Uzbekistan has been identified as one of the countries with the strongest potential for industrial export growth in Eurasia, according to a new report by the Eurasian Development Bank (EDB) titled «Potential for the Development of Advanced Manufacturing Industries in the Eurasian Region.»
Uzbekistan’s Export Growth Potential
EDB experts estimate that the country’s manufacturing exports could expand by around $3.86 bn annually, equivalent to a 26% increase. This would place Uzbekistan among the region’s top three performers alongside Kyrgyzstan and Armenia.
| Country | Potential for export growth ($ bn) | Growth rate | Share of countries in the region’s exports (2019, %) | Growth share in the region’s potential (%) |
|---|---|---|---|---|
| Armenia | 0,66 | 25% | 0,49% | 0,93% |
| Belarus | 5,07 | 16% | 6,15% | 7,18% |
| Kazakhstan | 7,75 | 13% | 10,80% | 10,97% |
| Kyrgyzstan | 0,56 | 28% | 0,37% | 0,79% |
| Russia | 52,61 | 12% | 79,30% | 74,46% |
| Tajikistan | 0,15 | 17% | 0,17% | 0,21% |
| Uzbekistan | 3,86 | 26% | 2,78% | 5,46% |
Source: Eurasian Development Bank (EDB), 2025
This surge is attributed to the nation’s ongoing shift from a raw material-based economy to one focused on producing higher value-added goods. The report notes that sectors such as machinery manufacturing and chemicals are set to play a larger role in the export structure, while new specialised industries could emerge to provide sustainable income sources.
Broader Economic Impact
According to the EDB, the combined effect of stronger exports, import substitution, and overall production growth could exceed $15 bn per year. Industrial output alone could rise by up to 17%, creating a foundation for accelerated industrialisation and reinforcing Uzbekistan’s position as a key manufacturing hub in the region.
Kursiv also reports that Uzbekistan has signed a decree to join the EDB, committing over $168 mln for shares through phased payments.
