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Capital Markets

Uzbek expats heed president’s call to return

Veteran investor launches financial services firm to capitalize on reforms in Uzbekistan, while HSBC banker tapped to drive sovereign Eurobond debut.


Tashkent's railway station: Policies appear to be on the right track

The economic reforms of Uzbek president Shavkat Mirziyoyev received another vote of confidence in September with the launch of a US-based investment firm focused on the country’s financial services sector.

Mirziyoyev has been opening up Uzbekistan’s economy since taking over the presidency in September 2016 after the death of his isolationist predecessor, Islam Karimov.

Key moves have included the lifting of draconian restrictions on foreign exchange and a rebuilding of relations with the international community, notably with the multilateral development banks. Last November, the EBRD reopened its office in the capital, Tashkent, and resumed lending activities in the country after a 10-year absence.

The new president has also reached out to Uzbekistan’s large diaspora, urging them to return and support the nation’s economic liberalization.


Alisher Djumanov

One of the most prominent expats to respond to this call was Alisher Djumanov, a veteran emerging markets adviser and investor. Based in New York since leaving his homeland in 1994, Djumanov is leading the international drive to attract talent and capital to Uzbekistan.