Why Uzbekistan
Economy
In recent years, Uzbekistan's economy has demonstrated steady growth, even despite the pandemic. In 2023, GDP growth was around 5.5-6%, reflecting a high development pace, especially in construction, industry, and agriculture. The government actively supports the private sector and improves business conditions, which helps maintain prospects for continued economic growth.
Inflation in Uzbekistan has remained at around 9-10% in recent years, higher than in developed countries, but in line with other developing economies. The Central Bank of Uzbekistan follows an inflation targeting policy to manage inflation levels and ensure price predictability for businesses. Interest rates also vary, stimulating economic activity and ensuring access to credit for businesses.
Job creation, especially among young people, remains one of the most important challenges. The government is taking steps to support small and medium-sized enterprises (SMEs), which should help reduce unemployment. The growth of sectors such as agriculture and tourism is also contributing to increased employment.
Uzbekistan is actively increasing its exports, particularly in agriculture, energy, and textiles. Although imports exceed exports, the government is focused on expanding export opportunities.
Foreign direct investment (FDI) is also rising, driven by improvements in the legal framework and new initiatives aimed at attracting foreign companies. Special attention is being given to strategically important sectors, such as renewable energy and mining, which is attracting major international companies.