Editing Economy of Uzbekistan (section)

== External trade and investment ==
[[File:2006Uzbekistani exports.PNG|thumb|left|Uzbekistan export destinations in 2006]]{{Update|part=section|date=April 2025}}
Since the 2017 liberalisation of the foreign exchange market, Uzbekistan has seen rapid growth in exports. Traditional export products such as gas and cotton are now kept domestically for processing. They have been replaced by a vast growth in exports in areas such as fruit,<ref>{{Cite web |url=https://east-fruit.com/en/news/uzbekistan-beats-spain-to-become-a-4-cherry-exporter-globally/ |title=Uzbekistan beats Spain to become a #4 cherry exporter globally • EastFruit |date=29 August 2022 |access-date=2022-11-29 |archive-date=2022-11-29 |archive-url=https://web.archive.org/web/20221129121725/https://east-fruit.com/en/news/uzbekistan-beats-spain-to-become-a-4-cherry-exporter-globally/ |url-status=live }}</ref> textiles<ref>{{cite web | url=https://kun.uz/en/news/2022/06/10/uzbekistan-sells-11-billion-worth-of-textiles-to-62-countries-in-four-months | title=Uzbekistan sells $1.1 billion worth of textiles to 62 countries in four months | access-date=2022-11-29 | archive-date=2023-03-21 | archive-url=https://web.archive.org/web/20230321005659/https://kun.uz/en/news/2022/06/10/uzbekistan-sells-11-billion-worth-of-textiles-to-62-countries-in-four-months | url-status=live }}</ref> and home appliances. In recent years textile export has doubled in revenue to almost US$3bn worth of goods exports.<ref>{{Cite web |url=https://intellinews.com/uzbekistan-s-multi-coloured-textile-revolution-227890/ |title=Bne IntelliNews – Uzbekistan's multi-coloured textile revolution |date=25 November 2021 |access-date=2022-11-29 |archive-date=2022-11-29 |archive-url=https://web.archive.org/web/20221129113219/https://intellinews.com/uzbekistan-s-multi-coloured-textile-revolution-227890/ |url-status=live }}</ref>  Home appliance manufacturer [[Artel Electronics|Artel]] has seen exports rise from $5.6m in 2017, to around $100m in 2021.<ref>{{cite web | url=https://emerging-europe.com/news/how-uzbekistans-opening-up-agenda-boosted-exports/ | title=How Uzbekistan's opening-up agenda boosted exports | date=3 February 2022 | access-date=29 November 2022 | archive-date=3 June 2023 | archive-url=https://web.archive.org/web/20230603155523/https://emerging-europe.com/news/how-uzbekistans-opening-up-agenda-boosted-exports/ | url-status=live }}</ref>

Before this, the system of multiple exchange rates combined with the highly regulated trade regime caused both imports and exports to drop each from about US$4.5 billion in 1996 to less than US$3 billion in 2002.<ref name=uzstat/> The success of stabilization and currency liberalization in 2003 has led to significant increases in exports and imports in recent years, although imports have increased much less rapidly: while exports had more than doubled to US$15.5 by 2011, imports had risen to US$6.5 billion only, reflecting the impact of the government's import substitution policies designed to maintain hard currency reserves. Draconian tariffs, sporadic border closures, and border crossing "fees" have a negative effect on legal imports of both consumer products and capital equipment.

Uzbekistan is a member of the [[International Monetary Fund]], [[World Bank]], [[Asian Development Bank]], and [[European Bank for Reconstruction and Development]]. It has observer status at the [[World Trade Organization]], is a member of the [[World Intellectual Property Organization]], and is a signatory to the ''[[Convention on Settlement of Investment Disputes Between States and Nationals of Other States]]'', the ''[[Paris Convention for the Protection of Industrial Property]]'', the ''[[Madrid Agreement]] on Trademarks Protection'', and the ''[[Patent Cooperation Treaty]]''. In 2002, Uzbekistan was again placed on the special "301" Watch List for lack of intellectual copyright protection.

