Economic Outlook: Uzbekistan progressing toward integration into the global market

Since independence, Uzbekistan's economy has gradually shifted from a closed, resource-based system to a modern model that integrates dynamically into the global market. Large-scale structural reforms, in particular the introduction of free currency conversion and the liberalization of the tax system, have fundamentally changed the country's position in the international economic arena.

The opening of the foreign exchange market and the legal safeguards for investors’ rights are now crucial in attracting foreign capital. Consequently, the country has seen a significant increase in foreign direct investment. These investments mainly flow into sectors with high added value, such as green energy, textiles, and pharmaceuticals. Additionally, the country’s foreign trade networks and export structure have grown as the investment climate has improved.

Uzbekistan’s foreign trade relations span more than 160 countries. China, Russia, Türkiye, South Korea, and the Central Asian countries are the main trading partners. Uzbekistan’s accession to the European Union’s Generalized Scheme of Preferences Plus (GSP+) has enabled local producers to import goods duty-free into the European market and has helped them adapt more quickly to international standards.

Deep integration into the global economy has elevated Uzbekistan’s cooperation with the World Bank, Asian Development Bank, and European Bank for Reconstruction and Development. The country successfully issued its first sovereign Eurobonds on the international capital market, and Fitch Ratings, S&P, and Moody’s have affirmed its credit ratings.

As financial confidence grows, leading multinational companies, including ACWA Power, Masdar, and TotalEnergies, have launched major strategic projects in Uzbekistan’s market. Important achievements over the years of independence include the acceleration of Uzbekistan’s accession to the World Trade Organization and the development of transport and logistics corridors in Central Asia. These measures help Uzbekistan become a competitive and reliable participant in the global economy.

Fardona Yakshiboyeva, UzA