Tashkent, Uzbekistan (UzDaily.com) — The Uzbekistan–U.S. Business Forum, held within the framework of the Tashkent International Investment Forum, marked a significant milestone in the bilateral economic relations between Uzbekistan and the United States.

The event was jointly organized by the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan and the American-Uzbekistan Chamber of Commerce (AUCC).

In 2024, trade turnover between the two countries increased by 15% and reached US$881.7 million, while U.S. direct investments amounted to US$612.6 million. Uzbekistan is currently home to 314 enterprises with American capital, including 167 fully owned by U.S. companies.

The forum brought together over 150 participants from the public and private sectors of both countries, including representatives of about 100 leading U.S. companies across industries such as manufacturing, digitalization, agriculture, energy, finance, and healthcare. Among the prominent attendees were senior executives from Boeing, Visa, Coca-Cola, Medtronic, John Deere, CNH, Morgan Stanley, NASDAQ, and Abbott, alongside investment funds, universities, and specialized legal, engineering, and technology firms.

The Uzbek delegation included First Deputy Prime Minister Jamshid Khodjaev, Minister of Investment, Industry and Trade Laziz Kudratov, First Deputy Chairman of the Senate Sodik Safoev, and leaders of relevant ministries and agencies.

In his keynote address, Jamshid Khodjaev stated: “Why Uzbekistan? First of all, investor rights are protected by law. Business registration is streamlined, and land plots are allocated through online auctions. In recent years, our economy has nearly doubled. Last year alone, growth reached 6.5%, with foreign direct investment surpassing US$6 billion.”

“As part of our ‘Uzbekistan–2030’ strategy, we aim to raise GDP to US$200 billion, attract US$100 billion in investments, and increase exports to US$45 billion. Industrial output is growing at an average annual rate of 8%. With a regional population of 83 million, Uzbekistan offers access to markets totaling around 300 million consumers.”

“Sixty percent of our population is under 30. Over the past few years, 62 new universities have been established, including 23 international branches, increasing access to higher education from 9% to 42%.”

“Uzbekistan ranks second in the world in gold reserves and possesses substantial deposits of copper, tungsten, silver, and uranium. A bilateral intergovernmental memorandum on strategic resources has been signed with the United States.”

“The country operates 39 free economic zones offering tax incentives for up to 10 years. Our regions are equipped with modern engineering infrastructure. Uzbekistan is also a key logistics hub at the intersection of East–West and North–South transport corridors.”

The forum program featured presentations on Uzbekistan’s investment potential, G2B meetings, and discussions on expanding trade and economic cooperation, launching joint projects, and strengthening institutional ties.

AUCC Chair Carolyn Lamm, in her remarks, noted: “Uzbekistan has made a remarkable transition from a centralized economy to a market-based one. New laws now protect investments, offering legal guarantees to foreign investors. The reform strategies of 2017, the ‘New Uzbekistan’ policy of 2022, and the current ‘Uzbekistan–2030’ plan all testify to the government’s commitment to modernization.”

“We commend President Shavkat Mirziyoyev and his team for creating a favorable and stable investment environment. Anti-corruption measures have been implemented, civil servants trained, and a modern political and economic system established.”

“In 2024, GDP grew by 6.5%. Privatization has accelerated, and banks and major state-owned enterprises now operate on market principles. Reduced state intervention has stimulated economic activity.”

“Today, Uzbekistan offers vast opportunities for American investors, many of whom bring advanced technologies, safe products, and global brands—deepening mutually beneficial partnerships.”

“The U.S. State Department has also recognized Uzbekistan’s openness to foreign investment. By 2030, the country aims to join the ranks of upper-middle-income economies. AUCC fully supports this vision.”

The forum highlighted success stories of companies such as FLSmidth, New Holland Agriculture, Visa, IDCA, John Deere, and Coca-Cola in Uzbekistan.

The event reaffirmed the mutual interest of both nations in strengthening cooperation across priority sectors including green energy, food processing and agriculture, healthcare and pharmaceuticals, IT and digital infrastructure, financial technologies, industrial manufacturing, and mechanical engineering.

The 2025 Uzbekistan–U.S. Business Forum represented a key step in consolidating strategic partnership, reinforcing Uzbekistan’s role as a reliable economic and investment partner of the United States in Central Asia.