Review.uz/en - Economic Review

🚗 Uzbekistan’s Automotive Market Maintains Stable Activity – CERR

➡️ In August this year, the secondary market accounted for around half (50.2%) of total passenger car sales. At the same time, domestically produced vehicles made the main contribution to growth.

📊In August, passenger car sales amounted to 62.5 thousand units, increasing by 2.2% compared with the previous month.

🚙 Sales of new passenger cars increased by 20.5% over the month and reached 30.6 thousand units. The main contribution to growth came from domestically produced vehicles, sales of which increased by almost 25% to 25.3 thousand units.

♻In August, electric vehicle sales in the primary and secondary markets amounted to 9.2 thousand units, remaining at the level of the previous month. At the same time, compared with the same period last year, electric vehicle sales increased by 44.5%.

Jafar Khidirov, CERR

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🏠Uzbekistan’s Housing Market Remains Highly Active

🔍Following a surge in sales at the beginning of the year, housing sales have stabilized. The highest growth rates since the beginning of the year were recorded in Tashkent, Syrdarya and Andijan regions.

📊In August this year, around 25.1 thousand housing purchase and sale transactions were registered across the country, virtually unchanged from August last year (+0.2%).

📈 Since the beginning of the year (January–August), housing sales in Uzbekistan increased by 18.4% year-on-year, reaching 222.5 thousand transactions.

📊 In August, housing market activity increased year-on-year in 6 out of 14 regions. In Tashkent, 7.4 thousand housing purchase and sale agreements were registered, up 2.2% compared with the same period last year.

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📊 Business Activity in Uzbekistan Maintained a Positive Trend in August

1️⃣Positive dynamics were supported by increased exchange activity and a rise in the number of active business entities, while month-on-month growth was recorded in six regions of the country.

➡️The following changes were observed in the BAI components

🔽 the component reflecting the number of transactions on business entities’ bank accounts decreased by 6.2%

🔼 the intensity of raw material purchases on the commodity exchange rose by 2.7%

🔼 the component reflecting active business entities increased by 2.3%

🔽 the trademark component decreased by 12.5%

⬆️ The number of large enterprises increased by 143 to 4,802.

Islombek Saparmatov, CERR

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🇰🇿Intra-Regional Trade in Central Asia in January–July 2026

CERR has prepared a review of the dynamics of intra-regional trade among Central Asian countries in January–July 2026.

In January–July 2026, intra-regional trade among Central Asian countries reached $8.1 billion, increasing by 25.4% compared with the same period of the previous year. Kazakhstan remained the region’s largest exporter, with exports to Central Asian countries totaling $4.5 billion, or 55.9% of total intra-regional exports. Uzbekistan accounted for $2 billion (24.7%), Turkmenistan for $844 million (10.4%), Kyrgyzstan for $523 million (6.4%), and Tajikistan for $209 million (2.6%). Thus, Kazakhstan and Uzbekistan together accounted for more than 80% of intra-regional exports.

The importance of Central Asia in the foreign trade of individual countries varies considerably. The region accounted for the largest shares of total foreign trade in Kyrgyzstan — 19.9% and Tajikistan — 17.6%. The corresponding share stood at 10.9% for Uzbekistan and 6.7% for Kazakhstan. This reflects differing levels of countries’ engagement in regional trade.
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Overall, the data indicate a continued expansion of intra-regional trade and stronger economic interconnectedness across Central Asia. Sustaining this momentum could provide a foundation for further development of industrial cooperation, cross-border value chains, and greater non-commodity trade.

Ruslan Abaturov, CERR

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What to Read This Weekend⁉️

❌ Why Smart People Make Bad Decisions

Even experienced executives, investors, and policymakers regularly make errors of judgment. These books help explain how people make decisions and why forecasts so often fail.

Steven Pinker, in “Rationality,” demonstrates the importance of logic, data, and critical thinking.

Daniel Kahneman, in “Noise,” explores why people can arrive at different judgments when faced with identical situations.

Richard Thaler and Cass Sunstein, in “Nudge,” explain how the environment in which choices are made can influence human decisions.

Nassim Taleb, in “Antifragile,” shows how to navigate uncertainty and make decisions in unpredictable conditions.

