Fixed capital investments in Uzbekistan’s economy reached 591.1 trillion soums in 2025, increasing nearly 1.8 times over the past five years, with foreign investment share rising to a record 47.5%.

Overall Investment Dynamics

According to the State Committee of the Republic of Uzbekistan on Statistics, in January-December 2025, 591.1 trillion soums in fixed capital investments were allocated to the development of the economy and social sphere, representing a 10.5% increase compared to 2024.

The five-year trend demonstrates sustained growth: investment volume increased from 236.6 trillion soums in 2021 to 591.1 trillion soums in 2025 — a 1.8-fold increase. The highest growth rate was recorded in 2024 (131.3%), while 2025 showed more moderate but stable growth of 110.5%.

Financing Structure

The 2025 financing structure is characterized by the dominance of decentralized investments:

Centralized investments amounted to 62.6 trillion soums (10.6% of total volume), increasing by 13.6%:

• State budget funds: 28.0 trillion soums (4.7%)
• Reconstruction and Development Fund: 2.1 trillion soums (0.4%)
• Foreign credits under state guarantee: 32.5 trillion soums (5.5%)

Decentralized investments reached 528.5 trillion soums (89.4%), increasing by 10.2%:

• Foreign investments and non-guaranteed credits: 389.6 trillion soums (65.9%)
• Enterprise own funds: 90.3 trillion soums (15.3%)
• Population funds: 37.5 trillion soums (6.3%)
• Commercial bank credits: 11.1 trillion soums (1.9%)

Notably, over the past five years, the share of decentralized investments grew from 80.8% in 2021 to 89.4% in 2025, indicating a strengthening role of the private sector in investment processes.

Foreign Investments and Credits

The dynamics of foreign investments were particularly impressive. In 2025, the total volume of absorbed foreign investments and credits amounted to $33.5 billion USD (422.1 trillion soums):

• Foreign investments: 281.1 trillion soums ($22.4 billion USD), growth of 146.9% — the most impressive growth indicator
• Foreign credits under guarantee: 32.5 trillion soums ($2.6 billion USD), growth of 127.2%
• Non-guaranteed foreign credits: 108.5 trillion soums ($8.6 billion USD), growth of 113.2%

The share of foreign investments in the total volume increased from 36.0% in 2024 to 47.5% in 2025, confirming the growing attractiveness of the Uzbek economy for international investors.

Sectoral Investment Structure

The distribution of investments by type of economic activity demonstrates a diversified approach:

Top 5 sectors by investment volume:

1. Manufacturing — 160.5 trillion soums (27.2%)
2. Electricity, gas, steam supply and air conditioning — 78.3 trillion soums (13.3%)
3. Mining and quarrying — 58.8 trillion soums (9.9%)
4. Agriculture, forestry and fishing — 51.2 trillion soums (8.7%)
5. Residential construction — 46.6 trillion soums (7.9%)

The structure of foreign investments is led by:

• Manufacturing (33.2%)
• Electricity and gas supply (17.1%)
• Mining and quarrying (11.9%)
• Agriculture (9.2%)

Regional Distribution

Leaders by volume of attracted investments:

1. Tashkent City — 105.7 trillion soums
2. Tashkent Region — 79.4 trillion soums
3. Namangan Region — 61.1 trillion soums
4. Navoi Region — 43.1 trillion soums
5. Bukhara Region — 42.9 trillion soums

By share of foreign investments, the following regions stand out:

• Namangan Region (82.3%)
• Navoi Region (82.0%)
• Andijan Region (77.7%)
• Bukhara Region (76.9%)

Social Infrastructure Development

Investments in the social sphere also showed positive dynamics:

Residential construction:

• 15,908.8 thousand sq. m of housing commissioned, growth of 2.8%
• In rural areas — 10,538.1 thousand sq. m (66.2% of total volume)

Engineering infrastructure:

• Water supply networks: 925.1 km, including in rural areas — 745 km (80.5%)
• Gas supply networks: 17.9 km, including in rural areas — 9.8 km

Leaders in housing commissioning:

• Tashkent Region — 1,997.7 thousand sq. m
• Khorezm Region — 1,769.7 thousand sq. m
• Fergana Region — 1,630.8 thousand sq. m
• Namangan Region — 1,533.2 thousand sq. m
• Bukhara Region — 1,518.6 thousand sq. m

Conclusions and Prospects

Uzbekistan’s investment indicators for 2025 demonstrate:

✓ Sustained growth — investment volume nearly doubled over five years

✓ Record foreign capital inflow — foreign investments grew by 146.9%, their share reaching 47.5%

✓ Economic diversification — investments are directed to both traditional and new sectors

✓ Private sector dominance — 89.4% of investments come from decentralized sources

✓ Balanced regional development — all regions show active investment attraction

✓ Social infrastructure development — construction of housing and engineering infrastructure continues, especially in rural areas

These indicators demonstrate the growing attractiveness of Uzbekistan’s investment climate and the creation of favorable conditions for long-term economic growth.

Source: State Committee of the Republic of Uzbekistan on Statistics