In the shadow of turquoise domes, Tashkent is growing glass towers. Tashkent City, Magic City, the IT Park and special economic zones tell the story of a country that loses nothing of its history while firmly opening up to investors from around the world.
Turquoise madrasas and centuries-old domes on one side, glass towers reshaping the skyline on the other: today's Tashkent shows both faces of a country on the move.
Tashkent City, the capital's new business district, brings together office towers, international hotels, the Tashkent City Mall and the Tashkent International Financial Centre, a showcase of the country's financial ambitions toward foreign investors.
A few kilometres away, Magic City has turned a former wasteland into a vast leisure and residential complex: theme park, illuminated castles, fountains and fireworks shows have already made it one of the most photographed spots in the new Tashkent.
Launched in Tashkent in 2019, IT Park has become the heart of the country's tech ecosystem, now with 10 regional branches (Tashkent, Andijan, Margilan, Navoi, Bukhara, Samarkand, Jizzakh, Urgench, Nukus, Gulistan) and more than 2,800 resident companies by the end of 2024.
Residents benefit from tax incentives guaranteed until 2040: 0% corporate income tax, 0% VAT, 7.5% personal income tax and customs exemptions — plus an "IT-Visa" that eases the entry of foreign entrepreneurs for 3 years.
In 2024, Uzum became the country's first unicorn (valuation above $1 billion), IT Park launched a $10 million state-backed venture fund and opened a representative office in Saudi Arabia. IT service exports reached $344 million in 2024, with an official target of $5 billion under the "Digital Uzbekistan 2030" strategy.
Since the mid-2010s, Uzbekistan has pursued a gradual economic liberalisation: relaxed trade and foreign exchange regimes, VAT, corporate income tax and property tax rates cut from 20% to 12%, and the creation of a Foreign Investors Council to institutionalise dialogue with the private sector.
The "Single Window" mechanism has been expanded and more than 500 government functions eliminated, significantly simplifying business procedures. Between 2000 and 2023, the country posted average GDP growth of 6.4% per year, outperforming most lower middle-income peers.
Foreign direct investment (FDI) flows are growing: they accounted for 2.1% of GDP in 2024, with a cumulated stock of around 14.6% of GDP — a level the OECD says still leaves considerable room for growth.
The first official 2025 figures confirm this trajectory: real GDP growth reached 7.7%, the best result in five years, up from 6.7% in 2024 and 6.3% in 2023. Driven by consumption, investment and an export rebound, the country's GDP exceeded $145 billion for the first time. Foreign trade turnover jumped 20.7% to reach $81.2 billion, with exports up 24% to $33.8 billion. For 2026, the IMF and World Bank expect growth to moderate to around 6.4%, driven more by domestic demand than by a further export surge.
Beyond Tashkent, the whole country is structuring itself to welcome investors, from the pharmaceutical zones of Zomin to the industrial zones of Angren.
By the end of 2024, Uzbekistan had established 25 special economic zones (SEZs), 416 small industrial zones, 23 technology parks and 433 clusters, hosting close to 7,500 enterprises in total. The free zones of Navoi, Bukhara and Urgench combine tax exemptions, favourable utility tariffs and a cost-competitive skilled workforce.
Uzbekistan comprises 12 regions (viloyat), the autonomous Republic of Karakalpakstan, and the city-region of Tashkent. Special economic zones and tech parks are not concentrated solely in the capital: Navoi, Bukhara, Samarkand, Fergana, Andijan and Urgench each host their own free zones and IT Park branches.
This geographic spread of tax incentives aims to diffuse growth beyond Tashkent and make the most of each region's resources and workforce.
Uzbekistan is leaning into its position as a Eurasian crossroads. In 2024 the country operated 11 airports, which served 13.5 million passengers, and a 7,400 km railway network (2,400 km electrified) carrying nearly 74 million tonnes of cargo a year. The high-speed Afrosiyob train, already familiar to travellers between Tashkent, Samarkand and Bukhara, illustrates this modernisation.
A major milestone was reached with the launch of the China–Kyrgyzstan–Uzbekistan railway line, 532 km long, expected to offer a shorter trade route between Central Asia and China.
The 2022-2026 national development programme gives a greater role to the private sector, targeting $250 billion in cumulated investment by 2030 and a private-sector share of GDP of 85%. The population is expected to reach 41 million by 2030, and real income per capita could climb to $4,000.
"The country has kept its soul — its domes, its bazaars, its hospitality — while building the means to attract the capital that will fund its next decade."
The figures and facts presented here are drawn from the following three reports. We encourage you to consult them for a complete analysis and the most up-to-date figures.
Beyond the figures, Uzbekistan remains above all an extraordinary travel destination. Explore our itineraries to experience it for yourself.
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