During TIIF2025, Uzbekistan showcased its commitment to economic modernization, investment attraction, and regional integration. Since the launch of its ambitious reform agenda in 2017, the country has made significant strides in liberalizing its economy, advancing sustainability initiatives, and strengthening global partnerships. In this exclusive interview, Ilhom Umrzakov, Deputy Minister of Economy and Finance of the Republic of Uzbekistan, discusses the nation’s key economic priorities, investment opportunities, and climate resilience strategies. He also highlights Uzbekistan’s growing role in Central Asia, particularly in trade and infrastructure development, and emphasizes the country’s efforts to create a dynamic, investor-friendly environment.

1. Mr. Umrzakov, how would you describe Uzbekistan’s main economic priorities for 2025 and beyond? What sectors are receiving the most attention from the government?

 Ilhom Umrzakov: Thank you for the question. Since the beginning of economic liberalization under President Mirziyoyev in 2017, Uzbekistan has embarked on ambitious reforms with a broad development agenda. As you know, we are following the 2030 development strategy.

By that time, we aim to become an upper-middle-income country. This is a set target, and we strongly believe in its feasibility. The President has emphasized that all measures should ultimately improve the well-being of the population.

Naturally, there are many questions about the process. However, the key metric we currently focus on is GDP per capita growth.

Since 2017, thanks to consistent and sometimes challenging reforms, the economy has doubled in size. In 2017, GDP per capita was approximately $1,700, whereas last year it reached about $3,200.

Despite facing several economic shocks, Uzbekistan’s economy has continued to grow and improve over the past seven years. Initially, the 2030 strategy aimed for GDP per capita to exceed $4,000, but last year, the target was raised to $5,000, officially placing Uzbekistan in the upper-middle-income category.

To achieve this, we must reduce the dominance of state-owned enterprises (SOEs) and empower small and medium-sized businesses, while fostering innovation, technology, and expertise. Attracting foreign direct investment (FDI) is a critical aspect of this strategy.