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🫥Tax Revenues, Exports and Exchange Activity Rise Across Uzbekistan’s Regions — CERR Analysis

📍A comprehensive monitoring of key indicators of business activity across the regions of Uzbekistan points to growth across all major metrics.

📝 The monitoring results for August 2026 showed that:

🔼 The volume of tax revenues increased by 39.9%
🔼 Revenues on customs payments increased by 17.6%
🔼 The volume of exports of goods increased by 30.9%
🔼 The volume of loans issued by commercial banks increased by 5.5%
🔼 The volume of transactions on the Uzbek Republican Commodity Exchange increased by 31.6%

Zarina Kosimova, CERR

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(continuation)

📈Compared with a year earlier, the Business Climate Index increased in industry and services, while agriculture and construction recorded slight declines.

🏭The composite Business Climate Indicator in industry rose by 5 points to 53

📉In the services sector, indicator improved markedly, rising by 7 points to 64

🌾 In agriculture, indicator stood at 53 points

🏗 In construction, indicator stood at 60 points.

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🖋 Services and Industry Record an Improvement in the Business Climate in August — CERR Survey

Business sentiment improved in August compared with a year earlier, with the strongest gains recorded in services and industry, while assessments in agriculture and construction were more subdued.

📈In August, the composite Business Climate Index stood at 59 points, up 4 points from the same period last year. The Current Conditions Index and the Expectations Index each rose by 4 points year over year, reaching 53 and 66 points, respectively.

📈Half of respondents (50%) rated their current business conditions as “good,” while one in four businesses (25%) increased their workforce over the past three months.

Zokhidjon Gaipov
Sector for Competitiveness Analysis of Industries and Investment Activity

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🖥Media about us

🖊 An article by Edvard Romanov, senior researcher at the Center for Economic Research and Reforms, has been published, focusing on trade and investment cooperation between Uzbekistan and the Republic of Korea and the prospects for expanding economic partnership within the Central Asia–Republic of Korea framework.

🔝The article was published by:
✅ The International Asia Today (Turkey)
✅ Embassy of Uzbekistan in Belarus
✅ Embassy of Uzbekistan in Ukraine

The next phase of investment could build on this foundation by expanding local production, training engineers, and developing industrial clusters. Korean expertise can help establish standards, while the regional market provides the scale needed to launch major new industrial projects and joint production initiatives.

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🇺🇿🇰🇷Key Highlights from President Shavkat Mirziyoyev’s Address at the First “Central Asia – Republic of Korea” Summit

👀Central Asia is demonstrating economic growth of more than 6%. The region’s combined GDP has exceeded $500 billion;

👀It was proposed to develop a long-term conceptual Vision, “Central Asia – Republic of Korea: Partnership for Advanced Development”;

👀To put the Vision into practice, it was proposed to form a Portfolio of Advanced Development Projects, comprising breakthrough initiatives capable of creating new sources of growth and long-term opportunities for the countries of the region;

👀The initiative to establish a regular platform for meetings of ministers of industry and trade was supported. Particular attention is to be given to removing trade barriers, simplifying certification procedures, and facilitating mutual market access for products;

👀A target was set to increase trade turnover between the countries of Central Asia and the Republic of Korea to $20 billion by 2030;

👀It was proposed to establish a Central Asia–Korea Industrial and Technology Park in Uzbekistan, which could become an innovation and manufacturing hub for the regional market;

👀Priority areas for industrial cooperation include the production of automotive components, electrical equipment, machinery, pharmaceuticals, and chemical products;

👀It was proposed to hold the Third Central Asia–Korea Interregional Forum in Samarkand in 2027, with the participation of regional authorities and business representatives;

👀It was proposed to establish a Regional Investment Alliance for Critical Minerals;

👀The key objective is to create major processing clusters in Central Asia covering the entire value chain: from geological exploration and extraction to deep processing and the production of high-value-added goods;

👀It was proposed to launch a Central Asia–Korea Climate and Carbon Partnership aimed at attracting green investment and facilitating the transfer of advanced Korean technologies;

👀It was proposed to establish a long-term Human Capital Development Partnership based on the principle of “demand – training – employment”;

👀The workforce needs of Korean businesses are to be directly linked with the educational potential of Central Asian countries, particularly in training engineering, technological, and digital specialists;

👀Joint development and deployment of artificial intelligence, along with the creation of the necessary technological base and competencies in Central Asia, was identified as another promising area of cooperation.

