• Deutsch
  • English
  • Русский
  • o'zbek

Business Attractiveness of Uzbekistan

Since gaining independence in 1991, attraction of advanced technologies, foreign investments and modern management skills have been set as a priority policy by President of the Republic of Uzbekistan H.E. Islam Karimov. One of the most important factors of business attractiveness of Uzbekistan is macroeconomic stability.

GDP growth rate has exceeded 8% annually for the last 10 years. During the years of independence, Uzbekistan’s GDP increased by 5.5 times. Uzbekistan enjoy state budget surplus as well as positive trade and payments balance. In 2014 the budget surplus was 0,2% despite the fact that the tax burden on the economy last year declined from 20.5 to 20%. Another factor, ensuring stable economic growth of Uzbekistan is low external debt, which does not exceed 14% of GDP. Internal debt of the State is equal to zero.

The share of industry in the GDP accounts today for about 25% compared to 14,2% in the year of 2000. Along with consistently high growth of agriculture, its share in the total GDP tends to decrease: from 30% in 2000 to 17% in 2014. This, above all, the evidence of deep structural changes and progressive transformation of the country from an agrarian to a modern industrialized state. The Service sector is playing an increasingly large role in the sustainable development of our economy. The volume of services increased by 13.5% last year and its share in the GDP reached 54.5% compared to 37% in 2000.

During the years of independence, export has grown up by more than 30 times. If in early 90s more than 70% of export were raw materials, today 70% of exports are finished and semi-finished products. The clear evidence of progressive changes in the economy of Uzbekistan is in the growth of small business and entrepreneurship. In 2014 the share of SMEs in the GDP reached 56% compared to 31% in 2000. Today small enterprises account for 32% of total manufactured goods, almost 100% of services, 26% of exports, and 77% of jobs. This shows that Small business plays great role in sustainable development of Uzbek economy, creating jobs and ensuring well-being of population. In order to provide better opportunities for the businesses about 160 licensing procedures and 19 licensing activities have been cancelled in recent years. The frequency of statistical, tax and financial reporting to the state authorities have been cut in half over the past years.

The competitive advantages and favorable investment climate of Uzbekistan have already been highly evaluated by about 5000 foreign companies that established manufacturing enterprises in the country.

- One of the important factor is that our economy is energy self-sufficient and rich in various types of raw materials. Subsoil of Uzbekistan has huge reserves of minerals and natural resources. The country holds leading positions in the world in terms of gold, uranium, copper, silver, lead, zinc, tungsten, rare metals and other reserves. Uzbekistan is also among the top ten countries in natural gas, coal and uranium reserves. Electricity cost is 4 times lower than average price paid by industrial consumers in developed countries.

- Uzbekistan has the most diversified economy in Central Asia. We are the only country in the region producing a wide range of modern automobiles and trucks, buses, high-quality agricultural machinery, chemicals, textiles, construction materials, electronics and other manufactured goods.

-  Another factor of attractiveness of Uzbekistan is significant human and intellectual potential, corresponding to modern international standards of education. There are affiliates of leading European and Asian universities operating in Uzbekistan, such as British Westminster University, Singapore Institute of Management and Development, Italian Turin Polytechnic University, South Korean Inha University and others.

- Advantageous geographical location and proximity to the biggest markets is another factor of attractiveness of Uzbekistan for foreign investors. Our country has the largest consumer market in the region, with more than 30 million inhabitants, which is about half of the total population of Central Asia. Thanks to its developed transportation infrastructure, Join-Ventures of Uzbekistan have an opportunity of entrance to the largest and most dynamically growing markets of Central Asia and Afghanistan (with a population of over 95 million people), CIS (with a population of over 300 million people), Western and Eastern Asia, as well as Europe.

In order to create more favorable conditions for wide attraction of foreign direct investment, indigenous increase of efficiency of activity of joint stock companies, to ensure their openness and attractiveness to potential investors, the implementation of modern methods of corporate management and strengthening the role of shareholders in the strategic management of enterprises the President of Uzbekistan adopted the Resolution No.2340 dated April 28, 2015.

According to the Resolution, 1 247 enterprises and facilities shall be privatized, including 68 large enterprises that are offered to strategic foreign investors. This catalogue contains a summary of these 68 companies. Additional information is available at

www.uzinfoinvest.uz/eng/investment_projects/objects_for_sale/

We invite foreign companies to participate in the privatization program and to discover new business opportunities in the promising and fast-growing market of the Republic of Uzbekistan.


Download the catalogue