Uzbekistan Approves Citizen Investment in the US Market

In November 2025, during a visit to the United States, Uzbek President Shavkat Mirziyoyev reached an agreement with the US to establish the "US-Uzbekistan Business and Investment Committee." Subsequently, a presidential decree to concretize the agreement was signed and promulgated, stipulating that "from January 1, 2026, Uzbek citizens can invest in the United States without restrictions." This statement, along with a series of supporting measures in the decree regarding the establishment of a high-level bilateral committee, adjustments to central bank regulations, and the creation of additional diplomatic positions abroad, constitutes a highly ambitious package of Uzbekistan's foreign economic policy. This move not only marks a new stage in Uzbekistan-US bilateral relations aimed at deep economic integration but can also be seen as a key case study for observing how a Eurasian country seeks strategic autonomy and development amidst global shifts in the post-Cold War era.

I. Core of the Decree: Systemic Openness and Institutionalized Cooperation

This decree is not a single measure but a systemic project aimed at facilitating capital flows, establishing high-level dialogue, and strengthening implementation coordination.

First, regarding capital flows, the decree explicitly states: "This decree allows Uzbek citizens to provide financing to foreign companies or their U.S. branches within the limits of their available funds in their accounts." The core of this clause lies in the limitation of "within the limits of available funds in accounts." It does not imply complete free convertibility of capital accounts, but rather opens a window for individual capital to invest in the U.S. market under controllable risk. This is both a logical extension of the gradual opening of Uzbekistan's domestic financial market and the accumulation of national wealth, and an attempt to proactively connect with global financial markets and guide private capital towards global asset allocation. To ensure the smooth implementation of this policy, "the Central Bank of Uzbekistan has been instructed to revise the relevant laws within one month," demonstrating the decision-makers' determination and efficiency in promoting reform. It is expected that this will involve updates to regulations in areas such as foreign exchange management, cross-border payments, and anti-money laundering.

Second, regarding cooperation mechanisms, the decree stipulates the establishment of the "Uzbekistan-US Business and Investment Committee," positioning it as "a platform for strengthening the strategic economic partnership between Uzbekistan and the United States." The committee's design emphasizes its strategic and high-level nature: "The council will be co-chaired by the Chief of Staff of the Presidential Administration of Uzbekistan and the representative of the US President, the appointment of whom will be coordinated with the US side." Directly led by key figures in both administrative systems, it aims to transcend traditional inter-departmental consultations and establish a high-level direct channel for rapid decision-making, effective resource coordination, and the advancement of major strategic projects. This reflects both sides' intention to elevate economic cooperation to a strategic pillar of equal importance with geopolitical dialogue.

Furthermore, at the policy implementation and coordination level, the decree makes an unusual institutional arrangement: "Effective January 1, 2026, a new position will be added within the structure of the Embassy of Uzbekistan in the United States. This position, Counselor and Minister, will serve as the representative of the Presidential Administration of the Republic of Uzbekistan in the United States." The responsibilities of this "Minister of Advisory" are explicitly stated as "initiating and promoting discussions on major strategic investment and trade projects between Uzbekistan and the United States, and coordinating the council's activities in Uzbekistan." This arrangement breaks down the traditional barriers between diplomatic missions and the domestic administrative system, enabling the Uzbek Embassy in the US to directly and effectively serve the country's core economic agenda. It ensures seamless integration from domestic decision-making to frontline promotion and coordination, greatly enhancing the likelihood of project implementation.

II. Domestic Motivations: Deepening Reforms and Seeking New Growth Drivers

This policy adjustment by Uzbekistan is deeply rooted in its domestic development and reform logic. Since President Mirziyoyev took office in 2016, the country has implemented comprehensive reforms centered on "openness, liberalization, and diversification." Economically, it has significantly relaxed foreign exchange controls, improved the business environment, and actively attracted foreign investment. Diplomatically, it has shifted from relative isolation to "active good neighborliness" and "diversified balance," resulting in significant improvements in relations with neighboring countries and major world powers.

Allowing citizens to invest in the US is a natural spillover effect of the domestic market opening policy. It aims to meet the growing diversified investment needs of the domestic population, guide savings into more productive cross-border investments, and enhance the international competitiveness of domestic enterprises and investors through the learning effect of "going global." Meanwhile, by attracting US capital and technology to its key sectors such as energy, mining, agriculture, logistics, and digitalization, Uzbekistan hopes to break free from the limitations of its traditional economic growth model, cultivate new industrial advantages, and integrate into higher value-added segments of the global industrial chain.

III. Regional Perspective: The Evolution and Interconnection of the Central Asian Landscape

Uzbekistan's actions must be examined within the context of the Central Asian regional transformation. In recent years, Central Asian countries have generally shown a dual trend of strengthening internal regional unity (such as resolving border disputes and improving integration levels) and simultaneously promoting the diversification of foreign relations. As the two leading countries in the region, Kazakhstan and Uzbekistan's diplomatic moves have a bellwether significance.

