“'Invest in Uzbekistan' is a comprehensive tool designed for investors, policy makers and stakeholders. This provides an avenue for informed decision-making, strategic investment and collaborative efforts aimed at fostering a resilient, sustainable and inclusive tourism sector. ”
Zurab Pololikashvili
United Nations Tourism Secretary General
The Investment Guideline “Tourism, Investment in Uzbekistan” highlights the remarkable transformation the country has undergone over the past decade towards an open and market-driven economy. The report explains how its rich natural resources and cultural heritage, complemented by the attractive incentives offered for foreign direct investment (FDI), create a favorable business environment. Known as the country of the Great Silk Road, Uzbekistan stands out for its strategic geographical location in the heart of Central Asia and well-developed infrastructure that facilitates travel and trade between the continents.
economic outlook
This guide outlines the country's impressive economic performance, based on economic reforms that have accelerated since 2017..Average growth rate over the past 5 years is over 5%, Uzbekistan is emerging as a stable and strong economy among the Commonwealth of Independent States (CIS) and other neighboring countries in Central Asia. The main pillars of reform are summarized in recognition of the vital role of liberalization as well as tax and customs systems in facilitating cross-border trade and private investment. It also covers certain social and economic aspects, such as the growing educated population, sectoral economic structure, and analysis of major export destinations.
FDI performance
Uzbekistan's track record regarding foreign direct investment (FDI) shows that: FDI inflows have been steadily increasing over the past decade. Regarding investments in fixed assets, since 2017 the country has shown positive trends. Additionally, the chapter presents figures regarding the distribution of FDI inflows by region, the concentration of FDI projects by business activities and the main FDI partners of Uzbekistan.
Regarding tourism, Chapter 3 of the report highlights the outstanding number of tourism-related projects from 2019 to 2023 and the corresponding investment volumes, which observed a strong upward trend despite the COVID-19 pandemic. Focused. Even though about 85% of investments come from he FDI, the number of greenfield FDI projects is still limited. This chapter also includes information on innovation, particularly in the information and communication technology (ICT) industry, and investment in the county's startup ecosystem. Details regarding the rapid and promising development of the venture capital sector are also provided.
value proposition
Uzbekistan has an excellent transportation infrastructure that facilitates connections between countries across different continents, contributing to the establishment of Uzbekistan's reputation. Strategic hub for regional and global trade and travel. It also describes the available natural resources, diverse geography, vast biodiversity, and even cultural diversity of Uzbekistan, including several architectural monuments recognized as World Heritage Sites by UNESCO.
investment incentives
Furthermore, in connection with Along with reforms towards an open economy, Uzbekistan has established various incentive systems to encourage private investment.. This report provides an overview of Uzbekistan's tax system and develops the general tax incentives for FDI. It also provides an overview of the legal framework supporting the development of the tourism sector and the main incentive schemes to attract investment into the sector. These schemes include, for example, preferential financing, specific tax incentives, the introduction of his ICT in the tourism sector, incentives for hotel development, tourism services, the film industry, entrepreneurship and innovation schemes, etc.
competitiveness outlook
Finally, the report depicts the country's laudable determination to pursue structural reforms. These reforms contributed to making Uzbekistan part of the world. The most stable economy in the CIS And significantly improve your standing in certain rankings, such as the Business Activity and Economic Freedom Index. Regarding the competitiveness of the tourism sector, the report highlights the rapid increase in exports of tourism-related services and the need for further measures to promote private investment in this sector. It also depicts tourism clusters in Uzbekistan, including indicators such as tourist arrivals by country, purpose of travel, and accommodation facilities.
