Uzbekistan’s Business Landscape: Key Developments in March 2025

Uzbekistan has seen a flurry of significant business developments in March 2025, reflecting the country’s dynamic economic landscape. Here are some of the most impactful news stories that are shaping the business environment in Uzbekistan.

1. High Town City Complex Opens in Tashkent
   • The High Town City complex, a USD 510 million project funded entirely by foreign investment, has officially opened in Tashkent. This massive development includes a shopping and entertainment center, a business center, a hotel, and residential buildings. The complex features shops, restaurants, cafes, entertainment areas, sports facilities, and cinemas, with the capacity to serve up to 5,000 people daily and create 1,500 jobs. President Mirziyoyev emphasized the importance of supporting investors and entrepreneurs and promoting national brands in foreign markets. Source
2. Honeywell Expands in Uzbekistan
   • Honeywell has launched a new subsidiary, Honeywell Industrial Automation LLC, in Uzbekistan to support the country’s industrial digital transformation. The company plans to establish a Global Engineering Center in Tashkent to develop local technologies and create professional growth opportunities for Uzbek engineers. Honeywell has been active in Uzbekistan since 1998, completing over 100 technology projects across various sectors. Source
3. Kyivstar Acquires Uklon Taxi Service
   • Ukrainian mobile operator Kyivstar is acquiring a 97% stake in the taxi service Uklon for $155.2 million USD. This acquisition is part of Veon Group’s strategy to expand Uklon to Kazakhstan, Pakistan, and Bangladesh. Uklon, which launched in Uzbekistan in June 2023, aims to capture 10% of the Uzbekistani taxi market and plans to operate in all cities with over 100,000 people. Source
4. Uzbekistan’s First Air-Purifying Mural
   • Tashkent has unveiled Uzbekistan’s first air-purifying mural, a 250 sq m artwork that uses Airlite paint to neutralize harmful particles. This innovative project, a collaboration between TBC Bank and artist Nadezhda Riksieva, aims to improve air quality in the rapidly developing Sergeli district. The mural’s cleaning capacity is equivalent to that of a similarly sized forest, neutralizing pollutants from approximately 50 cars daily. Source
5. Uzbekistan to Adjust Utility Prices Every Three Years
   • Starting in 2026, Uzbekistan will revise electricity and natural gas prices every three years. This new law aims to provide price stability and support vulnerable populations through basic tariffs and compensation for price increases. The government plans to implement a unified pricing policy nationwide by 2035. Source
6. Tashkent Airport Opens New Cargo Terminal
   • Tashkent International Airport has opened a new cargo terminal with a capacity of 120,000 tonnes of cargo per year. The terminal, which covers 5.2 hectares and includes 8,500 square meters of warehouse space, is equipped with modern facilities for handling various types of cargo, including refrigerated and freezer storage. This development is expected to significantly enhance the airport’s cargo handling capabilities. Source

These developments highlight Uzbekistan’s commitment to economic growth, technological advancement, and environmental sustainability. As the country continues to attract foreign investment and implement innovative projects, it is poised to become a significant player in the regional and global economy.