Post by Michael Waitz

A market with opportunties for German and European companies As part of a business delegation, I accompanied the Parliamentary State Secretary Stefan Rouenhoff to Kazakhstan and Uzbekistan, together with Belgin Rudack, CEO of KfW IPEX-Bank. Together with representatives from politics and industry, we met not only with embassy representatives, but also with industry, chambers of commerce, governments, financial institutions and business associations in both countries. Beside the business delegation program I visited our existing valued client base in the region. The region continues to be in an incredible state of growth and is seeking a new position between China and Europe. Raw materials, the development of local value creation for these, and the necessary expansion of logistics chains also provide a thematic bridge between both countries and Europe. This field was also one of the core topics of the Tashkent International Investment Forum 2026 which was accompanied by a visit of the German President, Frank-Walter Steinmeier, a meeting with the President of Uzbekistan, Shavkat Mirziyoyev, and the German business delegation. My take aways and ongoing steps: ✅ Raw Materials • The position of Germany and the existing economic ties are an excellent basis for further growth and should be in the focus of exporters, importers and investors. • Strategic development of both countries` rich raw material base including critical minerals could be a driver of long‑term growth. • The shift from exporting raw commodities to building local processing and higher value‑added industrial production opens a window of opportunities. • Promotion of responsible mining, further focus on ESG standards and transparent licensing attract high‑quality foreign investment. • Integration of raw materials into regional and global supply chains, including for green technologies (e.g. batteries, renewables). • Acceleration of market‑oriented reforms to improve the investment climate.   ✅ Infrastructure and Connectivity: • Development of transport corridors linking Central Asia with Europe, the Middle East and South Asia. • Investment in logistics hubs, railways, and digital infrastructure to support trade in raw materials and finished goods.   KfW IPEX-Bank is a global partner for financing in the metals & mining industry across the value chain as well as for energy, mobility and infrastructure investments. Many thanks to Bundesministerium für Wirtschaft und Energie, Ost-Ausschuss der Deutschen Wirtschaft e.V. and our clients in Kazakhstan and Uzbekistan for the warm hospitality and making this trip so remarkable! DIHK AHK Zentralasien / GFCC Central Asia BDI - Bundesverband der Deutschen Industrie e.V. Rhenus Logistics SEFE Securing Energy for Europe GmbH Noble Elements Metallhandelsgesellschaft mbH THYSSEN SCHACHTBAU GMBH SCHACHTBAU NORDHAUSEN GmbH KOCH Solutions GmbH Ekaterina Galitsyna TAV Airports DB Engineering & Consulting Baiterek National Investment Holding JSC