Around the time Uzbekistan announced its investment law for the US, "Kazin News Agency reported that the foreign ministers of Kazakhstan and Uzbekistan discussed bilateral relations in a year-end phone call." This suggests that regional countries are maintaining close communication regarding their respective major adjustments to foreign and economic policies. Kazakhstan also conducted intensive, comprehensive diplomacy in 2025, elevating its partnerships with major partners, including the US, EU, and China, to a new strategic level. Uzbekistan's deepening economic cooperation with the US echoes Kazakhstan's diplomatic strategy, both pointing to a trend: Central Asian countries are increasingly confidently and proactively leveraging their "hub" status to achieve a precise balance among major global economies, maximizing their security and development benefits.

This "multi-directional balancing" strategy aims to avoid over-reliance on any single external power. For example, while deepening cooperation with the US, Uzbekistan remains an important partner in the Russian-led Eurasian Economic Union and a key participant in China's Belt and Road Initiative. Its policy objective is not "taking sides," but rather seeking a dynamic balance among major powers to enhance its strategic autonomy and encourage more favorable conditions for cooperation.

IV. Global Landscape: Strategic Adjustment Under Great Power Competition and Supply Chain Restructuring

From a global perspective, Uzbekistan's choice is a direct response to current international geoeconomic shifts.

On the one hand, global supply chains are undergoing restructuring oriented towards "resilience" and "security." Developed economies such as the US and Europe are promoting "friendly outsourcing" and supply chain diversification strategies to reduce over-reliance on specific regions. Uzbekistan, with its abundant strategic resources (such as uranium, gold, copper, and key minerals) and its location at the crossroads of Eurasia, has naturally become a potential partner. Uzbekistan's proactive opening of investment channels and establishment of high-level economic dialogue platforms are precisely aimed at seizing this opportunity, hoping to gain a favorable position in the supply chain restructuring of the US and its allies, upgrading from a mere raw material supplier to a more strategic industrial partner.

On the other hand, interactions between major powers in Central Asia have entered a new phase. Russia maintains its traditional influence through historical ties, security architecture (the Collective Security Treaty Organization), and economic connections (the Eurasian Economic Union). China, through large-scale infrastructure investment under the Belt and Road Initiative and deepening economic and trade relations, has become one of Central Asia's most important economic partners. The US, through the "C5+1" mechanism, continues to engage with Central Asian countries in areas such as security, economy, and democratic governance. Uzbekistan's significant upgrade of its economic cooperation with the US can be interpreted as a proactive response to and test of the US's Central Asia policy, aiming to observe whether the US is willing and able to provide substantial economic benefits beyond security and political support.

This move will undoubtedly attract the attention of other major powers. The key lies in whether Uzbekistan can leverage its sophisticated diplomatic skills to translate this "balancing act" into tangible national interests—simultaneously securing investment, technology, market access, and security guarantees from multiple sources—without triggering strong backlash from any party or placing itself under pressure to choose sides. This poses a severe test to its diplomatic wisdom.

V. Challenges and Prospects

While Uzbekistan's new policies hold bright prospects, they also face multiple challenges. Domestically, it needs to effectively manage the potential risks of capital outflows, ensure that domestic industries can upgrade rather than be harmed in open competition, and continuously improve its legal and regulatory system to align with international rules. At the bilateral level, the depth of US-Uzbekistan cooperation ultimately depends on whether the US can fulfill its strategic commitments, invest sufficient political and economic resources, and whether both sides can properly handle differences on issues such as governance models and human rights.

At the regional level, healthy competition and cooperation among Central Asian countries require careful management. Uzbekistan's policies may inspire neighboring countries to further attract foreign investment, while also bringing new impetus to regional connectivity projects (such as the Trans-Caspian transport route). At the international level, how to deepen cooperation with the United States while maintaining mutually beneficial relations with Russia, China, and other countries will be a long-term diplomatic challenge for Uzbekistan.

Conclusion

In summary, Uzbekistan's legislation on citizen investment in the United States and the establishment of related mechanisms is a concentrated reflection of its increasingly mature national development transformation and global strategic thinking. It transcends simple investment facilitation, demonstrating how a medium-sized developing country can seek to maximize its own interests in a complex and ever-changing great power game through proactive and systematic institutional design. This move not only aims to activate the enormous potential of Uzbekistan-US bilateral economic relations but also attempts to redefine Uzbekistan's role on the Eurasian geoeconomic chessboard—from a passive landlocked country to an active connector and stakeholder. Its ultimate success will depend on the strength of subsequent policy implementation, the evolution of the international environment, and Tashkent's continued strategic resolve and art of balance. This will continue to provide a valuable window for observing the political and economic development of the heart of Eurasia.