Key View

• Uzbekistan will continue to push for increased trade and investment opportunities, as it looks to support long-term growth.
• Uzbek President Shavkat Mirziyoyev will push for a focus on reforming the domestic economy and renegotiation trade relationships in 2020, as part of the economic transformation taking place under his leadership

This year is on course to be a good year for corporate financing activity in both the M&A and IPO arenas in Uzbekistan. With the former Soviet satellite state focused on opening up its economy under the leadership of President Shavkat Mirziyoyev’s government and the country’s privatisation push, we expect to see a growing number of state-owned

Key View

• We at Fitch Solutions see external factors as barriers to stronger Uzbek economic growth in 2020.
• Slower growth in China and Kazakhstan, and a subdued rebound in Russia and Turkey will weigh on demand for Uzbek exports, while a stronger US dollar will likely mean higher funding costs for investment over the coming quarters.
• This