Structural reforms in Uzbekistan have greatly improved the investment climate

If we look at our foreign trade with Uzbekistan, until 2017, Türkiye was a net importer in foreign trade with Uzbekistan but since 2018 it has become a net exporter. Although there was a decrease in the foreign trade of the two countries during the global pandemic, it started to rise again and our trade volume, which was 1.5 billion dollars in 2017, reached 3.6 billion dollars in 2022. In 2022, exports to the country increased by 2 percent compared to the previous year and rose to 1.9 billion dollars, while imports decreased by 7 percent to 1.7 billion dollars in the same period.

On a product basis, 30 percent of exports to Uzbekistan in 2022 are machines. This sector is followed by plastics, electrical devices and iron-steel goods groups, which make up 20 percent of exports to the country. On the other hand, 70 percent of Türkiye’s imports from Uzbekistan consist of cotton-cotton yarn and copper-copper goods.

We enable our business people to recognize opportunities

As DEİK/Türkiye-Uzbekistan Business Council, we regularly meet with members at executive board and business council meetings to inform our members, evaluate our activities and plan future activities. We host delegations from Uzbekistan in our office, organize country, region and sector promotion meetings, business forums, and visit our stakeholders in Uzbekistan.

The number of companies with Turkish capital established in Uzbekistan in 2022 is 369, and as of February 1, 2023, there are 2.152 companies with Turkish capital registered in the country. Thus, Türkiye ranks second after Russia among foreign companies in the country, surpassing Chinese-owned companies.

Incentives in taxes and customs

Within the scope of the new 5-year development strategy covering the years 2022-2026, announced in 2022, an investment of 120 billion dollars in total, 70 billion of which is foreign investment, mainly in the fields of energy, transportation, health, education, green economy, water and resource management is scheduled to be attract.

A quarter of employment comes from agriculture

Agriculture is one of the first sectors that comes to mind when Uzbekistan is mentioned. The agricultural sector, which accounts for approximately 17.3 percent of Uzbekistan's GDP, employs about a quarter of the workforce in the country.

The main products of the country are cotton and grain. Uzbekistan's agricultural sector is a sector where production of textile products with higher added value is planned with new technologies rather than raw cotton exports.