The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms & Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Uzbekistan makes a pitch for foreign investors

President Putin Addresses Supporters On Anniversary Of Annexation Of Crimea
Vladimir Putin’s decision to invade Ukraine is impacting other Central Asian countries
Photo: Getty Images

Uzbekistan promises to transform its stock and bond markets in an effort to lure much-needed capital from abroad. Roadshows, tax cuts and easing of restrictions are on the agenda as Tashkent prepares to sell off state assets. 

Uzbekistan’s officials are on a mission to reform the country’s capital markets. Their goal? To pull off a slew of privatizations, IPOs and debt issues so that by offering a wider array of stocks and bonds, they can entice foreign investors and raise much-needed funds for government coffers and to rejuvenate state and private-sector companies.

The government began working on its overall reform agenda after Shavkat Mirziyoyev was elected president in 2016. Taking charge of an economy dominated by lumbering state players, his first decisive move was to open up business and finance to the private sector.

In late 2020, the government said it would fully or partly privatize more than 620 state-owned companies and properties to turn the former Soviet republic into a more dynamic market economy. However, critics complain that the focus has been on the partial divestment of small or non-core state assets, rather than the privatization of bigger, more important companies.

Uzbekistan’s economy managed to weather the Covid-19 pandemic relatively well. It grew 1.7% in real growth terms in 2020, one of the few countries to maintain positive real growth, according to an S&P Global Ratings report. GDP growth is expected to come in at 6.5%

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?


Jonathan Breen is a contributing editor for Asiamoney, based in Hong Kong. He is also equities editor for GlobalCapital Asia, a sister publication.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree