The visit of the Successful Business Leaders’ Club delegation to Tashkent showed that there is interest in Cyprus, but it needs to be translated into the language of specific business objectives. Uzbek businesses need partners they can ask practical questions: how to structure international operations, where to find clients and investors, and how to prepare for working with the EU. Uzbekistan is the most populous country in Central Asia, with around 60% of its population under the age of 30 — and they need expert support. Cyprus can offer its experience in supporting international business, assistance with entering European markets, and well-thought-out legal, financial, and investment solutions.
Uzbekistan is the most populous country in Central Asia, with more than 38 million people, and its population grows by roughly one million people every year. At the same time, statistics confirm an important demographic fact: around 60% of Uzbekistan’s population is under the age of 30.
According to the World Bank, Uzbekistan’s GDP in 2025 was about USD 147 billion, while the economy grew by 7.7%; in 2026, growth is expected to be around 6.4%.
Exports of goods and services from Uzbekistan reached USD 33.8 billion in 2025, increasing by 24% year on year. At the same time, the European direction accounts for only a very small share: around EUR 1 billion, or 1/33 of the total volume.
In recent years, Uzbekistan has changed noticeably. It has begun working more actively with external partners, removing barriers for private business, simplifying currency regulation, attracting foreign investment, and creating special regimes for foreign companies that help develop the economy.
More and more Uzbek companies are now looking beyond the national market: they are seeking partners, showing interest in international standards, business structuring, and capital raising.
This is precisely the stage at which Cyprus can be useful to Uzbekistan as a country with extensive experience in professional services. Uzbek businesses need answers to questions about how to structure international operations, how to prepare a company for entering external markets, how to work with European partners, and how to build legal, tax, financial, and organizational support.
Relations between Cyprus and Uzbekistan have reached a stage where direct connections between entrepreneurs, companies, and professional communities are becoming increasingly important.
Cyprus has an Honorary Consulate in Tashkent, while the Republic of Uzbekistan maintains an Honorary Consulate in Cyprus. Diplomatic relations continue to develop, and both countries have recently opened embassies. However, these are currently accredited through third countries—for example, Uzbekistan’s Ambassador to Cyprus is based in Rome. In 2025, the Cyprus–Uzbekistan Business Association was established under the auspices of the Cyprus Chamber of Commerce and Industry. Its practical work is only beginning to take shape. In other words, the institutional framework is already in place; now it needs to be filled with meaningful cooperation.
At present, visits by representatives of business organizations remain relatively rare.
The priority now is to strengthen direct communication between business communities through business missions, joint roundtable discussions, meetings between industry associations, programs supporting the development of bilateral tourism, and joint educational initiatives.
An additional boost to bilateral relations came from the recent visit of Cyprus’ Minister of Foreign Affairs, Konstantinos Kombos, to Tashkent. During his talks with Uzbekistan’s Minister of Foreign Affairs, Bakhtiyor Saidov, the two sides discussed the further development of bilateral relations, trade and investment, transport and logistics, stronger ties between the two countries’ business communities, as well as opportunities for joint initiatives.
This visit demonstrated that Central Asia is becoming an increasingly important foreign policy and economic priority for Cyprus. For Uzbekistan, in turn, Cyprus can serve as a valuable partner as a European Union member state with a well-developed professional services sector, extensive international business experience, and experts who understand how to work with companies across multiple jurisdictions.
The next step is practical action: direct discussions between entrepreneurs, consultants, and potential investors. That is precisely why the Successful Business Leaders’ Club delegation made its first visit to Tashkent.
On July 2–3, the Successful Business Leaders’ Club spent two intensive working days in Tashkent. The delegation included executives of Cyprus-based companies operating in professional services, investments, family offices, corporate structuring, legal services, banking support, financial consulting, trade, and manufacturing.
The program was designed to identify where the interests of Cypriot and Uzbek companies overlap and to determine the areas in which business dialogue and cooperation should be developed.
The visit began with a tour of IT Park Uzbekistan. Since SBL Club Founder Natalia Kardash serves as IT Park’s representative in Cyprus, the delegation had the opportunity not only to learn about one of the country’s flagship government initiatives in the digital economy, but also to gain a broader understanding of Uzbekistan’s modern economy and its plans to support foreign businesses operating in the country.
