Population: 34.92 million (2021) World Bank
Currency: Uzbek Soum (UZS)
Time: UTC+5 (UZT)
- Uzbekistan is the most populous country in Central Asia and has a rapidly growing population.
- It was the first country admitted to the UK’s Enhanced Framework GSP, which is our preferential trade agreement.
- The country made significant moves towards renewable energy and reducing CO2 emissions.
- The Government has set a target of developing 12GW+ of renewable energy by 2030 and is looking to modernise the grid. There are great opportunities for UK engineering and procurement businesses and renewable energy solutions suppliers.
- Uzbekistan is home to over 35 million people, 55% of whom are under 30. The level of proficiency in English is growing, and a reform of the regulatory framework is in place.
- Uzbek private and State educational establishments and the rapidly growing number of private schools are all particularly interested in partnerships with UK businesses and institutions.
Financial and Professional Services
- Uzbekistan is undertaking ambitious reforms in the financial sector.
- The government plans to privatise 75% of their state assets (around 2000 businesses) by the end of 2025, as well as a number of State banks, with 15 enterprises of strategic importance being prepared for IPO/SPO.
- These reforms are a great opportunity for professional service providers, such as financial advisors, ESG and management consulting firms, audit and legal organisations, and investment banks.
- The London Stock Exchange has been successful in issuing Uzbekistan sovereign bonds and Eurobonds of the National Bank of Uzbekistan and other banks, with many more opportunities ahead.
To learn more about the UK’s trade relationship with Uzbekistan, visit hereopens www.gov.uk in a new tab and contact EECAN.ExportHub@fcdo.gov.uk to discuss the opportunities in the region.