Uzbekistan signs several big business deals during Mirziyoyev's Board of Peace trip to US

Uzbekistan signed a series of bilateral agreements with companies in the US after the country’s president, Shavkat Mirziyoyev, travelled to Washington for the inaugural meeting of American President Donald Trump’s Board of Peace.

The deals struck range across energy, critical minerals, agriculture and infrastructure.

Mirziyoyev on February 18 oversaw the signing of the deals that include the creation of a network of American-style gasoline stations, a poultry breeding enterprise and a $1bn project for the extraction and supply of critical minerals.

Craig Kramer, vice president of Gulf Oil (NSE: GOCL), announced plans to open at least 100 gasoline stations in Uzbekistan over the next two years. 

"Over the next two years, we'll invest at least $150mn in retail assets. Financing for this expansion has already been secured. These properties will vary significantly in size and style," he said. 

Gulf Oil is also set to invest $50mn in its aviation fuels division, establishing an operational base in Tashkent to support regional airline operations.

Jan Henriksen, CEO of Aviagen Broiler Breeding Group, meanwhile, signed an agreement to establish a breeding stock enterprise for Uzbekistan's poultry industry. 

"This morning, the Ministry of Energy and the Ministry of Construction [and Housing and Communal Services] contacted us and resolved all the issues. Even the mayor of another region contacted us. So, we resolved the issue within 24 hours," he said. 

The project is expected to cost $40mn and establish a production capacity of 4.5mn chickens per year.

Traxys, represented by company vice president Dineen Kennedy, signed an agreement for the extraction and supply of critical minerals, including tungsten and molybdenum. 

"We are currently in active discussions to expand our cooperation and launch new initiatives. Specifically, we are prepared to participate in the development of a cluster approach in the tungsten and molybdenum industry, as well as in the exploration and development of black shale deposits," she said. 

The project, agreed in January, has a production capacity of 150 tonnes per year and is valued at $1bn.

John Tonelli, managing director of Oppenheimer, highlighted plans for Centrum Holding to create a logistics hub in Uzbekistan connecting routes both east and west. 

"To realise these ambitious plans, capital will, of course, be required. Oppenheimer, together with Citibank, will act as underwriter for the company's IPO. We are targeting a valuation of $2bn, which will make Centrum [Holding] one of the most valuable companies in Central Asia," he stated. 

Centrum plans to raise $600mn through its IPO, representing around 30% of the company’s total valuation.

Mirziyoyev emphasised the strategic importance of the agreements. "Today, the priority is on the reliability of partners, predictability of rules and long-term cooperation. It is within this framework that we are building our interaction with the United States," he said, highlighting energy, critical raw materials, agriculture and poultry farming as priority areas.

The deals followed talks with US officials, including Secretary of Commerce Howard Lutnick, Eximbank CEO John Yovanovitch and US International Development Finance Corporation CEO Ben Black. Discussions focused on industrial and infrastructure projects, promoting an investment platform and supporting Uzbekistan’s accession to the World Trade Organisation (WTO), which has encountered some delays recently.

The first ever meeting of the newly created Board of Peace was chaired by Trump and attended by leaders from more than 20 countries. The initiative came into being in late January with 22 founding members, including Uzbekistan, Kazakhstan, Armenia, Azerbaijan and Turkey from Eurasia. Western countries including the UK, Canada, France and Germany have refused to join.

The summit focused on planned reconstruction and humanitarian assistance for the Gaza Strip and broader regional stability.

In his address to the Board of Peace, Uzbekistan’s leader expressed support for the Gaza peacekeeping initiative and announced his country’s readiness to contribute to the construction of housing, schools, kindergartens and hospitals in the Palestinian territory that suffered crushing attacks mounted by Israel in the war between Hamas and the Israelis. The UN estimates the cost of the damage at around $70bn.

Trump said board members had pledged $7bn in Gaza relief, saying: “And to end that, we have today, and I'm pleased to announce that Kazakhstan, Azerbaijan, UAE, Morocco, Bahrain, Qatar, Saudi Arabia, Uzbekistan, and Kuwait have all contributed [to the] more than $7bn toward the relief package".

"I am confident that the board’s work will create a favourable condition for the economic and social restoration of Gaza," Mirziyoyev said. 

He emphasised that any external governance mechanism for Gaza must rely on domestic support and that coordinated international efforts are essential for a sustainable recovery.

Following the meeting, a declaration on support for the activities of the Board of Peace was signed, formalising Uzbekistan’s participation in the initiative.

In an effort to address worries that the Board of Peace is meant as a way of sidelining the UN, Trump told the board meeting attendees that "we're going to be working with the United Nations very closely, we're going to bring them back".