The activity of Russian investors in Uzbekistan witnessed a decline in May, despite retaining their top position in terms of the number of newly created companies with foreign capital, according to a report by the Statistics Agency.
From January to May, a total of 1,279 companies with foreign capital were established in Uzbekistan. Out of these, over two-thirds (871) were from five countries, with these nations leading the way in terms of newly formed joint ventures and subsidiaries.
Russia continued to hold the first place, with investors from the Russian Federation participating in the registration of 376 new companies during the five-month period. This figure represents a 25% increase compared to the same period last year. However, the activity of Russian entrepreneurs in Uzbekistan has seen a slowdown, with the number of new companies dropping from 92 in March and 98 in April to 35 in May.
China secured the second position, significantly widening its lead over Turkey. Since the beginning of the year, Uzbekistan has seen the establishment of 245 companies with investments from China, more than double the previous year's figure. Among these, 58 were created in May alone.
Turkish businessmen established 121 firms in Uzbekistan, 30 fewer than the previous year. In May, 22 enterprises with their participation were formed. Kazakhstan followed closely with 78 new businesses, including four established in May. South Korea rounded out the top five with 51 companies, including nine established last month.
Investors from Tajikistan (31 companies, four of which were established in May), Azerbaijan (22 companies), and the USA (18 companies) also demonstrated notable activity. However, the number of companies with participation from Kyrgyzstan and Turkmenistan has decreased.
In other news related to business development, Wildberries, a prominent e-commerce platform, is set to launch a business school in Uzbekistan starting June 13.
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