Uzbekistan is a thriving economy in Central Asia.
Tashkent, also known as Toshkent, is the capital. It is also Uzbekistan’s largest city. Tashkent has a large population. In ex-Soviet Central Asia, it is the most populous city. It is in north-eastern Uzbekistan, located near the border with Kazakhstan. You will find theatres, museums, palaces, beautiful parks, and gardens in this city. You will also find bustling markets that showcase the country’s culture and heritage. The city is also safe for tourists and travelers. Being a modern and reserved city, it welcomes all travelers looking for a relaxing time. Violent crimes are almost unheard of. Thus Tashkent, Uzbekistan’s capital city, is a great getaway for persons of all ages.
This is a beautiful Uzbek city, known for its mausoleums and mosques. Samarkand is in the north-eastern region of Uzbekistan in a large oasis in the Zerafshan River Valley. This city is on the Silk Road, which served as the trade route linking China to the Mediterranean. The city of Samarkand is a melting pot of cultures with a history dating back two and a half millennia. You can visit the SiyobBazar, which is the largest market in Samarkand. Located beside it is the mosque. With its friendly people and exciting atmosphere, it proves to be an amazing metropolis.
Fergana, or Ferghana, is the capital of the Fergan Region in eastern Uzbekistan.
The main sites include the Museum of Local Studies and Regional Theatre. Another attraction is Fergana State University. You can also indulge in relaxing strolls in the central park or visit the palace. Or, you can go shopping in the Kum Tepa Bazar market.
The Consumer Base of Uzbekistan
The consumer base of Uzbekistan is as it is in almost any other country. The people are loyal to trusted brands and products that have been around for some time. However, the pricing on various products seems to draw their attention more. But amid the outbreak of COVID-19, retail businesses seem to suffer from a lack of sales. The increase in Internet users, which has risen steadily over the past five years, reverses this problem. This increase has resulted in new e-commerce opportunities.
Trends in Uzbekistan
Internal and external factors are affecting the trends of Uzbekistan. Since the recent outbreak of the novel coronavirus, the demand for cleaning and hygienic products within the country has increased. Homeowners buy these products out of fear of contracting the deadly virus. Another trend is that the outbreak of COVID-19 boosted the consumption of tea. Yes, tea is the most popular and traditional hot drink in Uzbekistan.
A negative trend that has been increasing is the unemployment rate of the population. This figure increased during the period of quarantine especially.
Strengths and benefits of the Uzbekistan Market
Uzbekistan’s potential consumer market is the largest in Central Asia. This country has a rich population surpassing 33 million. It is also a ‘young’ country. More than two-thirds of the population is of working age (15-65). This contributes to the strong labor force the country holds. Uzbekistan has maintained a high GDP growth in recent years.
Uzbekistan borders each of the four other Central Asian nations along with Afghanistan. It is the only country to do so. This influences its potential for investments. The country takes pride in being rich in natural resources such as gold, natural gas, and cotton. This further entices the attention of investors. The sectional market opportunities in Uzbekistan include; agriculture, information technology, education, mining and natural gas.
About Market Research in Uzbekistan
SIS International Research conducts Qualitative, Quantitative, and Strategy Research in Uzbekistan. Methods include Interviews, Focus Groups, and Online Surveys. Contact us now for a consultation on how to build a successful business in Uzbekistan.