Upward trend in foreign trade between Austria and Uzbekistan

With a population of 33 million, Uzbekistan is the most populous country and Austria’s second-largest export destination in Central Asia. Uzbekistan improved marginally in the 2020 Ease of Doing Business ranking by the World Bank. As of 2019, Uzbekistan’s economy is one of the most diversified in Central Asia which makes the country an attractive economic partner. Uzbekistan is predicted to be one of the fastest-growing economies in the world (top 26) in future decades, according to a survey by global bank HSBC. Former Chancellor of Austria, Alfred Gusenbauer, and Uzbekistan Deputy Prime Minister, Sardor Umurzakov reported on the growing interest of large Austrian companies in cooperation with Uzbekistan against the background of large-scale economic reforms being implemented and conditions being created for foreign investors in Uzbekistan.

Uzbekistan – Austrian Business Forum was held in Tashkent at end of January 2020. Representatives of Austrian companies were exchanging ideas with representatives of the public and private sectors in order to develop cooperation as well as research Uzbekistan as a potential market for investment and trade partner. Today, in Uzbekistan there are 49 enterprises with Austrian capital, of which 29 represent are joint ventures and 20 companies with 100% Austrian investments.