Uzbekistan sets GDP goal of $200 billion by 2030

Korea Herald

4 days ago

Uzbek leader envisions growth driven by economic stability, digital innovation, green energy
Korea Herald correspondent
TASHKENT, Uzbekistan -- Uzbekistan's President Shavkat Mirziyoyev on Tuesday laid out a roadmap to raise the country's GDP to $200 billion by 2030.
With an emphasis on structural reforms, digital transformation and a sustainable energy transition, the fourth edition of the Tashkent International Investment Forum was held to discuss Central Asia's growing appeal based on a modernization strategy centered on technological innovation. The forum drew about 7,500 delegates and over 3,000 international guests from 100 countries, according to the organizers.
'Our gross domestic product has doubled over the past eight years. We have now set a goal to increase it to $200 billion by 2030,' President Mirziyoyev said in his speech, underscoring financial reforms, green energy and logistics infrastructure as pillars of growth.
'In transitioning to a green economy, nearly $6 billion in foreign direct investment has been attracted in a short span,' he said, noting that electricity production has increased from 59 billion kilowatt-hours to 82 billion kilowatt-hours, and will exceed 120 billion in the next five years. "The share of green energy will rise to 54 percent," he added.
According to the Asian Development Bank's outlook for April 2025, Uzbekistan's GDP is expected to reach 6.7 percent growth in 2026. The World Bank forecasts 5.8 percent growth for Uzbekistan in 2025 and 5.9 percent in 2026 — among the highest rates in Europe and Central Asia.
The projections align with Uzbekistan's 2030 National Development Strategy to achieve upper-middle-income status by 2030.
The president announced a $4 billion investment to upgrade the national power grid and the launch of a 'Green Uzbekistan' climate investment platform, marking the country's entry into the global carbon market this year.
He highlighted the rise of Uzbekistan's digital economy, noting that IT exports will reach $1 billion this year, with the goal of quintupling that figure by 2030.
'Last year, two local startups exceeded $1 billion in capitalization. We are committed to increasing the number of such unicorns,' Mirziyoyev said, referring to proposals to build 20 data centers in the next five years and launch a national cloud platform in 2026.
Uzbekistan will create a financial stability council and strengthen cybersecurity and fintech, Mirziyoyev said.
He said that 'Metals of the Future' tech parks will offer 10-year tax breaks to firms that move to harness the country's estimated $3 trillion in mineral wealth.
A new 'national regime' will ensure equal treatment for foreign investors, offering streamlined services and safeguards, according to the president.
'These measures aim to raise Uzbekistan's credit rating to 'investment grade' by 2030,' explained Mirziyoyev, emphasizing that 29 state-owned enterprises will be privatized over the next two years with international consultancy support.
Uzbekistan's reform momentum is already being recognized internationally. S&P Global upgraded its credit outlook to 'positive,' and growth forecasts remain among the highest in the region: 6.7 percent by 2026 (ADB) and 5.9 percent by 2026 (World Bank).
'We've improved by 48 positions in the Index of Economic Freedom, and by 28 positions in Harvard's Economic Complexity Index,' Mirziyoyev noted.
'All doors are open to you in our country. We have an open state and hardworking people ready for cooperation — and laws that protect your activity.'
'Do come to Uzbekistan — this is the best time and the best market. Uzbekistan holds a lot of promise for investors.'
Elena Son, executive director of the American-Uzbekistan Chamber of Commerce, told The Korea Herald: 'This is a government that supports reform, wants to listen and learn from investors. We, as American businesses, fully support these reforms.'
Son, as an ethnic Korean, said she also welcomes Korean investors.
'Korea and Uzbekistan share deep cultural ties, and Korea's developmental experience offers many lessons Uzbekistan can benefit from.'
'I don't see many opportunities in Central Asia — but I see them in Uzbekistan,' said Jim Rogers, chairman of Beeland Interests, Inc.
Responding to a question from The Korea Herald, Rogers said that Korea and Uzbekistan have histories of engaging successfully with the rest of the world.
'You Koreans need to find the smart companies and people in Uzbekistan,' said Rogers, suggesting that Korean investors connect with those in the country who are ready to engage globally.
'Somebody's doing something right here (in Uzbekistan),' said Rogers in a session with journalist Richard Quest from CNN.
'The world is divided between those who accomplish things and those who merely claim to. Let us be in the first group — together," said Slovak Prime Minister Robert Fico, praising Uzbekistan's reform efforts.
Bulgarian President Rumen Radev also affirmed that Uzbekistan plays a critical role regionally and globally.
'We're ready to assist in developing its energy sectors and leveraging its natural resources responsibly," said Radev.
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