Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

Uzbekistan and China signaled a new stage in their economic partnership during a high-level business forum held as part of the 5th Tashkent International Investment Forum. Government officials, financial institutions, and business leaders discussed investment cooperation, regional connectivity, and financing for major industrial and infrastructure projects.

Uzbekistan’s macroeconomic stability and the results of its ongoing reforms were among the key topics discussed during the session. Government representatives noted that Uzbekistan’s GDP had grown substantially, reaching $147 billion by the end of 2025. Speakers emphasized that sustainable economic growth across the region is closely linked to the strength of international cooperation. They highlighted the growing scale of Uzbekistan–China economic relations, noting that more than 5,600 joint ventures with Chinese capital are currently operating in Uzbekistan, while bilateral trade reached nearly $18 billion last year. Officials also pointed to significant potential for further growth, expressing confidence that bilateral trade could reach $21 billion this year.

The important role of major financial institutions in advancing financial integration was highlighted throughout the session. Representatives of the National Bank of Uzbekistan (NBU) and Uzsanoatqurilishbank (SQB) discussed access to international capital markets, the expansion of trade settlements in national currencies, and mechanisms for attracting syndicated financing from foreign partners. Abdurashid Hakimov, representing NBU, noted that the total volume of funding attracted from Chinese financial institutions has exceeded $4.5 billion. He also highlighted a milestone achievement for the bank, securing direct financing in Chinese yuan for the first time in its history and raising 1 billion yuan in funding.

“There is considerable potential to move beyond traditional financing approaches by expanding the use of national currencies and accessing international capital markets such as Hong Kong. We are committed to promoting innovative financial solutions that support this process,” Hakimov noted.

Energy and large-scale infrastructure projects were also among the key topics on the forum agenda. Li Xiaodan, Deputy General Director of China Energy, announced that the company’s investments in Uzbekistan have already reached $2.5 billion, reaffirming its strong commitment to supporting the country’s transition to green energy. According to Li, the company is currently developing a 1 GW solar power plant, as well as one of the largest commercial energy storage clusters outside China. These projects are intended to meet growing domestic demand through environmentally sustainable solutions. Representatives of the Eurasia Fund under the Export-Import Bank of China also addressed the forum, proposing the wider use of equity investments and more flexible financing mechanisms to facilitate project development and implementation.

Uzbekistan’s growing attractiveness as a destination for industrial investment was also highlighted through developments in the automotive sector. Yu Yang, a representative of JAC Motors, pointed to the significant growth potential of Uzbekistan’s automotive market, drawing comparisons with international benchmarks.

“While developed countries and some neighboring markets have more than 200 vehicles per 1,000 people, Uzbekistan currently has only 104. This gap indicates substantial untapped potential for both vehicle demand and production. That is why we are investing $100 million in Tashkent to establish a full-cycle manufacturing facility,” he said. According to Yu Yang, the new plant is expected to reach an annual production capacity of 30,000 vehicles, with around 5 percent of output destined for export markets.

The forum underscored the growing depth of economic ties between Uzbekistan and China, reflecting a partnership that is increasingly expanding beyond trade into industrial cooperation, technology transfer, and financial integration. Participants noted that the investment initiatives, financing agreements, and strategic discussions announced during the event could contribute to stronger regional connectivity and support the development of digital and green economies. Such cooperation is expected to further strengthen Uzbekistan’s position as one of the region’s most attractive and reliable destinations for international investment.