China expands investment lead in Uzbekistan as foreign enterprises surge

A report from the National Statistics Committee reveals that there were 19,490 foreign-invested companies active in the country as of May 1, 2026. This represents an addition of 1,326 businesses, or a 7.3% expansion, since the start of the year. On an annual basis, the growth is even more pronounced, with the total number of foreign enterprises surging by nearly 3,500 firms, a 21.7% increase compared to May 2025.

A clear majority of these enterprises are fully owned by international investors, with wholly foreign-owned entities climbing 26% year-on-year to reach 15,063 firms. Concurrently, the number of joint ventures has experienced steady growth, reaching 4,427 by the beginning of May.

China continues to widen its lead over other investing nations. There are currently 5,615 enterprises running with Chinese investment in Uzbekistan, reflecting an increase of 571 companies since January and a massive 44.7% surge from the 1,735 firms registered in May of last year.

By comparison, the expansion of Russian-backed firms has slowed, growing by 8.4% over the past twelve months to hit 3,308 enterprises. Despite this slower overall growth rate, Russia still holds the lead in the specific category of joint ventures, maintaining 909 co-owned businesses compared to China’s 788.

Turkey holds the third position with 2,216 firms, up by 79 since January and showing a 12.8% year-on-year increase. Kazakhstan followed a comparable growth trajectory, expanding its footprint by 13% over the year to reach 1,259 companies.

South Korean-backed businesses totaled 721, marking an 8.4% increase over the previous May and a 4% uptick since the beginning of the year. Afghanistan occupied the sixth spot with 656 companies, reflecting a 3% contraction. Azerbaijan took seventh place, emerging as one of the fastest-growing partners with 452 firms – a significant 62.6% spike compared to last year's figures.

Rounding out the top ten are Tajikistan with 437 firms (up 27.4%), the United Arab Emirates with 427 companies (up 21.3%), and India with 405 entities (up 26.5%). The United States, which previously held the tenth spot, dropped to twelfth position with 356 active firms, falling just behind Kyrgyzstan's 360 companies.

From a sectoral perspective, wholesale and retail trade remains the primary target for international capital, accounting for nearly 7,000 active companies. The manufacturing and industrial sector ranks second with 3,860 enterprises, followed by the construction industry with 1,598 firms, and the rapidly growing information technology sector with 1,536 companies.