In 2024, bilateral trade amounted to $6.7 million, including $1.4 million in exports and $5.3 million in imports. Uzbekistan’s main exports to Qatar included copper products ($580,000), construction materials ($110,000), textiles ($70,000), and other industrial goods ($680,000). Imports were dominated by oil products and hydrocarbons worth $2.4 million.
During mutual visits in 2023, the two countries signed 24 bilateral agreements totaling $12 billion, including the Agreement on Investment Cooperation between the Uzbekistan Reconstruction and Development Fund and the Qatar Investment Authority (QIA), as well as an Agreement on Labor Migration Cooperation. An important step forward was the establishment of the Uzbekistan–Qatar Business Council, which facilitates direct dialogue between business circles of both countries.
In March 2025, Uzbekistan ratified the Strategic Partnership Agreement with Qatar, which provides for the expansion of trade and economic relations, investment promotion, and the creation of joint ventures. As part of these arrangements, the “Made in Uzbekistan” National Exhibition is planned to be held in Doha in 2026.
Key joint projects include localization of pharmaceutical production, construction of an electric bus plant, development of “smart” urban districts, and joint exploration and processing of mineral resources. Among the key Qatari partners are Qatar Pharma, Tamam International, Al Mana Group, Ariane Real Estate, Petro White, Qatar Mining, and the Qatar Investment Authority.
According to the Center for Economic Research and Reforms (CERR), there is considerable untapped potential for expanding trade between Uzbekistan and Qatar.
The greatest opportunities lie in exports of electrical equipment (Qatar’s annual imports total $2.9 billion), textiles ($1.1 billion), plastics and related products ($639 million), copper and copper goods ($460 million), fruits and nuts ($364 million), vegetables ($262 million), salt and sulfur ($217 million), tobacco and tobacco products ($41 million), and zinc ($16 million).
Uzbekistan seeks to attract Qatari investment into its oil and gas industry, including exploration and production, as well as into industrial modernization and agricultural processing.
Energy remains a key area of strategic cooperation. Qatari capital can play an important role in developing Uzbekistan’s power generation capacity, including thermal and nuclear power plants, as well as renewable energy (RES) projects. This focus is particularly relevant given that by 2030, Uzbekistan plans to implement major projects for the construction of thermal power plants totaling 15 GW, combined-cycle plants (9.5 GW), energy storage systems (3.2 GW), new renewable energy facilities (27 GW), and nuclear power plants (2.1 GW).
Special attention is being paid to the development of Islamic finance. The opening of branches of Qatari banks in Uzbekistan is planned to introduce modern financial instruments and attract capital from Gulf countries. The potential of the QIA, managing assets of over $475 billion, offers significant opportunities to increase foreign investment inflows to Uzbekistan.
According to the World Bank, in 2024 the largest share of Qatar’s economy was accounted for by industry (55.9%) and services (43.8%), while agriculture made up just 0.3%. Unemployment remained extremely low at 0.1%, with 40% of the workforce employed in industry and 59% in services.
Qatar’s total foreign trade in 2024 reached $130 billion, including $95 billion in exports. Crude oil production exceeded 1.3 million barrels per day. Qatar ranks among the world’s 15 largest oil exporters, holding the 13th-largest oil reserves and the third-largest natural gas reserves globally.
The hydrocarbon sector contributed $81.4 billion, or 37.2% of GDP. At the same time, Qatar is actively developing solar energy, aiming to increase capacity to 5 GW by 2035, and tourism, which is expected to reach 12% of GDP by 2030.
The growing cooperation between Uzbekistan and Qatar reflects the transition of bilateral relations into a practical phase. Ongoing projects in energy, industry, and finance are laying the foundation for the sustainable and long-term expansion of economic interaction between the two countries.
CERR Public Relations Sector
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