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: 7/14/2017
.Key Economic Indicators:
 20122013201420152016
Nominal GDP (billion USD)51.857.762.666.767.2
Consumer price inflation (percent)11.911.79.18.58.4
Foreign Direct Investment (billion USD)2.02.11.72.11.6
Current-account balance (million USD)2,231,291,150,460,45
Exports FOB (billion USD)14.2515.0814.1012.8712,56
Imports CIF (billion USD)12.0213.7913.9512.4112,11
(Source: Data by country authorities and IMF estimates as of 05/22/2017)
  • Major Trade Partners: (Uzbekistan official statistics, 2016)
    • China, 17.2%
    • Russia, 17.2%
    • Kazakhstan, 8.6%
    • Turkey, 4.8%
    • U.S., 1.8%
  • 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. 
  • Accordingly, a 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.
    • The Government of Uzbekistan hopes to attract $4.5 billion in foreign investments in 2017 (in particular, $1.8 billion in government-guaranteed foreign loans for 79 projects, and $2.6 billion in foreign direct investments for 120 projects). The fuel-energy sector will receive the largest share in foreign investments - $2.47 billion for 37 projects.  Of that, $2 billion will be allocated specifically to the oil and gas industry.
  • Uzbekistan has signed bilateral agreements on the avoidance of double taxation, as well as 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.

 

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Uzbekistan Trade Development and Promotion