Dear participants of the forum!
Ladies and gentlemen!
At the outset, let me sincerely welcome you at the third Tashkent International Investment Forum.

I would like to note with pleasure that within the framework of this format, which is becoming a great annual tradition, new and reliable partners from all continents of the world are gathering in our country. Over the past three years, this Forum has provided a broad platform for enhancing collaboration, discussing pressing issues, and generating fruitful ideas and solutions to tackle the most urgent challenges. READ MORE

By Yeghia TASHJIAN, Beirut-based regional analyst and researcher, columnist, "The Armenian Weekly”

Amid increasing tensions between Russia and Armenia, and Azerbaijan’s growing pressure on Armenia to annex new border villages, the first week of March was characterized by intensive official Armenian- Iranian meetings. What is the nature of these meetings? Is there any coincidence with the timing? And what can Iran do to defuse tensions between Yerevan and Moscow?
On March 6, 2024, a delegation headed by Armenia’s Defence Minister Suren Papikyan visited Iran and met with Iranian officials. In Papikyan’s meeting with his Iranian counterpart Brigadier General Mohammad-Reza Ashtiani, the Iranian minister reaffirmed his country’s position supporting Armenia’s territorial integrity and national sovereignty over its entire territory and opposing a change in internationally recognized borders in the region. He also expressed support for direct negotiations between Yerevan and Baku that aim “to bring peace and security to the region.” However, Ashtiani warned that the pursuit of security from outside the region would backfire and create instability, adding “The architecture of regional security must be formed in the region itself, otherwise it will become a battlefield for major powers.” READ MORE

By Vasif HUSEYNOV, PhD, Head of Department, AIR Center, Adjunct Lecturer, ADA and Khazar Universities, Baku

Following the recent presidential elections, Azerbaijan turned its focus to the Organization of Turkic States (OTS) and its role in connecting the Turkic world, indicating that Baku does not intend to align with the West or Russia. The expansion of defence cooperation within the OTS signifies a pivotal shift in regional dynamics, with member states increasingly prioritizing mutual security and strategic alignment as well as shaping a common foreign policy agenda. The integration of Turkish defence industry companies in other member states’ defence infrastructure underscores the benefits of OTS cooperation and how the organization is emerging as a formidable force in Eurasia.
On February 14, during his inauguration speech at parliament, the re-elected President of Azerbaijan, Ilham Aliyev, outlined the country’s foreign policy priorities within the framework of regional integration projects (See EDM, February 22). He designated the Organization of the Turkic States (OTS) as the primary focus for his new term, dismissing alternative organizations without explicitly naming them (Azertag, February 14). “This is the main international organization for us because it is our family. We have no other family. Our family is the Turkic world”, he stated about the OTS. READ MORE

By Benyamin POGHOSYAN, PhD, Chairman, Center for Political and Economic Strategic Studies

Armenia and Turkey started a new phase of normalization at the end of 2021, appointing special representatives to draw up recommendations. From the beginning, Turkey stated that the process should be carried out without any preconditions. However, in the last two years Ankara has put forward various preconditions and failed to take steps agreed upon during negotiations.
Armenia–Turkey relations have always been a significant factor impacting regional geopolitics in the South Caucasus. In the period between the first and the second Nagorno-Karabakh wars, many viewed the normalization of Armenia–Turkey relations as having the power to help settle the conflict. Another significant factor influencing the process was the West’s perception that Armenia–Turkey normalization might enable Armenia to reduce its dependence on Russia, as “without fear of Turkey, Armenia will need Russia less. READ MORE

In the heart of Central Asia, Uzbekistan, a country known for its dazzling architecture and rich history, is emerging as a promising eco-tourism destination.

