Uzbekistan Advances Toward WTO Accession with Bold Market Reforms and Investment Growth

Uzbekistan presented a comprehensive overview of its bold market-oriented economic reforms and reaffirmed its strong commitment to WTO accession during a high-level panel session held as part of the 10th meeting of the WTO Working Party on Uzbekistan’s Accession.

The session, titled «Market Economic Reforms in Uzbekistan», took place in Geneva with the support of the World Trade Organization (WTO), the World Bank, and the International Monetary Fund (IMF). It brought together key global stakeholders to examine Uzbekistan’s reform agenda, the country’s investment climate, and its growing integration into the global trade system.

Uzbekistan Reaffirms Commitment to WTO Accession in Geneva

During the event, policymakers and economists praised Uzbekistan’s reform trajectory. Obid Khakimov, Director of the Center for Economic Research and Reforms (CERR), delivered a keynote presentation outlining the country’s transformation since 2017. He highlighted Uzbekistan’s consistent progress toward WTO membership, which is seen as a critical step in securing long-term economic competitiveness and international market access.

Economic Reforms in Uzbekistan: Strong Progress Since 2017

Between 2017 and 2024, Uzbekistan achieved:

• An increase in GDP per capita from $1,781 to $3,092.
• A reduction in unemployment from 9.3% to 5.8%.
• A rise in real household incomes by 83%.
• Inflation containment at 9.8%, below the regional average.

These figures underscore the effectiveness of Uzbekistan’s economic reforms, which have laid the groundwork for macroeconomic stability and structural transformation.

Investment Climate in Uzbekistan Strengthened by Private Sector Reforms

Capital investment in Uzbekistan tripled to $39 billion, supporting infrastructure upgrades, industrial growth, and energy development. The government also focused on reducing the shadow economy from 45.1% to 34.8%, thanks to e-invoicing and digitized tax systems.

With a goal to raise the private sector’s share of GDP to 85% by 2030, Uzbekistan is pursuing privatisation, public-private partnerships (PPPs) and legal reforms to create a more attractive business environment.

Uzbekistan’s Export Growth and Industrial Modernization Drive Economic Diversification

Industrial output rose from $28 bn to $62 bn, while the manufacturing sector’s share in GDP increased from 14% to 20%. This growth, backed by foreign direct investment (FDI), shows the effectiveness of industrial modernisation and export promotion policies.

Exports have grown at an average of 13.4% annually, with non-oil exports growing by 17%. The country introduced 68 new export products over the past 15 years, adding $2.1 billion in value.

Uzbekistan Climbs Global Economic Rankings and Innovation Indexes

Uzbekistan is gaining recognition on global economic indices:

• +28 positions in the Economic Complexity Index (Harvard Growth Lab).
• +14 positions in the Heritage Foundation’s Index of Economic Freedom.
• Classification in the «very high» category in the UN e-Government Development Index.
• 4th place in the WIPO Global Innovation Index for South and Central Asia.

These improvements reflect Uzbekistan’s economic diversification, increasing competitiveness, and digital governance reforms.

Trade Liberalisation Supports Uzbekistan’s WTO Accession Goals

As part of its WTO accession roadmap, Uzbekistan has:

• Ensured full currency convertibility.
• Eliminated the dual exchange rate.
• Reduced average import tariffs from 15.3% to 8%.
• Introduced zero duties on 59 categories of essential food imports.

The country also benefits from the GSP+ preferential trade regime with the European Union, supporting stronger export performance.

Uzbekistan Attracts Record Foreign Direct Investment Through Legal and Regulatory Reforms

Foreign direct investment in Uzbekistan surged from $2.4 bn to $11.9 bn. Reforms such as the revised Investment Law (2024) introduced investor protections, simplified land access, and reduced thresholds for participation.

The country now has 22 Special Economic Zones (SEZs) and 366 PPP projects totalling $140 bn in value. The introduction of investment visas and residence permits has further improved investor accessibility.

Green Energy Development Positions Uzbekistan as a Regional Leader in Sustainability

Uzbekistan has rapidly expanded its renewable energy capacity:

• Electricity generation rose by 38%.
• Installed capacity reached 24.4 GW.
• 14 solar and 3 wind power plants (4.1 GW total) commissioned.

By 2030, Uzbekistan aims to add 18 GW of renewable energy. It is also the first country in Central Asia to implement green certificate and carbon credit trading systems. Emissions have already dropped by 11% since 2017, with a 30% reduction target by 2030.

Uzbekistan’s Long-Term Economic Vision: Growth, Resilience, and Integration

Uzbekistan’s national development goals include:

• Reaching a GDP of $200 bn.
• Growing total exports to $45 bn, with $10 bn from agriculture.
• Raising GDP per capita to $5,000.
• Cutting import dependence by 50%.
• Keeping inflation and unemployment within the 5–6% range.

To achieve these goals, Uzbekistan is focused on value-added exports, expanding industrial production, and improving infrastructure, social services, and energy efficiency.

WTO Accession: A Strategic Milestone for Uzbekistan’s Global Economic Integration

Obid Khakimov concluded the session by emphasising that Uzbekistan’s WTO accession will consolidate the gains made over the past eight years. It will strengthen the rule of law, increase access to global markets, and support long-term, sustainable economic growth.

«Uzbekistan is rapidly emerging as a new economic growth hub in Central Asia, driven by reforms, foreign investment, and international confidence,» he said.