Russia Tops in Setting up New Enterprises in Uzbekistan in Q1 2023
Russian investments in Uzbekistan seem to be thriving as the country established the most new enterprises in the Central Asian nation compared to any other country from January to March this year. Data from Uzbekistan’s Statistics Agency shows that 243 new ventures were created by Russians during the reporting period. This is followed by 118 new enterprises with Chinese capital and 67 with Turkish capital.
Other countries on the list include Kazakhstan with 57 enterprises, South Korea with 28, Tajikistan with 18, Kyrgyzstan with 16, and Turkmenistan with 14. Meanwhile, the United States came in with 11 new enterprises, while Germany established 10. The remaining 177 new companies in Uzbekistan can be attributed to various other countries.
The growth in new enterprises is promising for Uzbekistan’s economy, which aims to attract more foreign investment in various sectors like agriculture, energy, finance, and technology. The country has made significant reforms to improve its investment climate, including tax breaks and simplifying customs procedures. It opened up its stock exchange to foreign investors, allowing them to purchase shares in companies listed there.
Russian companies are becoming increasingly active in Uzbekistan, with investments in oil and gas, agriculture, and other sectors. Last year, Russian oil company LUKOIL opened a new gas field in the country, while Uzbekistan’s national airline, Uzbekistan Airways, ordered four Russian-made Sukhoi Superjet 100 airliners.
The latest figures on new enterprises highlight Russia’s growing influence in the Uzbekistan market. It indicates that the two countries share a strong economic relationship, which bodes well for business growth and investment in the future.
