Uzbekistan is seeking to transform itself from a supplier of raw materials into a producer of higher-value industrial goods as the global scramble for critical minerals accelerates, drawing growing interest from Western governments, investors and manufacturers eager to diversify supply chains away from China.

At the Tashkent International Investment Forum this week, policymakers, financiers and industry executives repeatedly returned to a common theme: the real opportunity for resource-rich countries no longer lies in digging minerals out of the ground, but in processing them at home and capturing a larger share of the value chain.

"Our strategic task is to become not only a reliable supplier of raw materials, but also a regional centre for processing, enrichment and production of products with high added value integrated into global supply chains," said Firuza Kamidova, Uzbekistan's first deputy minister of mining industry and geology.

The shift comes as critical minerals move from a niche concern of mining companies to the centre of industrial strategy, energy security and geopolitical competition. Copper, lithium, rare earths, tungsten and other speciality metals are increasingly viewed as essential inputs for everything from electric vehicles and data centres to defence systems and renewable energy infrastructure.

For Uzbekistan, which estimates the value of its mineral resources at more than $3 trillion, the challenge is to avoid the fate that has long plagued commodity exporters: selling raw materials cheaply while importing expensive finished products. "Historically a lot of raw material has been exported to other countries and the value of that material has increased by 10, 20, 50 times abroad," said Adam Podgorski, co-founder of critical minerals developer TASCA. "Then it's been brought back into the economy."

That concern has become a defining feature of Uzbekistan's industrial strategy. The government has launched a specialised technological metals complex, plans to establish processing clusters for rare metals and molybdenum, and has identified around 100 investment projects worth $2bn covering 25 different critical minerals.

Kamidova said Uzbekistan intends to build capacity to process up to 44,000 tonnes of materials in a new cluster in the Samarkand region over the next four years, while a separate molybdenum cluster in the Tashkent region will seek to establish an integrated supply chain from raw material extraction through to finished products. The strategy is attracting increasing attention from Washington, which has elevated critical minerals to a strategic priority amid growing concerns over the concentration of global supply chains in China.

John Jovanovich, chairman of the Export-Import Bank of the United States (EXIM), used the forum to highlight what he described as the largest-ever delegation of US businesses to visit Uzbekistan. "No matter where we travel, no matter which room we're in, there are so many things upon which we disagree," Jovanovich said. "The area where there is broad-based agreement is on the need to focus on supply chain security."

The US has become increasingly active in financing overseas mining projects through export credit agencies and development finance institutions as policymakers seek to secure access to critical minerals needed by American industry. Sarah Whitten, EXIM's chief commercial officer, said the bank had fundamentally expanded its approach to support international mining projects feeding US supply chains. "We want to ensure that we're influencing the flow of supply chains towards US manufacturers," she said. Yet despite growing geopolitical interest, speakers repeatedly stressed that geology alone is no longer enough to attract capital.

Andrei Navitski, managing director and partner at Boston Consulting Group in Tashkent, argued that Uzbekistan's challenge is not a shortage of resources but a shortage of internationally recognised project documentation. "We all feel and know the richness of the country's resource base," he said. "But somehow the ball is not rolling at the required speed."

Investors increasingly demand internationally verified resource estimates, feasibility studies and transparent reporting standards before committing capital. Navitski said many projects remained at an early stage of development and had yet to meet the requirements expected by international financiers. That concern was echoed by Gregory Lecomte, head of the OECD's Central Asia unit, who argued that many countries in the region still suffer from a lack of reliable geological data, regulatory clarity and internationally recognised standards. "What we heard from investors is that they consistently point to the need for clear, stable and predictable legal frameworks," he said. The OECD has been advising Central Asian governments on critical minerals policy and argues that transparency and environmental standards should be viewed not as obstacles to investment but as competitive advantages that can attract long-term capital.

Mark Robinson, executive director of the Extractive Industries Transparency Initiative (EITI), said countries seeking to position themselves as alternative suppliers in global mineral markets must demonstrate high standards of governance and transparency. "Transparency has to be at the heart of the sector's development,” he said, arguing that it provides reassurance to investors while helping governments avoid poor-quality deals.

Underlying many of the discussions was the question of China. Although speakers largely avoided direct criticism, China's dominance in mineral processing loomed over the debate.

The country controls significant portions of the global refining and processing capacity for many critical minerals, creating vulnerabilities that Western governments are now seeking to address. Yet several panellists argued that China's lead stems less from proprietary technology than from decades of investment, scale and state support. "The technology exists," Podgorski said. "China has an advantage because they're a first mover for now, but Uzbekistan is definitely an up-and-coming contender."

For Uzbekistan, the opportunity may lie precisely in the fact that the global minerals conversation is shifting. The world is no longer simply looking for new sources of ore. Increasingly, investors and governments are searching for trusted partners capable of building complete supply chains, from extraction and processing to advanced manufacturing.

Whether Uzbekistan can seize that opportunity will depend not only on the minerals beneath its soil, but on its ability to convince investors that it can deliver the financing, transparency and industrial capacity needed to move beyond extraction.

As demand for critical minerals continues to rise, the country's ambition is becoming increasingly clear: not merely to supply the next industrial revolution, but to participate in it.