Uzbekistan flag Uzbekistan: Investing in Uzbekistan

Investment framework and opportunities in Uzbekistan

Procedures Relative to Foreign Investment

Freedom of Establishment
The freedom of establishment is, in principle, guaranteed, but there are many exceptions.

Private capital is not allowed in some industries and enterprises. The Law on Denationalization and Privatization (adopted in 1991, last amended in 2017) lists state assets that cannot be privatized, including land with mineral and water resources, the air basin, flora and fauna, cultural heritage sites, state budget funds, foreign and gold reserves, state trust funds, the Central Bank, enterprises that facilitate monetary circulation, military and security-related assets and enterprises, firearms and ammunition producers, nuclear research and development enterprises, some specialized producers of drugs and toxic chemicals, emergency response entities, civil protection and mobilization facilities, public roads, and cemeteries.

There are several other official limits on foreign investment. Foreign ownership and control are prohibited for airlines, railways, power generation, long-distance telecommunication networks, and other sectors deemed related to national security. Foreign nationals cannot obtain a license or tax permission for individual entrepreneurship in Uzbekistan.

Acquisition of Holdings
A foreign majority holding interest in the capital of a local company is legal.
Obligation to Declare
Businesses need to be register at the One-Window center of the Ministry of Justice to obtain a Certificate of State Registration. To learn more about the registration process of a new company, please consult the World Bank Report on Uzbekistan.
Competent Organisation For the Declaration
Ministry of Justice website
Requests For Specific Authorisations
The government closely scrutinizes all foreign investment, with special emphasis on sectors of the economy that it considers strategic, such as mining, cotton processing, oil and gas refining, and transportation. There is no standard and transparent screening mechanism, and some elements of the legal framework are designed to protect domestic industries and limit competition from abroad. The government also uses licensing as a tool to control enterprises in several important sectors such as energy, telecommunications, wholesale trade businesses and tourism.

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Investment Opportunities

Investment Aid Agency
Authority for foreign investment Uzbekistan
PWC guide to investment in Uzbekistan 2016
Tenders, Projects and Public Procurement
Tenders Info, Tenders in Uzbekistan
Globaltenders, Tenders & Projects from Uzbekistan
Asian Development Bank, Proposed Projects in Asia
DgMarket, Tenders Worldwide
Other Useful Resources
The Chamber of Commerce and Industry of Uzbekistan

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Latest Update: May 2024