Uzbekistan–Türkiye Trade Reaches US$3 Billion in 2025 as Investment Cooperation Continues to Grow

Tashkent, Uzbekistan (UzDaily.com) — President of Uzbekistan Shavkat Mirziyoyev is paying an official visit to Türkiye today at the invitation of President Recep Tayyip Erdoğan.

Ahead of the visit, the Center for Economic Research and Reforms (CERR) presented an analysis of the dynamics of trade, economic and investment cooperation between Uzbekistan and Türkiye over the past nine years.

Economic ties between the two countries are developing within the framework of bilateral agreements, intergovernmental cooperation mechanisms and regular high-level contacts, including interaction within the Organization of Turkic States.

In 2023, the official visit of the President of Türkiye to Uzbekistan was accompanied by the Uzbekistan–Türkiye Business Forum, which resulted in the signing of a package of intergovernmental and commercial agreements worth around US$10 billion.

In June 2024, President Shavkat Mirziyoyev visited Türkiye, where a meeting of the High-Level Strategic Cooperation Council was held, concluding with the signing of agreements, protocols and road maps aimed at expanding bilateral economic and investment cooperation.

Mutual trade operates under a most-favored-nation regime, as well as a Preferential Trade Agreement. Türkiye consistently ranks fourth in terms of Uzbekistan’s total trade turnover and imports, and fifth in exports. In 2025, Türkiye’s share in Uzbekistan’s total foreign trade turnover amounted to 3.7%, including 3.4% of exports and 4% of imports.

Between 2017 and 2025, bilateral trade nearly doubled, reaching US$3 billion. Exports from Uzbekistan to Türkiye increased 1.3 times to US$1.1 billion, while imports from Türkiye grew 2.8 times to US$1.9 billion. The trade deficit amounted to US$751.6 million, reflecting faster growth in imports compared to exports.

In 2025, Uzbekistan’s exports to Türkiye consisted of industrial goods, including copper products and yarn, totaling US$511.4 million or 45%, finished products mainly made of precious metals worth US$152.3 million or 13.4%, chemical products amounting to US$124.3 million or 11%, machinery and transport equipment valued at US$80.1 million or 7%, food products such as dried fruits and nuts totaling US$63 million or 5.5%, petroleum products including gasoline and gasoil worth US$36.6 million or 3.2%, non-food raw materials amounting to US$18 million or 1.6%, as well as services, mainly transport-related, totaling US$149.9 million or 13.2%.

Imports from Türkiye in 2025 were dominated by machinery and transport equipment worth US$674.6 million or 35.7%, chemical products amounting to US$408.9 million or 21.7%, industrial goods totaling US$390.2 million or 20.7%, finished products worth US$136.2 million or 7.2%, food products amounting to US$94.6 million or 5%, petroleum products, mainly lubricating oils, worth US$30.2 million or 1.6%, non-food raw materials totaling US$30.1 million or 1.6%, and services amounting to US$117.4 million or 6.2%.

Investment cooperation is also developing at a steady pace. The two countries are linked by an Agreement on the Promotion and Mutual Protection of Investments. As of January 1, 2026, a total of 2,137 enterprises with Turkish capital were operating in Uzbekistan, including 496 joint ventures and 1,641 enterprises with 100% Turkish ownership. The cumulative volume of direct investments and loans from Türkiye between 2017 and 2025 reached US$9 billion, with US$2.6 billion attracted in 2025 alone.

Key sectors attracting Turkish investment include energy, manufacturing, agriculture and construction. In particular, the Turkish company Cengiz Enerji is building thermal power plants with a capacity of 240 MW in Tashkent Region and 220 MW in Syrdarya Region.

Overall, recent years have seen sustained growth in trade volumes, investment flows and the number of enterprises with Turkish capital, along with an expansion of areas of economic cooperation. This confirms the strategic nature of the Uzbekistan–Türkiye partnership and creates a solid foundation for further deepening bilateral cooperation.