Uzbekistan has emerged as one of the developing world's most compelling investment stories, pulling in a record $43.1bn in foreign direct investment (FDI) and loans in 2025 — up sharply from $31.9bn in 2024 and $19.5bn in 2023. The trajectory reflects a sustained effort made by Tashkent to liberalise its economy and attract international capital since President Shavkat Mirziyoyev launched his reform agenda under the Uzbekistan 2030 Strategy.

The headline FDI figure underscores the breadth of the country's appeal. China remains the dominant source of inflows at $17.1bn, but the investment base has widened considerably, with Russia ($4.8bn), Turkey ($2.9bn), Saudi Arabia ($2.8bn), the UAE ($1.6bn), Germany ($1.8bn), the United Kingdom ($1.0bn) and Kazakhstan ($0.8bn) all registering meaningful commitments.

Sectoral breakdown

Investment is concentrated in strategic industries. Energy leads with $7.1bn — the largest single share at 17% of total flows — followed by:

• Agriculture — $4.1bn
• Construction & Housing — $3.7bn
• Mining & Metallurgy — $3.3bn
• Textiles — $3bn
• Construction Materials — $3bn

Additional inflows were recorded in chemicals ($2.0bn), oil and gas ($1.7bn) and transport infrastructure ($1.1bn), pointing to a balanced spread across industrial, infrastructure and resource-based segments.

Outlook

The 2025 data cement Uzbekistan's position as a diversified and rapidly growing investment destination. Strong engagement across both traditional heavy industries and emerging sectors — including digital technologies, tourism and logistics — suggests the country is successfully broadening its economic base beyond commodity dependence.

For international investors, the combination of a young population, geographic centrality in Central Asia and an accelerating reform agenda makes Uzbekistan one of the region's more credible long-term bets.