Uzbekistan–Türkiye: from trade to expanded economic interaction

Economic cooperation between Uzbekistan and Turkey is carried out within the framework of signed bilateral agreements and established mechanisms of intergovernmental interaction, and is also accompanied by regular contacts at the highest level.

In addition, Uzbekistan and Turkey interact within the framework of the Organization of Turkic States.

In 2023, the President of the Republic of Turkey took an official visit to Uzbekistan, within the framework of which an Uzbek-Turkish business forum was held. As a result of the visit, a large package of intergovernmental and commercial documents was signed, covering key sectors of the economy worth about $10 billion.

In June 2024, the President of the Republic of Uzbekistan took an official visit to Turkey, during the visit a meeting of the High-level Strategic Cooperation Council was held, as a result of which a package of important agreements, protocols and road maps was signed aimed at further expanding trade, economic and investment interaction.

Most favored nation treatment applies to mutual trade between Uzbekistan and Turkey, and a Preferential Trade Agreement has been signed.

Turkey is one of the main trade and economic partners of Uzbekistan and ranks 4th in terms of trade turnover and imports and 5th place in terms of exports Uzbekistan.

In the foreign trade turnover of Uzbekistan in 2025, Turkey’s share in total trade turnover was 3.7%, exports - 3.4%, imports - 4%.

Dynamics of bilateral trade

For the period 2017–2025 the volume of mutual trade between the two countries increased 1.9 times and amounted to $3 billion at the end of 2025, exports to Turkey increased 1.3 times and reached $1.1 billion, imports from Turkey increased 2.8 times and amounted to $1.9 billion.

At the same time, in mutual trade, the annual growth rate of imports from Turkey exceeded the growth rate of exports to Turkey, which led to an increase in negative balance up to -$751.6 million.

Uzbekistan’s exports to Turkey in 2025 consisted of the following product items: industrial goods (copper products, yarn, etc.) - $511.4 million (45%), various finished products (mainly products made of precious metals) – $152.3 million (13.4%), chemical products (polymers, fertilizers, etc.) – $124.3 million (11%), machinery and transport equipment – $80.1 million (7%), food products (dried fruits and nuts) – $63 million (5.5%), petroleum products (gasoline, gas oils) - $36.6 million (3.2%), non-food raw materials - $18 million (1.6%), as well as services (mainly transport) - $149.9 million (13.2%).

In imports from Turkey in 2025, the main share was occupied by the following product items: machinery and transport equipment - $674.6 million (35.7%), chemical products - $408.9 million (21.7%), industrial goods - $390.2 million (20.7%), various finished products - $136.2 million (7.2%), food products - $94.6 million (5%), petroleum products (lubricating oils) - $$30.2 million (1.6%), non-food raw materials - $30.1 million (1.6%), as well as services - $117.4 million (6.2%).

Investment interaction

The Agreement on Mutual Encouragement and Protection of Investments was signed between the countries. As of January 1, 2026, there are 2,137 enterprises with Turkish capital operating in Uzbekistan (11.8% of the total number of operating enterprises with foreign investment),of which 496 are joint ventures and 1,641 enterprises with 100% Turkish capital.

The total volume of direct investments and loans from Turkey to the economy of Uzbekistan for 2017–2025 amounted to $9 billion, of which $2.6 billion were attracted in 2025.

Thus, Turkish capital is increasing its presence in Uzbekistan, mainly in priority areas of economic development of Uzbekistan - energy sector, manufacturing industry, agriculture and construction.

In particular, investments in the electricity supply sector are associated with the construction by the Turkish company Cengiz Enerji of a thermal power plant in the Tashkent region with a capacity of 240 MW and a similar station in the Syrdarya region with a capacity of 220 MW.

Promising areas of economic interaction

An analysis of the structure of Turkey's commodity imports shows that there is an opportunity to increase the volume of exports to Turkey, in particular, the following goods that Uzbekistan exports to foreign markets: polymers (Turkish imports - $2.8 billion), copper wire ($1.4 billion), fertilizers ($1.1 billion), legume vegetables ($1 billion), zinc ($857 million), copper tubes ($360 million), textile products, in particular T-shirts, T-shirts ($373 million), knitted fabrics ($158 million) and other finished products products.

Promising areas of cooperative interaction between Uzbekistan and Turkey are the manufacturing industry, in particular the textile, electrical, engineering industries, chemical industry, agriculture, healthcare, education, as well as projects for the preservation and popularization of cultural heritage. There are also prospects for the implementation of joint infrastructure projects, in particular, the construction of water treatment facilities.

In the agricultural sector special attention is paid to the issues of selection and cultivation of domestic varieties of pistachio trees and the development of pistachio farming, while agreements have been reached on the implementation of joint research projects in the field of their cultivation and adaptation.

Significant emphasis is placed on expanding cooperation in the field of education, including the involvement Turkish teachers and specialized specialists to educational initiatives in Uzbekistan, exchange of experience and development of human resources.

In parallel, areas of interaction in healthcare, focused on the development of primary health care, the introduction of a health insurance system, digitalization of the industry, improving the quality of medical services and modernization of the pharmaceutical industry are discussed.

Tourismis highlighted as a separate promising area of cooperation. Currently, 12 hotels are already operating in Uzbekistan, which are managed with the participation of Turkish partners, as well as more than 100 joint restaurants, which reflects the steady interest of Turkish business in the tourism business in the country.

In 2025–2026, with the support of Turkish investors, it is planned to implement 11 hotel projects with a total value of $167.9 million in Bukhara, Samarkand, Jizzakh, Fergana and Tashkent regions.

In parallel, transport connectivity is significantly expanding - the number of flights between Uzbekistan and Turkey has increased from 62 flights per week in 2023 to 106 flights currently, which creates additional conditions for the growth of mutual tourist flows and the expansion of tourist routes.

A key initiative in the tourism sector was the “Million + Million” program, aimed at attracting at least one million tourists to each country. This program provides for a further increase in the frequency of air services and the expansion of tourist routes between Uzbekistan and Turkey.

Conclusion

In recent years, there has been a steady growth in the volume of mutual trade, investment, the number of enterprises with Turkish capital, as well as an expansion of areas of economic interaction.

At the same time, it should It should be noted that Uzbekistan exports to Turkey mainly raw materials and intermediate goods, which are used in the industrial sectors of the Turkish economy.

In this regard, the key task for the coming years is to move from the “raw materials-finished products” trade model to the formation of joint production chains with high added value.

In this context, Turkey can play not only a role for Uzbekistan one of the main trading partners, but also to promote the industrial development of Uzbekistan and expand its participation in the creation of global value chains.

Edward Romanov,
Center for Economic Research and Reform