PwC has prepared the Guide to Investing in Uzbekistan 2026, which was released for the fifth anniversary of the Tashkent International Investment Forum. This document provides a detailed overview of the investment climate, ongoing reforms, priority sectors, tax system, and general business conditions in Uzbekistan.
Macroeconomic Indicators and Economy
The guide presents key macroeconomic data. It notes that industrial production reached $87.5 billion in 2025, and foreign trade turnover amounted to $81.2 billion. As of April 2025, international reserves stood at $68.99 billion. The unemployment rate is registered at 4.8%, and the ratio of public debt to GDP is 31.9%.
Priority Sectors of the Economy
A significant part of the guide is dedicated to priority directions for economic development. In the energy sector, Uzbekistan aims to achieve a renewable generation capacity of 25 GW and increase the share of this generation in total consumption to 54%. The existing project portfolio is estimated at approximately 30 GW. Investors are offered long-term purchase contracts for up to 25 years, denominated or pegged to the US dollar.
The agro-industrial complex, which accounts for 17% of GDP and has a market volume of about $43 billion, is supported by a state aid package worth $2.6 billion. This package includes subsidies, tax incentives, and state crop insurance. In January 2026, fruit and vegetable exports showed a growth of 21.6% compared to the previous year.
Digital Transformation and Finance
In the field of the digital economy and ICT, the market volume reached $6.3 billion in 2025, showing a year-on-year growth of 40%. The IT sector is highlighted as a key area of focus: residents of the IT Park benefit from a zero corporate income tax rate until 2040. The guide also covers the DataVolt project, which signed a memorandum of intent to build up to 500 MW with initial financing of $150 million, as well as the planned privatization of mobile operator Mobiuz with a target valuation of $300 million.
Regarding the financial sector, fintech development is noted. TBC Bank has formed a digital ecosystem with 21 million users, and Uzum reached a valuation of $2.3 billion with the participation of Tencent and VR Capital. In March 2026, the Islamic banking law came into force, establishing a full regulatory framework for this sector.
Infrastructure and Taxation
The Tashkent International Financial Centre (TIFC) is developing in parallel, operating on common English law and having a preferential tax regime. According to forecasts, TIFC will attract $20 to $25 billion by 2030 and create 15,000 highly qualified jobs.
The guide details the tax system. The standard corporate income tax rate is 15% (the rate is higher—20%—for banks, mobile operators, shopping centers, and polyethylene granule producers). VAT is set at 12%, and personal and social taxes are also 12%. The withholding tax on dividends and interest is 10%, and on royalties and rent—20%; these rates can be reduced under double taxation avoidance agreements.
The infrastructure section mentions the New City of Tashkent project, modernization of the national airport network, and the construction and reconstruction of 61,500 km of roads by 2030. The total portfolio of public-private partnerships and privatizations until 2030 is estimated at $30 billion.