[[File:Daewoo_gentra_2013_(2).JPG|thumb|right|Daewoo Gentra is currently a flagship of [[UzDaewooAuto]].]]
Until 2017, according to [[EBRD]] transition indicators,<ref>[http://www.ebrd.com/pubs/factsh/country/uzbek.pdf EBRD Uzbekistan Country Factsheet] {{webarchive|url=https://web.archive.org/web/20081012131235/http://www.ebrd.com/pubs/factsh/country/uzbek.pdf |date=2008-10-12 }}, 2007</ref> Uzbekistan's investment climate remains among the least favorable in the CIS, with only Belarus and Turkmenistan ranking lower. The unfavorable investment climate has caused foreign investment inflows to dwindle to a trickle. It is believed that Uzbekistan has the lowest level of [[foreign direct investment]] per capita in the CIS. Since Uzbekistan's independence, U.S. firms have invested roughly $500 million in the country, but due to declining investor confidence, harassment, and currency convertibility problems, numerous international investors have left the country or are considering leaving.<ref name=StateGov/> In 2005, the Central Bank has revoked the license of the nascent [[Biznes Bank]] citing unspecified violations of local currency exchange rules.  The revocation prompted immediate bankruptcy procedures, under which clients' deposits stay arrested for two month.  No interest was accrued during that two-month period.  In 2006, the Government of Uzbekistan forced out [[Newmont Mining Corporation]] (at the time the largest U.S. investor) from its gold mining joint venture in the [[Muruntau gold deposit|Muruntau gold mine]]. Newmont and the government resolved their dispute, but the action adversely affected Uzbekistan's image among foreign investors. The government attempted the same with British-owned Oxus Mining. Coscom, a U.S.-owned telecommunications company, involuntarily sold its stake in a joint venture to another foreign company. GM-DAT, a Korean subsidiary of [[General Motors|GM]], is the only known U.S. business to have entered Uzbekistan in over two years. It recently signed a joint-venture agreement with [[UzDaewooAuto]] to assemble Korean-manufactured cars for export and domestic sale.  Other large U.S. investors in Uzbekistan include [[Case IH]], manufacturing and servicing cotton harvesters and tractors; [[Coca-Cola]], with bottling plants in [[Tashkent]], [[Namangan]], and [[Samarkand]]; [[Texaco]], producing lubricants for sale in the Uzbek market; and [[Baker Hughes]], in oil and gas development.

In 2024, Uzbekistan’s external debt reached $64.1 billion, or 55.7% of GDP, up from 51.9% in 2023. This included both public and private liabilities, though much of the private sector; particularly banks and industrial enterprises; remained state-owned. Government debt rose to $33.9 billion (29.5% of GDP), while corporate external debt reached $30.2 billion (26.2%). The government continued to control about 65% of the banking sector and held stakes in major firms like [[UzAuto Motors]] and [[Uzbekneftegaz]]. Public debt was projected to rise to $45.1 billion (36.7% of GDP) by the end of 2025.<ref>{{Cite web |date=2025-04-01 |title=Uzbekistan's Foreign Debt Climbs to $64.1 Billion in 2024 – The Times Of Central Asia |url=https://timesca.com/uzbekistans-foreign-debt-climbs-to-64-1-billion-in-2024/ |access-date=2025-04-07 |language=en-US}}</ref>

In 2025, President [[Shavkat Mirziyoyev]] signed a law on Uzbekistan's accession to the Agreement Establishing the [[Eurasian Development Bank]] (EADB). Uzbekistan will become the seventh member of the Bank and the third largest shareholder with a 10% equity stake.<ref>https://eabr.org/en/press/news/uzbekistan-joins-the-edb-as-the-seventh-member-state-/</ref><ref>{{cite web | url=https://www.vedomosti.ru/finance/news/2025/04/10/1103652-uzbekistan-stanet | title=Узбекистан станет седьмой страной – участницей Евразийского банка развития | date=10 April 2025 }}</ref>