Over a Thousand Companies Funded by Kazakh Capital Function in Uzbekistan
Uzbekistan has witnessed a significant surge in foreign investment over the past five years, with the number of foreign-invested enterprises growing by 1.3 times. As of August 2025, the Central Asian nation boasts over 16,600 such businesses, a 16.4% year-on-year increase [2].
China leads the pack as the largest foreign investor, with over 4,200 companies operating with Chinese participation. Russia follows closely with approximately 3,000 enterprises, while Turkey and Kazakhstan each have around 1,900 and 1,100 businesses, respectively. South Korea and Afghanistan round off the top six, with 671 and 622 companies, respectively [1].
In terms of investment funds active in Uzbekistan's startup scene, Sturgeon Capital takes the lead with 8 investments, followed by the European Bank for Reconstruction and Development (EBRD) and UzVC National Venture Capital fund with 2 investments each [1]. Caucasus Ventures, AloqaVentures, Quest Ventures, Le Mercier’s Capital, Block0, MyAsia VC, and others have made 1 investment each [1].
The trade turnover between Uzbekistan and its top three foreign trade partners, including Kazakhstan, exceeded $3.8 billion in the first 11 months of 2024, signifying a substantial contribution to Uzbekistan's economy. However, Kazakhstan's investment in terms of enterprise count falls short of China's, with Uzbekistan currently hosting 1,041 enterprises with Kazakh capital [1].
Despite the presence of enterprises from Russia, Turkey, South Korea, and Kazakhstan contributing to the growth of foreign-invested enterprises in Uzbekistan, Chinese enterprises make up 21.8% of the total foreign-invested firms in the country [1]. It is important to note that the total number of foreign-invested enterprises in Uzbekistan does not include the enterprises mentioned in this paragraph.
Turkey, for instance, has 1,826 enterprises with capital in Uzbekistan, while Russia has 2,937 enterprises with Russian capital [1]. South Korea has a substantial presence with 644 enterprises, and Kazakhstan's 1,100 firms further strengthen Uzbekistan's diverse foreign investment landscape.
Notable large international companies such as ACWA Power, Masdar, Linde, DataVolt, Shanghai Renewable Energy, and Total Energy are also operating in Uzbekistan, demonstrating the country's strong foreign investment appeal driven by economic reforms, strategic location, and improving business conditions [3].
The investments are diversified across various sectors, with Chinese, Russian, Turkish, Kazakh, South Korean, and Afghani capital participating notably. This influx of foreign investment is set to continue shaping Uzbekistan's economy and propelling its growth in the years to come.
References:
[1] Data as of July 2025.
[2] Data as of August 2025.
[3] Source: Various news articles and reports.
In the Uzbekistan market, Chinese, Russian, Turkish, South Korean, and Kazakh investment funds are significantly contributing to the startup scene, with Sturgeon Capital, EBRD, UzVC National Venture Capital fund, Caucasus Ventures, AloqaVentures, Quest Ventures, Le Mercier’s Capital, Block0, MyAsia VC, and others each making one investment.
The industry, finance, and business sectors in particular are benefiting from this influx of foreign investment, as evidenced by the presence of large international companies such as ACWA Power, Masdar, Linde, DataVolt, Shanghai Renewable Energy, and Total Energy. This trend is expected to continue shaping Uzbekistan's economy and driving its growth in the coming years.
