In October, I returned to Tashkent for the third time in just over a year. Remarkable, considering that until I took a call from Strikisa Consulting in May 2023, Uzbekistan was not a country I knew well. My familiarity with the region came largely from my investment-banking years, when Kazakhstan attracted significant attention, but Uzbekistan itself was largely unfamiliar.

That call set in motion an unexpected and rewarding chapter. I agreed to join a new independent director selection process, part of the government’s broader corporate-governance reforms supported by the World Bank and other development finance institutions (DFIs). Fifteen months later, I was elected to the board of Almalyk Mining and Metallurgical Complex Joint Stock Company (Almalyk JSC), Uzbekistan’s largest copper producer, a key player in the critical-minerals landscape, and a sizeable gold producer.

A Nation Redefining Its Corporate Landscape

Uzbekistan is undertaking a sweeping transformation of its state-owned enterprises. It is strengthening governance, modernising systems, and aligning financial reporting with international standards. The objective is clear: build globally credible institutions capable of attracting capital, accelerating growth, and contributing more effectively to the country’s economic ambitions.

This is not a single reform programme. It is an ongoing national transformation, and its momentum is increasingly visible.

Back in London, I have been struck by how often Uzbekistan now surfaces through adverts, conversations, and even the steady stream of customers outside a small Uzbek street-food shop on Lower Regent Street that I’d somehow missed before. The country’s cultural footprint is widening, reflecting growing curiosity and engagement.

What resonates most with me, though, is the culture itself: warm, values-driven, and grounded in respect for community and elders. It is a country that leaves a lasting impression.

Governance, Capital, and the Balance Ahead

Tashkent was vibrant during my visit as independent directors, government officials, and stakeholders gathered to assess the first year of progress. Conversations around potential IPOs are gaining pace, drawing in advisers and market participants of every kind. This is an inevitable part of opening up to global capital.

Yet an important equilibrium must be maintained.

Many of these SOEs are core contributors to government revenue. While corporatisation and private investment can improve transparency, efficiency, and access to capital, they also come with trade-offs. Selling equity through IPOs requires weighing the benefits of fresh funding against the potential reduction in stable dividend flows to the state.

Determining the right capital structure for the long-term health of these companies and navigating the interests of the state as shareholder will be a defining test for boards and leadership teams.

Almalyk JSC: Progress You Can See and Touch

A standout moment of my trip was visiting the Almalyk JSC complex, about 90 minutes outside Tashkent. I met with management, practised my growing vocabulary of Uzbek greetings, and toured the major processing-plant development.

These are the environments where I feel most energised: seeing physical progress, engaging with engineers and project teams, and witnessing global expertise come together around a common objective.

Although Almalyk JSC’s current annual output of c.148,000 tons places it in the mid-tier of global copper producers, its potential is far greater. Significant expansion plans, new technologies, and ESG-aligned upgrades have the capacity to reshape its role, not only within Uzbekistan but on the global stage.

An Emerging Market on the move

Transformation takes time, and Uzbekistan still has much ahead of it. But the determination I’ve observed within government, in management teams and across the workforce is encouraging. The country has opened a new chapter, modernising its economy, elevating governance standards, and positioning its companies for meaningful international participation. Being involved in this journey and witnessing one of the most compelling emerging market transformations underway today is inspiring.

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