In recent years, Uzbekistan has implemented large-scale reforms aimed at improving the investment climate and creating more favorable conditions for foreign investors. First and foremost, the liberalization of foreign exchange policy was launched under Presidential Decree No.5177 dated September 2, 2017. This reform expanded opportunities for currency conversion, facilitated settlements in foreign trade, and ensured freer movement of funds for investors.
In addition, Presidential Decree No.5495 dated August 1, 2018, “On Measures to Radically Improve the Investment Climate in the Republic of Uzbekistan,” introduced key measures to simplify investment activities, strengthen legal guarantees for foreign investors, reduce bureaucratic barriers, and improve investment legislation. These decisions contributed to greater legal stability and a more predictable business environment for investors.
To strengthen direct dialogue with investors, Presidential Resolution No.4519 dated November 13, 2019, established the Foreign Investors Council under the President of the Republic of Uzbekistan. The Council serves as a permanent institutional platform for dialogue between the President, the Government, and foreign investors, focusing on practical investment climate issues, the removal of existing barriers, and the development of proposals to improve investment policy.
In addition, the system of special economic zones has been expanded to attract investors to the regions. As of April 1, 2026, Uzbekistan has 33 special economic zones with resident participants, 396 small industrial zones, 27 technoparks, 349 clusters, and 143 youth industrial and entrepreneurship zones. These zones provide investors with tax and customs incentives, infrastructure, land plots, and simplified administrative procedures.
At the same time, reforms aimed at private sector development continue, including reducing state participation in the economy, accelerating privatization processes, expanding public-private partnership mechanisms, and developing the capital market. Overall, foreign exchange liberalization, protection of investors’ rights, the Foreign Investors Council under the President, special economic zones, and private sector-oriented reforms remain the key drivers of investment climate improvement in Uzbekistan.
According to the analysis, Uzbekistan has demonstrated positive FDI dynamics in recent years. During 2021–2025, a total of $109 billion in FDI and loans was attracted and mastered in the country’s economy.
The volume of mastered FDI and loans increased 4.3 times during 2021–2025, reaching $38.4 billion in 2025.
As of 2025, the structure of FDI by foreign countries shows a high level of concentration. The top five foreign countries account for 76.6% of total FDI, with China alone accounting for 44.4% ($17.1 billion, a 1.6-fold increase).
Specifically, the top 10 foreign investor countries are as follows: China — $ 17.1 billion, Russia — $4.8 billion, Türkiye — $2.9 billion, Saudi Arabia — $2.8 billion, Germany — $1.8 billion, the UAE — $1.6 billion, the UK — $1.0 billion, Kazakhstan — $0.8 billion, the Netherlands — $0.7 billion, and Singapore — $0.5 billion.
In 2025, the largest share of investment was directed to the energy sector ($7.1 billion, 19% of the total volume). Significant investments were also attracted to agriculture ($3.6 billion, 10%), construction and housing and communal services ($3.6 billion, 10%), mining and metallurgy ($3.3 billion, 9%), the textile industry ($3.0 billion, 8%), the construction materials industry ($3.0 billion, 8%), the chemical industry ($2.0 billion, 5%), and the oil and gas sector ($1.7 billion, 4%).
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