%.

38% of respondents reported that business conditions in construction had improved over the past three months, compared to 35% a year earlier. The share of enterprises reporting workforce growth rose to 38% from 22% a year earlier. Expectations of demand growth over the next three months were expressed by 77% of entrepreneurs, compared to 61% in January last year.

In industry, the business climate slightly declined by 5% compared to last year, while remaining at a sufficiently high level of 54 points.

At the same time, optimism among industrial enterprises remains steadily high. In January, expectations increased by 10%, reaching 78 points, indicating a continued positive outlook regarding development prospects.

According to the survey, the share of respondents reporting an improvement in business conditions over the past three months reached 32%, compared to 30% a year earlier. Demand growth over the same period was noted by 38% of industrial enterprises versus 36% in January last year. Meanwhile, employment expansion plans strengthened — 69% of entrepreneurs expect to increase their workforce in the next three months, compared to 62% a year earlier.

Barriers to Entrepreneurial Activity

According to the survey, more than half (57%) of entrepreneurs see no barriers in their activities. Among the problems cited, the most frequent are taxation (11%), utilities (9%), and access to credit (8%).

CERR Sector for the Study of Sectoral Competitiveness and Investment Activity

Tel: (78) 150 02 02 (441)

CERR Public Relations and Media Sector

Tel: (78) 150 02 02 (417)

Bakhtiyor Mustafayev, Deputy Director of the Institute for Strategic and Regional Studies under the Head of our state (ISRS), commented on the outcomes of the working visit of President of Uzbekistan Shavkat Mirziyoyev to Switzerland and his participation in the ceremony of signing the Board of Peace Charter in Davos:

- The participation of the President of Uzbekistan, Shavkat Mirziyoyev, in events held on the sidelines of the Annual Meeting of the World Economic Forum in Davos in January 2026 constituted a landmark development, reflecting the country’s transition to a new stage of international positioning.

Against the backdrop of increasing geopolitical uncertainty, Uzbekistan demonstrated an approach that aligns domestic reforms with evolving global expectations, positioning itself as a reliable and predictable partner for investment and initiatives in the field of security.

A central milestone of the working visit was the participation of the Head of State in the ceremonial signing of the Board of Peace Charter on January 22, 2026. The invitation extended to the President of Uzbekistan by the President of the United States, Donald Trump, to join this body as a founding member reflects a high level of international confidence.

Uzbekistan’s participation in the Board of Peace is grounded in clear strategic considerations.

First, this represents a natural continuation of the strategy of openness and multi-vector dialogue that Uzbekistan has consistently pursued in recent years.
Tashkent has been purposefully strengthening its presence across all major global platforms, actively participating in regional and international formats of the United Nations, the Shanghai Cooperation Organization (SCO), the Commonwealth of Independent States (CIS), the Organization of Turkic States (OTS), the Organization of Islamic Cooperation (OIC), and BRICS+.

The invitation extended to U.S. President Donald Trump to participate in the G20 Summit reflects the growing recognition of Uzbekistan as a responsible partner in global governance. Accession to the Board of Peace logically builds on this trajectory, reaffirming Uzbekistan’s capacity to engage on an equal footing with the world’s leading powers and to make a constructive contribution to the development of new mechanisms of international cooperation.

Second, Uzbekistan’s participation in the Board of Peace clearly demonstrates its firm commitment to a principled position on the Palestinian issue, where Tashkent combines humanitarian resolve with practical action.
Following President Shavkat Mirziyoyev’s public call for a ceasefire in November 2023, the country moved from words to deeds: USD 1.5 million in assistance was allocated through UNRWA, and in December 2024 Uzbekistan carried out a humanitarian evacuation of 100 wounded Palestinian women and children from Rafah.

Drawing on the successful experience of the Mehr program, Tashkent created comprehensive conditions for their medical treatment and social rehabilitation, effectively offering the international community a functioning model of practical humanitarianism. This state policy—going beyond declarations and implying real responsibility for human lives—became a key factor of trust in the formation of the Board of Peace.

Third, the Davos platform served as a catalyst for advancing Uzbekistan’s economic and investment profile toward a higher level of global competitiveness. Over the past decade, the country has demonstrated sustained economic growth: GDP has more than doubled to USD 145 billion, economic growth reached 7.7 percent in 2025, and foreign exchange and gold reserves exceeded USD 60 billion for the first time.

Structural transformation of the economy is reflected in the fact that more than 80 percent of GDP is generated by processing industries, while exports reached a historic high of USD 33.4 billion, representing a 24 percent increase. Equally significant are the social outcomes of the reforms, including a reduction in the poverty rate from 35 percent in 2017 to 5.8 percent in 2025, contributing to more inclusive economic development.

In addition, negotiations between the President of Uzbekistan and the leadership of BlackRock, the world’s largest asset manager, marked an important step toward attracting long-term and sustainable investment. Discussions on potential equity participation and the establishment of joint investment mechanisms indicate Uzbekistan’s growing integration into global investment processes. This confidence is also reflected in the activities of the European Bank for Reconstruction and Development (EBRD), whose total investments in Uzbekistan have reached nearly USD 7 billion, making the country one of the Bank’s key partners in the region.

Fourth, amid the fragmentation of the global order and the escalation of regional tensions, ensuring that the interests of Uzbekistan and Central Asia are adequately reflected in emerging security frameworks remains of critical importance. Participation in the Board of Peace serves as an instrument of preventive diplomacy based on the understanding of the interconnected nature of contemporary challenges and threats.

Uzbekistan is effectively establishing the first line of defence for its own security and for the stability of the entire region, ensuring that national and Central Asian interests are not marginalized in global decision-making processes.

In conclusion, it can be stated with confidence that President Shavkat Mirziyoyev’s visit to Switzerland has set a new strategic trajectory for the country’s development.

The combination of institutional consolidation within the Board of Peace, internationally recognized macroeconomic achievements, a consistent humanitarian stance, and the active promotion of regional interests at the global level positions Uzbekistan as a unique model of successful modernization in the contemporary world — a state that not only adapts to changes in the international system, but also earns the right to participate in shaping the global agenda of the 21st century.

Dunyo IA