After a week of high-level summits, Central Asia’s focus shifted to implementation and new initiatives across energy, finance, and regional cooperation. Uzbekistan pursued a busy diplomatic schedule, strengthening partnerships with Saudi Arabia, Russia, China, Japan, and South Korea while announcing plans for a new international airport near Tashkent and signing a PPP to modernize Urgench Airport. In Tajikistan, the Digital Tajikistan 2025 forum and the Dushanbe Invest 2025 conference placed digital transformation and the green economy at the top of the national agenda. Kazakhstan managed the immediate effects of its rate hike as mortgages paused and the tenge weakened, while preparing for winter energy shortages and increasing electricity imports from Russia. The region also saw progress on Kambarata-1 hydropower financing, steady oil exports through the CPC, and some new updates on nuclear energy. Security cooperation continued to deepen with CSTO exercises in Tajikistan and a meeting of CIS security chiefs in Samarkand, while new developments in aviation, healthcare, and tourism reflected the region’s growing connectivity.

Diplomacy:

This week, Uzbekistan widened its international economic outreach, combining Persian Gulf investment follow-ups, parliamentary diplomacy, and East Asian partnerships. President Shavkat Mirziyoyev received a Saudi delegation led by Investment Minister Khalid Al-Falih, advancing a $27 billion bilateral portfolio—about $15 billion of it in energy with ACWA Power—and confirming Saudi Arabia’s place as a top-tier investor. In parallel, a Senate delegation joined the 10th inter-parliamentary commission in Kazan to broaden cooperation with Russia across trade, education, tourism, and technology. Tashkent also opened an Investment and Trade Promotion Center in Shanghai to attract Chinese firms, launched a Peace Forum in Ferghana focused on regional stability, and signed a PPP with Incheon International Airport Corporation to modernize Urgench Airport—collectively boosting Tashkent’s multi-vector diplomacy.
(UZ Daily: (1); (2); (3); (4); (5); (6))

Digital Development

Tajikistan used the “Digital Tajikistan 2025” forum to signal that e-government, fintech, and core internet infrastructure are moving from slogans to implementation. The government highlighted the launch of the country’s first national Internet Exchange Point (Tajikistan Internet Exchange) earlier this year, framing it as a foundation for cheaper, faster domestic traffic and for a broader push into AI, blockchain, and digital public services. Participation from over a thousand officials, banks, telecoms and IT firms from the CIS and beyond underlined that digitization is being linked not only to service delivery but also to investment attraction and skills pipelines (Avesta). Elsewhere, the Times of Central Asia placed Uzbekistan among Europe and Central Asia’s fastest-growing economies, citing reforms, export performance, and steady FDI inflows. At the same time, the EU’s “Team Europe” initiative introduced a regional satellite-based internet program to expand digital access and cross-border connectivity, complementing national digitization efforts such as Digital Uzbekistan 2030 (Times of Central Asia).

Transport

Uzbekistan is planning to build a new international airport near Tashkent to function as a regional hub. Tashkent green-lit construction of a greenfield international airport on a 1,300-hectare site outside the current urban footprint, aiming for up to 20 million passengers and 129,000 tons of cargo annually, with 30 movements per hour and space for 62 aircraft. The plan is part of a wider aviation liberalization and infrastructure program (new airports, new carriers, PPPs) to backstop tourism and export diversification (24.kg).

Finance and Banking

In Kazakhstan, with banks pausing or repricing mortgages following the base-rate increase, the government rolled out anti-crisis relief to prevent market seizure and household stress. Measures include temporary easings and targeted support mechanisms aimed at keeping credit flowing while inflation is fought — a balancing act between financial stability and social risk containment (Tengri News). Kazakhstan experienced an immediate transmission from its October 10 base-rate hike to 18 percent. Major banks temporarily froze new mortgage issuance while reassessing lending rates, creating short-term pressure on homebuyers and the construction sector. Analysts warned that housing prices could rise by up to 20 percent in 2026 if financing costs remain high, particularly in Astana, where apartment prices are already outpacing official statistics. The National Bank’s leadership argued that higher rates were unavoidable to curb inflation and maintain financial stability, despite short-term pain for borrowers (Kursiv: (1); (2); (3); (4)). In the meantime, the Tenge weakened to roughly 538 per US dollar by October 14 amid global dollar strength and domestic uncertainty following the rate hike. The National Bank reaffirmed its commitment to a flexible exchange rate and dismissed speculation of intervention, arguing that maintaining currency freedom is key to absorbing external shocks. Officials pointed to solid reserve levels and fundamentals to reassure markets, while economists expect moderate depreciation to persist until global energy prices stabilize (Kursiv).

