Investing in Uzbekistan

Sustained GDP growth, a young workforce of 36+ million, a strategic location between Europe and Asia, ongoing liberalisation, tax incentives, and 20+ Special Economic Zones. The country is entering global capital markets at scale for the first time in a generation.

Renewable energy, industrial manufacturing, mining and metals, agriculture and food processing, technology and IT services, infrastructure and logistics, hospitality and tourism, and financial services — particularly banking modernisation and Islamic finance.

Technology, renewable energy, financial services, hospitality and tourism, and value-added manufacturing are among the fastest-growing sectors — supported by IT Park incentives, PPP frameworks, and Special Economic Zones.

Yes. Foreign investors can own up to 100% of companies in most sectors, receive tax and land incentives in Special Economic Zones, and benefit from bilateral investment protection treaties and profit-repatriation guarantees.

As with any emerging market, risks include regulatory change, currency and macro volatility, and operational complexity. Careful structuring, institutional-grade due diligence, and experienced local partners mitigate these risks — this is where we add value.

Start with a private briefing to align on sector, ticket size, and structure. We can walk through live opportunities, recommend entry structures, and coordinate legal, tax, and operational partners.

Tax holidays and reduced corporate tax rates in priority sectors, customs and utility incentives in Special Economic Zones, 100% foreign ownership in most sectors, profit repatriation guarantees, and bilateral investment protection treaties.

Yes, in most sectors. A limited set of strategic sectors carry restrictions or require approvals. We coordinate with counsel to confirm the applicable structure for each transaction.

Uzbekistan operates more than twenty free and special economic zones — including Navoi, Angren, Jizzakh, and IT Park — offering tax holidays, customs and land incentives, and accelerated permitting for qualifying investors.

Uzbekistan is politically stable and has taken sustained steps to align with international investment standards, including bilateral treaties, currency convertibility, and profit-repatriation guarantees.

Standard corporate tax applies to most activities, with sector- and location-specific incentives in Special Economic Zones and priority sectors. Tax treaties with more than 50 countries reduce cross-border withholding taxes.

Tashkent for financial services, technology, and hospitality; Samarkand and Bukhara for tourism and hospitality; Navoi for industrial and mining; Fergana Valley for agriculture and light industry; regional SEZs for manufacturing.

Central Asia is one of the world's most under-penetrated growth regions. Uzbekistan and Kazakhstan lead in scale and reform; Georgia, Armenia, and Kyrgyzstan offer smaller, agile markets. Cross-border strategies increasingly treat the region as a coherent opportunity set.