In the first half of 2025, 273.4 trillion UZS (21.2 bln. USD) was invested in the economy and social sphere of Uzbekistan, a 5.5% increase compared to the same period in 2024. Key growth drivers were non-centralized investments, especially direct foreign investments, with the manufacturing industry remaining the dominant sector for investment.

Overall Investment Dynamics

During January-June 2025, 273.4 trillion UZS in fixed capital investments were utilized for the development of the economy and social sphere of the Republic of Uzbekistan. The growth rate compared to the corresponding period of 2024 was 105.5%. In absolute terms, this is 29.8 trillion UZS more than in the same period of the previous year.

An analysis of the dynamics over the last five years shows a significant increase in investment volume—almost 2.7 times since 2021. The largest surge in growth rates was observed in 2024, when it reached 145.0%.

Dynamics of Volume and Growth Rates of Investment in Fixed Capital (2021-2025):

• 2021: Volume – 99.8 trillion UZS; growth rate – 102.5%.

• 2022: Volume – 118.7 trillion UZS; growth rate – 106.6%.

• 2023: Volume – 154.2 trillion UZS; growth rate – 119.7%.

• 2024: Volume – 243.6 trillion UZS; growth rate – 145.0%.

• 2025 (Jan-June): Volume – 273.4 trillion UZS; growth rate – 105.5%.

Investment Structure by Financing Source

In the investment structure, the share of non-centralized sources continues to grow, reaching 90.3% of the total volume in January-June 2025. Consequently, the share of centralized investments was 9.7%.

Non-Centralized Investments: The total volume of non-centralized investments amounted to 247.0 trillion UZS, showing a growth of 6.6%.

• Direct foreign investments and credits: 179.0 trillion UZS. Of this, direct foreign investments accounted for 109.8 trillion UZS, demonstrating significant growth of 132.2%.

• Funds of enterprises: 44.0 trillion UZS (a growth of 107.9%).

• Funds of the population: 17.3 trillion UZS (a growth of 115.3%).

• Loans from commercial banks and other borrowed funds: 6.6 trillion UZS (a growth of 123.4%).

Centralized Investments: The volume of centralized investments amounted to 26.5 trillion UZS, which is 3.7% less than in the same period of 2024 (a growth rate of 96.3%).

• Foreign loans under the guarantee of the Republic of Uzbekistan: 16.3 trillion UZS.

• Budget funds: 9.5 trillion UZS.

• Funds from the Reconstruction and Development Fund: 0.7 trillion UZS.

Foreign Investments and Credits

In January-June 2025, 195.3 trillion UZS (equivalent to 15.1 billion USD) was directed into fixed capital through foreign investments and credits.

The structure of foreign investments in fixed capital is as follows:

• Direct foreign investments: 109,836.3 billion UZS.

• Other non-guaranteed investments and credits: 69,211.1 billion UZS.

• Foreign loans under the guarantee of the Republic of Uzbekistan: 16,260.8 billion UZS.

By sector, foreign investments and credits were distributed as follows:

• Manufacturing industry: 32.0%.

• Electricity and gas supply: 18.5%.

• Mining industry: 13.1%.

• Agriculture: 8.6%.

• Construction: 5.7%.

Sectoral Structure of Investments

The manufacturing industry maintains its leading position in terms of the volume of utilized investments. This sector received 74.3 trillion UZS, which accounts for 27.2% of the total volume.

Significant investment volumes were also directed to the following sectors:

• Electricity, gas, and steam supply: 38.4 trillion UZS (14.0% of the total).

• Mining industry: 29.6 trillion UZS (10.8% of the total).

• Agriculture, forestry, and fishing: 24.3 trillion UZS (8.9% of the total).

• Construction: 20.2 trillion UZS (7.4% of the total).

• Investment in housing construction: 21.7 trillion UZS.

Commissioning of Social Facilities

During the reporting period, there was a positive trend in the commissioning of social infrastructure facilities.

• Housing: 7,183.2 thousand square meters of housing were commissioned, which is 7.8% more than in January-June 2024. Of this, 4,727.6 thousand square meters are in rural areas.

• Water supply networks: 124.9 km of water supply networks were commissioned. Of this, 89.9 km (72.0%) were laid in rural areas.

• Gas pipelines: 4.4 km of gas networks were commissioned, including 1.2 km in rural areas.

Source: UZSTAT