Laws and taxes that were seen as obstacles to rapid growth have been cast aside, regulations have been simplified, and official processes have been streamlined. The welcome mat has been rolled out for international capital and the success of this strategy is plain for all to see.

Foreign investment, according to the government of Uzbekistan, mushroomed by over 60 per cent during 2024 to reach $34.9 billion. The energy, manufacturing and mining sectors are key targets for such investments, unsurprising given Uzbekistan’s wealth of natural resources. But funds have also poured into a whole spectrum of industries, including tech, finance, green energy and transport.

Investor interest is likely only to grow further as a result of the Tashkent International Investment Forum held on June 9 to 12, 2025. As the government puts it:

"The Forum provides foreign investors with a gateway into the New Uzbekistan: The Big Country with Big Opportunities."-

Here, multi-national corporations will mix with regional and national champions and financial institutions, recasting in a modern context Uzbekistan’s historic role as a meeting place at the heart of Central Asia for the exchange of ideas and commercial possibilities.

This interest in and appetite for participation in Uzbekistan has not happened accidentally. Partnership is key to many major investments in Uzbekistan with fruitful collaboration across national frontiers and around the world benefitting all involved.

Within the same short period, more than 20 agreements on trade and investment were signed with businesses in the Chinese province of Fujian, while a video-conference meeting was held of the Uzbekistan-Saudi Arabia Business Council.

All this may give the impression of a relentless and consistent search for investment. It would be the correct impression.

Helping attract new funds into Uzbekistan is demonstrated by success stories already on show, both home-grown and from other countries. A special mention is due to Uzum, the country’s first tech “unicorn”, a start-up that achieves a valuation of at least $1 billion. Not only has it transformed its own fortunes, but has also changed the country’s economic landscape, with extensive operations in banking, e-commerce and financial technology.

A major vote of confidence in the New Uzbekistan has come from the Saudi energy giant ACWA Power. In 2024, it announced a total $3 billion investment in renewable energy, including wind, solar power and battery storage. In total, ACWA Power has invested $13.7 billion in Uzbekistan across a total of 19 projects. After Saudi Arabia itself, Uzbekistan is now ACWA’s largest market.

Also from Saudi Arabia is DataVolt, a data centre developer and operator, is investing more than $200 million in Tashkent IT Park to support cloud computing and digital services. DataVolt is also considering potential additional investments into future campuses in Bukhara and New Tashkent.

Burnishing Uzbekistan’s transport links is a key government priority. Turkey’s KOC Construction is involved in feasibility studies for the proposed Tashkent-Samarkand high-speed railway and is also a partner in the expansion of Urgench International Airport.

From the world of banking and finance OTP Group, one of the fastest growing independent banking groups in Central and Eastern Europe, entered the Uzbek market in 2023 by acquiring Ipoteka Bank. With nearly 40,000 employees in 11 countries, the Group provides universal financial services to 17 million customers. It was recognised as a top performer by S&P Global Market Intelligence among the 50 largest European banks in 2023. OTP Group was also the first foreign bank to participate in the privatisation of Uzbekistan’s banking sector.

A last word from Saudi Arabia relates to Miahona, one of the first developers of water and wastewater infrastructures under the Public-Private Partnership in the region to build and upgrade several water and wastewater treatment plants, improving water quality and environmental impact.

These investments, and others, are the best testimonials to the New Uzbekistan for which we could have wished, and we dare to say others will follow. The country’s rich cultural heritage is now alongside a dynamic and open economy. This is a country that sits at the centre of Eurasia and warmly welcomes the world.

Source: Reuters Plus