Eco-tourism in Uzbekistan presents an opportunity to explore the country’s natural beauty while contributing to its sustainable development. As more travelers seek out eco-friendly travel options, Uzbekistan stands as a testament to the power of eco-tourism to transform not just the landscape, but also the lives of the people who call it home. READ MORE

By Yeghia TASHJIAN, Beirut-based regional analyst and researcher, columnist, "The Armenian Weekly”

On January 10, 2024, Azerbaijan’s President Ilham Aliyev gave a 2.5-hour interview with local TV channels. In his interview, Aliyev not only repeated false remarks and justified the ethnic cleansing of the Armenians of Artsakh but also threatened Armenia. When it comes to delimiting and demarcating the Armenia-Azerbaijan border, he rejected the old Soviet maps proposed by Armenia, arguing, “In the 20th century, the lands of Azerbaijan were given to Armenia in parts. One day after the establishment of the Azerbaijan People’s Republic in 1918, the ancient Azerbaijani city of Erevan was handed over to Armenia. After the Sovietization in April 1920, in November, the Soviet government took the bigger part of Western Zangezur from Azerbaijan and handed it over to Armenia. By May 1969, Azerbaijani lands were given to Armenia in parts, and from an area of about 100,000 square kilometres, it dropped to 86,600 square kilometres.” READ MORE

By Benyamin POGHOSYAN, PhD, Chairman, Center for Political and Economic Strategic Studies

After the military takeover of Nagorno-Karabakh by Azerbaijan in September 2023 and the forced displacement of the Armenians who lived there, there were hopes in Armenia and abroad that an Armenia-Azerbaijan peace agreement was within reach. These hopes were based on the assumption that Azerbaijan had achieved its primary objective for the past 30 years: the full absorption of Nagorno-Karabakh into Azerbaijan without any Armenian claims over the region.
Since September 2023, Azerbaijan has controlled all of Nagorno-Karabakh, with only a handful of Armenians remaining there. The Armenian government has accepted this reality and has no intention of challenging it. Meanwhile, Azerbaijan has faced no repercussions from the US, the EU, or Russia for imposing a blockade on Nagorno-Karabakh in December 2022, ignoring the orders of the International Court of Justice, launching a military attack in September 2023, or forcing all Armenians to leave the region. It seemed that the time for peace had thus arrived – a peace that would formalize Azerbaijani control over Nagorno-Karabakh, settle relations with Armenia, and open the way for the normalization of relations between Armenia and Turkey. READ MORE

By Benyamin POGHOSYAN, PhD, Chairman, Center for Political and Economic Strategic Studies

Ever since the end of the 2020 Nagorno-Karabakh war, every meeting between Armenian and Azerbaijani leaders has been portrayed as raising significant expectations of some breakthrough. In 2021, all looked to Russia, where Prime Minister Pashinyan and President Aliyev met twice in January and November. Starting from 2022, the geography of hope for a breakthrough moved to Brussels, where Pashinyan and Aliyev met in April, May, and August. Even the large-scale Azerbaijani incursion into Armenia in September 2022, less than two weeks after the August 31 trilateral summit in Brussels, did not appear to diminish the hopes that every meeting may bring Armenia and Azerbaijan closer to peace. In late September 2022, experts and policy officials started to speak about possibly signing a peace deal by the end of 2022. Even the absence of a peace agreement and the start of the blockade of Nagorno-Karabakh by Azerbaijan in December 2022 did not shake the belief in some magic after each Armenia – Azerbaijan negotiation encounter. In the first half of 2023, the center of gravity of expectations shifted towards Washington DC as Armenian and Azerbaijani foreign ministers held two rounds of negotiations in May and June. Even the disregard by Azerbaijan towards the measures of International Court of Justice on the blockade, the establishment of block post on the Lachin corridor in April, and the complete cut of Nagorno–Karabakh from the world in June 2023 somehow did not significantly decrease the hopes that Armenia–Azerbaijan negotiations would bring results soon. READ MORE

By Benyamin POGHOSYAN, PhD, Chairman, Center for Political and Economic Strategic Studies

Since 2020, the South Caucasus has entered an active era of turbulence. The primary reason was the Azerbaijani decision to use military force to “solve the Nagorno-Karabakh conflict.” Azerbaijan started the 2020 Nagorno-Karabakh war, launched incursions into Armenia proper in May, November 2021, and September 2022, and imposed a blockade on Nagorno-Karabakh in December 2022. The culmination of this strategy was the September 2023 military attack against Nagorno-Karabakh, which resulted in the forced displacement of around 105,000 Armenians and the dissolution of the self-proclaimed Nagorno Karabakh Republic.
Even after the complete takeover of Nagorno-Karabakh, Azerbaijan continues its policy of threats and pressure towards Armenia with an ever-changing shopping list of demands. Baku supports the concept of so-called “Western Azerbaijan” at the highest level. It expects an extraterritorial corridor from Armenia. It states that it will not pull away its troops from occupied Armenian territories, rejects Armenia’s offer to sign a non-aggression pact and continues to demand changes in the Armenian constitution and other laws. READ MORE

Ministry of Investment, Industry and Trade: In 2023, enterprises located in industrial zones manufactured products totaling 53.4 trillion soums and exported $972 million.

