Uzbekistan is establishing direct connections between its newly created international financial centre and London’s financial district, utilizing a specialized legal framework grounded in English common-law principles to draw in foreign investment.
“The United Kingdom can contribute its investment expertise, alongside English common law,” stated Javlon Vakhabov, Director of the International Institute for Central Asia, during the inaugural Central Asia–UK Think Tank Forum in Tashkent.
He noted that Uzbekistan intends for the new Tashkent International Financial Centre to collaborate with British institutions, “especially the City of London”.
Implementing English Law in Tashkent
The Tashkent International Financial Centre was established via a presidential decree in March.
Operating under a distinct legal framework within Uzbekistan, the centre will apply English common-law principles to commercial activities, complemented by an independent international commercial court and arbitration mechanisms.
This structure will not replace Uzbekistan’s broader civil-law system; rather, companies within the centre will access internationally recognized legal rules and dispute-resolution processes.
On September 10, President Shavkat Mirziyoyev approved organizational measures to officially launch the centre.
Vakhabov emphasized that British knowledge could bolster cooperation between Uzbekistan and the wider Central Asian region.
Furthermore, in May, the National Investment Fund of Uzbekistan, managed by Franklin Templeton, became the first Uzbek fund to achieve an international listing with its London debut.
Additional state-affiliated companies are now being positioned for potential international offerings, as Uzbekistan aims to attract private capital while enhancing financial reporting and corporate-governance standards.
Transitioning from Political Dialogue to Private Capital
The inaugural CA5+UK foreign ministers’ meeting, held in London in February, established a new platform for regional cooperation. Vakhabov characterized these relations as entering a “new and more structured phase.”
Throughout the investment discussions, participants consistently emphasized the conditions necessary to convert political interest into viable projects.
Rebecca Nadin, Director of Global Risks and Resilience at ODI Global, highlighted potential collaboration areas including critical minerals, agriculture, education, technology, digitalization, and artificial intelligence.
“We must identify the mechanisms to transform these opportunities into commercially viable projects,” Nadin stated.
Critical minerals served as a prime example, with Uzbekistan and other resource-rich Central Asian nations expressing their desire to transcend raw material exports and capture more value through processing and manufacturing.
“This requires robust legislative processes, investor confidence, and—most importantly—the logistical capacity to transport goods from source to market,” Nadin noted.
In a separate discussion regarding investor confidence, participants detailed the prerequisites for accessing international capital, including due diligence, anti-money-laundering regulations, procurement standards, transparency, sanctions compliance, and reputational risk.
Legal certainty, the protection of investor rights, and commercial dispute-resolution mechanisms were also central to the conversation.
British expertise in finance, English law, arbitration, and compliance was repeatedly cited as crucial to meeting these demands.
Research, Processing, and Financing
The discussions yielded specific examples of how British involvement could extend beyond mere raw material procurement.
Kirsty Benham, Co-Founder and CEO of the Critical Minerals Association UK, pointed to partnerships with British universities and research institutions, specialized training for geologists, engineers, and environmental scientists, and collaboration on mineral processing.
She also addressed the recovery of materials from mining waste and tailings, as well as potential cross-border processing arrangements.
Financing constituted another key discussion point, with one proposed model involving UK-backed finance for overseas critical-mineral projects underpinned by long-term supply agreements for British manufacturers.
These were presented as potential areas for cooperation rather than finalized projects.
Political Agreements Do Not Guarantee Investment
Annette Bohr, Associate Fellow at Chatham House’s Russia and Eurasia Programme, highlighted a fundamental distinction between British economic engagement and models where governments can mobilize state-controlled companies behind strategic initiatives.
“These Western firms are not state-run. That is inherently an impediment,” Bohr told Euronews.
She added that the private-sector model makes it significantly more difficult for political agreements alone to translate into tangible investment.