According to the Eurasian Development Bank (EDB) report titled 'Architecture of Industrial Transformation in Developing Economies,' the share of the manufacturing industry in Uzbekistan's gross domestic product reached a historic level of 20.2% in 2024.
The report notes that Uzbekistan ranks 83rd in the UNIDO Industrial Competitiveness Index but demonstrates a more dynamic phase of industrial growth compared to other countries in the region. However, the export of high and medium value-added products per capita in the country remains significantly lower than the figures for Russia, Belarus, and Kazakhstan.
Bank analysts categorize Uzbekistan among countries with an extensive resource base and growing domestic demand, alongside Kazakhstan. Uzbekistan's resource profile includes natural gas, gold, copper, uranium, cotton, agricultural resources, and mineral raw materials.
Unlike Kazakhstan, where the mineral base, oil, and gas dominate, the report indicates that Uzbekistan's starting point is more related to a combination of an agrarian base, textile traditions, a growing domestic market, and increasing industrial employment.
The country's industry is based on the production of textiles, chemicals, pulp and paper products, food processing, metallurgy, as well as certain segments of mechanical engineering and electrical engineering.
According to the report, for most of Uzbekistan's production modules, the transition from the stage of forming an industrial base to the stage of an industrial platform is relevant. This implies the development of infrastructure, professional skills, standards, and suppliers. Nevertheless, in some areas, the country is already ready to deepen elements of the industrial platform and develop target functions of the knowledge economy.
The report identifies priority industrial directions for Uzbekistan: chemistry and polymers, industrial machinery, food and agro-processing, transport components, agricultural and irrigation equipment, fertilizers and agrochemicals, technical textiles, electrical engineering, pharmaceuticals, and metallurgy. The authors describe the country's potential specialization as more diversified and oriented towards labor, markets, and agriculture compared to Kazakhstan.
It is noted that about 53% of Uzbekistan's second-stage processed product sales are directed to the Eurasian region. Furthermore, according to a previous EDB scenario, the total potential for additional annual production volume for Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan from the development of high value-added chemistry, mechanical engineering, metallurgy, and food processing is estimated at approximately 57 billion US dollars, which accounts for about 13% of their 2019 volume.
Among the development institutions that can finance industrial sites, quality infrastructure, and pilot production facilities, the report names the Reconstruction and Development Fund of Uzbekistan.
