Uzbekistan news


Uzbekistan and Finland: An Economic Partnership Built on Technology and Trust

Uzbekistan and Finland: An Economic Partnership Built on Technology and Trust

Historical Background

The history of Uzbek - Finnish relations dates back to the early 1990s, when Finland became one of the first countries to recognize the independence of the Republic of Uzbekistan - on 30 December 1991. Just two months later, on 26 February 1992, diplomatic relations were officially established, marking the beginning of a new chapter based on mutual respect, trust, and a shared commitment to technological progress.

The first high-level visits in 1992 laid the foundation for political dialogue. During that year, Uzbekistan took part in the signing ceremonies of the OSCE Helsinki Final Act and the Paris Charter. In October of the same year, Finnish President Mauno Koivisto paid an official visit to Tashkent, further consolidating the partnership. Since then, cooperation between the two countries has developed steadily across political and economic spheres.

Legal and Institutional Framework

Today, the legal framework governing Uzbek-Finnish relations comprises eight active documents, including two interstate and six intergovernmental agreements. These include the 1992 Agreements on Mutual Protection of Investments and on Trade, Economic, and Technological Cooperation, as well as treaties on air and road transport (1996 and 1997) and agreements on avoiding double taxation and on customs cooperation.

New initiatives reflecting the modern stage of partnership are under consideration - such as a draft agreement on visa exemption for holders of diplomatic passports, a memorandum on cooperation in environmental protection, and a protocol on consultations between the foreign ministries.

Cooperation Priorities: Technology, Ecology, and Innovation

Finland, recognized globally as a leader in innovation, sustainable development, and green technologies, serves as a valuable model for Uzbekistan in its transition toward a digital and energy-efficient economy.

In 2017, a business delegation of nine Finnish companies specializing in engineering, agribusiness, telecommunications, and logistics visited Uzbekistan to participate in the AgroWorld Uzbekistan international exhibition. This visit gave new impetus to direct business-to-business engagement.

In April 2019, Tashkent hosted a delegation led by Mikko Koiranen, Deputy State Secretary of Finland for Foreign Economic Relations. The delegation included 29 representatives from leading companies and organizations - such as Nokia Siemens Networks, ABB, Wärtsilä, Uponor Infra, Tikkurila, ISKU, and Airbus Defense and Space. Discussions focused on implementing Finnish technologies in Uzbekistan, joint energy and raw material processing projects, and opportunities in smart cities and water management.

Later, in November 2019, Antti Koskelainen from the Finnish export credit agency Finnvera visited Tashkent, marking an important step toward deeper financial and investment cooperation. Meetings with the Ministry of Investment, Industry and Trade, the Ministry of Finance, and the Agency for State Asset Management addressed mechanisms for crediting and insuring Finnish export operations in Uzbekistan.

Trade: A Threefold Growth in One Year

Economic cooperation between Uzbekistan and Finland continues to expand. The two countries enjoy Most-Favored-Nation trade status, and regular meetings of the Joint Intergovernmental Commission on Trade, Economic, and Scientific-Technical Cooperation (five sessions to date, the latest held in Tashkent in February 2023) ensure a dynamic dialogue.

Trade turnover has shown remarkable growth in recent years: from USD 48.45 million in 2020 to USD 151.7 million in 2024 - an increase of over threefold. This upward trend reflects intensified business ties and growing interest among Finnish companies in the Uzbek market.

Investment and Business Cooperation

Finland is viewed in Uzbekistan not only as a trading partner but also as a source of innovation and investment. Currently, 14 enterprises with Finnish capital operate in Uzbekistan - four joint ventures and ten with 100% foreign ownership - active in sectors such as electronics, software, energy, agriculture, food processing, chemicals, and telecommunications equipment.

Finnish businesses are showing strong interest in renewable energy, waste recycling, eco-construction, water management, and sustainable agriculture. Uzbekistan, in turn, offers attractive conditions for investors - tax incentives, developed industrial infrastructure, and access to a 75-million-strong Central Asian market.

Finland’s Economic Potential: Opportunities for Partnership

Finland is one of Europe’s most advanced and innovative economies, known for its high living standards, sound macroeconomics, and strong industrial base. In 2024, its GDP exceeded USD 320 billion, with GDP per capita around USD 58,000. The economy is well-balanced, with services accounting for over 70%, industry 27%, and agriculture 2.5%. Inflation remains one of the lowest in Europe - around 3% - ensuring a stable and predictable business environment.

