Uzbekistan, which has been strengthening its investment potential through reforms in recent years, is attracting growing interest from international financial institutions focused on Central Asia, particularly in the areas of nuclear energy and Islamic finance.
Investment Potential and Nuclear Energy
At the annual meeting of the Eurasian Development Bank (EDB), several speakers named Uzbekistan a promising market for new capital attraction instruments. In this context, Uzbekistan was mentioned regarding the construction of a nuclear medicine center, which is a joint project with the Russian state corporation Rosatom. One of Rosatom's three nuclear reactors is being built in Uzbekistan.
Expert Opinion on Nuclear Energy
Sheikh Ibrahim Al Khalifa, Chairman of the Board of Trustees of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), noted that nuclear energy provides 'zero emissions' over an operational period of 60 to 80 years and is the most reliable source of baseload electricity compared to wind and solar energy, which is especially important for a geographically vast region with a relatively small population. He emphasized that 'poverty is not the absence of money. Poverty is the absence of knowledge. And without cheap electricity, there is no knowledge.'
Development of Islamic Finance
Uzbekistan is also working to adapt its legislation to the principles of Islamic finance. Abdullah bin Harun from the Islamic Financial Services Board (IFSB) reported that the country is making these efforts jointly with Kyrgyzstan and Tajikistan, although a full ecosystem has not yet been formed.
Attractiveness of Central Asia for Investors
Angela Cheng, Chief Macro Strategist at China Galaxy International Securities, highlighted the region's demographic profile as one of the factors attracting investors to Central Asia. According to her, the young and rapidly growing population is transforming consumer demand and opening long-term growth opportunities. Cheng added that global sovereign funds and large institutional investors are actively seeking opportunities to invest in this region amid geopolitical portfolio restructuring.
Financial Accessibility and Challenges
Zaman Bank from Kazakhstan was the only commercial bank represented on the panel. Its Chairman of the Management Board, Gulfairuz Asayeva, stated that financial inclusion remains a serious problem, as a significant portion of the Central Asian population still lacks access to banking services. She suggested that Islamic banking could contribute to expanding financial access. Participants agreed that without an institutional ecosystem—including a regulatory framework, qualified specialists, and harmonized standards—the scale of Islamic finance in the region will remain limited, regardless of declared ambitions.
