Day: November 7, 2025

Before the historic White House meetings on November 6 between President Trump and the five Central Asian presidents, U.S. and regional diplomats and business leaders met at the Kennedy Center on the occasion of the C5+1 Business Forum to launch a new chapter of cooperation, with a focus on strengthening commercial and investment ties in energy, finance, and manufacturing.

Deputy Secretary of State Christopher Landau, who moderated the panel discussion, said economic engagement is returning to the center of U.S. foreign policy. “The purpose of foreign policy is to increase the prosperity of the American people by finding opportunities for mutually beneficial economic and commercial interchange,” he said.

Executives from Chevron, Citi, Freedom Holding, and Uzbekistan’s UzAvtosanoat described how decades of partnership  had demonstrated the wisdom of making strategic investments in the region. These partnerships continue to reshape  the economic and financial landscape for the better.  Participants highlighted Central Asia’s economic stability, solid reserves, and consistent policies, and were confident in faster growth to be driven by increased capital flows and by regional projects like Kazakhstan’s Tengiz oil expansion. Both sides promised to translate diplomacy into dealmaking.

Landau further noted that under President Trump and Secretary of State Marco Rubio, the State Department has elevated commercial diplomacy to a core mission. He stressed that mutual respect, win-win agreements, and consistent engagement are key to driving results. Central Asians have waited decades for this: action, not talk. Two-way trade and investment are now front and center.

Chevron Points to Long-Term Energy Investment

Chevron Corp. Chief Executive Mike Wirth said the company’s 30-year presence in Kazakhstan remains one of its largest international operations. Chevron was the first major U.S. investor to enter the country after independence and is now the biggest foreign investor. The US$ 48 billion Future Growth Project at Kazakhstan’s Tengiz oilfield, co-managed by Chevron and 50%-partner Tengizchevroil LLP, is up and running with expansion underway.

“Our history is really founded on relationships and trust,” Wirth said. “The most enduring aspect of it (our work) is the respect and love that our American employees have for the culture and people of Kazakhstan.” He said more than 500 Kazakh employees have trained in Chevron operations worldwide, many of whom now hold senior roles in government and industry.

Citi Expands Access to Global Capital

Citi’s Managing Director Stephanie von Friedeburg outlined the bank’s activities in Central Asia, where it began operations more than three decades ago. Citi now serves about 800 corporate clients across the region, supporting private companies, governments and state-owned enterprises with strategic planning, capital issuance, and risk management services.

The bank has arranged Eurobond sales for the Kyrgyz Republic and Tajikistan and handled more than US$40 billion in fundraising for Kazakhstan since 2014. In Uzbekistan, Citi has supported 19 capital-market transactions and advised the government on improving its credit rating. “We help countries understand how rating agencies look at them (and) how to improve their ratings,” von Friedeburg said. “That allows them to borrow at longer tenors and better rates.”

She added that investor interest is increasing as regional governments coordinate policies on trade and infrastructure. “For the first time since 1991 these countries have the agency and the desire to work together to change their economic destiny,” she said.

Freedom Holding Targets Technology and Finance Links

Kazakhstan-based Freedom Holding Corp. Chief Executive Timur Turlov said his company is the only Central Asian financial group listed on Nasdaq and operating under U.S. regulation. The firm runs brokerage, banking, insurance, and consumer-services businesses in twenty-two countries, serving more than eleven million clients.

Turlov said Freedom Holding’s expansion has been supported by “progressive economic policies being implemented by the President of Kazakhstan” and by a government which focuses on smart and tangible private-sector development in Kazakhstan and overseas. Turlov aims to deepen ties with U.S. tech and financial firms through various initiatives including a California innovation lab, media partnerships for its Freedom Media streaming service, and equipment purchases from American chipmakers for data-center expansion.

“The United States is a country of future opportunities — a country you can trust,” Turlov said. “But to keep that trust and confidence, [partners] have to pay close attention to integrity and compliance.”

Uzbekistan’s Auto Industry Shows Manufacturing Growth

Bahodirjon Rahmonov, Senior Vice Chairman of Uzbekistan’s automotive group UzAvtosanoat JSC, cited the company’s joint venture with General Motors as one of the region’s longest-running U.S. industrial partnerships. The collaboration has produced more than 4.5 million Chevrolet vehicles for markets across Central Asia, the Caucasus, and the wider Eurasia.

Rahmonov said the venture demonstrates how local manufacturing and supply-chain development are compatible and produce long-term development, including stable employment. “We don’t look for quick growth, but focus on sustainable growth,” Rahmonov said. “This has allowed our partnership to create an ecosystem that not only manufactures and delivers Chevrolet vehicles, but also supports long-term growth through localization and resilient supply chains.” He also pointed to regulatory reforms under President Shavkat Mirziyoyev that have improved repatriation of profits and opened Uzbekistan to greater foreign partnerships.

Uzautosanoat is a three-tier, vertically integrated company representing over sixty entities—including manufacturers, localization firms, and dealer organizations—covering all sectors of the automotive industry.

Infrastructure and Digital Priorities

Panelists identified infrastructure, energy, and digital technology as the sectors most likely to attract new investment. Von Friedeburg said transport corridors and renewable-energy projects offer “huge opportunities,” while Turlov highlighted digital finance and telecom development as areas where U.S. expertise can accelerate growth.

Landau emphasized that the State Department seeks to support U.S. and Central Asian companies in business development and expanding trade opportunities – a nod to pragmatic engagement and American ingenuity. “These are largely untapped markets,” he said. “Our goal is to turn shared interest into shared prosperity.” The State Department champions U.S. foreign policy while shaping international strategies on economic growth, fair and reciprocal trade, energy, agriculture, and tech. The U.S. will keep building ties with Central Asia, deepening commerce and cooperation, despite risks, market volatility and intense geoeconomic competition.

A Market Beyond Diplomacy

The discussion emphasized investment and practical cooperation as the main drivers of regional growth, with less focus on creating new policy frameworks. A common underlying theme was to drive growth by investing in not only strategic enterprises but in foundational assets —like skills and infrastructure—and pair them with policies that circulate prosperity on a win-win basis, especially to small businesses. Both the United States and Central Asia are open for business.

Economic engagement between the U.S. and Central Asia is maturing toward practical, two-way commercial partnerships. The focus is now on tangible investments that align regional priorities with the strategic interests of all nations involved. The five Central Asian republics — Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan — have a combined GDP of about $500 billion and a population of more than 80 million. Regional growth is projected to average 5 percent in 2025, supported by higher oil output, investment, and remittance inflows.