Uzbekistan has moved faster than any other Central Asian market to open its economy to foreign investment over the past several years, and companies that entered early are now operating with meaningfully less competition than they’d face in Kazakhstan today.
Why Uzbekistan Is Reforming So Quickly
Since 2017, Uzbekistan has liberalized currency convertibility, simplified foreign business registration, and opened previously state-controlled sectors to private and foreign investment — a genuine break from the country’s historically closed economic model, part of the wider shift covered in our Central Asia guide.
Company Registration
Foreign investors can register a limited liability company with up to 100% foreign ownership in most sectors, with the IT Park regime offering additional incentives for technology companies specifically, similar in spirit to Kazakhstan’s AIFC.
Key Sectors
Textiles, agriculture, and a growing consumer market driven by Tashkent’s expanding middle class represent the strongest current opportunities, alongside continued infrastructure investment across the country.
The Trade-Off vs Kazakhstan
Uzbekistan’s logistics infrastructure remains less developed than Kazakhstan’s, and its EAEU non-membership means it sits outside that customs union — but the lighter competition and rapid reform pace make it an increasingly attractive second market after Kazakhstan for companies serious about the region.
Entering Uzbekistan With Confidence
We support market entry and partner identification in Uzbekistan as part of our wider Central Asia coverage. Explore our services or book a discovery call.
Frequently Asked Questions
Is Uzbekistan open to foreign investment?
Yes, significantly more than in past decades. Since 2017, Uzbekistan has liberalized currency convertibility, simplified business registration, and opened previously state-controlled sectors to foreign investment.
Can foreign companies own 100% of a business in Uzbekistan?
Yes, in most sectors, foreign investors can register a limited liability company with full foreign ownership, with additional incentives available through the IT Park regime for technology companies.
Should Uzbekistan be a first or second market in Central Asia?
Most companies enter Uzbekistan as a second market after establishing operations in Kazakhstan, given Uzbekistan’s less developed logistics infrastructure but genuinely lighter competition and rapid reform pace.