New Industrial Strategy Could Bring Uzbekistan Over US$15 Billion Annually — EDB Report

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s economy could receive over US$15 billion annually thanks to a new industrial strategy, according to a report by the Eurasian Development Bank (EDB).

The analytical report, “Potential for High-Value-Added Industrial Development in the Eurasian Region”, notes that Uzbekistan has exceptionally high potential for expanding industrial exports. Experts estimate that annual growth in the export of the country’s manufacturing products could reach US$3.86 billion, equivalent to a 26% increase.

By this measure, Uzbekistan is comparable to Kyrgyzstan (28%) and Armenia (25%) and significantly outpaces the major economies of the region, including Russia, Belarus, and Kazakhstan, which are projected to see more moderate growth of 12–17%.

The basis for this optimistic forecast is the strategic shift of the economy from raw material exports to the production of higher-stage processed goods with high added value. This approach involves deepening domestic production chains and producing more technologically advanced products.

EDB experts highlight that the industrial transformation will lead to structural changes in exports, increasing the share of mechanical engineering, the chemical industry, and other high-tech sectors. This will create new areas of specialization and sustainable sources of foreign currency revenue for the budget, reducing dependence on fluctuations in raw material prices.

Taking into account export growth, import substitution opportunities, and the overall increase in production output, the cumulative economic effect for the country could exceed US$15 billion annually. Furthermore, realizing the industrial potential could stimulate total production growth by 17%, laying the foundation for accelerated industrialization and strengthening Uzbekistan’s economic and political position in the region.

The report also emphasizes that Uzbekistan is home to one of the world’s largest open-pit gold mines, Muruntau, which serves as a key source of gold, as well as significant quantities of silver, platinum, and palladium, playing an important role in the country’s industrial sector.