Uzbekistan, Georgia strengthen investment partnership

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan and Georgia are strengthening their economic partnership following a bilateral business forum held in Tbilisi to expand trade, investment, and industrial cooperation.

The event took place ahead of the first official visit by the President of Uzbekistan to Georgia in 23 years.

Uzbekistan Minister of Investments, Industry and Trade Laziz Kudratov and Georgian Minister of Economy and Sustainable Development Mariam Kvrivishvili delivered opening remarks at the forum.

The event drew approximately 300 representatives from government agencies, financial institutions, free industrial zones, industry associations, consulting firms, and businesses from both nations. Georgian participants included Poti Free Industrial Zone, Tbilisi Free Zone, Hualing Free Industrial Zone, TBC Bank, Bank of Georgia, PwC, Grant Thornton, Maersk, Aramex Georgia, Softgen, DataMind, GM Pharmaceuticals, and Aversi-Rational, alongside companies from the logistics, energy, construction, pharmaceuticals, information technology, tourism, hospitality, agriculture, and food sectors.

During the forum, officials presented key indicators of Uzbekistan's economic development, noting that the country's economy has doubled since 2017, with gross domestic product growing by 7.7% in 2025. The number of enterprises with foreign capital in Uzbekistan also rose from about 4,000 in 2017 to 20,000 at present.

Bilateral trade reached US$268 million in 2025. The two sides reaffirmed their commitment to increasing this figure to US$1 billion while expanding industrial cooperation, joint investments, manufacturing projects, and collaboration in third-country markets.

Transport and logistics formed a key focus of the discussions. Participants explored ways to more effectively utilize the potential of the Middle Corridor, Georgia's role as an outlet for Uzbekistan to the Black Sea and European markets, and a project to establish a trade, logistics, and manufacturing hub in the Poti Free Industrial Zone.

The two countries also announced plans to adopt an industrial cooperation program running through 2027 to serve as a practical foundation for joint manufacturing and investment initiatives.

Promising areas for cooperation include pharmaceuticals, agribusiness, energy, the electrical industry, and digital services. Georgian companies were invited to consider establishing manufacturing facilities in Uzbekistan, including within the Tashkent Pharma Park innovation cluster, to access Central Asian markets.

In the information technology sector, discussions covered fintech, e-commerce, artificial intelligence, business process outsourcing (BPO) services, and the digitalization of trade and logistics processes.

Participants highlighted the importance of financial cooperation, pointing to the operations of TBC Bank in Uzbekistan, where TBC Bank Group and its partners have invested more than US$460 million. Future plans involve expanding the use of financial instruments to support industrial, export, and infrastructure projects.

Tourism was another major topic. Data presented at the forum showed that tourist arrivals from Georgia to Uzbekistan have increased more than 2.5 times compared to 2019, while trips by Uzbek citizens to Georgia grew by 50.2% in 2025. Both sides noted the potential for joint development in tourist routes, the hotel business, wellness tourism, and hospitality training.

The business program featured presentations by Georgian Chamber of Commerce and Industry President Giorgi Pertaia, Uzbekistan Investment Promotion Agency Director Roksana Nesor, and representatives from Georgian investment entities and Uzbek companies.

The forum concluded with the signing of several bilateral documents alongside B2B and G2B meetings focused on developing joint projects and mutually beneficial cooperation.