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Why Uzbekistan

Invest in Uzbekistan

Facts, figures and their sources — and a country that is far more than its capital.

The floodlit Tilya-Kori madrasa at the Registan in Samarkand at dusk

Key facts

What the data says

  1. 38.5 M

    Population

    The largest population in Central Asia.

    Source: World Bank, 1 July 2026

  2. 6%

    Average annual real GDP growth, 2017–2025

    Growth was 6.7% in 2024 and 7.7% in 2025; the World Bank projects 7.9% for 2026.

    Source: World Bank

  3. 5.8%

    National poverty rate, 2025

    Down from 17.0% in 2021 — about 3.7 million people moved out of poverty.

    Source: World Bank

  4. 55.6%

    of residents were under 30

    19.6 million people, as of 1 January 2022.

    Source: National Statistics Committee of Uzbekistan

  5. BB

    Fitch sovereign rating, outlook positive

    Affirmed on 3 June 2026, with the outlook raised from stable. Government debt is about 32% of GDP, against about 54% for BB-rated peers.

    Source: Fitch Ratings, as reported by Fergana

  6. ≈66%

    of EU tariff lines duty-free under GSP+

    Uzbekistan joined the EU’s GSP+ scheme on 10 April 2021. The access depends on implementing 27 core international conventions.

    Source: GSP Hub (European Union)

  7. 2030

    National Development Strategy

    Aims to move Uzbekistan from lower-middle to upper-middle income by the end of the decade; WTO accession is cited as an anchor for further reform.

    Source: World Bank

Beyond Tashkent

A country of many cities

Uzbekistan’s heritage cities are part of its hospitality and tourism sector — one of the industries GSI supports.

  • The skyline of Tashkent at sunset, with a blue-domed mosque in the foreground

    Tashkent

    The capital and largest city — and where GSI is based.

  • Blue-tiled mausoleum portals of the Shah-i-Zinda necropolis in Samarkand

    Samarkand

    Samarkand – Crossroad of Cultures. UNESCO World Heritage Site since 2001.

  • The Samanid Mausoleum in Bukhara under a clear blue sky

    Bukhara

    Historic Centre of Bukhara. UNESCO World Heritage Site since 1993.

  • The turquoise Kalta Minor minaret in Khiva

    Khiva

    Itchan Kala, Khiva’s walled inner city. UNESCO World Heritage Site since 1990.

Questions

Investor questions, answered

Why invest in Uzbekistan?
Uzbekistan has the largest population in Central Asia (38.5 million at mid-2026, World Bank), grew by about 6% a year in real terms between 2017 and 2025 and by 7.7% in 2025, and holds a BB rating from Fitch with a positive outlook. It also carries real risks, including inflation above target, a large state sector and energy constraints. Our research notes cover both sides.
What taxes do companies and investors pay in Uzbekistan?
According to PwC (reviewed August 2026), corporate income tax is 15% (20% for banks, cement and polyethylene producers, mobile operators, and markets and shopping malls), VAT 12% and employer social tax 12%. Without a tax treaty, dividends and interest paid to non-residents face 10% withholding and royalties and services 20%. Rates and incentives were amended for 2026.
Can a foreign company own 100% of an Uzbek company?
Generally yes. Legislation does not, as a rule, restrict foreign participation in business entities, so a limited liability company with 100% foreign ownership is the common route. Specific sectors — such as media, banking, land transactions and national security — can be restricted or licensed.
Does Uzbekistan have free economic zones, and what do they offer?
The Ministry of Investment, Industry and Trade lists more than twenty free and special economic zones, offering serviced land, customs relief and one-stop administration. Tax incentives changed in 2026: according to EY, accelerated depreciation replaced the former corporate income tax exemption for zone residents from 1 April 2026.
Which sectors of Uzbekistan are growing fastest?
Beyond gold, textiles and automobiles, measurable momentum appears in IT services exports (about $940 million in 2025), solar and wind power (above 6.3 GW at the end of 2025), pharmaceuticals (about 13% market growth a year since 2018), fruit and vegetable exports ($1.5 billion in 2024) and higher education. See our research on ten quietly growing industries.
How can Global Smart Investment help?
GSI advises new entrants and established businesses in Uzbekistan across twelve services, including strategic and investment consulting, legal and compliance, tax and accounting, business transaction support, valuation, and sourcing and investment attraction. Its founders bring over 25 years of experience in the market.

With GSI

From facts to a plan

Our founders bring over 25 years of experience in the market. Tell us about your goals and we’ll design a plan around them.

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The Minor Mosque in Tashkent, with its two white minarets and fountain

Figures are as published by the sources named, at the dates shown. They are provided for general information and are not investment advice.

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