Investing in Uzbekistan ahead of Rubio’s planned visit: bonds, businesses and regional projects

Bonds: distinguish the currency, the issuer and the price

On 1 April 2026, Uzbekistan placed three-year sovereign international bonds denominated in Uzbek soum with a volume of UZS 12.2 trillion, approximately USD 1 billion equivalent, at a reported issue rate of 12.25%. The Ministry of Economy and Finance’s announcement demonstrates international demand for local-currency exposure. That historical issue rate is not a current executable yield or a dollar return.

Investors comparing sovereign and corporate debt should examine each issue’s currency, current price, maturity, credit quality, liquidity, custody and tax treatment. A soum return can change materially when translated into the investor’s home currency. Corporate debt also requires analysis of the issuer’s cash flow and repayment capacity; state ownership alone does not establish a sovereign guarantee. Access and execution should be confirmed with appropriately authorised intermediaries for the investor’s jurisdiction.

Equity and direct investment: choose the level of involvement

Listed equity is another route. Uzbekistan’s Ministry of Digital Technologies reported the successful London IPO of the Uzbekistan National Investment Fund in May 2026. A completed listing is a useful capital-market milestone, but an investor still needs to assess the fund’s current portfolio, governance, fees, valuation, liquidity and applicable access rules.

For investors seeking an active role, CAPPA can help assess acquisitions, joint ventures and new industrial projects. Areas worth screening include manufacturing, food processing, warehousing and logistics, energy services and digital infrastructure. These are areas for investigation, not a list of assets currently offered for sale. Each shortlist should establish the owner, documented rights, customers, utilities, capital requirements and the investor’s expected control and exit options.

Infrastructure and public-private partnerships

Uzbekistan’s official investment portal describes a PPP pathway built around a project concept, feasibility documentation, approval by the relevant public authorities and selection of a private partner. Infrastructure investors can assess sectors such as energy, water, healthcare, education and municipal services through this framework.

The commercial work is to establish who pays, how tariffs or availability payments are determined, what demand and construction risks the investor carries, and which approvals and competitive procedures apply. CAPPA can assist with project preparation and coordination with the relevant counterparties. A cooperation memorandum or an introduction does not itself award a concession, establish a payment guarantee or replace the required procedure.

A more supportive investment environment, with targeted incentives

Uzbekistan has established mechanisms intended to encourage investment, including special economic zones, tax and customs incentives for qualifying activities and investment agreements. The Ministry of Investment, Industry and Trade’s guidance explains that eligibility depends on conditions such as sector, location, investment structure and size. This is a framework of targeted support rather than one automatic benefit available to every investor.

CAPPA helps identify which mechanisms may be relevant to a proposed project and organise the questions and documents needed for review by the responsible institutions and advisers. The practical goal is to compare locations and structures using the investor’s full cost of doing business: infrastructure, workforce, logistics, taxation, financing and the time required to begin operations. The final incentive position should be confirmed against current legislation and the project’s approved terms before it enters the financial model.

How CAPPA connects investors with regional opportunities

CAPPA’s published mandate records cooperation with eight regional or territorial investment authorities and signed memoranda with the investment departments of Khorezm and Syrdarya. The status of each relationship is set out separately on our mandate page. These arrangements support work on regional project information, investor introductions and coordination with designated counterparts.

Through CAPPA, an investor can obtain practical support in identifying suitable projects, preparing a shortlist, arranging discussions with participating regional authorities, and coordinating questions for relevant national institutions where needed. We can help organise site visits, obtain available project information and define the next technical or commercial step under an agreed engagement.

Our aim is to find the options that best fit the investor’s objectives and constraints, then make the evidence behind that choice clear. Cooperation is non-exclusive and project-specific. Government approvals, incentives, procurement decisions and any sovereign commitments remain matters for the competent authorities; CAPPA does not promise them.