The number of foreign-invested enterprises in Uzbekistan continues to grow. According to the National Statistics Committee, as of May 1, 2026, there were 19,490 enterprises with foreign capital operating in the country — 1.4 times more than five years ago.
At the same time, the structure of foreign business has changed significantly. Over the past five years, the share of foreign enterprises increased from 61.3% to 77.3%, while the share of joint ventures declined. Of the 19,490 foreign-invested enterprises, 4,427 are joint ventures and 15,063 are foreign enterprises.
China is the clear leader
China ranks first in terms of registered foreign-invested enterprises. There are 5,615 companies with Chinese capital operating in Uzbekistan.
They are followed by:
- Russia — 3,308;
- Turkey — 2,216;
- Kazakhstan — 1,259;
- South Korea — 721;
- Afghanistan — 656;
- Azerbaijan — 452;
- Tajikistan — 437;
- UAE — 427;
- India — 405.
The data shows that China is strengthening its position across nearly all sectors for which the committee publishes country breakdowns.
The Center for Economic Research and Reforms (CERR) under the Administration of the President of Uzbekistan previously reported that China also led in terms of foreign investment volume in the first quarter of 2026, with $6.4 billion. Russia ranked second with $1.1 billion. It was followed by Turkey with $975 million, the UAE with $824 million, and Germany with $342 million.
Foreign business is concentrated in trade
Trade remains the most common sector for foreign companies. As of April 1, 2026, there were 6,814 foreign-invested enterprises operating in this sector.
They are followed by:
- industry — 3,831;
- construction — 1,544;
- information and communications — 1,488;
- accommodation and food services — 839;
- transportation and storage — 601;
- agriculture, forestry and fisheries — 485;
- healthcare and social services — 225.
At the same time, statistics do not always provide a breakdown of foreign investment by country across industries. Therefore, it is not possible to determine what share of Chinese, Russian, or Turkish investment goes into mining, energy, or manufacturing.
However, available data indicate that a significant portion of foreign capital is directed toward industry and infrastructure.
According to the National Committee on Statistics, in January–March 2026, manufacturing accounted for 34% of all foreign investment and loans in fixed capital. Another 13.2% went to electricity and gas supply, 10.7% to construction, 9.1% to agriculture, and 6.1% to mining.
Total utilized foreign investment and loans in fixed capital amounted to $9.7 billion (118.4 trillion soums) in January–March 2026, directed toward the creation of new fixed assets.
Where China dominates
Available data shows that Chinese businesses are particularly active in construction and the hospitality sector.
In construction, 495 Chinese enterprises were operating as of March 1, 2026 — almost twice as many as Turkish companies (273).
In accommodation and food services, there were 217 Chinese companies, compared to 110 Turkish and 67 Russian firms.
In the IT sector, however, Russia leads with 457 enterprises versus 40 Chinese companies. Kazakhstan, Belarus, and the United States also have a notable presence.
In transport and logistics, China and Kazakhstan are nearly equal, with 115 and 113 enterprises respectively, while Russia has 124.
Most foreign businesses are concentrated in Tashkent
Foreign companies remain heavily concentrated in the capital.
As of February 1, 2026, 11,684 foreign-invested enterprises were located in Tashkent — more than 60% of the national total.
For comparison:
- Tashkent Region — 2,467;
- Samarkand Region — 694;
- Fergana Region — 632;
- Surkhandarya Region — 509.
The gap between the capital and the regions remains significant, according to official statistics.
Note from Yep.uz: Registration of a company in Tashkent does not necessarily mean its operations or production facilities are located in the capital. A legal address reflects tax and administrative registration, while actual investment projects, production, or infrastructure may be located in other regions of the country.
Foreign investment continues to grow
According to official data, total investment in fixed capital from all sources reached 156.3 trillion soums in January–March 2026, up 29.6% year-on-year.
The main source was foreign investment and non-guaranteed foreign loans — 107.6 trillion soums (68.8%), significantly exceeding all domestic sources combined.
Sources: State Committee of Uzbekistan on Statistics
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