Currently, more than 1,000 European companies operate in Uzbekistan, undertaking investment projects valued at over €30bn. French firms, in particular, are poised to play a greater role in shaping Uzbekistan’s economic development through regional cooperation, private sector reforms, and strategic sectoral initiatives.
This commitment was reaffirmed during the 6th annual consultations between Uzbekistan and the French Development Agency (AFD), held on March 10 in Tashkent. Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry, and Trade, led discussions alongside representatives from AFD, Proparco, and Expertise France, as well as business leaders and experts.
The meeting focused on reviewing past achievements and identifying new opportunities for collaboration in infrastructure development, green economy initiatives, and private sector growth. AFD continues to play a crucial role in enhancing living standards, addressing environmental and social challenges, and supporting Uzbekistan’s economic reforms.
Recent years have seen a steady increase in trade and investment between Uzbekistan and the European Union. In 2024, trade turnover with the EU reached $6.4bn, reflecting a 5.2% growth.
Uzbekistan has effectively leveraged its status under the EU’s GSP+ program, which provides preferential access for over 6,200 Uzbek products to European markets. This initiative has contributed to the diversification of exports and strengthened the presence of Uzbek goods abroad.
During the consultations, both sides identified several key areas for further cooperation, including attracting additional financial resources, fostering regional economic integration, and developing Uzbekistan’s critical raw materials sector.
To facilitate investment in this sector, Uzbekistan has introduced new mineral extraction legislation, developed in collaboration with the European Bank for Reconstruction and Development (EBRD). This legal framework aligns with international standards and aims to create favorable conditions for investors.
At the end of the discussions, participants expressed confidence in the continued strengthening of Uzbekistan-AFD cooperation. They also emphasized emerging opportunities for European businesses in Uzbekistan as the country positions itself as a hub for investment, innovation, and sustainable economic growth.
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