Uzbekistan is intensifying efforts to strengthen its export economy by expanding domestic processing industries, with multi-billion-dollar investments aimed at increasing the value of agricultural products, metals and minerals before they reach international markets.

The strategy forms a key part of the country’s long-term economic plans and includes a $10 billion food-processing target by 2030, a $4.2 billion pipeline of technological metals projects and new steel manufacturing facilities designed to reduce imports while increasing exports.

The initiative comes as Uzbekistan’s economic outlook continues to improve. In June, Moody’s Ratings upgraded the country’s sovereign credit rating from Ba3 to Ba2, citing stronger economic performance, improved fiscal conditions and progress in institutional reforms.

As a landlocked nation, Uzbekistan is seeking to maximize export earnings by processing more goods domestically rather than relying on raw commodity exports.

Agriculture remains one of the country’s largest sectors. Agriculture Minister Ibrokhim Abdurakhmonov said Uzbekistan produces around 24 million tonnes of fruit and vegetables each year but stressed that production alone is no longer enough to support long-term economic growth.

He said processed food exports are expected to reach $4.5 billion this year, placing the country on track toward its 2030 target. According to the minister, greater investment in packaging, canning, bottling and food-processing technologies will allow Uzbek products to compete in higher-value international markets.

Uzbekistan currently exports agricultural products to 92 countries and is also expanding internationally recognized certification systems, including halal, organic, ISO, GLOBALG.A.P. and Better Cotton Initiative standards, to improve market access.

Officials believe maintaining strict quality controls and laboratory testing will help prevent export rejections and strengthen the country’s reputation among overseas buyers.

Infrastructure and investment are also central to the government’s plans. Kanokpan Lao-Araya, the Asian Development Bank’s Country Director for Uzbekistan, said long-term investment depends on reliable transport networks, energy systems, skilled workers and a stable legal environment that gives investors confidence.

The Asian Development Bank is supporting the country’s agricultural sector through the ANORA investment platform, which aims to attract additional private capital into agribusiness and export-oriented projects.

International manufacturers are also increasing their presence. Italian engineering company Gamma Meccanica is working with Uzbek partners on stone-wool insulation production and hydroponic farming technologies to support industrial growth.

The government is pursuing similar ambitions in mining and manufacturing. Uzbekistan Technological Metals Complex, established in 2024, is overseeing more than 100 projects worth an estimated $4.2 billion to expand exploration, refining and processing of critical minerals.

Steel producer Uzmetkombinat plans to localize production of 880,000 tonnes of sheet steel annually, with more than 200,000 tonnes intended for export. Company officials said higher-value steel products command significantly better prices than standard construction steel.

At Almalyk Mining and Metallurgical Complex, executives expect new copper-processing projects and advanced manufacturing agreements to potentially double or triple company profits.

Industry experts have also stressed the importance of transparency. Mark Robinson, Executive Director of the Extractive Industries Transparency Initiative, said countries rich in natural resources must maintain strong governance, fair contracting practices and transparent permitting systems to ensure mining revenues generate lasting economic benefits while attracting responsible investment.

Uzbekistan is embarking on a major expansion of its electricity sector, aiming to increase annual power generation from 82 billion kilowatt-hours to more than 120 billion kilowatt-hours over the next five years as the country responds to rising demand from industry, population growth and emerging digital industries.

The ambitious target highlights the government’s drive to strengthen energy security while gradually reducing dependence on fossil fuels. Officials see the power sector as a key area for investment, with renewable energy, electricity transmission and nuclear power expected to play central roles in the country’s long-term strategy.

Speaking at the Tashkent International Investment Forum, President Shavkat Mirziyoyev said renewable sources are expected to generate 54% of Uzbekistan’s electricity by 2030. He noted that the country has already attracted nearly $6 billion in foreign investment for green energy projects and plans to invest another $4 billion in modernising electricity transmission networks.

Mirziyoyev also encouraged investment in solar and wind farms, battery energy storage systems, upgraded power grids and green-powered data centres, linking energy development with Uzbekistan’s industrial and digital transformation goals.

International financial institutions are already backing several major projects. In 2025, the European Bank for Reconstruction and Development (EBRD) invested nearly $2 billion across 120 projects in Central Asia and Mongolia, with more than $1 billion directed toward Uzbekistan. More than half of the bank’s regional investments were classified as green initiatives, while about one-third supported sustainable infrastructure.

Among its projects in Uzbekistan is a $142 million financing package for a combined one-gigawatt solar photovoltaic plant and a battery storage system with a capacity of 1,336 megawatt-hours, developed alongside ACWA Power. The EBRD has also arranged financing of up to $195.5 million for a 300-megawatt solar facility and a 75-megawatt-hour battery storage project being developed by Masdar in the Kashkadarya region.

EBRD Managing Director for Central Asia and Mongolia Huseyin Ozhan said expanding energy capacity requires both financial investment and policy reforms. He said governments across the region have adopted long-term decarbonisation plans, with international institutions helping develop roadmaps to reduce reliance on fossil fuels.

Ozhan said renewable energy remains the primary pathway for lowering carbon emissions while meeting growing electricity demand. He added that modern energy systems require not only new power plants but also battery storage, stronger grid connections and supportive regulations to attract private investment.

Alongside renewable energy, Uzbekistan has begun developing its first nuclear power project. Construction started in June in the Jizzakh region, where the planned facility will feature two large reactors with capacities of about 1,000 megawatts each, along with two small modular reactors of around 55 megawatts.

World Nuclear Association Director General Sama Bilbao y León said the project reflects a broader trend among rapidly growing economies seeking dependable low-carbon electricity. She noted that about 75% of Uzbekistan’s electricity currently comes from natural gas and said nuclear power will help diversify the country’s energy mix while allowing greater use of natural gas in other sectors of the economy.