According to a recent press release by the National Committee of the Republic of Uzbekistan for Statistics dated April 21, 2025, the country’s economy continues to demonstrate sustainable investment growth, creating a solid foundation for further development.

Overall Investment Dynamics

During January-March 2025, 120.4 trillion UZS in fixed capital investments were utilized for the development of the economy and social sphere of the Republic of Uzbekistan from all funding sources. This represents 107.9% compared to the corresponding period of 2024. In absolute terms, the increase amounted to 15.9 trillion UZS.

Analysis of the five-year dynamics shows an impressive result – during this period, the volume of fixed capital investments increased by almost 2.9 times. The year 2024 stands out in particular, when the highest growth rate was observed at 143.9%. For comparison, in previous years the growth rates were: 2021 – 97.8%, 2022 – 115.2%, 2023 – 113.6%.

Structure of Funding Sources

A detailed examination of funding sources reveals the following picture:

Centralized investments (10.1 trillion UZS, or 8.4% of the total volume):

• Budget funds – 2.96 trillion UZS (2.4%)
• Fund for Development of Water Supply and Sewerage Systems – 157.3 billion UZS (0.1%)
• Reconstruction and Development Fund resources – 191.9 billion UZS (0.2%), which in dollar equivalent amounts to 14.9 million USD
• Foreign loans under the guarantee of the Republic of Uzbekistan – 6.84 trillion UZS (5.7%), or 527.9 million USD

Non-centralized investments (110.3 trillion UZS, or 91.6% of the total volume):

• Enterprise funds – 20.5 trillion UZS (17.0%)
• Population funds – 8.4 trillion UZS (7.0%)
• Foreign direct investments and loans – 78.6 trillion UZS (65.3%), or 6.07 billion USD

It is important to note the significant growth in foreign direct investments, which amounted to 44.1 trillion UZS (36.6% of the total volume) with a growth rate of 124.3% compared to the same period last year. In dollar equivalent, the volume of foreign direct investments reached 3.41 billion USD with a growth rate of 127.8%.

Sectoral Focus of Investments

Analysis of the investment structure by types of economic activity shows the following distribution:

• Manufacturing industry – 33.1 trillion UZS (27.5%)
• Electricity, gas, steam and air conditioning supply – 20.0 trillion UZS (16.6%)
• Mining industry – 13.6 trillion UZS (11.3%)
• Agriculture, forestry and fisheries – 12.4 trillion UZS (10.3%)
• Housing construction – 9.5 trillion UZS (7.9%)
• Transportation and storage – 5.3 trillion UZS (4.4%)
• Wholesale and retail trade – 3.0 trillion UZS (2.5%)
• Healthcare – 2.1 trillion UZS (1.7%)

It is noteworthy that compared to the same period in 2024, some structural changes have occurred. The share of the mining industry decreased from 14.1% to 11.3%, while the share of agriculture increased from 6.6% to 10.3%.

Foreign Investments: Detailed Analysis

In January-March 2025, the total volume of foreign investments and loans utilized amounted to 8.7 billion USD, of which 6.6 billion USD (or 85.4 trillion UZS) were directed to fixed capital.

Regional Distribution of Foreign Investments

The largest recipients of foreign direct investments were:

• Namangan region – 7.49 trillion UZS
• Tashkent region – 6.36 trillion UZS
• Tashkent city – 4.38 trillion UZS
• Navoi region – 3.70 trillion UZS
• Samarkand region – 3.65 trillion UZS

For foreign loans under the republic’s guarantee, the leaders are:

• Kashkadarya region – 1.07 trillion UZS
• Tashkent city – 1.05 trillion UZS
• Bukhara region – 971.7 billion UZS

Sectoral Distribution of Foreign Investments

In the structure of foreign investments and loans by types of economic activity, the leading positions are held by:

• Manufacturing industry – 32.2%
• Electricity and gas supply – 22.7%
• Mining industry – 13.0%
• Agriculture – 9.7%
• Water supply and sewerage – 1.7%
• Construction – 5.0%
• Transportation and storage – 4.1%
• Information and communication – 1.0%
• Real estate operations – 0.6%
• Other activities – 10.0%

Regional Aspects of Investment Activity

The largest volume of fixed capital investments was utilized in:

• Tashkent city – 16.9 trillion UZS
• Tashkent region – 16.1 trillion UZS
• Namangan region – 12.4 trillion UZS
• Samarkand region – 10.4 trillion UZS
• Bukhara region – 8.8 trillion UZS

In the structure of funding sources by regions, an interesting variation is observed. For example, in Tashkent city, 38.7% of investments are funded by enterprises and organizations, which is significantly higher than the country average (17.0%). In the Khorezm region, the share of population funds in the total investment volume is 14.4%, which is twice the average figure (7.0%).

Development of Social Infrastructure

During January-March 2025, 3,116,000 square meters of housing were commissioned in the republic, which constituted 116.8% compared to the corresponding period of 2024. Of this volume, 2,028,100 square meters (65.1%) were in rural areas.

Regional Distribution of Commissioned Housing:

• Tashkent region – 523,700 square meters
• Fergana region – 305,500 square meters
• Bukhara region – 301,500 square meters
• Surkhandarya region – 279,300 square meters
• Namangan region – 260,100 square meters

During the same period, 10.4 km of water supply networks were commissioned (of which 8.7 km, or 83.7% in rural areas) and 2.4 km of gas networks (of which 0.7 km in rural areas). The greatest length of water supply networks (8.9 km) was commissioned in the Jizzakh region, and gas networks (2.4 km) also in the Jizzakh region.

Conclusions and Prospects

The positive dynamics of investments in the first quarter of 2025 indicates the continued attractiveness of Uzbekistan for investors, both domestic and foreign. The growth of foreign direct investments (124.3%) is particularly important, reflecting the increased confidence of international investors in the country’s economy.

The significant increase in investments in agriculture (from 6.6% to 10.3% in the overall structure) may indicate a new stage in the modernization of the agricultural sector, which is extremely important for ensuring the country’s food security.

Maintaining a high share of investments in the manufacturing industry (27.5%) indicates the ongoing industrialization and diversification of the republic’s economy, which is in line with the country’s strategic development goals.

Intensive investment activity forms a solid foundation for the long-term economic growth of the Republic of Uzbekistan and improving the living standards of its population.