According to UNWTO report, Uzbekistan, a Central Asian nation with a population of 35 million, has transitioned to a representative democratic government and a free-market economy since its independence in 1991.
Five reasons to invest in Uzbekistan
1) Uzbekistan's diverse geography, featuring plains and mountains, attracts tourists. It served as a vital crossroads on the Silk Road, with cities like Samarkand and Bukhara fostering cultural exchange and trade, contributing to a rich cultural heritage.
2)Uzbekistan has developed a democratic government and a free-market economy, leading to improved economic rankings. Despite recent global challenges, the country's diversified economy is steadily growing, with a projected GDP growth above 5% in the coming years. Key sectors like services, industry, and agriculture are experiencing notable growth.
3) Uzbekistan, in Central Asia, actively seeks foreign investment and economic growth, especially in tourism. The government has established incentives and reforms to facilitate a favorable business environment. Free economic zones (FEZs) are a key part of this strategy, offering benefits such as tax holidays, custom duty exemptions, and simplified entry procedures, making them attractive to foreign investors.
4) Uzbekistan's strategic location in Central Asia is a key link for trade between Europe and Asia. The country is a leader in transportation infrastructure in the region, boasting 11 airports, 4,500 km of railways, and 43,000 km of roads. This well-developed network efficiently connects neighboring nations, fostering regional and global trade and travel. Uzbekistan plays a crucial role in international transportation, driving its economic growth.
5) Uzbekistan, with a population of 35 million, has a rich historical legacy and a highly literate, economically active population (67%). The country's UNESCO-designated architectural sites, like mosques and mausoleums, are integral to its historical heritage and unique cultural identity. Uzbekistan also takes pride in its customs and gastronomy.
Uzbekistan has recently been transiting towards a more open and market-oriented economy. Reforms launched since 2017 created sound foundations to build a stable and growing economy, as well as a favourable environment for private investment and foreign direct investment (FDI).
Besides, the country counts with rich natural resources, a vast biodiversity and varied cultural heritage that make it attractive for visitors and investors. Uzbekistan’s unique geographical location in the heart of Central Asia and its well-developed transportation infrastructure have facilitated trade, travel and exchange of cultures across continents since the beginnings of the Great Silk Road.
The country has been implementing a set of incentive schemes for promoting private investment and FDI in several industries. Tourism is one of the most thriving sectors, particularly in terms of tourism-related services. Even though the country still faces certain challenges to promote long-lasting sustainable FDI, the country has been taking measures to create a favourable environment and foster a competitive tourism sector, including a very promising regulatory framework.
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