Key facts
- Uzbekistan has undergone significant economic reforms since President Shavkat Mirziyoyev took office in 2016.
- Digital payments are now ubiquitous in Uzbekistan, a stark contrast to 2018 when cash was dominant.
- TBC Uzbekistan, a foreign lender, is considering an initial public offering.
- Uzbekistan's National Investment Fund raised $690 million in its London Stock Exchange IPO in May.
- Foreign direct investment in Uzbekistan rose to $4.4 billion in 2025.
- State-owned enterprises still dominate key sectors like banking, energy, and mining.
Uzbekistan's economic reforms, initiated by President Shavkat Mirziyoyev in 2016, have significantly opened up the country to foreign investment, transforming it from a cash-reliant economy to one where digital payments are now common. This shift has begun to attract international investors, with TBC Uzbekistan, a foreign lender, considering an initial public offering (IPO) and the National Investment Fund successfully raising $690 million in its London Stock Exchange IPO in May.
The country's economy has grown by an average of around 6% over the last five years, outpacing most of its ex-Soviet peers. Foreign direct investment increased to $4.4 billion in 2025 from $2.3 billion in 2021. However, state-owned enterprises still hold a dominant position in key sectors like banking, energy, and mining, with their assets exceeding 100% of GDP. Some of these enterprises are exploring potential foreign IPOs.
Despite strong commitment to reform at the highest levels, investors and analysts point to challenges with implementation due to bureaucratic inertia and a conservative state bureaucracy. Concerns also exist regarding legal protections and the long-term durability of reforms, as many have been driven by presidential decrees rather than a developed legislative framework. A shortage of skilled workers is another challenge cited by business leaders, although the younger generation's familiarity with an open Uzbekistan makes a return to past isolationist policies unlikely.