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.