Tashkent, Uzbekistan – The Uzbekistan–U.S. Business Forum, held recently during the Tashkent International Investment Forum, brought together over 150 participants from both governments and private sectors. Organized by Uzbekistan’s Ministry of Investments, Industry and Trade alongside the American-Uzbekistan Chamber of Commerce (AUCC), the gathering explored commercial connections, advancing their economic relationship.
Trade between Uzbekistan and the U.S. grew to $881.7 million in 2024, a 15 percent increase. U.S. direct investment reached $612.6 million. Today, American capital powers 314 companies in Uzbekistan, with 167 fully U.S.-owned.
Leaders from major American companies – Boeing, Visa, Coca-Cola, Medtronic, John Deere, CNH, Morgan Stanley, NASDAQ, and Abbott – attended, joined by legal, tech, engineering, and academic experts. On the Uzbek side, Deputy Prime Minister Jamshid Khodjaev, Minister Laziz Kudratov, Senate First Deputy Chairman Sodik Safoev, and heads of key ministries actively participated.
Deputy Prime Minister Khodjaev detailed reforms attracting investment: legal assurances for foreign investors, streamlined company registration, and digital land auctions. He reported Uzbekistan’s GDP grew 6.5 percent in 2024, foreign direct investment surpassed $6 billion, and annual industrial output increased by 8 percent.
He outlined Uzbekistan’s 2030 economic blueprint: a plan to raise GDP to $200 billion, attract $100 billion in total investment, and boost exports to $45 billion. Khodjaev also noted the country’s demographic strength—60 percent of the population is under 30—and steady expansion in education. University enrollment jumped from 9 percent to 42 percent, supported by 62 new institutions, including 23 with international connections.
Discussions also covered Uzbekistan’s abundant natural resources. The country holds the world’s second-largest gold reserves and vast deposits of copper, tungsten, uranium, and silver. A new resource cooperation framework now operates with the U.S. Khodjaev pointed to 39 free economic zones offering tax reductions for up to ten years, all equipped with modern industrial and logistical infrastructure.
Credit: Embassy of Uzbekistan in Washington D.C.
AUCC Chair Carolyn Lamm described Uzbekistan’s move from central control toward market-based operations. She referenced the 2017 Action Strategy, the 2022 New Uzbekistan Strategy, and the Uzbekistan 2030 Strategy as foundational guides. She credited recent regulatory changes, anti-corruption efforts, and privatization for spurring growth and drawing American corporate involvement.
Lamm observed the reduction of state control in banking and large enterprises. This change allows American companies to bring in new technologies and trusted brands. Success stories shared during the event included FLSmidth, New Holland Agriculture, Visa, IDCA, John Deere, and Coca-Cola, aligning with state priorities in clean energy, agribusiness, healthcare, IT, finance, and manufacturing.
Numerous bilateral sessions facilitated detailed discussions on new ventures, institutional collaborations, and cooperation mechanisms. Talks covered not just trade and investment, but also innovation, sustainability, and logistical integration across markets. The U.S. Department of State recognized Uzbekistan’s greater openness to foreign capital, and AUCC confirmed its support for Uzbekistan’s aspiration to join upper-middle-income economies by 2030.
The Uzbekistan–U.S. Business Forum built on earlier successes like the 2024 Washington roundtable, which involved senior U.S. executives and government officials. These meetings prepared the ground for more structured collaborations.
This year’s forum strengthened economic links and established practical follow-up actions. As project proposals become active implementations, Uzbekistan solidifies its standing as a reliable and strategically aligned economic partner to the United States in Central Asia.
