Uzbekistan is experiencing a surge in foreign investment, driven by economic liberalization, reduced government intervention in business, and streamlined administrative procedures. According to the National Statistics Committee, the country attracted UZS 333.8 trillion ($26.4bn) in foreign investments in 2024 — a 65.5% increase compared to 2023. This marks the second consecutive year of strong growth in foreign capital inflow.
Foreign direct investment (FDI) remains a major contributor, accounting for UZS 150.5 trillion ($11.6bn), nearly half of the total foreign capital. The remaining investment came in the form of loans and other financial inflows. Among the sectors drawing the most capital, manufacturing led with UZS 119.2 trillion ($9.2bn) invested, reflecting a 60.6% increase year-on-year. The energy sector followed with UZS 65 trillion ($5bn), up by 62.5%, while mining attracted UZS 57 trillion ($4.4bn), doubling its investment volume from 2023.
Major projects driving this growth include the construction of gas-chemical complexes in the Bukhara and Surkhandarya regions, the development of the Tebinbulok iron ore deposit, the establishment of a metallurgical complex in Karakalpakstan, and several initiatives in the field of green energy. These large-scale undertakings have contributed to Uzbekistan’s rising profile among international investors.
As of April 1, 2025, 15,700 enterprises with foreign capital were operating in Uzbekistan — a 10.6% increase compared to the previous year. Of these, 11,700 were fully foreign-owned companies, and 4,000 were joint ventures. Notably, the number of foreign-owned enterprises has doubled over the past few years, while the number of joint ventures has decreased by 30.5% since 2021. This trend suggests a growing preference among foreign investors for complete ownership in Uzbekistan.
The Tashkent agglomeration — encompassing the capital city and surrounding region — remains the primary hub for foreign businesses. Over 12,000 foreign-capital enterprises are registered in this area, with 10,100 located directly in Tashkent. The city’s strategic location, infrastructure, and market potential continue to attract the lion’s share of international business activity.
Total | Joint ventures | Foreign enterprises | |
Total | 15 739 | 4 031 | 11 708 |
Agriculture, forestry and fisheries | 403 | 181 | 222 |
Industry | 3 304 | 1 366 | 1 938 |
Construction | 1 146 | 265 | 881 |
Trade | 5 686 | 991 | 4 695 |
Transportation and storage | 513 | 114 | 399 |
Accommodation and food services | 645 | 146 | 499 |
Information and communication | 1 131 | 179 | 952 |
Health care and social services | 196 | 77 | 119 |
Others | 2 715 | 712 | 2 003 |
In terms of business sectors, the trade industry leads with 5,700 foreign-capital enterprises. This dominance is linked to the active development of the domestic market and Uzbekistan’s growing export role, especially in supplying fresh produce to neighboring countries. The industrial sector ranks second with 3,300 foreign companies, reflecting the government’s emphasis on industrial development as part of its investment strategy.
Other attractive sectors include construction and the IT and telecommunications segment, each hosting around 1,100 foreign enterprises. The hospitality and restaurant sector (HoReCa) is also gaining attention, with 645 foreign companies operating across the country.
When it comes to the origin of these investors, Chinese and Russian entrepreneurs are the most active. By April 2025, Chinese companies accounted for 23.6% of all foreign-capital enterprises in Uzbekistan, while Russian firms made up 19.3%. Turkish companies followed with a 12.3% share, and Kazakhstan held fourth place with 1,100 enterprises.
Uzbekistan’s foreign investment landscape remains largely Asian-oriented. Alongside its Central Asian and CIS neighbors, the country has also attracted significant interest from strategic trade partners like the United Arab Emirates.
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