According to data from global greenfield investment monitor fDi Markets, Uzbekistan has seen a 444.4% increase in FDI between 2017 and 2018, rising from nine projects in 2017 to 49 projects in 2018.
Examples of FDI in the alternative/renewable energy sector have been recorded for the first time and contributes to 41.2% of FDI projects in 2018 (seven projects). Tashkent, the capital city of Uzbekistan has seen the most investment, with a total of 13 projects tracked in 2018 with a capex total of $255.50m, compared to three in 2017 with a capex total of $76m.
With regards to source countries, the source of the projects into Uzbekistan has consistently been Russia, South Korea, China and Germany, but in 2018, Canada contributed six projects. In recent years, the country has become a more attractive location for FDI due to the government’s focus on creating special economic zones.
For example, in April 2018 the government established the Syrdaryo economic free zone and in October 2018, Interim President Shavkat Miriyoey signed a decree on “additional measures for the intensification and expansion of activities of free economic zones”.