Avesta Investment Group - Uzbekistan

KFC Takes the Lead in Uzbekistan’s Fast Food Market as Oqtepa Nearly Triples Revenue
Uzbekistan’s Tax Committee released data on the largest taxpayers in the public catering sector, offering a snapshot of how the market shifted between 2024 and 2025.
KFC moved into first place with about 5.2% market share, up from 4.2% a year earlier. EVOS, which led in 2024 with roughly 5.4%, declined to around 4.0%. Oqtepa Lavash expanded rapidly to about 2.3% from 0.3%. Papa John’s and MaxWay each reached roughly 0.4%.
Despite the market remaining highly fragmented, branded QSR chains are gradually consolidating share. Oqtepa became one of the fastest-growing domestic players, nearly tripling revenue from UZS 225bn in 2024 to UZS 605bn in 2025.
Two milestones also stood out: KFC became the first restaurant chain in Uzbekistan to surpass UZS 1tn in annual revenue, and Burger King entered the Uzbek market.
#Restaurants
#MarketInsights

Daily Equity Market Snapshot – 13 Mar 2026
#MarketInsights

Key Corporate Disclosures
- Mikrokreditbank JSCB (MCBA) updated its affiliated persons list, adding UNA Moliya LLC and MKB Factoring Organization as
affiliated
entities;
-
Toshshahartransxizmat JSC
disclosed changes in its affiliated persons list, adding Pavel Mxitaryan as a Supervisory Board member;
-
Issiqlik Elektr Stansiyalari JSC
updated its Supervisory Board list, adding Aleksandr Vasilyuk, (Franklin Templeton, senior investment manager), along with other members;
- Payme JSC approved the initiation of a reorganization in the form of a spin-off, instructing management to prepare the separation balance and establish the new entity
TBC Tech
, with all required filings and notifications;
-
Toshkent Shahar Suv Ta’minoti JSC
approved the leasing of unused buildings via the E-auksion electronic platform, directing proceeds toward creditor debt repayment;
- Boyovut Paxta Tozalash JSC approved its
voluntary liquidation
, transferring all management powers to it, with instructions to settle debts, write off unusable assets, and distribute remaining property among shareholders.
#CapitalMarkets
#Financials
#Agriculture

Uzbekistan’s auto market recorded 84,200 sales in February 2026, up 2% m-o-m and 6.4% y-o-y, with 6,900 EVs sold, while demand for locally produced cars remained flat and foreign car sales fell by one‑third compared to January.
#Transport
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The Republican Stock Exchange “Toshkent” is preparing a new edition of the Rules for Trading in Securities, introducing provisions for listing and trading foreign securities and foreign currency‑denominated bonds, mechanisms for temporary suspension of trading, and improvements to the FoP and Nego platforms, with the draft to be published on the Exchange’s website for public consultation.
#CapitalMarkets
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In 2026 Uzbekistan’s chemical sector plans to attract $2.5bln investments across 133 projects worth $9.5bln, including 24 strategic projects with $1.3bln to be absorbed and seven new production facilities. In particular, exports of chemical products are planned to reach $720mln.
#Industrials
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Avesta Investment Group at Uzbekistan Economic Update 2026
The Avesta Investment Group team participated in the
Uzbekistan Economic Update 2026
, organised by
EUROUZ
in Tashkent, which brought together government officials, international financial institutions, and business leaders to discuss Uzbekistan’s reform agenda and investment outlook.
The programme featured insightful panel discussions focusing on macroeconomic dynamics, the investment climate, and the role of the private sector in Uzbekistan’s economic transformation. One of the key sessions was the
CEO Panel: “Shaping the New Economy”
, where
Kodirjon Norov,
Managing Partner of Highland Capital and founder of Avesta Investment Group, noted that the next stage of Uzbekistan’s economic growth will be driven by capital market development and the attraction of long-term private capital.
We thank
EUROUZ
for organising such a valuable platform for dialogue and the exchange of perspectives on Uzbekistan’s economic development.
Подробнее на русском...

Daily Equity Market Snapshot – 12 Mar 2026
#MarketInsights

President Shavkat Mirziyoyev reviewed proposals to improve Uzbekistan’s project appraisal system, noting over $50bln in planned investment and 24trln UZS in budget allocations for 2026, with reforms to require appraisal only for corporate and state‑funded projects above $15mln, alongside digitalization and risk‑based differentiation to reduce delays and improve efficiency.
#EconomicReforms
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Uzbekistan Airports, the Ministry of Transport, and the Ministry of Economy and Finance, announced the launch of the Request for Qualification (RfQ) process for construction and management of the new Bukhara International Airport under a PPP framework, with airfield infrastructure to remain under state management and participation open to companies with proven experience in similar projects.
#Transport
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