Uzbekistan Records Tourism Growth, Attracting 6.5 Million Visitors

Uzbekistan's tourism industry continues to thrive, welcoming 6.5 million foreign visitors from January to October 2024-a 17.2% increase compared to the same period in 2023, with 951,300 more tourists.

Among these tourists, 57,700 were from China, marking a 63.1% rise and making China the leading source of visitors outside the Commonwealth of Independent States (CIS), The Caspian Post reports, citing The Times of Central Asia.

China’s interest in Uzbekistan comes as no surprise. Rich in natural resources and brimming with untapped potential, Uzbekistan stands as a promising opportunity for growth and prosperity when strategic investments are managed effectively.

For instance, China continues to dominate Uzbekistan’s trade scene, accounting for 18.8% of the country’s total foreign trade turnover as of October 2024. Bilateral trade between the two nations reached $10.2bn, with Uzbekistan exporting $1.7bn worth of goods to China and importing $8.5bn in return.

While this was a slight dip from the $10.8bn in 2023, China has maintained its position as Uzbekistan’s largest trade partner since 2020, thanks in part to strategic agreements like the Bilateral Investment Treaty (BIT) and the Agreement on Avoidance of Double Taxation (DTA).

Additionally, China’s investment footprint in Uzbekistan is hard to miss. By the end of 2022, China had invested a total of $4.5bn, with over 2,000 Chinese enterprises operating in the country as of January 1, 2024. These businesses span a wide range of sectors, from oil and gas exploration to infrastructure development, automotive assembly, agriculture, and textiles.

Projects include the Pengsheng Industrial Park, which focuses on construction materials and modern agriculture with a $129mn investment, and the Anjiyan Textile Park, which specializes in textile production, backed by more than $64mn. The Luoyang-Bukhara Agricultural Cooperation Zone takes this partnership to the next level, blending agricultural cultivation with industrial activities for a dynamic collaboration.