The Impact of International Ratings on Shaping the Investment Climate of Uzbekistan

This study examines how international ratings shape Uzbekistan’s investment climate and whether the country’s improving positions translate into real investment flows. Drawing on national legislation, official statistics and the results of major international ratings for 2015-2025, it traces the link between rating dynamics and the volume, structure and geography of foreign investment. The findings show that the reforms launched in 2017 and the establishment of a state system for working with international ratings have strengthened investor confidence. Obtaining and upgrading sovereign credit ratings opened access to international capital markets and coincided with the fastest growth in investment. However, foreign capital still relies mainly on loans, remains concentrated among a few partner countries, and progress in institutional and innovation ratings is slow. The paper argues that sovereign credit ratings exert the strongest influence on investors, and that rating gains must be backed by genuine institutional reforms. It proposes measures to reach investment grade and to make rating improvements sustainable.