Uzbekistan is moving ahead with plans to connect the new Tashkent International Financial Centre to British financial and legal expertise. The centre will operate under a separate framework using English common-law principles for commercial activity, with the wider strategy aimed at attracting international listings, private capital and investment into Central Asia.
The initiative was discussed at the inaugural Central Asia–UK Think Tank Forum in Tashkent, where officials and experts examined how stronger legal protections, financial standards and commercial partnerships could turn political cooperation into investable projects.
A separate legal framework for Tashkent
The Tashkent International Financial Centre was established by presidential decree in March. Unlike Uzbekistan’s wider civil-law system, the centre is expected to provide a distinct legal environment for companies conducting commercial activity through the financial hub.
Its planned framework will draw on English common-law principles and include:
- An independent international commercial court
- Arbitration mechanisms for business disputes
- Legal arrangements familiar to international investors
- Rules designed to strengthen confidence in cross-border transactions
The system is not intended to replace Uzbekistan’s national legal framework. Instead, it would create a specialised platform for international business, finance and dispute resolution within the country.
President Shavkat Mirziyoyev approved further organisational measures for launching the centre on 10 September. The next phase will involve developing the institutions, regulations and operational capacity needed for the centre to function effectively.
Why the City of London is relevant
Uzbek officials see the United Kingdom, and particularly the City of London, as a potential source of expertise in finance, English law, arbitration, compliance and corporate governance.
Javlon Vakhabov, Director of the International Institute for Central Asia, said cooperation with British counterparts could support the new centre and strengthen Uzbekistan’s connections with the wider Central Asian region.
For international investors, the appeal of a familiar legal and financial framework can be significant. Clear rules on contracts, ownership, disclosure and dispute resolution may reduce uncertainty when businesses assess projects in a new market.
However, establishing a special legal regime alone will not guarantee an immediate flow of foreign investment. Investors will also examine how the rules are applied, whether courts are independent in practice and how effectively risks are managed.
International listings and private capital
Uzbekistan’s strategy includes preparing state-linked companies for potential international listings. The National Investment Fund of Uzbekistan, managed by Franklin Templeton, became the first Uzbek fund to list internationally when it debuted in London in May.
The listing is being presented as part of a broader effort to improve access to global capital markets. Further listings could encourage stronger financial reporting, improved corporate governance and greater transparency among participating companies.
For Uzbekistan, international listings could help:
- Broaden the investor base beyond domestic sources
- Introduce companies to international reporting standards
- Attract private rather than exclusively state-backed capital
- Increase visibility for Uzbek businesses in global markets
Potential investors will nevertheless assess each company separately. A successful listing programme depends on credible accounts, effective oversight, reliable disclosure and confidence that shareholder rights will be protected.
Critical minerals and higher-value production
Discussions between British and Central Asian participants also covered critical minerals, agriculture, education, technology, digitalisation and artificial intelligence.
Critical minerals emerged as an example of how cooperation could extend beyond the export of raw materials. Uzbekistan and other resource-rich countries in Central Asia are seeking to retain more value through processing, research and manufacturing.
Possible areas of cooperation include:
- Research partnerships with British universities
- Training for geologists, engineers and environmental specialists
- Mineral processing and manufacturing
- Recovery of materials from mining waste and tailings
- Long-term supply arrangements linked to overseas finance
These ideas were discussed as potential models rather than confirmed projects. Their success would depend on legislation, investor confidence, infrastructure and the ability to transport processed goods from production sites to international markets.
Investor safeguards remain central
Participants stressed that political agreements do not automatically produce private investment. Companies and financial institutions must also be satisfied that projects meet international standards on risk and compliance.
Issues highlighted during the discussions included:
- Due diligence and anti-money-laundering controls
- Transparent procurement procedures
- Sanctions compliance
- Reputational-risk management
- Protection of investor rights
- Commercial dispute resolution
Annette Bohr of Chatham House noted that British companies are generally privately owned rather than controlled directly by the state. That can make it more difficult for political agreements to translate quickly into investment commitments.
Rebecca Nadin of ODI Global similarly emphasised the need to turn broad opportunities into commercially viable projects. In practice, that means developing bankable proposals with clear legal, financial and logistical foundations.
What happens next?
Uzbekistan must now turn the centre’s political and organisational framework into a functioning financial institution. That will require detailed rules, operational bodies, credible oversight and practical arrangements for courts and arbitration.
Further cooperation with British institutions could provide expertise, but investment decisions will remain dependent on individual companies, funds and financial institutions. The proposed centre therefore represents an opportunity rather than a guarantee of new capital flows.
The broader Central Asia–UK relationship is also becoming more structured, following the first CA5+UK foreign ministers’ meeting in London in February. The challenge will be converting diplomatic engagement into projects that satisfy investors while supporting Uzbekistan’s ambition to develop higher-value industries.
Conclusion
Uzbekistan’s Tashkent International Financial Centre is designed to make the country more accessible to international investors by combining a specialised legal framework with global financial practices. Its planned links with the City of London could support listings, arbitration, compliance and investment expertise, but the decisive test will be implementation. Clear rules, reliable institutions and commercially viable projects will determine whether the centre can turn international interest into sustained private capital.
