Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth

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that the rapid growth of exports in Uzbekistan during 2000 and 2004 was due 
to the increased prices of primary commodities. In particular, 18 percentage 
points of the 46% increase in Uzbekistan’s exports was due to the rise in world 
prices for gold and cotton fiber.
Uzbekistan’s major import products in 2018 comprised of machines, transport 
equipment, and metal products (Figure 5.5). Such a diversified structure of 
imports suggests that many branches of the economy depend on imports. 
Source: UN Comtrade. https://comtrade.un.org/db/default.aspx (accessed 12 December 2019).
Source: UN Comtrade. https://comtrade.un.org/db/default.aspx (accessed 12 December 2019).
Figure 5.4: Major Export Products, Uzbekistan, 2018 
(%) 
Figure 5.5: Major Import Products, Uzbekistan, 2018 
(%)
23.2%
35.7%
7.3%
8.0% 8.0%
17.8%
Gold
Nonferrous metals
Natural gas
Textiles and fabrics
Vegetables and fruit
Others
Machinery
Transport equipment
Metal products
Chemical products
Rubber and wood products
Others
24.7%
11.4%
10.2%
9.4%
3.1%
41.1%

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5.2.2. foreign direct investment inflows 
Although the Government of Uzbekistan stresses the importance of attracting 
FDI, it follows a selective approach by encouraging export-oriented industries 
and discouraging investments in import-consuming sectors (Bendini 2013). 
Consequently, the FDI inflows are heavily concentrated in the extractive 
industries and play a negligible role in the Uzbekistan economy. Figure 5.6 
depicts the evolution of FDI inflows to Uzbekistan during 1996 and 2018. The 
FDI had increased from $170 million in 2006 to $1.64 billion in 2010, reaching 
4% of gross domestic product (GDP). Since 2011, FDI has been declining 
gradually to the 2006 level, indicating that the volatility of FDI inflows is 
closely linked to a decline in world commodity prices. Figure 5.7 confirms that 
the oil and gas industry accounted for the largest part of FDI inflows in 2012. In 
2017, the share of extractive resources, although aggregated, represented 57% 
of total FDI received. Thus, diversifying the economy away from the reliance 
on natural resources extraction could reduce the volatility of FDI inflows.
FDI = foreign direct investment, GDP = gross domestic product, LHS = left-hand scale, RHS = right-hand 
scale. 
Source: UNCTADSTAT. https://unctadstat.unctad.org/ (accessed 12 December 2019).