Economic and infrastructure developments in Asia

Economic and infrastructure developments continue to progress across Central and South Asia. In Sri Lanka, Fitch Ratings upgraded the nation’s Long-Term Issuer Default Rating from ‘CCC+’ to ‘B-’ with a stable outlook, noting improved fiscal discipline, recovering foreign exchange reserves, and successful macro-stabilization following its recent financial crisis.

In the Caspian region, Kazakhstan’s electricity operator, KEGOC, is discussing the “Caspian Green Energy Corridor” with British representatives to transmit green electricity to Europe. Kazakhstan is also working to strengthen economic ties with the European Union to bolster the Middle Corridor transit route. Azerbaijan has furthered its energy infrastructure by signing a $58.6 million contract with YEO Technology for a battery energy storage system.

Kyrgyzstan is modernizing its railway fleet through the acquisition of 10 Wabtec freight locomotives from the United States to support the upcoming China-Kyrgyzstan-Uzbekistan railway. The nation has also pledged $10 million toward an international fund for the preservation of Lake Issyk-Kul.

Uzbekistan remains focused on industrial, digital, and safety expansions. The country has signed a memorandum with China’s Yingyou Xinlichen Textile Technology for modern manufacturing. To support its Uzbekistan–2030 Strategy, the nation is pursuing nuclear safety expertise through a memorandum of understanding with the United States, engaging in environmental cooperation with Germany, and implementing gender-responsive budgeting initiatives with the Asian Development Bank.