Reforms launched in Uzbekistan after President Şevket Mirziyoyev came to power in 2016 have boosted foreign investor interest. Capital controls were eased, visa rules were simplified, and digital payments became widespread.
According to a Reuters analysis, the economy has grown by an average of about 6 percent over the past 5 years; foreign direct investment rose from $2.3 billion in 2021 to $4.4 billion in 2025. The Uzbekistan National Investment Fund’s raising of $690 million in its initial public offering in London in May was also a sign of this interest.
However, state companies dominate banking, energy and mining; according to the IMF, their assets exceeded 100 percent of GSYH at the end of 2024.
Those considering an initial public offering on foreign exchanges:
- Gold and uranium companies
- Uzum
- Korzinka
- Uzbekistan Airways
Investors are not convinced the reforms will last. Dakota Irvin of Lamplighter considers the bureaucracy conservative; Moody’s said a potential slowdown could put pressure on the credit rating. Mirziyoyev, for his part, said the reforms would continue.
Term: initial public offering
An initial public offering is when a company’s shares begin trading on a stock exchange for the first time; while raising capital, the company also takes on the obligation of regular financial reporting to the public.