Why Business is Moving to Tashkent: Uzbekistan's Economy You Need to Know About
Just ten years ago, Tashkent was rarely mentioned in conversations about business trips to Central Asia. Today, the picture has changed dramatically: international companies are opening offices, investors are seeking entry points, and business delegations arrive one after another. Behind this transformation stand concrete numbers and concrete reasons. In this article, we'll analyze what's happening with Uzbekistan's economy, why Tashkent is becoming the region's business hub, and what it means for those who meet and work here.
The Numbers That Explain Everything
In 2025, Uzbekistan's GDP grew by 7.7% and exceeded $147 billion. This is a record indicator—even higher than the 2021 peak when growth was 7.4%.
For comparison: the world economy grows by an average of 3% per year. Uzbekistan is growing more than twice as fast.
What's behind these numbers:
- Foreign investments reached $43.1 billion—a historic record, up 46.9% year-over-year
- The number of companies with foreign capital grew by 22%—to 18,164
- Real incomes rose by 9.2%
- Unemployment fell to 4.9%
- Foreign trade turnover reached $81.2 billion—up 20.7%
For 2026, the forecast predicts GDP growth of 6.6% and the attraction of $50 billion in foreign investments. Over a five-year horizon, the goal is $180 billion in investments and one million new jobs.
This isn't a spike. This is a sustained trend.
Why Now
Reforms That Opened the Country
Before 2017, Uzbekistan was one of the most closed economies in the post-Soviet space. Strict currency controls, limited access for foreign business, minimal tourist flow.
After the change in leadership, the country began systematic reforms: currency market liberalization, simplified business registration, open borders, large-scale privatization. The result was immediate—business went where the rules of the game became clear.
Population and Market
Uzbekistan is the most populous country in Central Asia: 37+ million people, with more than half under 30 years old. It's a growing consumer market with a young workforce and a rapidly developing middle class.
For companies thinking about long-term presence in the region—this is fundamental. Neighboring markets are smaller. Kazakhstan has 20 million people. Kyrgyzstan has 7 million. Uzbekistan operates at a different scale.
Geopolitical Position
Tashkent is located in the center of Central Asia—between Russia, China, Europe, and the Middle East. After 2022, when some trade routes were rerouted, Uzbekistan's importance as a transit hub grew significantly.
Companies looking for alternative supply routes and new markets are watching Tashkent as a logistics hub.
Who's Already Here
Over the past few years, Uzbekistan has seen the arrival or significant expansion of:
International hotel chains: Hilton, Hyatt, Marriott, Wyndham, InterContinental—global brands came where business traffic exists
Technology companies: major IT firms opened development offices attracted by qualified talent and tax incentives
Financial sector: international banks and payment systems are actively entering the market
Retail and FMCG: global brands are opening offices and seeking distributors
Consulting: the Big Four and international law firms are increasing their presence
Each of these companies brings expats, hosts delegations, conducts negotiations, and organizes corporate events. This creates direct demand for the city's business infrastructure.
What This Means for Business Meetings in Tashkent
Economic growth directly changes the character of the city's business life.
More foreign partners. 18,000+ companies with foreign capital means thousands of managers and directors who regularly fly to Tashkent. They need restaurants with English menus, hotels with conference rooms, places where it's comfortable to meet.
Higher standards. International business raises the bar. Establishments working with corporate clients must measure up—service, speed, quality. This improves Tashkent's business infrastructure for everyone.
More formats. Five years ago, options were limited: a handful of restaurants, a couple of hotels. Today, the city has rooftop restaurants, concept bars, coworking spaces with meeting rooms, and lobby bars in five-star hotels. The market is responding to demand.
More expensive but better. The average check in Tashkent's premium venues has risen. This is the flip side of growth—but also a signal that the audience is willing to pay for quality.
Tashkent vs Other Regional Cities
Why Tashkent over Almaty or Baku?
Almaty—a strong competitor with developed infrastructure. But Kazakhstan is smaller in population and the economy is more dependent on oil. Uzbekistan is more diversified.
Baku—a wealthy oil city but a smaller market. Azerbaijan with a population of 10 million can't compare to the Uzbek market in scale.
Tbilisi—popular among IT and startups but the economy is incomparable in size.
Tashkent wins on a combination: market size + growth rate + entry cost. It's still cheaper to open and operate here than in Almaty or Baku—but infrastructure is already sufficiently developed.
Who This Matters to Right Now
If you're a local entrepreneur—a growing economy means more potential partners and clients. Foreign companies entering the market are looking for local partners. Business relationships you build today are assets for years to come.
If you're a foreign businessman—now is the optimal time to enter. The market is growing but not yet overheated. Competition is lower than it will be in five years. Entry costs are reasonable.
If you organize corporate events—demand for quality venues in Tashkent is growing faster than supply. Knowledge of the city's best locations is becoming a competitive advantage.
What's Next
The World Bank improved its forecast for Uzbekistan in 2026—growth of 6.4-6.6% is expected. The foreign investment target is $50 billion per year.
This means the flow of business visits to Tashkent will only increase. More negotiations, more delegations, more corporate events. The city's business infrastructure—restaurants, hotels, coworking spaces—will develop in response to demand.
Tashkent in 2026 is not an exotic destination for adventurers. It's a working point on the map of international business.
Frequently Asked Questions
How easy is it for a foreigner to start a business in Uzbekistan? Registration procedures have been simplified—basic steps can be completed in several days. For serious market entry, you need a local legal consultant who knows the specifics. Tax incentives for certain sectors are significant.
Which sectors are growing fastest? The service sector grew 8.5% in 2025—the largest contributor to GDP. IT, tourism, construction, and the financial sector are also growing actively. This is where business traffic is greatest right now.
Is it safe to do business in Uzbekistan? Uzbekistan is a politically stable country with a low crime rate. The legal system continues to reform. Risks exist as with any developing market—but they are manageable with proper preparation.
Do I need a visa for a business trip to Tashkent? Citizens of most CIS countries enter without a visa. For citizens of Europe, the USA, and many other countries, an electronic visa is available—processed online in 3-5 days. Uzbekistan has significantly simplified its visa regime in recent years.