Opinion: Over the Past Eight Years, New Uzbekistan Has Absorbed Over $113 Billion in Foreign Investments
On the eve of the 34th anniversary of our country’s independence, the Executive Board of the International Monetary Fund finalized the 2025 consultations under Article IV of the IMF Agreement. The Fund’s main conclusion is that Uzbekistan’s economic outlook remains positive amid continued progress in the transition to a market economy. According to the published document, headline indicators are strong, including sustained growth, a reduced consolidated budget deficit, a narrower current account deficit, and an adequate level of international reserves. IMF staff note that the successful implementation of structural reforms supports a favorable baseline. Despite a high degree of uncertainty in global trade policy, the IMF projects real GDP growth will remain robust in the coming years. These trends reflect greater economic openness, ongoing industrialization, active investment policy, and measures designed to build the export potential of promising industries. The reform package - and the decisions already put into effect - aligns with available domestic resources and reserves, supporting long-term, sustainable development across the country and its regions. The commitment to irreversible market transformation allows Uzbekistan to combine targeted state support with space for private entrepreneurial initiative on the path to building a “New Uzbekistan.” In recent years, rising openness and growing investor confidence have driven a steady increase in capital formation. From 2017 to 2024, total foreign investment exceeded $113 billion, more than 80% of which comprised foreign direct investment and loans. Financing activity has been particularly strong in leading industries and the fuel and energy complex, accelerating industrialization in virtually every region. Deepening investment links with China, Russia, Germany, Turkey, Saudi Arabia, the Netherlands, the United States, the United Kingdom, and others is bringing advanced technologies and expertise, modern management practices, expanded localization, and stronger export capacity to priority sectors and regions. These resources are primarily directed to technological upgrades and modernization of existing facilities, as well as the creation of new production sites. Over the past eight years, investment programs have launched more than 96,000 projects worth about $100 billion, creating 1.8 million jobs. In 2024 alone, the value of commissioned projects was nearly eight times higher than in 2017, while the number of jobs increased by 2.6 times. Active involvement by the Head of State has been pivotal. Since the start of this year, visits and high-level events have produced 366 investment agreements totaling $75 billion. Roadmaps have also been approved for 222 projects worth about $45 billion. At the IV Tashkent International Investment Forum held in June, agreements were reached on investments exceeding $30 billion for 144 joint projects. In April 2025, on the sidelines of the 5th International Industrial Exhibition “INNOPROM. Central Asia” in Tashkent, 43 additional investment agreements were signed, with plans to attract a further $1 billion to the industrial sector. Uzbekistan has also intensified outreach to the international community about project opportunities. This year, Investors’ Day events took place in 13 foreign countries, drawing representatives of 700 well-known companies. More than 200 investment projects worth $6 billion were presented to potential...
