The Republic of Uzbekistan shares borders with five other landlocked states – Afghanistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan – making it one of only two doubly-landlocked countries on earth (the other is Liechtenstein). A former Soviet State, Uzbekistan is the most populated state in the CIS.
The Uzbek language, spoken by around three-quarters of the country’s population, shares official status with Russian.
Following independence, the Uzbek government embarked on a course of economic reform, and progress toward a market economy continues. The country’s primary exports include gold, cotton, fertiliser, machinery and metals. Uzbekistan’s chief export partner is Switzerland, which receives around 38% of the country’s exports. Other important partners include China, Russia and Turkey.
Mining, principally for gold, is an important industry. Uzbekistan is the world’s 7th largest producer of gold, and home to the world’s 4th largest gold reserves. In addition, the country holds significant deposits of oil, gas and metals, including of copper, lead, tungsten, uranium and zinc.
Agriculture contributes around 24% of GDP. Cotton, the country’s traditional staple, has declined in importance as its price has fallen – but remains an important crop. Silk, fruit and vegetables are all grown for export.
Services account for around 60% of GDP. There is scope for the expansion of Uzbekistan’s tourist industry. The Silk Road ran through a number of Uzbek cities, and the country is home to many ancient heritage sites, five of which enjoy UNESCO status.
Based in the heart of Uzbekistan’s thriving capital, we offer world-class audit, accountancy and consultancy services to foreign and domestic investors alike.
Latest insights, case studies and news from across the network
COVID-19 – A catalyst for a new model of global collaboration
HLB CEO Marco Donzelli shares his thoughts on global collaboration and trade, in light of COVID-19 as a catalyst for change and the key findings from HLB’s Survey of Business...
Achieving the post-pandemic vision: leaner, greener and keener
HLB’s Survey of Business Leaders aims to inform and stimulate the debate on the actions business are taking in 2021 to achieve their post-pandemic vision. Findings show that, despite great...
The tax implications of the US elections, COVID and Brexit
In HLB’s International Tax Webinar eps 17, our international tax experts will discuss the 2021 tax implications.
Get in touch
Whatever your question our global team will point you in the right directionStart the conversation