The Ministry of Investment, Industry and Trade was established on the basis of the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan in accordance with the Decree of the President of the Republic of Uzbekistan No. UP-269 dated December 21, 2022, "On measures to implement administrative reforms of the new Uzbekistan."

The main tasks and directions of the Ministry's activities are:

- Implementation of a unified state investment policy, improvement of the investment environment, development of the investment potential of industries and regions, acceleration of investment attraction, including direct foreign investment, into the sectors and areas of the economy, ensuring the efficiency of investment projects;
- Expansion of cooperation with international economic and financial institutions, foreign governmental financial organizations, formation and coordination of a unified state policy in the field of attracting external gratuitous assistance (grants, technical assistance) to the country;
- Implementation of the state industrial policy, diversification of industry and increasing its competitiveness, participation in the formation of material balances of production and use of main types of products, raw materials and materials, increasing the industrial potential of regions, development of activities of special economic and industrial zones, expansion of production cooperation;
- Implementation of the state industrial policy in the sectors of chemical, mechanical engineering, automotive, electrical, pharmaceutical, textile, sericulture, leather and footwear, jewelry, food industry, in the field of production and sale of construction materials, alcoholic and tobacco products, as well as coordination of work on the introduction of international standards into these areas, licensing of types of production activities;
- Implementation of a unified state policy in the field of trade, monitoring and analysis of market conditions, introduction of technical regulations in production processes that meet international requirements, coordination of regulation of foreign trade and development of e-commerce;
- Development of foreign trade infrastructure, including increasing export routes, supporting exports, conducting marketing research in domestic and foreign markets;
- Expansion and strengthening of economic ties with foreign countries, promotion of the country's foreign economic interests, coordination of processes of accession to the World Trade Organization and cooperation with other economic organizations, coordination of activities of permanent representatives of the Republic of Uzbekistan in international and foreign financial and economic institutions, as well as staff dealing with foreign economic activity in foreign institutions of the Republic of Uzbekistan.