Following the presentation, the delegation met with IT Park residents and executives of international companies already doing business in Uzbekistan. These discussions provided valuable insight into real business experience—how companies enter the market, the challenges they face in the early stages, and the opportunities and obstacles they encounter along the way.
Later that afternoon, two meetings were held with Uzbek entrepreneurs in small groups of 12–20 participants. This format was chosen deliberately. A group of this size allows every participant to introduce themselves, ask questions, explain their business interests, and quickly identify which members of the delegation they should continue speaking with on an individual basis.
The Europe-Uzbekistan Association for Economic Cooperation (EUROUZ) and the IT Community of Uzbekistan played a key role in shaping both the organization and the substance of the program. The discussions were joined by Atabek Alimjanov, Secretary General of EUROUZ, and Shavkat Karimov, Head of the IT Community of Uzbekistan. Their participation helped connect the conversations with the real priorities of the Uzbek business community: building international partnerships, expanding into European markets, developing the IT sector, working with international clients, and strengthening the role of professional communities in fostering trust.
Separate meetings were also held with the leadership and members of AmCham Uzbekistan, the IT Alliance, and PRO Business Club. Representing AmCham Uzbekistan, CEO Tatyana Bystrushkina took part in the discussions. At the IT Alliance, the delegation met with CEO Rustam Toshov, while the meeting with members of PRO Business Club was moderated by its Founder and CEO, Vitaliy Tarasyuk.
These meetings provided a broad understanding of how business is conducted in Uzbekistan. The next step is to continue the dialogue and focus on addressing specific business objectives.
The central question throughout the visit was: how can Cyprus support Uzbek businesses that are already looking beyond the domestic market or are preparing to expand internationally?
The delegation concluded that Uzbek companies are likely to have a growing interest in Cyprus as a source of expertise in corporate structuring and legal support for international operations, particularly those involving the European Union. At present, relatively few companies are focused on tax and financial advisory services, or on establishing investment funds, trusts, or family offices. However, demand for these services is expected to grow alongside the increasing prosperity of the Uzbek population.
The delegation included experts who can assist companies with preparing documentation for raising foreign investment, supporting manufacturers as they enter European markets, and helping structure both business and educational infrastructure.
SBL Club sees strong potential in Uzbekistan’s fast-growing economy and is ready to contribute as an expert platform in the areas where it has deep expertise: professional services, investment, legal advisory, corporate support, finance, HR, education, trade, and international market expansion.
One of the practical outcomes of the visit was the signing of cooperation agreements with PRO Business Club and the HR Business Partners Association.
The cooperation agreement with PRO Business Club establishes a framework for reciprocal visits and regular interaction between the two business communities. For SBL Club members, it means having a trusted partner in Tashkent. At the same time, PRO Business Club members now have direct access to the Cypriot business community whenever they need guidance on Cyprus or the EU, or require advice on international corporate structuring, investment, or professional services.
The agreement with the HR Business Partners Association focuses on a joint publishing initiative. The Association’s magazine plans to feature an article on the Cypriot business community, while the Cyprus-based magazine Successful Business will publish a feature on doing business in Uzbekistan. This could become the first step toward a more structured exchange of information between the professional communities of the two countries.
Another important area is cooperation with IT Park Uzbekistan. This government initiative plays a central role in developing Uzbekistan’s technology sector, expanding exports of digital services, and strengthening international partnerships. For SBL Club, collaboration with IT Park has the potential to become one of the main channels for practical cooperation.
Negotiations have also taken place, and memoranda of understanding are currently being prepared with the IT Alliance, AmCham Uzbekistan, EUROUZ, and the Graduate School of Business and Entrepreneurship under the Cabinet of Ministers of the Republic of Uzbekistan. After the official program concluded, Natalia Kardash remained in Tashkent for two additional working days to hold one-on-one meetings with the leaders of these organizations. Following the broader discussions, it became clear which topics could be translated into concrete initiatives and where there is genuine potential for cooperation between SBL Club members and Uzbek entrepreneurs.
Much will depend on personal trust, consistency, and a willingness to continue working together long after the first introduction.
