Uzbekistan Attracts Record Investment Following Decade of Reforms
Uzbekistan is seeing a surge in foreign investment and economic growth after President Shavkat Mirziyoyev launched a series of liberalization reforms in 2016.
Uzbekistan has experienced an average economic growth rate of 6% over the last five years, driven by a decade of liberalization policies initiated by Shavkat Mirziyoyev in 2016. These reforms included floating the national currency, lifting capital controls, and easing visa requirements to open the country to international business.
Foreign direct investment rose to $4.4 billion in 2025. In May, the National Investment Fund raised $690 million through an initial public offering on the London Stock Exchange, marking the largest IPO for that exchange since 2021. The government continues to pursue the privatization of state-owned enterprises within the mining, energy, and banking sectors.
Despite these gains, some investors express concern regarding the long-term sustainability of the transition. Critics argue that the reliance on presidential decrees over a formal legislative framework and a conservative state bureaucracy create risks for legal protections and implementation consistency.
