Uzbekistan has set goals for its economic future with the adoption of the Uzbekistan-2030 National Development Strategy in 2023, as reported by London Post. The plan aims to elevate the country to upper-middle-income status by the end of the decade. Key priorities include economic diversification, investment attraction, sustainable growth, and improved public services.
The country’s economic trajectory over the past years has shown steady expansion. Since 2017, the annual GDP growth has averaged 5.3%, positioning Uzbekistan among the fastest-growing economies. Despite the global challenges of COVID-19, the economy demonstrated resilience, rebounding from 0.7% growth in 2020 to 7.4% in 2021. By 2023, Uzbekistan’s GDP exceeded $100bn, reaching $115bn, and in 2024, it increased further to $130bn.
Foreign investment plays a critical role in Uzbekistan’s economic transformation, particularly through special economic zones (SEZs). As of April 2024, Uzbekistan has 20 SEZs, hosting 771 enterprises. These zones contribute significantly to industrial output and employment, offering tax incentives, simplified customs procedures, and infrastructure support to attract investors.
Since 2008, SEZs have attracted $3.2bn in investment, including $896.9mn in foreign direct investment (FDI), creating 55,000 jobs. Notable SEZs include the Navoi Free Economic Zone, which focuses on high-tech industries like electronics and mechanical engineering; the Angren FEZ, specializing in building materials, chemicals, and raw material processing; and the Jizzakh FEZ, a hub for electrical engineering, textiles, and food production. Other zones include the Yashnabad Special Scientific and Technological Zone, which promotes innovation and R&D, as well as tourism and recreational zones such as Charvak, Beldirsoy, and Amirsoy. Pharmaceutical SEZs like Nukus-pharm, Zomin-pharm, and Boysun-pharm are also key contributors to the economy.
Uzbekistan is prioritizing environmentally sustainable investments, particularly in renewable energy, energy efficiency, and green agriculture. Recent projects include a $1.3bn waste-to-energy initiative involving companies from China, the UAE, and South Korea, which will process 4.7mn tons of waste annually to generate 2.1bn kWh of electricity by 2027. Additionally, BIO-SUT, an eco-friendly dairy producer, is leading sustainable farming and green food processing efforts. The government has also announced plans for renewable energy SEZs, focusing on solar and wind power plants.
French companies have played a growing role in Uzbekistan’s modernization efforts. In 2023, Uzbekistan and Francesigned a €1bn strategic cooperation program for joint projects in agriculture, energy, the green economy, urban development, water supply, banking, finance, and transport.
Major French companies involved include Veolia Energy Tashkent, which is modernizing Tashkent’s heating system, aiming to save 9.2bn m³ of natural gas, 3.1bn kWh of electricity, and 1.1bn m³ of water. Alstom has expressed interest in investing in tram infrastructure in Uzbekistan. Montagne et Neige Développement is developing an all-season mountain resort in Chimgan to boost tourism. Meanwhile, the French Alliance has expanded its cultural and language programs, with a new branch opened in Samarkand.
Uzbekistan’s 2030 vision is shaping a dynamic, investment-friendly economy with a focus on industrial growth, foreign partnerships, and sustainable development. With continued policy reforms, infrastructure investments, and international cooperation, Uzbekistan is positioning itself as a leading economic hub in Central Asia.
