In this episode of Deep Dive Central Asia, we analyze Salem, Valley: Kazakh Startups in Silicon Valley (documentary film, 2024) by nFactorial Originals and what it signals for investors. The episode follows a group of Kazakh founders building and scaling AI startups in Silicon Valley, testing ideas, raising capital, pivoting fast, and competing at the global frontier.

This is not a story about inspiration. It is a story about structural change.

We break down why AI is the first sector where Kazakh startups can compete globally from Day One, how diaspora-led founders reduce early execution risk, and what Silicon Valley validation means for capital access, governance standards, and scalability. Using real founder journeys, we separate genuine risks from mispriced ones and assess where investors should, and should not, lean in.

Featured startups include Laminar, Alma, GoatChat, Altbridge, SurfAIce, Cerebra, Perceptis, ZenGuard AI, Deep Infra, Atarino, and the Silkroad Innovation Hub.

For LPs, VCs, corporates, and development banks, this episode decodes what Kazakhstan’s emerging AI diaspora means for early-stage investing, cross-border partnerships, and the region’s first true entry into the global technology value chain.

This episode examines Kazakhstan's 2024 investment landscape through the official Investor's Guide published by the Republic of Kazakhstan. We analyze how Central Asia's largest economy is leveraging structural reforms, natural resource advantages, and strategic geography to position itself as the region's primary destination for institutional capital.

The guide reveals Kazakhstan's core value proposition: a $264 billion economy with investment-grade ratings, the world's largest uranium producer, and English common law framework through the Astana International Financial Centre. We explore targeted incentive regimes—zero corporate tax in Special Economic Zones and 55+ double taxation treaties—designed to attract FDI across mining, logistics, manufacturing, and renewables.

Key themes include Kazakhstan's Trans-Caspian corridor linking China and Europe, critical minerals endowment amid energy transition, and human capital infrastructure with 21 internationally ranked universities. The guide outlines sector opportunities in uranium processing, rare earth extraction, agricultural modernization, and green hydrogen, while detailing investment protection mechanisms.

We address implementation challenges: above-target inflation, hydrocarbon dependency, and translating policy into bankable projects. The analysis covers geographic clusters—from Almaty's financial hub to Atyrau's energy corridor—providing institutional investors a framework for evaluating political stability, currency risk, and regulatory predictability in a frontier market.

This episode explores how His Excellency President Mirziyoyev's September 2025 visit to the United States became a landmark moment for Uzbekistan's economic transformation — resulting in a $105 billion project portfolio and agreements with America's largest corporations within just three days.

We examine how Uzbekistan's reform climate, strategic positioning, and unprecedented government support enabled this success story. The discussion highlights H.E. President Mirziyoyev's strategic roadmap — from conducting 50 meetings in 72 hours to securing deals with Boeing, BlackRock, and Nvidia, backed by a personal presidential guarantee and dedicated 24/7 support for American investors through a newly appointed Deputy Minister for U.S. Affairs.

Key themes include the intersection of reform, resources, and relationship-building, and how these forces are redefining investment opportunities across Uzbekistan. We unpack the four priority sectors — critical minerals, IT innovation, infrastructure development, and agro-industrial transformation — alongside the concrete benefits including tax exemptions, simplified procedures, and legal protections that attracted 300+ American companies.

This episode explores how TBC Uzbekistan became one of the fastest-growing digital banks in Central Asia — transforming from a newcomer into a $1 billion financial ecosystem within just five years.

We examine how Uzbekistan’s reform climate, rapid digitalization, and growing investor confidence enabled this success story. The discussion highlights TBC’s strategic roadmap — from acquiring Payme and securing a banking license to building a full-stack ecosystem that now serves over 22 million users, more than half of the country’s population.

Key themes include the intersection of reform, technology, and trust, and how these forces are redefining the financial landscape across Uzbekistan. We unpack TBC’s “fintech flywheel,” its early profitability, and its pioneering investments in artificial intelligence — described as the “ChatGPT of banking.”

The episode also explores what TBC’s journey reveals about Uzbekistan’s emerging role as a regional fintech hub, its ambitions to expand across Central Asia, and the broader implications for investors seeking credible, high-growth opportunities in frontier markets.

This episode explores Central Asia’s evolving investment environment through BCG’s 2025 white paper. We examine how Kazakhstan, Uzbekistan, Azerbaijan, and Kyrgyzstan are positioning themselves amid shifting commodity cycles, trade barriers, and geopolitical competition. The report identifies a 10-year window of opportunity driven by global resource demand, infrastructure expansion, and renewed investor interest.

Key themes include the region’s dependence on hydrocarbons and minerals, its emerging role as a land bridge between Europe and China, and ongoing efforts to diversify into manufacturing and services. BCG outlines four scenarios—from a renewed resource boom to a “resellers’ heyday” of re-export-led growth—each reflecting how trade policy and commodity demand could reshape the region.

The discussion also highlights persistent barriers such as limited integration, centralized governance, and underdeveloped institutions, while offering strategic recommendations for governments and investors. We analyze how EU, China, and the US approach the region, and what Central Asian states must do to turn their strategic location into sustained economic gain.

This episode examines Korzinka, Uzbekistan's largest modern retailer, through their 2024 annual report. We explore how this company has grown from 50 to 152 stores since 2019, achieving UZS 9.4 trillion in revenue while transforming Central Asian consumer habits.

Key topics include their omni-channel strategy spanning supermarkets, Mahalla proximity stores, and Korzinka Go online delivery; their ambitious plan to reach 1,000 stores by 2030; international investment from sovereign wealth funds; and their role in Uzbekistan's economic modernization. We analyze their "First Price" everyday low pricing strategy, sustainability initiatives including Central Asia's first Green Building certified distribution center, and governance structures meeting international standards.

