Uzbekistan Secures $26 Billion in Foreign Investment in 2024

President Mirziyoyev instructed officials to evaluate the volume and strategies of international financial institution financing and foreign investment.

Photo: Euronews

On November 27, Uzbek President Shavkat Mirziyoyev chaired a meeting to assess the country’s foreign investment performance and set priorities for the coming year.

In the first ten months of 2024, Uzbekistan secured over $26 billion in foreign investment—an increase of 1.7 times compared to the previous year. Of this amount, direct investment accounted for $24 billion of the total. These funds enabled the launch of 6,300 enterprises, generated an additional 30 trillion Uzbekistani Sums (UZS) in value, and boosted exports by $305 million. Crucially, 163,000 high-income jobs were created, The Caspian Post reports, citing The Times of Central Asia.

An additional $8.6 billion in investment is anticipated by the end of the year.

During the meeting, a detailed analysis of investment performance across Uzbek regions and industries revealed that eight districts and cities showed low activity. Furthermore, some sectors experienced declines compared to the previous year. Delays in document preparation and tender processes also hindered the progress of 17 projects funded by international financial institutions.

Mirziyoyev emphasized the need for enhanced regional investment initiatives and innovative approaches. He pointed out untapped opportunities, such as funding from the European Bank for Reconstruction and Development (EBRD), which is keen to support private-sector projects amid Uzbekistan’s improved business environment and economic growth.

The president also called on regional leaders to leverage financing opportunities effectively and focus on attracting investments that deliver tangible results. Priority areas include accelerating industrial development, creating jobs, and expanding export potential.

Mirziyoyev also instructed officials to evaluate the volume and strategies of international financial institution financing and foreign investment. Each region and sector was tasked with identifying specific projects for 2025, emphasizing public-private partnerships and private investment.