In January–March 2026, total fixed capital investment in the Republic of Uzbekistan amounted to UZS 156.3 trillion, representing a 29.6% increase compared to the same period in 2025.
Over the past five years, investment volumes have nearly doubled, reaching approximately 2.2 times the 2022 level. Growth momentum remains strong, with a reported increase of 129.6% in the current period.
Structure of Financing Sources: Dominance of External Capital
The current investment model is characterized by the dominance of decentralized financing, which accounts for 90.2% of total investment, while centralized sources represent only 9.8%.
Within decentralized sources:
- foreign investments and non-guaranteed foreign loans — 68.8%,
- enterprise funds — 13.1%,
- household funds — 5.6%.
Foreign investment shows particularly strong growth:
- total volume reached UZS 83.7 trillion,
- growth rate — 159.0%,
- share increased from 43.8% to 53.6%.
Although centralized investments grew by 144.8%, their overall share remains limited.
Foreign Capital as the Key Driver
Total foreign investments and loans amounted to USD 9.7 billion (UZS 118.4 trillion).
Structure:
- foreign investments — UZS 83.7 trillion,
- government-guaranteed foreign loans — UZS 10.8 trillion,
- non-guaranteed foreign loans — UZS 23.9 trillion.
Sectoral allocation of foreign capital:
- manufacturing — 34.0%,
- electricity and gas supply — 13.2%,
- mining — 9.1%.
This indicates concentration in capital-intensive and infrastructure sectors.
Sectoral Structure: Industrial Priority
Manufacturing dominates the investment structure:
- UZS 44.5 trillion,
- 28.5% of total investment.
Other key sectors:
- construction — 10.8%,
- electricity and gas supply — 10.5%,
- agriculture — 8.9%.
Service sectors (finance, ICT, professional activities) each account for less than 2%.
Regional Distribution: Concentration and Imbalance
The highest investment volumes are concentrated in:
- Tashkent city — UZS 25.4 trillion,
- Namangan region — UZS 17.9 trillion,
- Tashkent region — UZS 15.8 trillion.
In several regions, foreign capital accounts for up to 85.6% of total investment, indicating strong territorial dependence on external financing.
Social Infrastructure: Moderate Growth
Housing commissioning reached 3.32 million sq. m (+6.6% year-on-year).
Additionally:
- 39 km of water supply networks were commissioned (81.3% in rural areas),
- 1.9 km of gas pipelines were put into operation.
Growth in social infrastructure lags behind industrial investment dynamics.