Tashkent, Uzbekistan (UzDaily.com) — In 2024, Uzbekistan for the first time emerged as the leader among Central Asian countries in terms of attracting foreign direct investment (FDI), overtaking Kazakhstan, which had held the top position for three decades.

According to the latest report by the United Nations Conference on Trade and Development (UNCTAD), Uzbekistan recorded an FDI inflow of US$2.8 billion. In contrast, Kazakhstan registered a negative FDI balance for the first time since 1992 — minus US$2.55 billion — placing it last in the regional ranking.

Turkmenistan came in second with US$1.6 billion in FDI, followed by Kyrgyzstan in third with US$705 million. Tajikistan closed the list with US$291 million in investments.

As a result, Kazakhstan, which just a year earlier had attracted the highest volume of investments in the region, has now fallen behind all of its neighbors.

Experts note that amid a general global decline in FDI — which dropped by 11% in 2024 compared to the previous year, down to US$1.5 trillion — the situation in Kazakhstan appears particularly unusual. No Central Asian country had previously lost its standing so rapidly.

Against this backdrop, Uzbekistan is showing steady growth in investment activity. In the digital economy alone, the country attracted around US$900 million in 2024, thanks to ongoing reforms in the telecommunications sector and rising demand for digital services. Significant investment has also flowed into transport infrastructure, totaling over US$1 billion.

Uzbekistan’s energy sector continues to attract strong international investor interest. Between 2020 and 2024, the country secured US$18 billion in funding for more than 40 energy projects — the highest figure in Central Asia.