In 2024, 841 projects are planned to be launched in industrial zones in Uzbekistan.
In recent years, the country has been implementing a number of consistent, irreversible reforms aimed at creating an open, competitive economy, investment and industrial development, expanding foreign trade relations, and creating an attractive business environment for domestic and foreign investors. READ MORE

By Benyamin POGHOSYAN, PhD, Chairman, Center for Political and Economic Strategic Studies

After the military takeover of Nagorno Karabakh by Azerbaijan in September 2023 and the forced displacement of Armenians, there were some hopes in Armenia and abroad that an Armenia – Azerbaijan peace agreement was within reach. These hopes were based on the assumption that Azerbaijan received everything it could dream of just a few years ago.
After September 2023, Azerbaijan controlled the entire Nagorno-Karabakh, with only a handful of Armenians remaining there. The Armenian government accepted that reality with no intention to challenge it, while the international community did nothing tangible to punish Azerbaijan or create conditions to bring Armenians back. President Ilham Aliyev proved to everyone that he was not a “golden boy” who became president just because he was the son of a prominent leader – Heydar Aliyev – and lacked basic governance skills. He succeeded where his father failed, taking control over Nagorno Karabakh and raising Azerbaijani flags in Shushi and Stepanakert. READ MORE

Obid Khakimov, director of the Center for Economic Research and Reforms under the Administration of the Republic of Uzbekistan

The dynamic growth of the population of Uzbekistan requires at least high outstripping economic growth rates in order to adequately meet the growing needs and improve the standard of living of people. But this requires new, more balanced and verified approaches to ensure timely achievement of the set goals.
And these new approaches to economic policy were clearly manifested in the decisions taken at the important meetings held at the beginning of the year under the chairmanship of the President of Uzbekistan Shavkat Mirziyoyev on the situation in the economy and the tasks assigned to the economic divisions for 2024. READ MORE

Qodir Djuraev, MP, Legislative Chamber of Oliy Majlis (national parliament) of the Republic of Uzbekistan

One of the most crucial issues in the rapidly changing world is undoubtedly corruption. The human history suggests that this phenomenon brought even the most powerful nations to the brink of collapse.
Corruption is a perilous misfortune with negative impact on the entire human race, on foundation of any state and society, economic development; it undermines rule of law and sharply weakens public confidence in government, hinders advancement of democratic institutions.
Unfortunately, this problem has not been alien Uzbekistan. Until very recently, the latter had been known as one of those countries with highest perceptions of corruption. READ MORE

By Yeghia TASHJIAN, Beirut-based regional analyst and researcher, columnist, "The Armenian Weekly”

From November 27-29, 2023, a delegation of the European External Action Service (EEAS) and the European Commission visited Yerevan. The EU Delegation to Armenia said the purpose of the trip was to “explore possibilities to deepen and strengthen EU-Armenia relations.” Ideas were exchanged on “how to best leverage investments to address the immediate needs and enable integration of displaced Karabakh Armenians.” They agreed to “explore areas to strengthen cooperation between the EU’s Border and Coast Guard Agency (Frontex) and Armenia” and continue dialogue on matters of security and defence, such as the EU’s promise to explore non-lethal support to the Armenian military via the European Peace Facility. The EU representatives announced their support for the “normalization of relations between Armenia and Azerbaijan based on the principles of mutual recognition of territorial integrity and inviolability of borders based on the 1991 Almaty Declaration. READ MORE

Alisher Kadirov, Head of the Department of the Institute of Strategic and Regional Studies of the Republic of Uzbekistan

In November of this year, Uzbekistan's chairmanship in the Turkic States Organization (OTS) concluded. It was marked by significant achievements that played a substantial role in strengthening the country's international political and economic positions. Throughout its chairmanship, Uzbekistan actively promoted initiatives aimed at enhancing Turkic cooperation, developing trade and economic ties, and expanding mutually beneficial relations with member countries of the organization. READ MORE

By Benyamin POGHOSYAN, PhD, Chairman, Center for Political and Economic Strategic Studies

