US Banker Invests Heavily in Uzbekistan

Prominent American investor Jim Rogers has made a bold pivot away from Wall Street, fully exiting the US stock market and redirecting a significant share of his capital to Uzbekistan.

By the end of 2025, Rogers said he had sold all his US assets and invested heavily on the Tashkent Republican Stock Exchange, which features about 85 listed companies across banking, oil and gas, telecommunications and other key sectors, The Caspian Post reports via Tajik media.

He reportedly described Uzbekistan’s equity market as young but full of untapped potential.

Despite relatively low capitalization and liquidity, Rogers sees strong upside driven by ongoing economic reforms, privatization and the expected launch of initial public offering (IPOs) by both state-owned and private firms. As early as 2021, he publicly signaled interest in Uzbekistan, citing signs of liberalization and market opening. He now says those expectations have materialized.

Rogers’ investment strategy in Uzbekistan focuses solely on equities, deliberately avoiding sovereign debt and choosing not to hedge currency risks - a move that signals confidence in the stability of the Uzbek som and the prospect of additional returns.

The investor believes international funds will eventually follow, potentially pushing up valuations of local companies. Against this backdrop, his decision to exit the US market after its longest bull run appears calculated, while he remains cautious on China, considering profit-taking amid high valuations.

In Rogers’ view, Uzbekistan stands out as a frontier market with asymmetric potential, where elevated risks could be outweighed by substantial gains if reforms continue and foreign capital flows in.