For Uzbekistan, cooperation with Finland opens wide-ranging opportunities for industrial, investment, and technological partnership, including:

  • Energy: joint projects in renewable energy, smart grids, and energy storage; development of solar panel and wind equipment manufacturing.
  • Water and Environment: Finnish expertise in water purification, waste processing, and efficient water management, particularly relevant for agriculture and urban infrastructure.
  • Engineering and Electronics: creation of joint ventures in industrial equipment, automation systems, and telecommunications.
  • Construction and Green Materials: Finnish participation in energy-efficient building projects, production of eco-friendly insulation and finishing materials, and smart home systems.
  • Education and Science: joint engineering and IT education programs, establishment of research laboratories, and introduction of dual education models based on Finnish experience.
  • Agro-Industry: cooperation in precision farming, agricultural digitalization, and production of eco-friendly export-oriented goods.

Finland’s experience in sustainable development and digital transformation makes it a strategic partner for Uzbekistan’s “green economy” agenda and industrial modernization. At the same time, Uzbekistan - with its abundant natural resources, young workforce, and expanding domestic market - offers Finnish companies favorable conditions for localization and regional expansion.

A Look Ahead

The partnership between Uzbekistan and Finland goes beyond traditional economic cooperation. It stands as an example of how innovation and sustainability can form the foundation of long-term, mutually beneficial relations. Joint projects in digitalization, green energy, and education are paving new avenues for the exchange of expertise, technologies, and investments.

Finland regards Uzbekistan as a reliable partner in Central Asia, while Uzbekistan views Finland as a strategic ally in advancing its “smart growth” model and building a knowledge-based economy.

The synergy between Finland’s pragmatic northern experience and Uzbekistan’s dynamic eastern development creates a powerful foundation for further strengthening bilateral relations - grounded in trust, innovation, and mutual respect.

 

📅 06.11.2025

Uzbekistan news


GENDER POLICY IN UZBEKISTAN
Uzbekistan launches a brand new media bankfeaturing high-quality photo and video materials
Building Effective Transport Connectivity in the Context of Global Change
Uzbekistan as a Driver of Regional Connectivity: The Significance of the Termez Dialogue
A SHARED GENETIC CODE: THE REVIVAL OF THE CULTURAL AND CIVILISATIONAL HERITAGE OF CENTRAL AND SOUTH ASIA
The Termez Dialogue Sets the Course for Economic Integration with South Asia
Termez platform – dialogue for ensuring security and stability in Central and South Asia
The Termez Dialogue: Afghanistan as a Connecting Bridge Between Central and South Asia
Tashkent to Host Second Meeting of Termez Dialogue on Connectivity Between Central and South Asia on June 4–6
The “Uzbek Model” of Rehabilitation: Seven Years of “Mehr” Humanitarian Operations
Uzbekistan offers a deeply thought-out philosophy of integration to the international community
Uzbekistan and the EAEU: deepening practical cooperation amid global economic changes
ORGANIZATION OF TURKIC STATES: DYNAMICS OF DEVELOPMENT, ECONOMIC POTENTIAL AND STRATEGIC OPPORTUNITIES
TIIF-2026: Shaping a New Investment Architecture for Central Asia
Economic connectivity between Central and South Asia: a foundation for stability and sustainable development of the macroregion
The Termez Dialogue: A New Regional Architecture of Connectivity between Central and South Asia
The Termez Dialogue: From Connectivity to Shared Climate Resilience Dinara Ravilevna Ziganshina, SIC ICWC
TERMEZ DIALOGUE: FROM CULTURAL-HUMANITARIAN TIES TO BUILDING A SUSTAINABLE REGIONAL ARCHITECTURE
Smart Cities: How Uzbekistan and Azerbaijan Are Rethinking Urban Development
Central Asia’s Shared Experience of Compromise Is Increasingly in Demand Globally as a Practical Model for Preventive Diplomacy
The Termez Dialogue: From Connectivity to Shared Climate Resilience
TERMEZ DIALOGUE: FROM CULTURAL-HUMANITARIAN TIES TO BUILDING A SUSTAINABLE REGIONAL ARCHITECTURE
Nearly all initiatives put forward by the President of Uzbekistan at the OTS summit in Turkestan were practical in nature
The Termez Dialogue: A New Regional Architecture of Connectivity between Central and South Asia
Cities of the Future and the Strategy of New Uzbekista
Baku – WUF-13: Everyone deserves adequate housing and living in safe and sustainable cities
To Europe via the “Middle Corridor”: New Horizons for Uzbek-Azerbaijani Logistics Cooperation
From the INMerge Innovation Summit to Regional Hubs: How Uzbekistan, Kazakhstan, and Azerbaijan Are Building a Unified Startup Ecosystem
Uzbekistan and Azerbaijan strengthen economic partnership
Urbanization Processes in Uzbekistan: Legal Foundations, New Mechanisms, and Development Strategy