2025/12/22 US$55 Billion Investment Milestone Marks Deepening Uzbekistan–Russia Economic Integration

In early December’s meeting of the Russia-Uzbekistan Intergovernmental Commission on Economic Cooperation in Tashkent has illustrated that the two countries are rapidly deepening their economic partnership and achieving new historic milestones in trade, investment, and industrial cooperation. Significant capital investments are being made.

Co-chaired by Uzbekistan’s Deputy Prime Minister Jamshid Khodjaev and Russian First Deputy Prime Minister Denis Manturov, Khodjaev announced that the total portfolio of joint investment projects has surpassed US$55 billion. To put that into context, that is about 3.5 times more than the total mutual investments between the United Kingdom and China.

This milestone reflects unprecedented confidence in the long-term strategic trade and investment alignment between the two economies. It marks not only the highest level of bilateral investment cooperation in the modern history of Uzbek-Russian relations but also enshrines the economic partnership as one of the most dynamic in the entire Eurasian region.

According to Khodjaev, Uzbekistan expects to absorb more than US$5 billion in Russian investment by 2026, with US$4 billion already utilized as of late 2025. Manturov, during his working visit to Tashkent, also met with President Shavkat Mirziyoyev and discussed the accelerated implementation of joint projects in key sectors of the economy. His participation in the Russian-Uzbek Business Forum highlighted Moscow’s commitment to deepening pragmatic, sector-focused cooperation. Manturov’s presence signalled that bilateral investments are moving decisively from declarations toward concrete representations, representing nearly 50% of the entire Central Asian population, while structural reforms are aimed at attracting foreign capital.

In this context, Russia has secured its place as one of the primary partners in Uzbekistan’s modernization agenda. This qualitative expansion of human resources creates significant opportunities for Russian companies to trade with and invest in Uzbekistan, as a more skilled and prosperous population drives demand across consumer markets. Developing human capital will also be essential for advancing agro-industrial, technological, and manufacturing cooperation, ensuring that both countries benefit from a stronger, higher-quality workforce. In this regard, the $55 billion portfolio of investment projects serves as a powerful lifeline for the Uzbek economy, driving modernization, industrial growth, and long-term competitiveness.

Khodjaev emphasized that the investment portfolio provides a “solid foundation for new production capacities, employment growth, and increased tax revenues.” Today, over 3,100 Russian-capitalized enterprises operate in Uzbekistan, including 300 new companies launched in the past year, representing nearly 20% of all foreign-owned enterprises in the country. Russian investment in Uzbekistan has already reached about US$4 billion, underscoring steady confidence in the country’s reform-driven growth trajectory. Tashkent is positioning itself as one of Eurasia’s most attractive destinations for long-term Russian capital. This will yield tangible returns in the form of new production facilities, jobs, and tax revenues. On the Russian side, Denis Manturov stressed that the two countries must “ensure the full implementation of the US$55 billion investment package,” underscoring that industrial cooperation has become the central driver of bilateral growth.