Uzbekistan Pivots: Courting Global Capital to Remake Its Economy

Uzbekistan, under the leadership of President Shavkat Mirziyoyev since late 2016, has undergone significant economic reform aimed at transforming the nation into a regional investment and logistics hub. Mirziyoyev's vision emphasizes not just capital, but the integration of technology, talent, and international partnerships to foster real development and societal progress. Speaking at the Fourth Tashkent International Investment Forum in June 2025, he outlined the creation of an investment-friendly environment as central to national dignity and growth, attracting over 3,000 foreign guests to the event. [para. 1][para. 2]

Since Mirziyoyev took office, Uzbekistan’s GDP has steadily increased, rising from $86.14 billion in 2017 to $103.01 billion in 2023, reflecting an annual growth rate of about 5.7-6%. The government has set ambitious goals for 2030, aiming to double GDP to $200 billion, with per capita GDP expected to rise above $4,000, thus achieving upper-middle-income status. These measures are part of the country’s bid to encourage development, enhance trade, and integrate more deeply with the international community. [para. 3][para. 4]

Mirziyoyev’s strategy for attracting foreign investment includes expanding trade with neighboring countries, which increased 3.5 times to nearly $13 billion in eight years, and key infrastructure projects such as the China-Kyrgyzstan-Uzbekistan (CKU) railway. Reforms include establishing a state investment fund (worth nearly $2 billion, managed by Franklin Templeton), embracing privatization, easing business regulations for foreign investors, and launching IPOs for state assets. Several major airports have transitioned to private management, and significant progress has been made in sectors such as IT, finance, renewable energy, and mineral extraction, with future plans to join the World Trade Organization by 2026. [para. 5][para. 6][para. 7][para. 8][para. 9]

A notable element of Uzbekistan’s modernization is the development of New Tashkent, a planned city for 2.5 million people, and the hosting of major international events like the Asian Youth Games. Mirziyoyev, often compared to “Uzbekistan’s Deng Xiaoping,” has pushed for currency reforms, visa liberalization (now covering 66 countries), and the attraction of foreign direct investment (FDI). FDI inflows reached $2.16 billion in 2023, and the flexible foreign exchange regime has facilitated further openness. [para. 10][para. 11][para. 12][para. 13]

Diplomatically, Mirziyoyev has worked to resolve regional disputes and foster cooperation, notably through the annual Consultative Meeting of Central Asian leaders. This has enhanced Uzbekistan’s regional influence, ensuring high-profile international participation at investment forums, and triggering joint development initiatives with the European Bank for Reconstruction and Development and the New Development Bank. Uzbekistan seeks to build East-West corridors, exemplified by the Caspian Green Energy Corridor, while maintaining practical relations with both Russia and the West. [para. 14][para. 15][para. 16][para. 17]

Connectivity is vital for the doubly landlocked nation; the landmark CKU railway—agreed in June 2024—will dramatically reduce cargo transit time between China and Europe. Integration into global logistical networks and rising trade volumes have reinforced Uzbekistan’s place as a central transport hub, with trade between China and Central Asia surging to $95 billion in 2024. [para. 18][para. 19][para. 20]

A distinct feature of the new strategy is sustained engagement with Afghanistan. Despite international hesitations, Uzbekistan is fostering economic and infrastructure ties, aiming to transform Afghanistan from a liability into an opportunity that could unlock access to global markets. Uzbekistan’s rising international stature is seen in its recent election to U.N. bodies and the hosting of the UNESCO General Conference in 2025. President Mirziyoyev, concluding his remarks at the forum, called for transforming Central Asia collectively into an integrated, prosperous region—an aspiration at the heart of his reform agenda. [para. 21][para. 22][para. 23][para. 24]