Legal Market Overview
Tajikistan remains one of the poorest former Soviet bloc countries and in recent years, it has been blighted by a weak economy. Despite this, the country has come some way in tackling some of its prevalent issues; poverty has been in decline over the past few years, however unemployment remains high and the economy remains unstable.
There is some interest in the country from foreign investors, particularly in the energy, renewables and infrastructure sectors, however firms report that the challenging regulatory environment can serve as a significant hurdle. Hydropower is a particular area of interest as the country is rich in water resources. Chinese investment into the country has also sparked interest, especially in the mining sector; the recent decision of the Tajik authorities to gift a Chinese company the rights to develop a silver mine has attracted attention. Chinese investment is also prevalent across the energy and infrastructure sectors.
The legal market is very small and consists of local and regional law firms, many of which often collaborate with international firms to advise on larger, cross-border projects, while the prevalence of significant corporate, finance and M&A work remains relatively limited. Many firms offer generalist services and are well connected in the region; several firms lead Tajikistan projects through lawyers based in Kyrgyzstan.