In Uzbekistan, consumer-price growth slowed to 8 percent year-on-year in September, providing a modest reprieve for households and policymakers alike. The Central Bank attributed the decline to lower food-price pressures and tighter monetary policy. The easing strengthens the government’s ability to pursue export-oriented industrial programs and fiscal incentives without reigniting inflation—a balancing act between maintaining macro-stability and stimulating production (Daryo).

Multilateral engagement also intensified through the week. In Kazakhstan, Deputy Prime Minister Serik Zhumangarin met World Bank officials to align infrastructure and digital-governance priorities with upcoming loan portfolios, while in Tajikistan, the government used the IMF–World Bank meetings in Washington to discuss project promotion with the Islamic Development Bank, seeking co-financing for energy and social sectors. (Qaz Inform: (1); (2))

Oil and Gas

Marking LUKOIL’s 30 years in Kazakhstan, President Tokayev put a number on the partnership: more than $12 billion invested, with cumulative output of roughly 94 million tons of oil and 60 bcm of gas. He also flagged upcoming offshore projects with KMG (Kalamkas-More and Khazar) and the localization benefits from platform fabrication in Mangystau, tying legacy O&G to jobs and technology transfer while Kazakhstan weighs next-generation fuel-cycle and nuclear options (Kursiv). Kazakhstan also announced that it’s ready to pump Russian oil to Uzbekistan — but is waiting on Moscow. Astana confirmed it can technically transit Russian crude to Uzbekistan, a potentially useful safety valve for Tashkent’s refining sector. But at this stage, Kazakhstan says it hasn’t received formal applications from Russia, so volumes and timelines remain hypothetical. The statement keeps the door open for a north–south liquids corridor at a moment when regional energy balancing (crude, gas, power) is back in focus (Interfax). Moscow, at the same time, confirmed plans to add 2 bcm to its annual gas deliveries to Uzbekistan, extending the stopgap arrangement that began via Kazakhstan’s system last year. For Tashkent, the increment helps manage winter demand while big-ticket generation and transmission projects come online; longer term, it underscores the interdependence of Central Asia’s gas balances (Fergana).

Elsewhere, the Caspian Pipeline Consortium (CPC) reported just over 54 million tons moved in the first nine months of this year, and guided to roughly 72 million tons for the full year. For Kazakhstan — where the CPC is the dominant export artery for Tengiz/Karachaganak/Kashagan volumes — that steadiness matters for fiscal receipts and balance-of-payments planning as domestic monetary policy tightens (Interfax).

Renewables & Green Economy

Dushanbe’s annual investment forum, Dushanbe Invest 2025, pivoted decisively to the green economy narrative, with Energy and Water Resources Minister Daler Juma stressing that Tajikistan’s electricity mix is already about 97% hydropower, and that new capital should now also target solar and wind to diversify generation and reduce seasonal deficits. Organizers teed up a package of MOUs/letters of intent and said forum outputs would set baselines for contracts with foreign partners, effectively positioning Tajikistan’s energy transition as the country’s centerpiece investment story (Ritm Eurasia).

In Uzbekistan, the Energy Ministry revised upward its cost estimate for the Kambarata-1 HPP to $4.2 billion, with total financing now approaching $5.6 billion once grants and technical-assistance commitments are included. The increase reflects expanded project scope and strong external interest from European and regional lenders. The 1,860-MW facility is envisioned as Central Asia’s largest hydropower station and a linchpin for regional electricity trade and seasonal balancing once completed (Qaz Inform).

On the nuclear front, President Tokayev met with KazAtomProm’s management to review long-term uranium production and processing prospects as analysts warned of a potential global shortage. The discussion linked raw-material security with Kazakhstan’s broader nuclear-energy agenda, including proposals for domestic fuel-fabrication and new-build feasibility studies. In parallel, Almaty prepared to host Powerexpo 2025, an international showcase for renewable, nuclear, and electrical-engineering solutions aimed at positioning Kazakhstan as a regional clean-energy hub (Orda ; Astana Times).

