With Uzbekistan open for business, investors watch reform staying power
SPY•Economic reforms have helped Uzbekistan grow by an average of around 6% over five years, while foreign direct investment rose to $4.4 billion in 2025 from $2.3 billion in 2021. Investors are watching whether reforms can endure despite bureaucratic obstacles.
1. Reforms attract investors
Uzbekistan has lifted capital controls, floated its currency and eased visa rules since President Shavkat Mirziyoyev took office in 2016. The National Investment Fund raised $690 million in a May London IPO that drew more than $2.8 billion in orders.
2. Questions over durability
Investors say the next test is whether business-friendly changes become embedded and are consistently implemented. They cite bureaucratic delays, concerns about legal protections and a shortage of skilled workers; Moody’s said a slowdown in reforms was among factors that could pressure the country’s credit rating.
