Uzbekistan’s Investment Climate Gaining Attention
Uzbekistan’s rapid emergence as a Central Asian hub has led to a flurry of major corporate investments, with major domestic firms such as Korzinka, Click, TBC, and Uzum securing significant investments, reflecting the growing confidence of international investors. Uzbekistan is now rapidly becoming more attractive as an investment destination through its strategic location on the historic Silk Road, young and well-educated population, and commitment to progressive reforms.
Uzbekistan’s Economic Breakthrough
Uzbekistan continues to experience steady economic growth, with a real GDP growth rate of 6.5% in 2024. The government has set a goal of doubling GDP to $200 billion by 2030, with a steady annual growth rate of 6-7%. This ambitious goal is supported by structural reforms, improved governance, and an aggressive shift to a green economy.
Significant growth has also been seen in terms of foreign investment, with foreign direct investment reaching $2.8 billion in 2024, up 30.5% from the previous year, and investment agreements worth $30.5 billion at the Tashkent International Investment Forum in 2025, indicating a strong interest from the international community.
Growth Areas and Investment Opportunities
Digital Economy and Innovation
Uzbekistan has positioned digital transformation as a key pillar of its economic strategy, with the goal of increasing the digital economy’s share of GDP from 2.7% to 15% by 2030. The IT Park Uzbekistan is home to more than 2,500 companies and will create 38,600 jobs by 2024.
Uzum, the country’s first tech unicorn, is changing the economic landscape through its extensive operations in e-commerce, banking, and fintech.
Renewable Energy and Infrastructure
The government has set an ambitious goal of providing 54% of its electricity from renewable energy sources by 2030. Saudi energy giant ACWA Power has announced a $3 billion investment in the renewable energy sector, developing wind, solar, and battery storage projects. The company is investing $13.7 billion in a total of 19 projects, positioning Uzbekistan as the largest market after Saudi Arabia.
Manufacturing and Export Expansion
Uzbekistan is prioritizing the development of its high value-added manufacturing sector and plans to triple its exports by 2030. Investment in textile production, metallurgy, chemicals, and electronics is strongly encouraged by government incentives and export-oriented strategies; in 2024, investment in manufacturing grew 60.6% YoY to about $9.2 billion, making it the most capital-intensive sector.
Investment Incentives and Foreign Investment Protection
Uzbekistan has introduced various preferential regimes to create an attractive environment for foreign investors:
- Law on Protection of Foreign Investors: protects the rights and assets of foreign investors, prohibits nationalization, prohibits discriminatory treatment, and establishes an international arbitration system.
- Tax incentives: Exemption from land tax, corporate property tax, and water resource use tax for 3 to 7 years for foreign companies investing above a certain amount in specific industries.
- Special Economic Zone (SEZ): Exemption from corporate income tax for 3 to 10 years, exemption from tariffs on raw materials and parts for export, and land lease rights for up to 49 years.
Best Practice: Investment Strategies of International Companies
Investment in Uzbekistan has been successful for multinational companies:
- ACWA Power (Saudi Arabia): $3 billion investment in renewable energy sector
- OTP Group (Hungary ): entering the banking sector by acquiring Ipoteca Bank in 2023
- ITOCHU Corporation (Japan): Participating in a uranium development project at the South Jengerdi mine
- DataVolt (Saudi Arabia ): investing over $200 million in the Tashkent IT Park to support cloud computing and digital services
Future Outlook and Summary
Uzbekistan has transformed itself into an economic dynamic in Central Asia through reforms over the past eight years. The government is working to further improve the investment climate, with plans to privatize 29 large state-owned enterprises within two years and to raise their credit ratings to investment grade.
It has also established a national investment fund, has appointed the U.S. asset management firm Franklin Templeton as its managing agent, and plans an international IPO in 2026.
Through its strategic geographic location, young population, and constant reforms, Uzbekistan has created the perfect environment for international investors seeking sustainable growth and investment returns. The “New Uzbekistan” warmly welcomes global investors seeking business opportunities in a place that combines a rich cultural heritage with a dynamic and open economy.
See also: Uzbekistan’s transformation in the spotlight with major investment forum showcasing opportunities
See also: Invest in Uzbekistan
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