Chinese firms outpace Russian ventures in Uzbekistan’s market growth

As of December 1, Uzbekistan had 15,450 foreign-invested companies, reflecting an increase of 888 firms in three months and 2,097 (15.7%) year-on-year. However, the total remains slightly below the December 2022 figure of 15,497 companies.

China now leads the list with 3,372 companies, adding 390 new firms this autumn alone. For comparison, Russia holds the second position with 3,067 companies, but the growth was modest at just 61 over the same period.

The growth rate for Chinese-funded companies accelerated notably between September and November:

•  123 companies were added in September,
•  171 in October,
•  96 in November.

In contrast, Russian-funded enterprises increased by:

•  20 in September,
•  34 in October,
•  7 in November.

Over the past year leading up to September, the number of Russian-backed firms grew by 157, whereas Chinese-backed firms surged by 1,053.

Turkey retained its position in third place with 1,922 companies, marking an increase of 86 over the past three months. Of these, nearly 49 were established in October. Kazakhstan follows with 1,098 companies, adding 28 new firms in the same period. South Korea rounds out the top five with 690 companies, reflecting a growth of 20 since September, with 15 added in October.

Other notable countries include:

•  UAE with 337 companies,
•  Tajikistan with 334 (+32),
•  India with 322,
•  USA with 312 (+7),
•  Kyrgyzstan with 300 (+23).

Tashkent remains the top location for foreign-invested enterprises, hosting more than 10,000 companies. It is followed by:

•  Tashkent region (1,810 companies),
•  Samarkand region (604),
•  Surkhandarya region (496).

The majority of foreign and joint ventures operate in the trade sector (5,526 companies), followed by industrial enterprises (3,343 companies). Additionally, more than 1,000 firms specialize in communication and IT.