The conclusion of 2023 witnessed a substantial decline in the business activity of foreign companies operating in Uzbekistan, the Statistics Agency reports.
As of January 1, 2024, the republic hosted a total of over 14,000 companies and organizations with foreign capital involvement. A majority of these entities, comprising two-thirds, operated as subsidiaries of foreign companies, while the remaining third were engaged in joint ventures. However, in stark contrast to the figures from 2022, there was a reduction of more than 11% in their overall numbers.
Russia maintained its position at the forefront in terms of the number of foreign companies, yet experienced a 3.5% decrease in organizational presence, totaling 3,044 units by the end of the previous year.
China secured the second spot, surpassing Turkey, with a 9% surge in the number of companies with Chinese capital, reaching 2,337 entities in 2023.
Conversely, enterprises from Turkey, Kazakhstan, and South Korea saw a significant downturn in business activity within Uzbekistan. Turkish capital contributed to 1,883 firms, marking a 14.6% decline, while Kazakh capital witnessed a 15.5% reduction, resulting in 1,064 companies. South Korean capital, too, experienced a notable decline of 20.9%, with 736 entities operating in Uzbekistan.
Several other countries also witnessed a decline in business dynamics within Uzbekistan, including the United States (-11.6%), Kyrgyzstan (-12.9%), Azerbaijan (-11%), and Tajikistan (-8.9%) over the course of the past year.
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