In 2024, the trade turnover between Uzbekistan and the United States increased by 15 percent, reaching $881.7 million. The volume of direct investments from the United States amounted to $612.6 million.

Currently, there are 314 enterprises in Uzbekistan with the participation of American capital, of which American investors wholly own 167.

These data were announced at the Uzbekistan – American Business Forum, held as part of the Tashkent International Investment Forum at the capital’s CAEx Exhibition Complex.

This prestigious event was organized by the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan in cooperation with the American – Uzbekistan Chamber of Commerce. Representatives of the business circles of the two countries attended the event.

The Deputy Prime Minister of the Republic of Uzbekistan Jamshid Khodjayev, Chairman of the Board of the American – Uzbekistan Chamber of Commerce Carolyn Lamm, First Deputy Chairman of the Senate of the Oliy Majlis Sodiq Safoyev and others addressed the event, stressing that cooperation between the two countries contributes to the expansion of economic potential.

“This event is a significant milestone in the history of bilateral economic relations between Uzbekistan and the United States. In recent years, Uzbekistan’s economy has almost doubled. In 2024, the growth rate was 6.5 percent. More than $6 billion of foreign direct investment was attracted. As part of the Uzbekistan 2030 Strategy, the goal is to increase GDP to $200 billion, investments to $100 billion, and exports to $45 billion. Uzbekistan has sustained economic growth, with industry growing by an average of 8 percent per year. The volume of exports has doubled”, Mr. Khodjayev noted.

He also stressed that Uzbekistan is located in the Central Asian region, with a population of 83 million people and a free trade regime with extensive markets, the total number of which reaches 300 million people. More than 6,200 types of products are exported to the European market through the GSP+ system. Over the past year, exports have increased by 27 percent.

The country also reserves several raw materials, such as gold, copper, tungsten, silver, and uranium. In 2023, an intergovernmental memorandum of understanding was signed with the United States for cooperation in critical mineral resources.

Thirty-nine free economic zones have been created, specializing in industry, agriculture, pharmaceuticals, and tourism. Enterprises operating in these zones are exempt from paying taxes on property, land, water, and profits for up to 10 years. The territories are fully equipped with engineering and communication networks.

Uzbekistan is located at the intersection of the main routes connecting East and West, North and South, and functions as a regional transport and logistics center.

As Mr. Safoyev noted, the participation of more than 100 American companies in this business forum testifies to the consistent expansion of economic cooperation between the United States and Uzbekistan.

Following the business forum, cooperation agreements were signed in several areas.

Nasiba Ziyodullayeva, UzA