In recent years, Uzbekistan has recorded high rates of economic growth – 5-6 percent. Foreign direct investment in the country increased 1.5 times compared to 2017, reaching $3.3 billion in 2022. Exports reached $23 billion between January and November 2023, up 31 percent compared to last year.

Enormous tasks have been set for the systemic continuation of reforms in accordance with the Uzbekistan 2030 Strategy. In particular, it is planned to increase the gross domestic product to $160 billion, invest $250 billion, and double exports.

The goal is to build more than 25 gigawatts of renewable energy capacity by 2030 and reduce the poverty rate to 7 percent, which has halved since 2017.

There is a real opportunity to increase the trade turnover of Central Asian countries from the current 52 billion to 100 billion dollars by 2030, including the share of industrial products to 70 percent.

Significant foreign investment is needed to develop the core production network and improve infrastructure to achieve these goals. It is also necessary to be active in foreign policy and establish cooperation with developed countries.

Industrial modernization and economic diversification through cooperation with China are essential in this process. China and Uzbekistan are cooperating in various fields – trade, investment, infrastructure, energy, and agriculture. This country, our largest trading partner, is also one of the leaders in the total volume of foreign investment entering our country.

Today, trade turnover between the two countries exceeds $12 billion. However, in 2015, this figure was only $4.7 billion. China’s share in the total volume of foreign trade of Uzbekistan reached 21.3 percent, which brought it to first place among foreign trade partners.

China mainly supplies machinery and equipment to Uzbekistan, and Uzbekistan exports textiles, chemical products, non-ferrous metals, fruits, and vegetables to China. Our exports to China are valued at $2.2 billion, and our imports are around $10 billion.

In recent years, the growth rate of Chinese investment in the domestic economy has accelerated, and its volume reached $2.2 billion, an increase of 5 times. Notably, the number of enterprises with Chinese capital in the country has tripled. China became the second country with a share of 16.4 percent in total disbursed foreign investment and loans.

In short, China and Uzbekistan are effective partners. Meetings between the leaders of the two countries create the basis for further intensification of this process. We are confident that the upcoming visit of the President of Uzbekistan to the People’s Republic of China on January 23-25 will be helpful and practical for both countries. Such cooperation will be mutually beneficial and serve the development and stabilization of the Central Asian region.

Eldor Tulyakov,

Executive Director of the Development Strategy Center

UzA