Uzbekistan

Investment & 
Operational
Climate

Uzbekistan is an emerging lower-middle income economy in the middle of Central Asia. An unprecedented reform program launched in 2017 has made the country’s previously isolated and highly centralized economy more friendly to private investors and resilient to external factors. The Government of Uzbekistan (the "government” or the "GOU”) declares that its goal is to overcome underemployment and poverty including through improving the business environment. The prospects for economic transformation and the huge potential of the domestic market with a population of over 36 million are attracting increasing attention from international companies. Investors can benefit from the availability of raw materials and labour resources, direct access to the markets of all Central Asian countries, and various incentives and preferences, in some cases even including state subsidies. However, despite the ever-improving legal framework, support from the host country government continues to be an important prerequisite for business success due to weak enforcement of contracts and court decisions in the event of business disputes. Local authorities generally welcome investments that are in line with their development programs, in which infrastructure and export-oriented projects dominate.