Attractiveness of Uzbekistan's Investment Environment for Investors and Specific Features of the Bukhara Region's Industrial Complex

In this context, it is of interest to see what potential Uzbekistan has as an object for investment and the specific features of the Bukhara region's industry. Drawing on quantitative analysis of macroeconomic data and FDI between 2020 and 2024, this paper examines the reasons underlying Uzbekistan as a regional pole of investment. The study underscores that Uzbekistan drew significant amounts of FDI, which reached $11.9 billion in 2024 and grew by 53.6% compared to the previous year. Since 2008, over $8 billion has been invested in the Bukhara region, and some 6 thousand new industrial facilities built there. The most significant areas of investment are oil and gas refineries, petrochemicals, renewable energy sources, textiles and tourism. Special economic zones, and in particular the Karakul Free Economic Zone with its $6.3 billion megaproject,l are important tools for industrial development, the study notes. Our evidence suggests that although Uzbekistan has achieved significant progress in terms of the improvement of its investment climate through regulatory reforms, infrastructure upgrading and market opening, difficulties still prevail in contract enforcement, financial markets development as well as diversified economy. The findings offer some strategic implications for policymakers and investors on the pattern of regional industrial development in Central Asia.