6,436 companies from China: Nearly one in three foreign companies in Uzbekistan is Chinese
Central Asia Column “Steppe Ahead”
There are 6,436 companies with Chinese capital operating in Uzbekistan, accounting for 29.9% of all foreign companies in the country. As of September 1, the National Statistics Office in Tashkent counted 21,490 companies with foreign ownership, the Uzbek news portal Kun.uz reported on September 24. Russia follows far behind with 3,589 companies, while Turkey accounts for 2,365. Within five years, the number of foreign companies in Uzbekistan has increased by a factor of 1.7.
China is growing faster than all other investors
The pace of growth is unevenly distributed. As of July 1, the Statistics Office reported 20,502 active companies with foreign capital, an increase of 22.9% over the previous year, according to the Uzbek business portal Spot. Chinese companies saw a 44.5% increase. Russian companies grew by only 11.5%, and Turkish companies by 14.3%. At the beginning of January, there were 5,044 Chinese companies in the registry; by September 1, that number had risen to 6,436. That represents a 28% increase over eight months, according to calculations by the Uzbek analysis portal Anhor. In August alone, 195 Chinese companies were added, accounting for nearly 40% of all 517 new entries that month.
Behind the three largest investors comes Kazakhstan with 1,345 companies, followed by South Korea with 739. Noteworthy is the sixth-place ranking: Afghanistan already accounts for 725 companies—more than Azerbaijan, Tajikistan, or the United Arab Emirates. According to Spot, Pakistan recorded the highest growth among the larger countries of origin—91% year-over-year—and now has 325 companies. Russia holds its own in a niche market: According to Spot, it leads in joint ventures with 941 investments, while Chinese investors mostly establish companies that are wholly owned.
Trade Dominates, IT Overtakes Construction
A look at the sectors reveals where the capital is flowing. A good third of all foreign companies trade in goods: According to the Russian-language portal Novosti Uzbekistana (Nuz.uz), the number of trading companies rose from 6,053 to 7,637 within a year. Manufacturing follows with around 4,000 companies. In the IT sector, Spot counted 1,690 foreign companies as of mid-year—surpassing the construction sector for the first time. At the same time, the ownership structure is shifting: 16,732 of the 21,490 companies are wholly owned by foreign owners; only 4,758 are joint ventures. Five years ago, the share of wholly foreign-owned companies stood at 56.2%; today it is 77.9%. Investors are thus increasingly operating without local partners.
Regionally, the picture remains lopsided. According to Nuz.uz, 62.4% of all foreign companies are located in the capital, Tashkent, with another 13.9% in the surrounding Tashkent region. The Samarkand and Fergana regions together account for less than 7%. Roughly three-quarters of foreign companies are thus concentrated in the greater Tashkent area.
Chinese Capital Skewed Toward Trade
Behind the corporate figures lies a growing influx of capital. “Since the beginning of the year, bilateral trade has exceeded $6 billion, while Chinese direct investment in Uzbekistan has surpassed $8 billion,” President Shavkat Mirziyoyev said in June, according to the regional business newspaper Times of Central Asia. According to Anhor, cumulative Chinese investments now total $17 billion—five times as much as in 2021. This is evident in projects such as the BYD car plant in Jizzakh, with an initial investment of $160 million and a target production capacity of 500,000 vehicles by 2027, an electric bus factory in Fergana costing $170 million, and over 30 energy projects totaling more than $9 billion.
The flip side is reflected in the trade balance. According to Anhor, from January through July, Uzbekistan imported $9.6 billion worth of goods from China but exported only $1.7 billion worth to that country. For every dollar of exports, there are 5.6 dollars in imports. Machinery and transportation equipment make up the largest share: according to Anhor, they accounted for about 34% of Uzbekistan’s total imports in 2025. In return, Uzbekistan primarily exports natural gas and agricultural products such as dried fruits. These exports cannot offset the equipment imports, which run into the billions, the portal reports. According to the Azerbaijani news agency Trend, both governments are aiming for bilateral trade of $30 billion, up from about $18 billion the previous year. On September 24, the EBRD raised its growth forecast for Uzbekistan to 7.5% for 2026; for 2027, it expects 6%. According to the EBRD, the economy grew by 8.5% year-over-year in the first half of the year, driven by services, industry, and robust investment. The bank forecasts 5.8% growth for Central Asia as a whole in 2026. It cites weaker demand from key trading partners and falling commodity prices as risks. The open question is: Will Chinese trading firms become producers adding local value, or will the influx merely deepen the deficit? The answer will determine whether Uzbekistan reaps more from the investment boom than it spends on imports.
Source: Kun.uz, Times of Central Asia, EBRD, Trend (EN) Spot, Anhor, Nuz.uz (RU)