Uzbekistan and Kazakhstan Await Cooperation with Polish Business

Poland's Bank Gospodarstwa Krajowego (BGK), through its Team Poland initiative, is actively promoting opportunities for Polish businesses looking to expand into Uzbekistan and Kazakhstan. These Central Asian nations are emerging as attractive destinations due to their robust economic indicators and reformist policies.

Uzbekistan presents a compelling case for investment, boasting a stable GDP growth of around 5.7% annually since 2023. Key attractions include significantly lower energy costs, with prices for businesses at approximately 290 PLN per MWh compared to Poland's 550-620 PLN per MWh. Furthermore, the country offers lower taxes and wages, with a standard VAT rate of 12% and an average monthly salary equivalent to about 1840 PLN. Its demographic advantage lies in its large, young population, exceeding 38 million with an average age of 29.

The Uzbek government's ongoing economic liberalization and reforms are opening the door to foreign investment. Cezary Polski, CEO of Energotherm, highlights Uzbekistan as a key market for energy transformation in Central Asia, emphasizing its openness to international know-how and technological partnerships, particularly for Polish engineering and technology firms.

Kazakhstan, the largest economy in Central Asia with a GDP of $300 billion, also offers significant potential. While traditionally reliant on fossil fuels, the government is prioritizing diversification into non-fuel sectors, including AI, IT, and data centers. Economic ties between Poland and Kazakhstan are strong, with Kazakhstan accounting for over 75% of Poland's total trade with Central Asian countries. The nation has seen an average annual growth of 3% over the past five years, making it an appealing market for European investors and exporters.

“

Uzbekistan is today one of the most interesting energy transformation markets in Central Asia. Dynamic economic growth, infrastructure modernization, and the development of renewable energy sources mean that the country is increasingly opening up to international know-how and technological partnerships. From the perspective of Polish business, Uzbekistan can become an important direction for technological and engineering expansion.