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Russia conquered the territory of present-day Uzbekistan in the late 19th century. Stiff resistance to the Red Army after the Bolshevik Revolution was eventually suppressed and a socialist republic established in 1924. During the Soviet era, intensive production of "white gold" (cotton) and grain led to overuse of agrochemicals and the depletion of water supplies, which have left the land degraded and the Aral Sea and certain rivers half dry. Independent since 1991 upon the dissolution of the USSR, the country is striving to reduce its dependence on the cotton monoculture by diversifying agricultural production while developing its mineral and petroleum export capacity and increasing its manufacturing base. Uzbekistan’s first president, Islom KARIMOV, led Uzbekistan for 25 years until his death in September 2016. The political transition to his successor, then-Prime Minister Shavkat MIRZIYOYEV was peaceful, but sidelined the constitutional process where the chairman of the Senate would have served as the acting president. MIRZIYOYEV, who won the presidential election in December 2016, has sought to improve relations with Uzbekistan’s neighbors and proposed wide-ranging economic and judicial reforms.

Location

Central Asia, north of Turkmenistan, south of Kazakhstan

Natural Resources

natural gas, petroleum, coal, gold, uranium, silver, copper, lead and zinc, tungsten, molybdenum

Population - distribution

most of the population is concentrated in the fertile Fergana Valley in the easternmost arm of the country; the south has significant clusters of people, while the central and western deserts are sparsely populated

27865738
Uzbek (official) 74.3%, Russian 14.2%, Tajik 4.4%, other 7.1%
TASHKENT (capital) 2.251 million (2015)
Conventional long form
Republic of Uzbekistan
Conventional short form
Uzbekistan
Local long form
O'zbekiston Respublikasi
Local short form
O'zbekiston
presidential republic; highly authoritarian
Name
Tashkent
Geographic coordinates
41 19 N, 69 15 E
Time difference
UTC+5 (10 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Uzbekistan is a doubly landlocked country in which 51% of the population lives in urban settlements; the agriculture-rich Fergana Valley, in which Uzbekistan’s eastern borders are situated, has been counted among the most densely populated parts of Central Asia. Since its independence in September 1991, the government has largely maintained its Soviet-style command economy with subsidies and tight controls on production, prices, and access to foreign currency. Despite ongoing efforts to diversify crops, Uzbek agriculture remains largely centered on cotton; Uzbekistan is the world's fifth-largest cotton exporter and seventh-largest producer. Uzbekistan's growth has been driven primarily by state-led investments, and export of natural gas, gold, and cotton provides a significant share of foreign exchange earnings. In early 2016, Russia’s Gazprom announced it planned to increase purchases of Uzbek gas.
Inflation
None%
External debt stocks
US$ 14,837,919,000
Total tax rate (% of commercial profits)
38.1%
Real Interest Rate
None%
Manufacturing, value added (% of GDP)
12.119%
Current Account Balance
US$
Labor Force, Total
14,216,942
Employment in Agriculture
38.50%
Employment in Industry
19.41%
Employment in Services
35.16%
Unemployment Rate
8.90%
Imports of goods and services
US$ 14,443,742,140
Exports of goods and services
US$ 13,859,452,500
Total Merchandise Trade
31.98%
FDI, net inflows
US$ 1,068,393,000
Commercial Service Exports
US$
cotton, vegetables, fruits, grain; livestock
textiles, food processing, machine building, metallurgy, mining, hydrocarbon extraction, chemicals
Commodities
energy products, cotton, gold, mineral fertilizers, ferrous and nonferrous metals, textiles, foodstuffs, machinery, automobiles
Partners
Switzerland 25.9%, China 17.6%, Kazakhstan 14.2%, Turkey 9.9%, Russia 8.4%, Bangladesh 6.9% (2015)
Commodities
machinery and equipment, foodstuffs, chemicals, ferrous and nonferrous metals
Partners
China 20.8%, Russia 20.8%, South Korea 11.9%, Kazakhstan 10.8%, Turkey 4.6%, Germany 4.4% (2015)
Country Risk Rating
C
A very uncertain political and economic outlook and a business environment with many troublesome weaknesses can have a significant impact on corporate payment behavior. Corporate default probability is high.
Business Climate Rating
D
The business environment is very difficult. Corporate financial information is rarely available and when available usually unreliable. The legal system makes debt collection very unpredictable. The institutional framework has very serious weaknesses. Intercompany transactions can thus be very difficult to manage in the highly risky environments rated D.
  • Abundant and diversified natural resources (gas, gold, cotton)
  • Low debt levels and comfortable foreign exchange reserves
  • Ambitious public investment program
  • Poor economic diversification and dependence on commodity prices
  • Slow pace of reforms
  • Under-developed banking sector and practice of directed credit
  • State interventionism and difficult business climate

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