TBC Group’s Chief Economist Otar Nadaraia highlights Uzbekistan’s high and stable economic growth as a key factor making the country attractive for investors. He notes that, unlike other countries in the region, Uzbekistan has maintained growth even during regional crises, such as the 2014–2016 economic downturn and the COVID-19 pandemic, due to its diversified export base, including gold and other commodities.
Nadaraia emphasizes that economic stability and predictability are as important as growth itself. While countries like Kazakhstan are heavily dependent on oil prices, Uzbekistan’s economy is more balanced, reducing exposure to external shocks. This makes it more resilient and appealing for long-term investments.
Another factor is the country’s openness to business. Government officials and decision-makers are receptive to new investments across multiple sectors, not just banking, creating a favorable environment for foreign and domestic investors. Indicators such as declining government bond yields suggest lower risk perception, which gradually benefits private-sector investment and capital costs.
Regarding timing, Nadaraia believes that this “window of opportunity” for investors may last one to two years, as interest in Uzbekistan grows. He stresses that the trend of a strengthening or stable Uzbek national currency is not temporary, further supporting confidence in the country’s investment climate.