The year 2023 marked a challenging period for Armenian-Russian relations, likely the most strenuous since Armenia gained independence. Following the 2020 Karabakh war and Azerbaijan’s incursions into Armenia’s sovereign territory, the relationship between Armenia and Russia has experienced a notable decline. Armenia openly expresses dissatisfaction with Russia’s and the CSTO’s positions, contending that Russia has not fulfilled its alliance obligations. Simultaneously, Russia harbours suspicions about Armenia’s efforts to foster relations with the European Union and the United States, perceiving a gradual geopolitical distancing. READ MORE

Mahinora Mirkhamidova, associate professor of the department International law and Public law disciplines of the University of World Economy and Diplomacy

Today over two-thirds of the world's countries are participants in the UN Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW) adopted in 1979. Ensuring women's rights is one of the 17 Sustainable Development Goals, goal 5 specifically aims at “Achieving gender equality and empowering all women and girls.” The issues of ensuring women's rights are reflected in the constitutions of almost all countries, entrenched in their legislation, and hold a significant place in national development plans and strategies. READ MORE

By Nika CHITADZE, PhD, Director of the Center for International Studies, Tbilisi

BRICS is an acronym for the top five emerging (except Russia) economies: Brazil, Russia, India, China, and South Africa. The first four were originally grouped as “BRIC” (or “BRIC”) in 2001, and South Africa joined in 2010. BRICS was created to draw attention to investment opportunities and was not an official intergovernmental organization. Since 2009, they have increasingly evolved into a more cohesive geopolitical bloc, with governments meeting annually at official summits and coordinating multilateral policies. On July 24, 2022, China hosted the 14th BRICS summit and in August 2023, the summit was held in South Africa.
BRICS is considered the main rival of the G7 bloc of advanced economies, having announced competing initiatives such as the New Development Bank, the Contingent Reserve Facility, the BRICS payment system, and the BRICS reserve currency. Since 2022, the group has been looking to expand membership and several developing countries have expressed interest in joining. READ MORE

By Benyamin POGHOSYAN, PhD, Chairman, Center for Political and Economic Strategic Studies

The war in Ukraine has significantly impacted the geopolitics of the former Soviet space. As Russia – West relations have hit the lowest point since the end of the Cold War, or perhaps even since the Caribbean nuclear crisis of 1962, the newly independent states face tough choices in their foreign policy. Can they find a balance between Russia and the West, and if not, should they choose Russia or the West? It seemed that this conundrum should not apply to Armenia. The country is a member of all Russian-led organizations in the post-Soviet space – Collective Security Treaty Organization, Eurasian Economic Union, and Armenia hosts a Russian military base and Russian border troops. Thus, many may argue that Armenia has already chosen to be with Russia, and the war in Ukraine would complicate Armenian efforts to develop relations with the West, which Yerevan has done quite successfully in the last three decades. READ MORE

By Fuad SHAHBAZOV, Baku-based independent regional security and defence analyst

Amid the escalating Gaza war, a striking absence marks the regional conflict landscape: the non-involvement of the ‘Axis of Resistance,’ including Iran and its proxies. Nearly six weeks into the war, these forces have consistently communicated their decision to remain on the sidelines. This inaction comes into sharp focus against the backdrop of Iran’s strategy to leverage non-state actors like Hezbollah and Hamas in its proxy warfare. While Hezbollah’s leader, Hassan Nasrallah, clarified their stance in a much-anticipated speech a month into the conflict, the impact of this abstention is profound. Israel, grappling with internal divisions and security vulnerabilities heightened by Hamas’s attacks, finds itself in a precarious position not seen in decades. READ MORE

By Vasif HUSEYNOV, PhD, Head of Department, AIR Center, Adjunct Lecturer, ADA and Khazar Universities, Baku

On 15 November, during a hearing before the United States Congressional Committee on Foreign Affairs regarding the future of Karabakh, James O’Brien, Assistant Secretary of State for European and Eurasian Affairs, made a statement that stirred significant concern in Azerbaijan. While addressing the Armenia-Azerbaijan disputes and developments in the South Caucasus, he asserted, “A future that is built around the access of Russia and Iran as the main participants in the security of the region, the South Caucasus, is unstable and undesirable including both for the governments of Azerbaijan and Armenia. They have the opportunity to make a different decision now”. This statement comes in the wake of a series of developments indicating a shift towards a new security order in the South Caucasus. READ MORE