The discussion covers competitive dynamics with traditional bazaars, emerging regional players, and the broader implications for retail development in post-Soviet Central Asia. We examine whether rapid expansion can be sustained while maintaining operational quality, and what Korzinka's success reveals about changing consumer behavior and economic liberalization in the region.

In this episode, we explore how Uzbekistan's first unicorn is transforming financial services across Central Asia through an integrated digital ecosystem approach.

Key Discussion Points:

The Uzbekistan Opportunity - With 37 million people (60% under 30), 87% internet penetration, but 40% financially excluded, Uzbekistan presents a massive fintech opportunity. GDP growth of 6.5% and government support for digital transformation create favorable conditions.

Ecosystem Integration Model - Uzum combines e-commerce (Uzum Market), delivery (Uzum Tezkor), and banking (Uzum Bank) in a unified platform. Over 48% of marketplace purchases use their BNPL solution, while 25% of delivery volume flows through the marketplace app, demonstrating powerful network effects.

Banking Innovation - Uzum Bank launched Uzbekistan's first embedded credit debit card in August 2024, issuing 2+ million cards by H1 2025. The bank captures 13% of online payments market through 100% digital operations supported by 1,500+ physical pickup points across 450 locations.

Impressive Metrics - $6.5B total payment volume (2023), 17 million monthly users (half of adult population), $200M unsecured lending volume (Q1 2025) growing 3.4x year-over-year. All products are Sharia-compliant, appealing to 85% of the population.

Global Investment Interest - Achieved unicorn status in March 2024 ($1.16B valuation), then raised $70M in August 2025 led by Tencent and VR Capital, reaching $1.5B valuation. Plans $250-300M Series B in H1 2026.

Strategic Expansion - September 2025 launches include deposit products, long-term credit facilities, and international merchant integration from China and Turkey. Expected 10-15% cross-border activity.

Regional Impact - As Central Asia's first unicorn, Uzum demonstrates emerging market fintech potential and East-West capital convergence. The hybrid digital-physical model addresses infrastructure challenges common across the region.

In this episode of Deep Dive Central Asia, we explore Uzbekistan's groundbreaking $1.68 billion National Investment Fund (UzNIF) and its strategic partnership with Franklin Templeton Asset Management.

Key Discussion Points:

- Why Uzbekistan chose Franklin Templeton over independent fund management

- Analysis of the 18 state-owned enterprises in UzNIF's portfolio - Franklin Templeton's three-pillar transformation strategy

- Corporate governance reforms and IFRS reporting transitions

- Planned dual listing on Tashkent Stock Exchange and international markets by 2026

Featured Insights:

We examine Franklin Templeton's proven track record with Romania's Fondul Proprietatea, and how this experience applies to Uzbekistan's unique market dynamics.

Portfolio Spotlight:

From energy giants like Navoiazot and Uzbekhydroenergo to banking institutions like Xalq Bank and infrastructure assets including Uzbekistan Airways and Airports - we break down the diverse sectors represented in this landmark fund.

In this episode of Deep Dive Central Asia, we analyze the World Bank Group's Country Climate and Development Report on Uzbekistan. We explore how Uzbekistan’s ambitious development goals are intertwined with its climate challenges, and what this means for investors.

Key Takeaways:

• A Growing Economy at Risk: Uzbekistan's economy, already Central Asia's most populous, is projected to grow to more than 50 million people by 2050. However, without climate action, the economy could be 10% smaller by 2050. Air pollution alone costs the country 6.5% of its GDP annually.
• Decarbonization as Opportunity: The energy sector is responsible for 74% of the country's GHG emissions. The report’s Net Zero 2060 scenario shows a pathway to decarbonization where domestic renewables could provide 70% of the energy supply by 2060. This transition requires a massive investment of $341 billion, with the private sector expected to play a major role.
• High-Return Adaptation: Climate adaptation measures, particularly in water and agriculture, offer a "triple dividend," with benefits estimated to be two to three times higher than the costs. Modernizing irrigation and drainage systems is a key investment area, with needs estimated at $6 billion through 2030.
• Pivotal Role of the Private Sector: Uzbekistan's private sector is pivotal to this transition. The report indicates a strong latent demand for green investments, with nearly 90% of firms having already made some form of green investment by 2019.
• Navigating the Risks: We discuss critical risks for investors, including the plan to remove energy subsidies, which accounted for 6.6% of GDP in 2020. We also highlight the banking sector's growing exposure to transition risk, as 40-50% of bank lending was in high-emission sectors by the end of 2022.

Listen to the full episode for a deep dive into the numbers and a detailed analysis of the opportunities and challenges.

Deep dive into Uzbekistan's comprehensive fiscal roadmap through 2028. This episode analyzes the Ministry of Economy and Finance's official strategy document, revealing critical budget projections and economic planning that will shape the nation's development.

Key analysis includes:

- Macroeconomic forecasts and multi-year budget projections

- Revenue and expenditure allocations across education, healthcare, and infrastructure

- Tax policy reforms and fiscal stability measures

- Public debt management strategies and sustainability metrics

- Macro-fiscal risk assessment including global inflation impacts

- State-owned enterprise and banking sector financial health evaluation

- Modern budgeting framework: performance-based and results-oriented approaches

- Green finance integration and gender-responsive budget practices

- Medium-term fiscal rules and transparency initiatives

Critical intelligence for investors, policy analysts, economists, and business leaders operating in or considering Uzbekistan's evolving economic landscape.

Understand the fiscal foundations driving Central Asia's fastest-growing economy.