Uzbekistan saw an increase in investment activity, with total investments in fixed assets reaching UZS 273.4 trillion ($21.4bn) in the first six months of 2025, surpassing the same period in 2024 by UZS 29.8 trillion ($2.4bn), according to the National Statistics Committee.
Over the past five years, the volume of investments in fixed assets has nearly tripled, growing by approximately 2.7 times. Despite the modest year-on-year growth rate of 5.5%—a slowdown compared to the peak of 45% in 2024—the overall investment trend remains positive. The bulk of investments were directed toward economic and social development projects across the country.
Centralized sources of financing contributed UZS 26.5 trillion ($2.1bn) during this period, making up 9.7% of total fixed asset investments. This marks a 3.7% decline from the same period last year.
The manufacturing industry attracted the largest share of investments, accounting for UZS 74.3 trillion ($5.8bn) or 27.2% of the total volume. This was largely driven by the implementation of major industrial projects.
Foreign investments and loans played a critical role in boosting capital formation. From January to June 2025, the country attracted $20.6bn in foreign funding, with $15.1bn channeled into the creation of new fixed assets.
In terms of infrastructure development, 7.18mn square meters of new housing were commissioned in the first half of the year, reflecting a 7.8% increase compared to the same period in 2024.
Water supply infrastructure also expanded, with 124.9 kilometers of new pipelines built—72% of which are located in rural areas. Meanwhile, 4.4 kilometers of gas pipelines were commissioned, including 1.2 kilometers in rural regions.
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