About Uzbekistan

Uzbekistan, landlocked country in Central Asia. It lies mainly between two major rivers, the Syr Darya (ancient Jaxartes River) to the northeast and the Amu Darya (ancient Oxus River) to the southwest, though they only partly form its boundaries. Uzbekistan is bordered by Kazakhstan to the northwest and north, Kyrgyzstan and Tajikistan to the east and southeast, Afghanistan to the south, and Turkmenistan to the southwest. The autonomous republic of Qoraqalpoghiston (Karakalpakstan) is located in the western third of the country. The Soviet government established the Uzbek Soviet Socialist Republic as a constituent (union) republic of the U.S.S.R. in 1924. Uzbekistan declared its independence from the Soviet Union on August 31, 1991. The capital is Tashkent (Toshkent).

Population (2023 est.) 36,407,000

Trade
The leading exports from Uzbekistan consist largely of extracted natural resources or raw materials—cotton, natural gas, oil, coal, silk, fruit, and Karakul pelts. Some fresh produce reaches Moscow and other northern markets. Manufactured goods such as machines, cement, textiles, and fertilizer are also exported. Uzbekistan’s largest sources of imports are China, Russia, South Korea, and Kazakhstan. Its main export destinations are Switzerland, China, Turkey, and Kazakhstan.

Industry
Uzbekistan is the main producer of machinery and heavy equipment in Central Asia. The republic manufactures machines and equipment for cotton cultivation, harvesting, and processing and for use in the textile industry, irrigation, and road construction. This emphasis on making machinery also makes ferrous and nonferrous metallurgy important. The first metallurgical plant began operation at Bekobod in 1946.

Uzbekistan, undergoing transformative reforms since 2016, has emerged as an increasingly attractive investment destination, particularly in the glass and window industry. The country boasts a favorable investment climate, supported by robust macroeconomic fundamentals, a young and cost-effective labor force, abundant natural resources, and improving infrastructure. Despite being an overlooked destination, early investors are already making strides, with over 7,500 foreign-capital companies operating.

Transformative Reforms: Uzbekistan has undergone significant reforms since 2016, making it an attractive investment destination.

Glass and Window Industry Focus: The country is particularly appealing for investment in the glass and window industry.

Favorable Investment Climate: Uzbekistan boasts a favorable investment climate supported by robust macroeconomic fundamentals.

Cost-Effective Labor Force: The presence of a young and cost-effective labor force adds to the country’s appeal.

Abundant Natural Resources: The nation’s abundant natural resources contribute to its economic potential.

Improving Infrastructure: Ongoing efforts to improve infrastructure enhance the overall investment environment.

Belt and Road Initiative (BRI): The BRI fosters Chinese involvement in infrastructure development, enhancing Uzbekistan’s attractiveness.

Foreign Direct Investment (FDI): Central Asian countries, including Uzbekistan, are gaining attention as new FDI destinations.

Proximity to Growing Economies: Strategic proximity to rapidly growing economies like India and China provides a competitive advantage.

Transportation Infrastructure: Well-developed transportation infrastructure, including an expanding railway system, positions Uzbekistan as a supply and production hub.

Tashkent City Business Center: The Tashkent City project signifies the country’s commitment to modernization and global integration.

Government Economic Reforms: Proactive economic reforms focus on repatriating profits, simplifying procedures, and ensuring transparent regulations.

Construction Industry Growth: The construction industry, supported by government incentives, is a major economic driver.

World Bank Partnership: Collaboration with the World Bank demonstrates international support for economic development.

Upcoming Tax Reform: Impending tax reform, with reduced individual and company taxation, reinforces a business-friendly environment.

Global Flat Glass Market Outlook: Aligning with global trends, Uzbekistan’s growth trajectory is in sync with the flat glass market, especially in the Middle East and Africa.

Opportunities for Investors: Evolving economic landscape, strategic position, and government incentives present compelling opportunities for international investors.

Participation in Trade Shows: Trade shows provide a platform for investors and exhibitors to capitalize on untapped potential, fostering partnerships and contributing to Uzbekistan’s economic prosperity.