Discusses key economic indicators and trade statistics, which countries are dominant in the market, the U.S. market share, the political situation if relevant, the top reasons why U.S. companies should consider exporting to this country, and other issues that affect trade, e.g., terrorism, currency devaluations, trade agreements.
Last Published: 2/15/2019
Key Economic Indicators:
 201220132014201520162017
Nominal GDP (billion USD)51.857.762.666.767.247.9
Consumer price inflation (percent)11.911.79.18.58.412.5
Foreign Direct Investment (billion USD)2.02.11.72.11.62.4
Current-account balance (million USD)2,231,291,150,460,450,95
Exports FOB (billion USD)14.2515.0814.1012.8712.5613.95
Imports CIF (billion USD)12.0213.7913.9512.4112.1113.00
(Source: Data by country authorities and IMF estimates as of 06/1/2018)

Major Trade Partners: (Uzbekistan official statistics, 2017)
China, 18.5%
Russia, 17.9%
Kazakhstan, 7.7%
Turkey, 5.7%
U.S., 0.8%

Uzbekistan's Constitution provides for a presidential system with separation of powers and a representative government. In practice, power is highly concentrated in the office of the president and the executive branch. The government’s economic policy is based on export oriented and import substituting industrialization. All major industries of the country are owned or controlled by the state. 

The government has prioritized attracting foreign investment since 2017.  However, a small number of large state-initiated and government-supported investment projects over the next five years will generate most of the opportunities for exporting to Uzbekistan.

These initiatives, for which the government is currently seeking funding, include:
Projects in the oil and gas industry are intended to attract about $30.4 billion in investment from various sources through 2021. These projects may represent good export opportunities for U.S. suppliers of oil and gas extraction, transportation and processing technologies.

Growing external demand for food products produced in Uzbekistan creates export opportunities for suppliers of food processing and packaging technologies.

An ambitious government program aimed at developing a national information-communication system creates stable demand for IT solutions both in the public and private sectors of the economy.

Due to its doubly landlocked location, Uzbekistan is developing its transportation infrastructure, including interconnections with major transcontinental corridors. The national railway company intends to modernize its fleet of locomotives.

Uzbekistan has signed bilateral agreements on the avoidance of double taxation, though the United States considers its 1973 U.S.-USSR tax treaty as in force regarding Uzbekistan, while the Uzbek government does not.  Uzbekistan also has treaties providing most-favored-nation treatment with more than 45 countries. Several agreements, including those with Iran, Japan, and the United States, have not yet entered into force (U.S.-Uzbekistan agreements on trade relations, including most favored nation status, and on encouraging and reciprocally protecting investment, were completed in 1994 but never ratified by the United States.). In 2014, Uzbekistan joined the CIS Free Trade Zone Agreement.

Violent extremist groups in the region, including the Islamic Movement of Uzbekistan, al-Qa’ida, and DAESH, have not in recent years represented a threat to foreign investment in Uzbekistan.
 

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.



Uzbekistan Trade Development and Promotion