By Benyamin POGHOSYAN, PhD, Chairman, Center for Political and Economic Strategic Studies

It may appear that the primary obstacle to the signature of a peace treaty between Armenia and Azerbaijan is the different views of the sides on where to resume and finalize the process. Armenia wants to do that in Western platforms, while Azerbaijan wants to return to the Russian platform, use the 3+2 format, or have direct negotiations without any mediators. In reality, the roots of the current situation are more profound than simple geopolitical choices of venue.”
The military takeover of the self–proclaimed Nagorno Karabakh Republic by Azerbaijan has raised hopes that it may facilitate the signature of the peace agreement between Armenia and Azerbaijan. The logic behind this thinking was clear – the future of Nagorno Karabakh, and the fate of the Armenians living were the primary obstacles on the road toward peace. As all Armenians were forced to leave the region, and NKR de facto president Samvel Shahramanyan signed a decree about the dissolution of the republic by the end of 2023, it seemed that the stage was set for quick signature of the Armenia – Azerbaijan peace treaty, and then a push forward in the Armenia – Turkey normalization process. READ MORE

By Fuad SHAHBAZOV, Baku-based independent regional security and defence analyst

On September 19, Azerbaijan launched an “anti-terrorist operation” in the Karabakh region against armed separatist forces. The operation followed three years of largely unproductive peace talks between Armenian and Azerbaijan following the Second Karabakh War in 2020. The clashes ended in a ceasefire after only one day due to the separatist regime’s limited military-technical capacity in resisting the well-equipped Azerbaijani Armed Forces.
Baku’s allies were quick to applaud the move. For example, Turkish President Recep Tayyip Erdogan, during a joint news conference with Azerbaijani President Ilham Aliyev, declared, “It is a matter of pride that the operation was successfully completed in a short period of time, with utmost sensitivity to the rights of civilians”. Turkey has traditionally been a staunch ally of Azerbaijan, and the recent military operation to reclaim Karabakh plays into Ankara’s regional interests, especially regarding the future development and opening of the Zangezur Corridor. READ MORE

By Benyamin POGHOSYAN, PhD, Chairman, Center for Political and Economic Strategic Studies

Since the 2020 Nagorno Karabakh war, diversification has probably been the most-used term in discussions about the future of Armenian foreign policy. It should be noted that Armenia has sought to pursue a diversified foreign policy since the early years of independence. In parallel with establishing a strategic alliance with Russia, Armenia has launched a pragmatic partnership with the EU and NATO. Armenia signed its first IPAP (Individual Partnership Action Plan) with NATO in 2005. NATO was actively involved in the defence reforms in Armenia accelerated after 2008, including defence education and strategic defence review. Armenia joined the EU Eastern partnership initiative in 2009. It failed to conclude the Association Agreement with Deep and Comprehensive Free Trade Area. Instead, it signed the Comprehensive and Enhanced Partnership Agreement in 2017, now serving as the solid base for Armenia–EU relations. READ MORE

By Benyamin POGHOSYAN, PhD, Chairman, Center for Political and Economic Strategic Studies

On September 19, 2023, Azerbaijan launched a military offensive against the self-declared Nagorno Karabakh Republic with one clear goal – to destroy it. It was a logical continuation of Azerbaijan’s decades-long policy, including the 2020 Nagorno Karabakh war and the blockade of the Lachin (Berdzor) corridor imposed in December 2022. After 24 hours of intensive fighting, the self-declared Nagorno Karabakh Republic surrendered. A few days later, the large exodus of the Armenian population started, and by the end of September 2023, less than 100 Armenians were left in Nagorno Karabakh. On September 28, the president of the self-declared Nagorno Karabakh Republic signed a decree to dissolve the Republic by the end of 2023.
The reaction in Armenia to these events was somewhat surprising. The government made it clear that Armenia would not intervene to prevent the destruction of Nagorno Karabakh. Most Armenians went to social media, lamenting the lack of actions by Russia, the EU, and the US. Many were genuinely surprised that for Russia and the collective West, geopolitical or economic interests had more value than the fate of 100,000 Armenians who lived in Nagorno Karabakh for the last several millennia. READ MORE