DUSHANBE, Tajikistan, January 10. The year 2025
was marked by intensified financial reform, expanding international
economic cooperation, and growing investment activity in
Tajikistan. Throughout the year, the country strengthened ties with
regional and global partners, advanced digital and institutional
reforms, attracted multilateral financing, and diversified trade
and investment channels. Key developments were recorded across
trade, banking, investment policy, industrial production, capital
markets, and public financial management.
1) Trade expansion and industrial
cooperation:
Trade and industrial cooperation gained momentum in 2025,
particularly with neighboring and regional partners.
On January 7, Uzbekistan opened a trade house in Tajikistan
under the Uzbekistan Association of Industrial Construction
Materials (Uzsanoatqurilishmateriallari). Negotiations focused on
increasing exports of autoclaved aerated concrete blocks,
heat-insulating plates, natural stones, wallpapers, and other
construction materials. The association had previously opened trade
houses in Baku and Kabul.
On March 31, President Emomali Rahmon inaugurated a joint
Tajik-Uzbek metal pipe and profile manufacturing plant operated by
Sugd Metal. The facility occupies 6.5 hectares, has an annual
capacity of 100,000 tons, produces 50 types of metal pipes and
profiles, and uses equipment from European manufacturers, including
Faspar, Otto Mels, Filtra, MTS, and Termotu. Two German Otto Mels
production lines provide output of up to 160 meters per minute. The
workforce is expected to expand to 300 employees, with export
markets targeted after domestic demand is met.
Kazakhstan remained one of Tajikistan’s key trade partners. In
2024, bilateral trade reached $1.3 billion, up 7.4%, with a joint
target of $2 billion. Kazakhstan ranks among the top four investors
in Tajikistan, with cumulative investment exceeding $146 million.
In 2024, rail freight volumes reached 5.1 million tons (+8%), while
road transport grew 45% to 494,000 tons.
2) Banking and finance:
The banking sector saw increased international integration and
new financial instruments.
On February 26, Freedom Bank Tajikistan signed a memorandum with
KazakhExport, Kazakhstan’s export credit agency, to support export
crediting and risk insurance. Freedom Bank announced readiness to
offer services including account opening, deposits, payments,
transfers, and plans to launch digital mortgages. Freedom Bank
Tajikistan received its license from the National Bank of
Tajikistan in October 2024 and operates as a subsidiary of Freedom
Holding Corp.
On the same day, the Investment Credit Bank of Tajikistan (ICB)
signed a similar agreement with KazakhExport, aimed at improving
access to modern trade finance tools and expanding insurance
mechanisms for exporters and importers.
On December 22, the Asian Development Bank (ADB) approved a
local currency loan of up to $10 million to Eskhata Bank, marking
ADB’s first local currency loan to a commercial bank in Tajikistan.
The package includes a $5 million partial credit guarantee from the
Asian Development Fund, aimed at supporting MSMEs, especially green
projects. Additionally, ADB approved a $3 million grant for glacier
monitoring and climate hazard forecasting.
3) Digitalization:
Digital transformation was a central theme in 2025.
On January 14, Tajikistan signed a $39 million agreement for the
Tajikistan Digital Foundations Project, including $30 million in
World Bank grants and $9 million from Switzerland’s SECO. The
project targets 28,000 people for digital skills training, with
2,000 participants in advanced courses, and aims to extend
broadband connectivity to at least 100 schools and surrounding
public institutions.
On November 21, the Eurasian Development Bank (EDB) and
Tajikistan’s Tax Committee signed an MoU on tax digitalization and
regional integration. By July 2025, the EDB portfolio comprised 319
projects worth $19.1 billion, focused largely on cross-border
integration.
In April, international consulting firm Alvarez & Marsal
expressed readiness to assist Tajikistan in digitizing public
financial management, improving budget efficiency, and modernizing
tax and customs administration.
4) Investment:
On July 1, Tajikistan approved a long-term investment strategy
through 2040, presented on June 30. The strategy prioritizes
investment climate improvement, public-private partnerships,
entrepreneurship expansion, and increased FDI inflows.
Implementation is mandated through budgetary and alternative
funding sources.
During Dushanbe-Invest-2025, President Rahmon held high-level
meetings with investors from Saudi Arabia and Qatar, discussing
joint projects in energy, agriculture, pharmaceuticals, textiles,
construction materials, and mineral processing. Talks with Qatar
included the creation of a joint economic and investment fund and
the use of Islamic banking mechanisms.
5) Capital markets and Islamic finance:
On October 25, Iran expressed readiness to assist Tajikistan in
establishing a commodity exchange and developing its securities
market, drawing on 60 years of Iranian exchange experience and 20
years of operational expertise.
On July 11, the Islamic Financial Services Board (IFSB)
confirmed support for Tajikistan in developing takaful, sukuk,
Islamic monetary instruments, and fintech. Tajikistan has been an
IFSB member since 2010.
6) International economic diplomacy:
In January, Iran and Tajikistan signed 22 documents and one MoU,
covering transport, customs, digital technologies, agriculture,
communications, and anti-corruption cooperation. Iranian officials
stated that increasing bilateral trade to $500 million annually is
achievable.
In June, Tajikistan and China signed a Trade and Economic
Cooperation Program through 2030, alongside agreements on
intellectual property, AI cooperation, strategic dialogue, and
sister-region ties.
In July, Tajikistan and Mongolia signed a joint statement and 10
cooperation documents, covering energy, agriculture, tourism,
digital technologies, science, and emergency response.
In August, Tajikistan and Kyrgyzstan approved an Action Plan for
2026–2028 between finance ministries, focusing on public finance
management and entrepreneurship support.
7) Ratings and financial stability:
On December 17, Moody’s Ratings withdrew all credit ratings of
OJSC Commerce Bank of Tajikistan, including the B3 long-term
deposit and issuer ratings, the b3 BCA, and the B2 Counterparty
Risk Assessments, noting that the prior outlook had been
stable.
