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Uzbekistan

Opportunities for International Business in Kyrgyz Republic with VM.Capital

Uzbekistan’s Economic Landscape

Uzbekistan is the second-largest economy in Central Asia, after Kazakhstan, and one of the region’s fastest-growing markets. In 2024, the country’s GDP expanded by 6.2%, reaching $90.4 billion, according to the World Bank. Growth has been driven by market liberalization, privatization of state enterprises, and a surge in foreign investment.

Uzbekistan is the largest producer of natural gas in the region and also a key exporter of gold and cotton. At the same time, the country is diversifying its economy, with strong growth in textiles, IT, tourism, and renewable energy. GDP growth for 2025 is forecasted at 5.8–6%, supported by reforms and diversification away from raw-material dependency.

Key Industries
  • Energy and Mining: Natural gas, gold, copper, and uranium.
  • Agriculture: Leading global exporter of cotton, fruits, and processed products.
  • Textiles: 15% of national exports, strong growth in apparel and finished goods.
  • Technology: The IT Park in Tashkent fosters digital growth, with the sector expanding by over 20% annually.
  • SMEs: Small and medium-sized enterprises contribute 54% of GDP, with a target of 60% by 2030.

International Integration

Uzbekistan is actively integrating into the global economy, joining key organizations and participating in regional initiatives:

  • World Trade Organization (WTO): Ongoing accession talks, paving the way for trade liberalization and tariff reduction.
  • Shanghai Cooperation Organization (SCO): Strengthening regional economic and security cooperation.
  • Organization of Turkic States: Expanding business ties with Turkey, Kazakhstan, and Kyrgyzstan.
  • Belt and Road Initiative (BRI): Actively involved in transport and energy projects, including rail corridors linking China–Central Asia–Europe.
  • Central Asian Economic Cooperation: Engaging in multilateral projects on energy, logistics, and water resources.

Human and Economic Capital

Population: ~36 million, the largest in Central Asia. Over 60% are under 30, offering a young and dynamic workforce.
Education & Skills: The government is investing in professional training, opening 50 new vocational schools in 2023. IT Park programs are nurturing a skilled digital workforce.
Human Development Index (HDI): Improved to 0.727 in 2022, with further growth expected.

Trade and Connectivity

Uzbekistan is a strategic hub for trade and transit in Central Asia, connecting Europe, China, and South Asia.

  • Trans-Caspian International Transport Route (TITR): Linking Central Asia to Europe via Kazakhstan and the Caspian Sea.
  • China–Kyrgyzstan–Uzbekistan Railway: A flagship BRI project, expected to significantly increase trade flows (completion projected by 2026).
  • Regional Trade: Strong cooperation with neighbors; cross-border trade with Kyrgyzstan grew by 30% in 2023, reaching $1.2 billion.
  • Access to New Markets: Uzbekistan provides direct gateways to China, South Asia (via Afghanistan), the Middle East, and the EAEU market.

Opportunities for International Companies

Uzbekistan offers unique advantages for Western companies seeking expansion in Central Asia:

  • Market Entry

    Establish a full-scale office in Uzbekistan to access Central Asian markets of over 80 million consumers.

  • Regional Expansion

    Use Kyryz Republic entity as a springboard for trade with Uzbekistan and other countries of Central Asia, China, EAEU, CIS, South Asia, and the Middle East.

  • Sectoral Opportunities

    • Agriculture & food processing
    • Textiles & fashion supply chains
    • Mining & energy projects
    • IT outsourcing and fintech
    • Infrastructure and logistics hubs

  • Investment Zones

    Free Economic Zones (FEZs) and IT Park provide tax incentives, simplified regulations, and favorable conditions for foreign investors.

How VM.Capital Supports Your Business in Uzbekistan
VM.Capital provides end-to-end business advisory and legal support for international companies entering Uzbekistan and Central Asia with the legal entity, established in Kyrgyz Republic
Business Setup: Company registration in FEZs, IT Park, and other preferential regimes.
Compliance & Certification: Ensuring compliance with Uzbek regulations (KYC, AML, product certification).
Market Entry Strategy: Tailored solutions for expansion into Uzbekistan, Kazakhstan, and the wider Central Asian region.
Logistics & Trade Support: Optimizing export and transit routes to Uzbekistan, including connections to China, South Asia, and Europe.
Partnership Development: Identifying local partners for joint ventures in textiles, agriculture, mining, and technology.
Why Work with VM.Capital?
  • Regional Expertise
    Over 10 years of experience in Central Asian business advisory.
  • Local Network
    Access to trusted partners in logistics, energy, agriculture, and IT.
  • Compliance Guarantee
    Full alignment with Uzbek and regional regulations.
  • Tailored Solutions
    Strategies adapted to the specifics of your business and sector.

Expand your business in Uzbekistan with VM.Capital

Start with a consultation — we will guide you from company setup to regional market expansion.
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