In recent years, Uzbekistan has consolidated itself as one of the most dynamic markets in Central Asia, driving an ambitious program of economic reforms, productive modernization, and openness to foreign capital. For Spanish companies, this context opens a particularly interesting window of opportunity: it combines a transforming market, attractive investment incentives, and an increasingly solid institutional framework with the European Union and with Spain.

Below are the main benefits that Uzbekistan offers for Spanish investment, as well as the priority sectors and strategic levers that can facilitate the entry and consolidation of Spanish companies in this country.

1 An environment of modernization with high demand for Spanish know‑how

Uzbekistan is immersed in a process of economic modernization that is generating a growing demand for technology, advanced services, and international expertise. In this context, Spain starts with a clear competitive advantage: its companies enjoy a well‑established reputation in sectors such as infrastructure, renewable energies, agribusiness, and technological solutions.

The complementarity between Uzbekistan’s needs and Spain’s capabilities translates into tangible opportunities in several areas: from the construction of large transport and urban development projects to the implementation of industrial digitalization solutions, as well as agricultural and energy modernization. This alignment allows Spanish companies not only to compete on price, but also to position themselves as reference partners in technology, design, project management, and associated services.

2 Opportunity sectors for Spanish companies

Infrastructure and construction
The Uzbek government is developing a broad public investment program in infrastructure: transport networks, logistics, urban development, and smart city projects. For Spanish companies in construction, engineering, architecture, water management, and waste treatment, this environment is particularly attractive. The country needs both large contractors and companies specialized in technical niches (energy efficiency in buildings, smart urban mobility, sustainable urban planning).

Agribusiness and agriculture
Agriculture is one of the pillars of the Uzbek economy, and there is already a bilateral cooperation framework focused on innovation and sustainability in the sector. This opens the door to Spanish companies in agricultural machinery, efficient irrigation, post‑harvest technologies, food processing, cold logistics, and quality certification.

Spain’s experience in agricultural modernization, water management in semi‑arid climates, and export‑oriented agribusiness development is a valuable asset for Uzbekistan, which seeks to increase the value added of its production and access new markets.

Renewable energies

Uzbekistan’s energy sector is undergoing a gradual transition towards renewable sources, with particular interest in solar and wind power. Spanish companies, internationally recognized for their leadership in renewables, find fertile ground here for projects in generation, smart grids, energy storage, and technical and regulatory consulting services.

In addition to large‑scale projects, there are opportunities for decentralized solutions in industrial and rural areas, where the combination of renewables and energy efficiency can generate significant savings and improve security of supply.

Industrial technology and digitalization
Uzbekistan is promoting the reindustrialization and digitalization of its economy through the creation of special economic zones and tax‑free areas dedicated to emerging technologies, including artificial intelligence and data centers.

For Spanish companies in software, industrial automation, cybersecurity, technology consulting, or data center services, this framework offers the possibility of establishing themselves under advantageous conditions, accessing an expanding market and, at the same time, using Uzbekistan as a platform to operate in Central Asia.

3 Investment incentives and a favorable regulatory environment

One of the key factors for attracting foreign investment in Uzbekistan is its package of incentives. The country offers tax benefits, customs facilities, and specific programs for strategic investors. Among these is the so‑called “Golden Visa,” which facilitates mobility and residence for foreign investors, executives, and key personnel.

These incentives are complemented by efforts to improve the business climate, simplify procedures, and increase legal certainty. For Spanish companies, this means an increasingly predictable and transparent environment, where entry and operating costs are significantly reduced if the implementation strategy is properly planned.

4 Institutional cooperation frameworks as a guarantee of security

The existence of strong institutional frameworks between Uzbekistan, Spain, and the European Union is another element that reduces risks and strengthens investor confidence. The Enhanced Partnership and Cooperation Agreement (EPCA) between Uzbekistan and the EU provides a stable regulatory and political context, aimed at market opening, investment protection, and improvement of the business environment.

At the bilateral level, the Spain‑Uzbekistan Joint Intergovernmental Commission acts as a platform for dialogue and coordination, facilitating joint projects and resolving administrative or regulatory obstacles. For Spanish companies, this translates into institutional support that can be decisive in the initial stages of investment or in large‑scale projects.

5 Institutional support and access to specialized information

Spanish companies are not alone when approaching the Uzbek market. Organizations such as ICEX Spain Trade and Investment, the Chambers of Commerce, and the Embassy of Uzbekistan in Spain provide detailed information on the legal framework, the requirements for setting up a company, the particularities of the local market, and specific sectoral opportunities.

In addition, trade missions, sectoral fairs, and business events are essential tools for networking, identifying local partners, and gaining direct knowledge of the business environment. Active participation in these initiatives significantly increases the chances of success for investment projects.

6 Uzbekistan as a regional platform in Central Asia

Beyond the Uzbek market itself, its geographical location makes the country a strategic hub for accessing Central Asia and, potentially, corridors that connect with China, Russia, the Middle East, and the Caucasus. For Spanish companies considering a regional strategy, establishing themselves in Uzbekistan can mean having an operational base with preferential access to several emerging markets.

This position, combined with the development of transport and logistics infrastructure, reinforces the country’s geoeconomic importance and multiplies the reach of investments made in its territory.

Conclusion

Uzbekistan offers Spanish companies an uncommon combination of factors: a transforming market with high demand for advanced solutions, priority sectors where Spain has clear competitive advantages, tax and mobility incentives, solid institutional cooperation frameworks, and a strategic geographical position for regional expansion.

Taking advantage of these opportunities requires a planned approach: analyzing the specific sector, relying on the existing institutional network, participating in trade missions, and building reliable local partnerships. For those companies willing to look beyond traditional destinations, Uzbekistan can become a strategic partner and a privileged gateway to Central Asia.

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