DEVELOPMENT OF UZBEKISTAN'S DOMESTIC CAPITAL MARKET AS A CONDITION FOR MOBILIZING PRIVATE INVESTMENT

This paper examines the development of Uzbekistan’s domestic capital market as a precondition for mobilizing private investment in support of the country’s modernization and green-transition agenda. Despite rapid macroeconomic growth (about 6% per year) and successful sovereign access to international markets, the domestic market remains shallow. The study identifies four structural constraints — the dominance of the state in the economy, a narrow institutional-investor base, the prevalence of state-bank financing, and limited free float and liquidity — and reviews the 2023–2026 reform wave. It concludes that deepening the domestic market through public offerings of state assets, the formation of an institutional-investor base, and a developed corporate-bond market is essential to converting external interest into sustainable private investment.