Winter Energy Balance

In Kazakhstan, energy officials laid out a winter deficit scenario and said cross-border purchases from Russia would cover shortfalls. The guidance comes as the country modernizes aging generation and grid assets and debates the role of new baseload and demand management. For the next heating season, imports remain the quickest way to protect households and industry while longer-cycle capacity additions work through the pipeline (Kursiv). Authorities in Tajikistan confirmed temporary electricity rationing in Dushanbe and several regions as generation dips with lower river inflows. Officials reiterated that such shortages should end by 2027 once new turbines at Roghun HPP are operational, emphasizing the plant’s centrality to national energy security and export ambitions. The episode highlights Tajikistan’s dependence on hydro and the urgency of diversifying generation sources (AsiaPlus). In Kyrgyzstan, Gas service in parts of Bishkek was interrupted from October 13 to 17 for scheduled pipeline maintenance. While operationally minor, the outage drew attention to the city’s infrastructure vulnerabilities and the importance of preventive work before winter peaks in consumption. Authorities framed the maintenance as part of long-term reliability upgrades for the capital’s distribution network.
(24.Kg)

Trade

Uzbekistan has started a push for electrical-engineering exports and tariff reforms. Tashkent unveiled a new industrial policy targeting $3 billion in electrical-equipment exports by 2026 and sales to 80 markets. Authorities plan to combine higher import duties on finished transformers, cables, and semiconductors with support for local copper-processing and preferential loans, encouraging firms to move up the value chain. The strategy fits Uzbekistan’s broader re-industrialization agenda linking tariff reform to technology transfer and export diversification (KUN UZ: (1) ; (2)). Building on its manufacturing base, Uzbekistan also initiated joint-production talks with Azerbaijan’s NB Holding and agreed with Japan to expand cooperation in agriculture, science, and sericulture. These deals can reinforce Tashkent’s intent to pair industrial output with agricultural modernization and to extend supply-chain links westward and eastward alike. The newly opened Shanghai promotion center meanwhile anchors a sustained push for Chinese capital and technology inflows (UZ Daily: (1) ; (2) ; (3)).

Security

CSTO exercises “Indestructible Brotherhood-2025” and “Barrier-2025” launched in Tajikistan. Regional security cooperation moved from communiqués to field drills as the CSTO kicked off a package of exercises in Tajikistan, training for peacekeeping, counter-terrorism, and border security tasks. The sequencing dovetails with the autumn summit season and broader CIS security planning (Sputnik KZ). Elsewhere in Samarkand, Heads of security and intelligence agencies from CIS countries convened to coordinate on counter-terrorism, border threats, and information security. The format adds an operational tier beneath the heads-of-state summits, aligning agencies on data-sharing and joint assessments at a time of overlapping regional crises (News Central Asia).

In the meantime, Uzbekistan launched the “Birlik-2025” joint exercise at Kattakurgan with units from Uzbekistan, Kazakhstan, Tajikistan, Kyrgyzstan, and Azerbaijan. The scenario focuses on interoperability under high-tech conditions — artillery, UAVs, and armored maneuver — and is framed by Tashkent as a trust-building platform amid heightened regional and global security volatility (UZ News).  

In other news...

Qatar funds Bishkek hospital expansion
Qatar approved a $9.24 million grant for construction of a new wing at the Bishkek Clinical Emergency Hospital, expected to expand capacity and upgrade emergency-care facilities in Kyrgyzstan’s capital. The project exemplifies Qatar’s growing aid profile in Central Asia, especially in health and education, and dovetails with Bishkek’s own effort to attract foreign partners into public-health infrastructure modernization (Qaz Inform).

Tourism by rail: first German tourist train arrives in Bishkek

A special tourist train from Germany arrived in Bishkek, a small but telling indicator of Kyrgyzstan’s post-pandemic tourism rebuild and of demand for overland cultural itineraries that knit Central Asia into European rail holiday circuits. If repeated and scaled, such services can support SMEs in hospitality and excursions well beyond the capital (24.Kg).

Kazakhstan’s global profile in media and soft-power indices
Kazakhstan maintained visibility in foreign media coverage for its energy transition, cultural diplomacy, and innovation ecosystem ahead of the Powerexpo exhibition. Separately, the latest global passport index placed Uzbekistan 82nd worldwide, a small decline that nonetheless keeps it among the stronger performers in Central Asia in terms of visa-free access (Astana Times ; Daryo).