Rich in hydrocarbons, gold and cotton, a new HKTDC Research profile shows a reforming Central Asian economy widening its links across Asia and the wider world — from Belt and Road connectivity to a looming WTO accession
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Uzbekistan, Central Asia’s most populous country with more than 36 million people, is pitching itself as a hinge between Asia and Europe — a role its Silk Road history has long supported, and one it is now formalising through trade reform, foreign investment and global institutional ties. Underpinning that ambition, per the HKTDC profile, is a diverse resource base — hydrocarbons, gold and cotton — that positions Uzbekistan as an entry point for businesses eyeing the wider Central Asian market. The country’s growth, trade and investment data suggest this ambition is backed by real momentum.
A Silk Road hub with a Belt and Road role
The profile frames Uzbekistan in explicitly Asian and global terms: bordering every other Central Asian country, it has long served as a primary trade, cultural and innovation hub along the Silk Road, and continues that role today as a Belt and Road Initiative partner facilitating connectivity between Asia and Europe.
Growth outpacing much of the world
Uzbekistan’s economy has grown more than 5% every year since 2017, according to the report, accelerating to 7.7% real GDP growth in 2025. The IMF’s April 2026 estimate points to further expansion of 6.5% in 2026, driven by private consumption, higher investment and elevated gold prices — outpacing most advanced economies and many regional peers. Inflation is expected to ease from 8.8% in 2025 to 7.0% in 2026 as the central bank pursues a 5% target.
Global trade footprint and a fast-approaching WTO milestone
Uzbekistan’s merchandise trade reached US$65.4 billion in 2025, alongside US$22.8 billion in commercial services trade — external trade equal to 57.4% of GDP. Top export markets were the UK (44.1% share) and Switzerland (19.5%), followed by the Chinese Mainland, Kazakhstan and Türkiye. On imports, the Chinese Mainland dominates with a 46.9% share, followed by Kazakhstan, Türkiye, South Korea and Germany — underscoring how closely Uzbekistan’s supply chains are tied to its Asian neighbours.
The report notes Uzbekistan has sought WTO membership since 1994 and hopes to conclude the process this year. It is already part of the Economic Cooperation Organisation, which is building a free trade area across Central Asia and the Middle East, holds EAEU observer status (granted in 2020, alongside Moldova and Cuba), and has belonged to the CIS Free Trade area since 2014. A new National Trade Facilitation Roadmap (2025–2030) — covering simplified customs, digital transformation and improved legal structures — is explicitly designed to help secure WTO accession and deepen integration into global trade flows.
A trade-agreement network spanning Asia, Europe and beyond
Of the 15 trade agreements Uzbekistan has in force, most connect it to fellow Asian economies — Kyrgyzstan, Tajikistan, Kazakhstan, Türkiye, Pakistan, Afghanistan and Turkmenistan — alongside the CIS free trade area and bilateral deals with Russia, Ukraine, Moldova, Georgia and Azerbaijan. Three more are under negotiation: an Enhanced Partnership and Cooperation Agreement with the EU, a Korea FTA, and a Shanghai Cooperation Organisation free trade agreement — pointing toward deeper ties with both East Asia and the wider Eurasian bloc. Separately, GSP treatment already gives Uzbek exports preferential access to markets including the EU and US.
Investment climate built for global capital
Since 2016, Uzbekistan has liberalised its foreign exchange market, cut bureaucratic barriers and boosted infrastructure investment, reinforced by a 2019 Investment Promotion Agency set up to support overseas investors. As of August 2026, it hosted 34 special economic zones (industrial, pharmaceutical, tourist and agricultural) and 400 small industrial zones across 14 regions.
Foreign capital has responded: inward FDI stock rose from US$11.6 billion in 2021 to US$26.0 billion in 2025, backed by 55 double taxation treaties as of January 2026. One caveat: Uzbekistan’s Corruption Perception Index ranking stood at 124th of 181 countries in 2025, little changed from 121st of 180 two years earlier — a sign institutional reform remains a work in progress.
The bottom line
Taken together, the HKTDC profile depicts a country repositioning itself within Asia’s trade architecture and the global economy: growth ahead of much of the world, an expanding web of Asian and extra-regional trade agreements, a serious WTO push, and a Belt and Road role suited to its geography. Governance rankings still lag, and trade remains concentrated among a handful of large neighbours — but the direction of travel points toward a Uzbekistan seeking a bigger seat at Asia’s, and the world’s, trading table.