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(continuation)

The main trends in Central Asia’s cotton sector over the decade included: a reduction in the region’s cotton-growing area by 300,000 ha, from 2.1 million ha to 1.8 million ha; a 32% increase in cotton output, from 4.6 million to 6.1 million tonnes, resulting in an increase in average yields by 12 centners per hectare, from 22 c/ha to 34 c/ha.

This indicates that the economic model is gradually shifting away from extensive, water-intensive production toward higher productivity per hectare.

Another major structural trend across the region has been a sharp decline in exports of unprocessed cotton. The estimated combined exports of the five Central Asian countries fell from 745,000 tonnes in 2016 to 180,000 tonnes in 2025, a decrease of 76%.

🔝 Country Trends in the Cotton Market — read here

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🌫 Cotton Growing in Central Asia in 2016–2025

CERR has prepared a review examining the development of cotton production in Central Asian countries in 2016–2025

In 2016–2025, Central Asian countries began transitioning toward a more intensive model of cotton production. The reduction in cultivated area was accompanied by increases in both output and yields, with Uzbekistan making the largest contribution to this shift.

Given the water-intensive nature of cotton cultivation, the transition toward a more productive model is critical. Further increases in output should be driven not by expanding irrigated land, but by drip and discrete irrigation, laser land leveling, drought-resistant varieties, digital monitoring, and economically sound water accounting.

Ruslan Abaturov, CERR

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🧻Uzbekistan’s Paper Industry in 2017–2025

CERR has prepared a review of the development dynamics of Uzbekistan’s paper industry in 2017–2025.

Uzbekistan’s paper industry demonstrated steady growth in 2017–2025. Production increased 2.4-fold, reaching 10.2 trillion sums. Average annual growth stood at 10.9%, compared with 6.9% in the manufacturing industry, while the sector’s share of GDP reached 0.17%.

Investment activity also increased significantly. Fixed capital investment rose from 134 billion sums in 2017 to 1.6 trillion sums in 2025, while investment grew by 35% in 2025 alone. The number of operating enterprises increased from 1,000 in 2016 to 1,400 in 2025.

Exports of paper industry products increased fourfold, from $20 million in 2016 to $83 million in 2025. The largest export markets in 2025 were Kazakhstan, Tajikistan, South Korea, Azerbaijan and Russia.

Ruslan Abaturov, CERR

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🇺🇿🇰🇷Uzbekistan and the Republic of Korea: From Investment to Industrial Ecosystems

The article examines the Republic of Korea’s experience in developing industrial complexes and clusters and the opportunities for applying this experience in Uzbekistan. Particular attention is given to the modernization of industrial zones, the development of technological infrastructure, workforce training, and the expansion of industrial cooperation.

Economic partnership between Uzbekistan and Korea is gradually moving beyond trade and investment towards deeper industrial cooperation. Korean investment in Uzbekistan has exceeded $8 billion, while the portfolio of projects involving the Export-Import Bank of Korea and its funds amounts to more than $2 billion. Uzbekistan is home to 730 enterprises with Korean capital participation.
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One of the most important features of Korea’s experience is that industrial zones are developed not merely as manufacturing sites, but as clusters that bring together companies, universities, research centers, and technological infrastructure. In 2024, industrial complexes accounted for 62.6% of Korea’s industrial output and 66.9% of its exports.
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For Uzbekistan, this experience could be particularly valuable in technologically upgrading industrial zones, developing laboratories and certification centers, strengthening cooperation between research and industry, and establishing “smart” and “green” industrial zones.

Looking ahead, key areas of bilateral industrial partnership could include integrating Uzbek enterprises into the supply chains of Korean companies, training engineering specialists, and adopting new technologies. These efforts would also support plans to increase bilateral trade to $4 billion annually.

Mokhirakhon Mirkhoshimova, CERR

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🇺🇿🇰🇷Uzbekistan and the Republic of Korea: Trade, Investment, and New Opportunities in Central Asia

The Center for Economic Research and Reforms examines the development of the Uzbekistan–Republic of Korea partnership and prospects for cooperation within the Central Asia–Republic of Korea framework.

