Uzbekistan’s overseas investment surges 33-fold after regulatory easing

According to the Central Bank's balance of payments report, the sharp rise follows a series of regulatory changes that have made it significantly easier for Uzbek individuals and companies to invest abroad.

For comparison, direct investment by Uzbek residents in foreign assets totaled just $4.7 million in the first quarter of 2025 and $3.5 million during the same period in 2024.

At the same time, foreign direct investment into Uzbekistan amounted to $702 million in January–March 2026. While that was below the $761.7 million recorded a year earlier, it remained well above the $380.1 million reported in the first quarter of 2024.

The surge in outbound investment comes after the government abolished a long-standing approval requirement for investments in the United States.

Under a presidential decree issued on November 11, 2025, on establishing the U.S.–Uzbekistan Business and Investment Council, and a Central Bank resolution adopted on December 16, Uzbek residents no longer need government approval to invest in companies registered in the United States. The new rules took effect on January 1, 2026.

Previously, any overseas investment exceeding $10,000 required official authorization.

The regulatory changes allow Uzbek residents to transfer funds to establish companies in the United States, acquire shares or equity stakes in American businesses, and provide working capital for their own U.S. branches. Such transactions may now be carried out without quantitative restrictions, provided investors use their own funds.

Initially, the relaxed rules applied only to investments in the United States. However, the Central Bank expanded the liberalization to other countries through a separate resolution adopted on June 2.

The new rules, which will enter into force on September 17, 2026, will allow individuals to invest abroad without prior approval, provided the total amount does not exceed the equivalent of $10,000 per calendar year. Eligible investments include establishing companies overseas or purchasing shares in foreign businesses.

The resolution also raises the limits for corporate investments abroad. Companies without state ownership will be permitted to invest up to $200,000 annually in foreign businesses, establish overseas branches, representative offices, and trading houses without obtaining separate approval. For companies with state ownership, the annual limit has been set at $100,000.

In addition, privately owned companies will be allowed to transfer up to $100,000 each year to finance the working capital needs of their foreign branches and representative offices, while the limit for state-owned enterprises has been set at $50,000.