Aziz Gafurov, Head of the Secretariat of the Foreign Investors Council under the President of the Republic of Uzbekistan, shared his insights on this process.

– One of the key indicators of Uzbekistan’s growing investment appeal is the entry of major institutional investors into the local market, such as Franklin Templeton, – Mr. Gafurov noted. – These financial institutions thoroughly assess risks and potential returns before making investment decisions. The current situation reflects a significant reduction in investment risks in Uzbekistan. As such, a positive outlook on the country’s investment profitability outweighs any remaining concerns.

According to the expert, the interest shown by such influential players is a sign of macroeconomic stability in the country and growing confidence in the ongoing reforms.

International Ratings Confirm Stability

– The revision of Uzbekistan’s sovereign credit rating outlook to ‘positive’ by the international rating agency S&P Global Ratings in May 2025 is further evidence of growing confidence in our country. This decision is an important acknowledgment of our macroeconomic stability and commitment to reform, – said Mr. Gafurov.

He also highlighted the growing interest among participants in the Tashkent International Investment Forum:

– The number of participants and foreign delegations increases each year. This indicates rising interest in our country as a promising investment destination. Uzbekistan, due to its geographical location and economic potential, presents unique investment opportunities. As the most populous country in Central Asia, our nation occupies a strategically important position at the heart of the region. This provides investors with access not only to the domestic market but also to the broader regional market.

Geopolitical Stability and Logistical Advantages

Aziz Gafurov also emphasized the importance of foreign policy and infrastructure development:

– Our multi-vector foreign policy, aimed at strengthening ties with global powers and neighboring countries, provides investors with a sense of geopolitical stability. Uzbekistan has significant potential to attract investment thanks to a highly skilled workforce and well-developed logistics infrastructure, including international transport corridors. In recent years, Uzbekistan has undergone substantial economic transformation.

The Foreign Investors Council plays a vital role in the country’s transformation by serving as a bridge between investors and the government. Uzbekistan is shifting from a reactive to a proactive approach in shaping its economic policy. This demonstrates to the international community our commitment to building a modern and open economy.

Alongside regulatory reform, we are also creating conditions for greater predictability. Investors seek to understand what changes may occur in the future, be it a new law, procedural adjustments, or a strategic initiative. Through the work of the Secretariat, we provide early access to information and ensure continuous engagement. As a result, companies can plan their activities more accurately, thereby reducing one of the significant risks in developing economies: unpredictability.

Supporting Human Capital Development

The expert also highlighted efforts undertaken in partnership with the private sector to develop human capital:

– We encourage investor participation in training qualified personnel. Major companies, including international consulting and financial institutions, have initiated the establishment of corporate academies to prepare local specialists and strengthen their human resource capacity.

In addition to traditional sectors such as energy and banking, interest in new segments of the economy is growing.

There is currently heightened interest in sectors such as tourism, logistics, digital services, and the creative industry. Among them, tourism stands out in particular, having recently received significant government support. Sustainable technologies are also gaining increasing attention. Interest in projects related to green infrastructure and renewable energy, such as solar and wind power plants, is rising each year. Leading companies such as ACWA Power and Masdar are actively participating in the implementation of these initiatives. These areas are closely aligned with the priority goals of the Uzbekistan 2030 Strategy.

Growing Interest in Emerging Sectors

According to the Head of the Secretariat, the attention of global institutional investors reflects the increasing attractiveness of Uzbekistan’s market:

– Many leading international companies view Uzbekistan not only as an opportunity but as a priority destination. Some are already investing in high-value-added sectors with long-term potential. This indicates that our country has entered a new stage of development.

Uzbekistan’s rich cultural heritage and unique creative landscape – encompassing traditional crafts and design, architecture, and cuisine – provide a solid foundation for the development of its creative economy. Combined with the growing influx of tourists, these sectors offer both cultural and tangible commercial opportunities.

In recent years, Uzbekistan has been actively implementing reforms aimed at market liberalization and increasing transparency. These efforts have significantly improved the investment climate. In particular, in 2024, the total volume of investments in Uzbekistan reached $34.6 billion, of which $11.9 billion were direct foreign investments. Thanks to these investments, more than 32,700 new jobs were created and 242 new projects were launched nationwide.

This approach demonstrates Uzbekistan’s strong commitment to modernizing its economy and creating a favorable environment for foreign entrepreneurs.

Muharrama Pirmatova, UzA