Direct investments from Russia into Uzbekistan's IT sector have tripled over two years, reaching $320 million. Representative offices of 47 Russian IT companies are already open in the republic — this gives developers access to orders from industry and energy, though the actual volume of demand will depend on whether the country's authorities fulfill their investment plans.
Investment is accelerating against the backdrop of Tashkent's new economic goals and stock market reform. For investors, this means the emergence of new instruments and future listings of state companies, although some of the reforms so far exist only on paper.
Why Uzbekistan's industry needs AI
Trade in digital solutions and artificial intelligence (AI) technologies grew by 64% by the end of 2025, to $210 million. The digitalization of production and the adoption of AI are among the promising areas of cooperation between the two countries: demand for such solutions is growing as Uzbek industry develops.
A telling example is the Almalyk Mining and Metallurgical Combine (AGMK). An AI system in the combine's digital control center monitors processes at three copper concentrators and analyzes data from more than 20,000 pieces of equipment.
The combine has already implemented over 70 projects under the "Digital AGMK — 2030" strategy. After the introduction of the "Digital Mine," the tire life of haul trucks increased by 14%, and the system plots optimal excavation routes — for the miner this is a direct saving: tires have to be replaced less often.
Russian engineers can offer their own solutions to Uzbek enterprises and energy companies. Uzbekistan intends to invest more than $4 billion in its energy complex over the next five years, which will create additional opportunities for cooperation in digitalization and AI. For Russian IT companies, this is a potential sales market, although for now these are plans rather than contracts.
Tashkent bets on technology and foreign capital
On November 10, President of Uzbekistan Shavkat Mirziyoyev signed a decree "On measures to implement national programs aimed at elevating the honor and dignity of the individual." The document defines key directions for the country's development in the coming years, and one of the seven national programs is devoted to the high-tech economy and labor productivity growth.
The government must establish an annual trajectory under which GDP will grow to $300 billion by 2030, and per capita will exceed $10,000 over ten years. To meet these goals, the authorities expect to attract $450 billion in foreign investment over the decade. The Ministry of Investment, Industry and Trade must develop a new strategy for attracting foreign capital by June 2027, with a focus on modern technologies and high-yield projects.
Another goal is to create 2 million high-income jobs in industry by 2030. The Cabinet of Ministers is required to approve criteria for such jobs, count their number as of October 1, 2026, and distribute new targets by year, region, and sector. Achieving these goals without automating production will be difficult, so demand for solutions like those implemented at AGMK may grow.
Uzbekistan's stock market is being prepared for capital inflow
The authorities are preparing the legal framework for foreign money in advance: the draft law "On the Capital Market" has passed its first reading in the Oliy Majlis. The document will give investors access to derivatives and Islamic sukuk bonds, and tax benefits on bonds and sukuk will be extended until 2038, but it has not yet been finally adopted.
Since November 10, the Toshkent exchange has been calculating the Uzbekistan Prime Index (UPI) line instead of the former UCI, to make it easier for foreigners to compare the local market with others. Only profitable companies with at least 5% of shares in free float are included in the line, and exchange-traded funds (ETFs) are planned to be created on the basis of UPI.
The share offering will also expand: five state companies, including Uzbekistan Airways, Uzbekhydroenergo, and Uzpromstroybank (SQB), plan to hold IPOs in 2027–2028.
Cryptalist analysis: The tripling of Russian IT investment in Uzbekistan reflects a structural shift: the republic is turning into a regional center for the digitalization of industry and AI, attracting capital from neighboring markets against the backdrop of its own ambitious GDP and foreign investment goals. For institutional investors, the key indicator will not be the volume of announced programs, but the actual implementation of stock market reforms and the launch of IPOs of state companies in 2027–2028 — it is these events that will determine whether political rhetoric converts into a liquid and attractive capital market.