Investment Attractiveness and Regional Development in Uzbekistan: The Case of Karakalpakstan

This article examines regional differentiation in fixed-asset investments financed through foreign direct investment and foreign loans in Uzbekistan, with particular attention to the Republic of Karakalpakstan. Using official regional statistics for 2020-2024 and 2021-2024, the study applies descriptive and comparative analysis based on growth dynamics, regional rankings, and case-focused interpretation. The findings show a substantial national increase in foreign-sourced fixed-asset investment, but also strong territorial concentration in a limited group of leading regions. Karakalpakstan recorded notable growth in per capita FDI in fixed assets and in the total volume of FDI- and loan-financed fixed-asset investment, with growth rates exceeding the national average in the later years. However, the region remained below the national average and far behind leading territories in absolute scale. The results indicate delayed and incomplete catch-up rather than full convergence. The article highlights the need to strengthen Karakalpakstan’s investment infrastructure, institutional support, project preparation capacity, and local absorptive conditions.

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