Uzbekistan records sharp decline in foreign investments in 2024

In 2024, the volume of investments attracted to Uzbekistan fell by 49%, according to the latest report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

The report highlights that Kazakhstan led North and Central Asia in attracting investments for new projects, securing $15.7 billion—representing 63% of total investments in the region.

Kazakhstan’s strong performance placed it at the top of the list for investment volume, followed by:

• Uzbekistan – $4 billion (-49%)
• Kyrgyzstan – $2.1 billion (+310%)
• Azerbaijan – $1.2 billion (+1%)
• Turkmenistan – $339 million
• Georgia – $126 million
• Armenia – $67 million

The report attributes Kazakhstan’s sustained investment growth to economic diversification, advancements in green energy, digitalization, and technological innovation. Additionally, the country’s proactive investment agencies and government ministries have played a significant role in facilitating and supporting investors throughout the process.

While Uzbekistan remains a significant player in the region, the sharp decline underscores the challenges the country faces in maintaining investor confidence and expanding economic opportunities.