BAKU, Azerbaijan, November 14. Uzbekistan aims to increase its gross domestic product (GDP) to $232 billion in 2027 and attract $65 billion in foreign investment, according to the Uzbek president's press service.
These targets, along with the country's economic priorities and key budget plans for next year, were discussed at a government meeting on November 13, attended by President Shavkat Mirziyoyev.
Uzbekistan's economy is expected to grow by at least 8% in 2026, with GDP exceeding $200 billion and per capita income reaching $5,200. The country also aims to increase GDP to $300 billion by 2030 and raise per capita income to $10,000 over the following decade.
For 2027, the government forecasts economic growth of 7% and GDP of $232 billion. Exports excluding gold are expected to approach $40 billion. Inflation is projected to decline to 6% in 2027 and 5% in 2028–2029.
Mirziyoyev stressed the need to transition to a new economic growth model focused on higher value-added production, increased labor productivity, expanded export capacity, and the creation of high-income jobs.
Under the 2027 budget plan, state revenues are projected at 416 trillion soums (about $34.5 billion), while expenditures are expected to reach 464 trillion soums (around $38.5 billion). The overall fiscal deficit is projected to remain within 3% of GDP, with inflation capped at 6%.
Social spending will remain a priority. Around 176 trillion soums (approximately $14.6 billion) is earmarked for education and healthcare reforms. Of this amount, 114.3 trillion soums (about $9.5 billion) will go to education, up 14 trillion soums (around $1.16 billion) from the previous year, while healthcare will receive 61.4 trillion soums (approximately $5.1 billion), an increase of 12 trillion soums (about $996.7 million).
A further 70 trillion soums (around $5.8 billion) is planned for regional and neighborhood infrastructure, employment and income growth, human capital development, and stronger social protection.
As part of its industrial policy, Uzbekistan plans to attract at least two to three major international investors to each promising sector in 2027. Priority industries include chemicals and petrochemicals, machinery, electrical engineering, textiles, and pharmaceuticals.
The strategy also covers emerging industries such as semiconductors, robotics, biotechnology, high-tech components, and electric vehicle batteries. Plans include establishing modern industrial zones, increasing localization, attracting advanced technologies, and integrating domestic manufacturers into international production chains.
The president also called for further structural reforms, including transforming state-owned enterprises and banks, accelerating privatization, improving energy and transport infrastructure, developing human capital, and completing Uzbekistan's accession to the World Trade Organization.
To support investment and economic activity, the government plans to keep major tax rates unchanged in 2027. Officials were instructed to increase budget revenues by broadening the tax base, reducing the shadow economy, and improving tax and customs administration through digital solutions and artificial intelligence.
Mirziyoyev also emphasized the need to improve public spending efficiency, cut unnecessary costs, and strengthen budget discipline. A digital monitoring system will be introduced on a pilot basis to track budget expenditures on construction projects financed through the state investment program.
The government has also been tasked with preparing detailed plans for attracting $65 billion in foreign investment in 2027, with allocations broken down by sector and region. Officials are expected to expand private sector participation in the banking system, increase available credit resources, use public-private partnerships to finance investment projects, and strengthen cooperation with international financial institutions.
The proposed 2027 state budget and measures for its implementation will be discussed by local councils before being submitted to the Legislative Chamber of Uzbekistan's Oliy Majlis.
