Uzbekistan sees sharp decline in foreign investment in 2024

The ESCAP report, which analyzed investment trends in Northern and Central Asia, revealed that Kazakhstan emerged as the region's leader in attracting foreign investments, securing $15.7 billion for new projects in 2024—a remarkable 88% increase compared to the previous year. Kazakhstan accounted for 63% of the region's total investment volume.

Regional overview

The report also highlighted investment figures for other countries in the region:

-         Uzbekistan: $4 billion (-49%)

-         Kyrgyzstan: $2.1 billion (+310%)

-         Azerbaijan: $1.2 billion (+1%)

-         Turkmenistan: $339 million

-         Georgia: $126 million

-         Armenia: $67 million

Kyrgyzstan stood out with a 310% surge in investments, while Azerbaijan recorded a modest 1% growth. Other countries in the region attracted comparatively smaller amounts.

The report noted a growing interest among international companies in projects related to digitalization, technological innovation, and green energy across the region. These sectors are seen as critical drivers of economic development and sustainability.

“Active engagement by investment agencies and relevant ministries is crucial,” the report stated, emphasizing the importance of fostering a favorable policy environment and providing support to investors at all stages, including post-investment services.

ESCAP's findings highlight the competitive regional landscape, where countries like Kazakhstan and Kyrgyzstan are making notable strides in attracting foreign capital, leaving Uzbekistan facing a pressing need to adapt to the evolving investment environment.