Creating and expanding growth opportunities in Uzbekistan
Uzbekistan is a country transformed. Over the last five years, a sweeping reform program has liberalized the national economy and spurred a period of unprecedented growth. From the establishment of an independent energy regulator to major privatization projects in strategic sectors from chemicals to banking, Uzbekistan’s economic re-structuring is attracting investors from around the world. What’s more, a burgeoning tech industry is testament to the ingenuity and entrepreneurialism of Uzbekistan’s young, STEM-educated population and its culture of innovation. Once a key node on the fabled Silk Road, Uzbekistan is reclaiming its place at the heart of global trade.
This comprehensive investment guide, developed in cooperation with PwC, provides an in-depth analysis of Uzbekistan’s investment climate, recent economic reforms, and opportunities across key sectors. It covers macroeconomic indicators, tax and customs regimes, legal framework, and business setup procedures. Special focus is placed on strategic sectors such as agriculture, energy, oil & gas, ICT, textiles, chemicals, and pharmaceuticals. Ideal for foreign investors, public institutions, and researchers, the document features investment success stories and detailed information on incentives within Special Economic Zones (SEZs).
Investment GuidePrepared for the 5th anniversary of the Tashkent International Investment Forum (TIIF), Uzbekistan: Big Market. Bold Reforms. Real Opportunity. provides a comprehensive overview of the country’s evolving investment landscape, economic transformation, and growing role as a regional investment hub. The report examines key macroeconomic trends, foreign direct investment performance, sectoral opportunities, and regional investment potential, offering valuable insights for international investors, financial institutions, and business leaders. Drawing on official data, market analysis, and perspectives from global investors and corporate executives, the report highlights Uzbekistan’s progress in economic diversification, privatization, infrastructure development, digital transformation, and global integration. It also presents the findings of the EY Investor Perception Survey, reflecting increasing investor confidence in Uzbekistan’s reform agenda and long-term growth prospects.
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Uzbekistan In Numbers
Doing business in Uzbekistan
Committed to economic and civic liberalisation, and boasting a young and highly educated population, Uzbekistan is seizing its growth moment. Businesses from around the world are investing in a country in which government, regulator, workforce and local community are aligned. Whether you’re pioneering wind and solar energy generation or developing groundbreaking digital and financial technologies, the New Uzbekistan wants to be your partner!
Our sectors
Investment map of Uzbekistan
Success stories
Coca‑Cola Bottlers Uzbekistan Ltd
Coca‑Cola Bottlers Uzbekistan Ltd. is the largest producer of non‑alcoholic beverages in Uzbekistan, operating under the Coca‑Cola license. The company produces and distributes a wide range of beverages, including water, juices, and carbonated drinks, adhering to international quality standards. CCBU has production facilities in Tashkent, Namangan, and Urgench.
Acwa Power
ACWA Power is a leading developer, investor, and operator of power generation and desalinated water production plants. With a presence in more than a dozen countries, ACWA Power is dedicated to delivering electricity and water reliably, efficiently, and sustainably. Its projects are designed to meet the rising demand for clean energy while supporting national decarbonization goals. Guided by a mission to provide “power and water for a better world,” the company combines technological innovation with long-term partnerships to create value for communities and shareholders alike.
Masdar
Masdar, also known as Abu Dhabi Future Energy Company, is a global leader in renewable energy and sustainable urban development. Established in 2006 and active in more than 40 countries, Masdar develops, invests in, and operates utility-scale solar, wind, and energy storage projects that accelerate the world’s transition to clean energy. Guided by the vision of “For a Sustainable Future,” Masdar combines cutting-edge technology with long-term partnerships to deliver solutions that reduce carbon emissions and create lasting economic value.
Nephroplus
NephroPlus is Asia's largest network of dialysis centers and a pioneer in providing high-quality, patient-centered nephrology care. Founded in India in 2010, the company operates more than 350 dialysis centers in four countries, offering advanced hemodialysis services aimed at improving the quality of life for patients with chronic kidney disease. Guided by its mission of “Dialysis for All,” NephroPlus combines clinical excellence, advanced technology, and compassionate care to set new standards in kidney health.
TBC Uzbekistan
TBC Uzbekistan is part of London-listed TBC Bank Group (TBCG). The Group entered Uzbekistan through the acquisition of Payme’s controlling stake in 2019 and launched the digital TBC Bank in October 2020 after receiving a full banking licence in May 2020
Tenge Bank by Halyk Bank
Tenge Bank is a universal commercial bank in Uzbekistan, fully owned by Halyk Bank from Kazakhstan. The bank obtained its license to operate from the Central Bank of the Republic of Uzbekistan on May 18, 2019, and officially started serving clients on July 10, 2019.
BYD Uzbekistan Factory
BYD Uzbekistan Factory is a joint‑venture company established in December 2022 by BYD Auto (China) and UzAvtosanoat JSC (Uzbekistan)
Koç Construction
Koç Construction is a major Turkish construction company, founded in 1969, specializing in residential, commercial, and infrastructure projects. The company has been active in Uzbekistan since 2019.
Ipoteka Bank OTP Group
Ipoteka Bank OTP Group is a universal commercial bank in Uzbekistan, initially specialized in mortgage lending. Its history dates back to 1996, with the establishment of the Tashkent Housing Savings Bank system. In 2005, several banks merged to form JSC Ipoteka Bank.
Miahona
Year Operations Began: Miahona commenced operations in Uzbekistan in 2022.
EPAM Systems
EPAM Systems is a global company specializing in digital transformation and software engineering, founded in 1993. The company’s headquarters is located in Newtown, Pennsylvania, USA. EPAM provides IT services including software development, cloud solutions, data analytics, and mobile applications for various industries such as education, finance, healthcare, and telecommunications.
SamAuto
SamAuto is a leading producer of buses and trucks in Uzbekistan, supplying commercial vehicles for public transport and logistics across the country.
Views from the market
News and Insights
April 24, 2026 14:59
Fintech Market of Uzbekistan by Oliver Hughes, Head of International Business at TBC Bank Group PLC
April 8, 2026 14:32
Uzbekistan and Portugal have outlined new areas of cooperation in the investment and business spheres