Over three decades, Uzbekistan and the Republic of Korea have built a special strategic partnership spanning industry, healthcare, education, and digital technologies. The regional framework offers opportunities for joint manufacturing, raw material processing, and stronger transport links serving the markets of all five Central Asian countries.
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According to CERR calculations, Central Asia’s trade with Korea grew 1.7-fold between 2017 and 2025, reaching $5.7 billion. Uzbekistan’s bilateral trade with Korea totaled $1.7 billion in 2025. In the first half of 2026, it rose 11.5% to $940 million. Opportunities to expand Uzbekistan’s exports include textiles, cables, food products, and other goods that meet Korean market requirements.
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Investment cooperation provides a foundation for closer industrial ties. As of August 1, 2026, 730 enterprises with Korean capital operated in Uzbekistan. Direct investment and loans from Korea approached $2 billion over 2016–2025, including $474.5 million received in 2025.

The next phase of the partnership could focus on advanced processing of critical minerals, artificial intelligence, local manufacturing, and engineering training. Joint projects in Uzbekistan could provide a basis for broader regional cooperation, while better logistics and export infrastructure could help businesses enter new markets.
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Edvard Romanov, CERR

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🇺🇿🇰🇷What agreements were reached between Uzbekistan and the Republic of Korea

Talks between President Shavkat Mirziyoyev and President Lee Jae Myung of the Republic of Korea, held in Seoul on September 14, resulted in a series of agreements aimed at further expanding the special strategic partnership.

👀During the visit, a pipeline of prospective investment projects worth approximately $12 billion was prepared, and a Strategic Partnership Program with the Export-Import Bank of Korea was adopted.

👀Five priority areas for economic cooperation were identified: expanding trade ties, increasing investment, and strengthening cooperation in critical minerals, transport, and infrastructure.

👀A proposal was also put forward to establish an innovation and technology alliance combining advanced Korean technologies with Uzbekistan’s resource base and industrial potential. Its main areas would include information technology, cybersecurity, and the introduction of high-tech and digital solutions in medicine, healthcare, and pharmaceutical manufacturing.

👀During the talks, both sides expressed their readiness to develop military and technical cooperation, expand interagency ties, organize joint activities, and train military specialists.

👀To strengthen regional ties, the two sides agreed to hold the next Interregional Forum in Samarkand. In education, the emphasis was on workforce development, exchanges of experience between universities, and making greater use of the Rectors’ Forum.

👀To expand cultural and people-to-people ties, the two sides agreed to designate 2027 as the Year of Culture and Mutual Exchanges and organize joint events.

The outcomes of the talks envisage continued cooperation between Uzbekistan and the Republic of Korea across a broad range of areas, from investment and trade to technology, critical minerals, transport, education, and cultural exchanges.

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🖊 CERR and UNDP Present an Assessment of Greenhouse Gas Emissions in Uzbekistan’s Cement Industry

The Center for Economic Research and Reforms, with the support of UNDP, has prepared the report “Baseline Assessment of Greenhouse Gas Emissions in the Cement Industry of the Republic of Uzbekistan.”

📝The study covers the country’s operating cement plants and assesses the scale and structure of emissions, production energy efficiency, technological differences across plants, and the sector’s readiness for decarbonization.

According to CERR estimates, greenhouse gas emissions from Uzbekistan’s cement industry amounted to around 16.1 million tonnes of CO₂ in 2025, while average emissions intensity stood at 0.73 tonnes of CO₂ per tonne of cement, exceeding the global average. The main contributing factors are the high clinker share, substantial thermal energy consumption, and continued reliance on fossil fuels.
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Key priorities for reducing emissions include improving energy efficiency and modernizing kilns, lowering the clinker ratio through the wider use of mineral additives, developing alternative fuels, and expanding the use of modern technologies, including waste heat recovery systems. The study also identifies major barriers, including the lack of reliable alternative fuel supply chains and standards for supplementary cementitious materials, the high cost of equipment, and limited access to finance.

The report can serve as a basis for developing practical measures to decarbonize the cement industry, identifying priorities for plant modernization, attracting investment, and further monitoring emissions reductions.

🔝 Full report

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