The U.S. government has signed an agreement with Uzbekistan to secure better access to the Central Asian country's critical minerals, as U.S. President Donald Trump moves to counter China's dominance of crucial resources and their supply chains.
The "Joint Investment Framework", established with the U.S. International Development Finance Corp (DFC) and Central Asia's most populous nation, aims to advance the two countries' strategic cooperation, an outline of the plan from the DFC said. It added that it will prioritise investments across the mineral value chain, including exploration, extraction, and processing.
It added that the plan also proposes a new Joint Investment Holding Company for future minerals and infrastructure projects.
Uzbekistan's foreign ministry did not immediately respond to a request for comment.
Resource reserves
As Central Asia's second-largest economy, Uzbekistan holds significant reserves of gold, uranium, and copper, alongside untapped deposits of critical minerals such as lithium and tungsten.
President Shavkat Mirziyoyev, who visited Washington this week for the inaugural meeting of President Donald Trump's 'Board of Peace' on 19 February, has pursued an economic reform programme since taking office in 2016.
Bolstering influence
The pact highlights a broader U.S. strategy to increase its influence in the five former Soviet republics of Central Asia, a region traditionally dominated by Russia and China.
In November, Trump also hosted Mirziyoyev, alongside the leaders of Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan at the White House.
Uzbekistan expands uranium projects to boost exports and future nuclear cooperation
Earlier this month, a separate minerals summit resulted in initial agreements on critical supplies with 11 countries, including Uzbekistan.
The DFC stated the new framework will promote shared economic interests and encourage joint investment in strategic sectors. The organisation already plays a key role in a Ukraine minerals deal struck last year and is leading projects across several African countries.
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People travelling between Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Azerbaijan could soon be able to pay for purchases using their usual banking apps. Central banks from the five countries are working on linking their national payment systems.
You can download the AnewZ application from Play Store and the App Store.
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