PwC Releases Uzbekistan Investment Guide for 5th TMIF

Tashkent, Uzbekistan (UzDaily.uz) — For the fifth anniversary of the Tashkent International Investment Forum, PwC has prepared the Uzbekistan Investment Guide 2026, a detailed overview of the investment climate, reforms, priority sectors, the tax system, and business conditions in Uzbekistan.

The document presents key macroeconomic indicators, noting that industrial production reached US$87.5 billion in 2025, while foreign trade turnover stood at US$81.2 billion. International reserves were recorded at US$68.99 billion as of April 2025. The unemployment rate was registered at 4.8%, and the public debt-to-GDP ratio stood at 31.9%.

A significant portion of the guide is dedicated to priority sectors of the economy. In the energy sector, Uzbekistan aims to reach 25 GW of renewable generation capacity and increase its share in total consumption to 54%. The established pipeline of projects is estimated at approximately 30 GW.

Investors are offered long-term off-take contracts, typically spanning 25 years, denominated in or pegged to the US dollar. The agro-industrial complex, which accounts for 17% of GDP with a market volume of around US$43 billion, is backed by a US$2.6 billion state support package that includes subsidies, tax incentives, and state crop insurance. Fruit and vegetable exports grew by 21.6% year-on-year in January 2026.

In the digital economy and ICT sector, the market volume reached US$6.3 billion in 2025, showing a 40% year-on-year growth. The IT sector is highlighted as a key focus area, with IT Park residents benefiting from a zero percent corporate income tax rate until 2040. The guide also highlights DataVolt, which signed a memorandum of intent to construct up to 500 MW of capacity with first-phase financing totaling US$150 million, and the planned privatization of the mobile operator Mobiuz with a target valuation of US$300 million.

The section on the financial sector characterizes the development of fintech, noting that TBC Bank has formed a digital ecosystem with 21 million users, while Uzum reached a valuation of US$2.3 billion with the participation of Tencent and VR Capital. In March 2026, a law on Islamic banking entered into force, establishing a full regulatory framework for the sector.

Concurrently, the Tashkent International Financial Centre (TIFC) is being developed, operating on the basis of English common law with a preferential tax regime. According to forecasts, the TIFC will attract between US$20 billion and US$25 billion and create 15,000 highly qualified jobs by 2030.

The guide provides a detailed overview of the tax system. The standard corporate income tax rate is 15% (20% for banks, mobile operators, shopping centers, and polyethylene granule producers), VAT is 12%, while personal income tax and social tax are also set at 12% each. The withholding tax at the source for dividends and interest is 10%, and 20% for royalties and leases; these rates may be reduced under double taxation treaties.

In the infrastructure section, the guide notes the New Tashkent City projects, the modernization of the national airport network, and the construction and reconstruction of 61,500 km of roads by 2030. The total portfolio of public-private partnership and privatization projects through 2030 is estimated at US$30 billion.

The Uzbekistan Investment Guide 2026 was prepared by PwC for participants of the fifth anniversary Tashkent International Investment Forum and is addressed to international investors, the business community, and public sector representatives.