New investment image of Uzbekistan: how the country gains the trust of global capital

Against the background of large-scale reforms, privatization of state-owned enterprises and the development of the stock market, Uzbekistan is forming a new investment image that attracts the interest of international investors. This is evidenced by the conclusions of participants of the Tashkent International Investment Forum 2025, including Franklin Templeton — one of the largest asset managers supervised by the National Investment Fund of Uzbekistan (UzNIF).

Increased attention from global businesses

International interest in Uzbekistan's economy continues to grow. Compared to the first forum in 2022, attendance at the event increased fivefold, and the number of participants tripled compared to 2024. A significant change concerns not only the number of guests, but also their profile: in 2025, the presence of equity-oriented investors significantly increased.

Among the factors that caused the growth of interest are the creation of UzNIF and the presidential decree on the withdrawal of state-owned companies to the stock market. Investors are getting more and more signals that privatization in Uzbekistan is moving from declarations to systematic implementation. This creates a new level of confidence on the part of global capital, especially in sectors such as mining and financial services.

Examples of successful placement of Eurobonds-in particular, the National Bank for Foreign Economic Affairs (NBU), Asaka Bank, SQB and Navoi Mining and Metallurgical Combine (NMMC) — indicate an increase in professionalism in communicating with the market. This reinforces the perception of Uzbekistan as a reliable and promising issuer.

Formation of the local stock market

One of the main topics of the forum was the development of the country's stock infrastructure. Privatization of state-owned enterprises is seen as a growth point not only for attracting external capital, but also for increasing the participation of Uzbek citizens in investment activities.

Work is underway to create a full-fledged legal framework, exchange infrastructure, and investor protection mechanisms. International managers, including Franklin Templeton, play the role of a link between the local market and global institutional investors, providing liquidity and expertise.

Regulatory reforms and business transformation

According to Franklin Templeton, Uzbekistan shows rapid progress in adapting international standards of corporate governance and transparency. The application of global practices in the work of state-owned companies, improved regulation and institutional reform-all this strengthens investor confidence.

Daily interaction with government and business representatives shows a high degree of state involvement in the transformation process. The initiatives are being implemented against the backdrop of political stability and a consistent economic agenda.

For global financial players, Uzbekistan is becoming an interesting entry point to the Central Asian market — with growth prospects, a young population, a strategic position and sustainable plans for openness. Franklin Templeton confirms its long-term commitment to the region and intends to further promote Uzbekistan as a new generation investment destination.