Tashkent, Uzbekistan (UzDaily.uz) — Logistics, tourism and pharmaceuticals have significant potential to attract private investment in Uzbekistan, according to the International Finance Corporation (IFC).
With the necessary reforms, the sectors could attract billions of dollars in capital and contribute to the creation of hundreds of thousands of jobs.
The findings were outlined in an article by Lisa Kaestner, IFC Division Director for Türkiye, Kazakhstan and Uzbekistan, published on 29 September 2026. The article presents findings from the World Bank Group’s Country Private Sector Diagnostic (CPSD) for Uzbekistan.
According to Kaestner, Uzbekistan has made significant progress in economic reforms over the past eight years. The CPSD identifies sectors where private capital could play a substantial role while addressing remaining regulatory and infrastructure constraints.
In logistics, the potential is linked primarily to Uzbekistan’s geographical position along the emerging Middle Corridor between China and Europe. With the necessary reforms, the sector could attract around US$1 billion in private investment and create approximately 100,000 direct and indirect jobs by 2030.
A major constraint remains the shortage of modern warehouse infrastructure. Uzbekistan has 513,000 square meters of certified Class A warehouse space, compared with estimated demand of 4.1 million square meters. Logistics costs are also 15–25% higher than on leading Eurasian routes.
The article says attracting investors will require more transparent land allocation rules, improved permitting procedures, digital systems and logistics infrastructure.
In tourism, the number of foreign and other tourist arrivals increased from 1 million in 2016 to 11.7 million in 2025.
The government aims to raise this figure to 20 million by 2030.
However, according to the analysis, further development of the sector requires a shift from focusing solely on the number of tourists toward increasing the economic returns generated by each tourism product. Standardized land-lease rules, secure usage rights and professional management of tourism facilities could support the development of hotels, adaptive reuse projects for historic buildings, as well as nature and adventure tourism.
Private investment potential in tourism is estimated at up to US$4.2 billion by 2030. The sector is also expected to create up to 180,000 direct and indirect jobs.
Pharmaceuticals represent another area of opportunity. Uzbekistan’s pharmaceutical market is estimated at around US$2 billion, with more than 85% of products supplied through imports.
By harmonizing quality standards and regulations with international requirements, Uzbekistan could expand domestic production and increase the sector’s export potential. Estimated investment potential stands at US$108–189 million.
The development of pharmaceutical manufacturing is expected to create between 11,700 and 20,400 highly skilled jobs.
Measures identified in the article include developing bioequivalence research, improving Good Manufacturing Practice (GMP) standards and requirements for active pharmaceutical ingredients, and strengthening the national testing system.
Further priorities include digitalizing registration and serialization processes, harmonizing standards and strengthening enforcement.
Kaestner noted that the three sectors do not exhaust Uzbekistan’s investment potential. A common condition for their development is an industry and broader economic environment in which private companies can invest, compete, expand and enter foreign markets.
According to the article, the World Bank Group is ready to support Uzbekistan in implementing measures to remove barriers to private investment and developing markets that create conditions for investors and the country’s economy.
