Cooperation potential: Uzbekistan and Slovenia on the path of economic rapprochement

Introduction
The Republic of Uzbekistan and the Republic of Slovenia are developing dynamic and multifaceted relations, which have become increasingly practical and pragmatic in recent years. Official diplomatic relations between the countries were established in 1993. Despite the relatively limited history of interaction, bilateral ties have significantly intensified in recent years, especially in the areas of trade and investment.
Slovenia is a highly developed country of Central Europe, a member of the European Union, the United Nations, the Schengen Agreement, the Eurozone, and other international organizations. Slovenia’s economy is export-oriented, with key export goods including pharmaceutical products, machinery and equipment, chemical industry products, electronics, as well as automobiles and components. Uzbekistan, in turn, possesses significant industrial, agricultural, and human potential, which, combined with economic modernization programs, makes the country an attractive partner for Slovenia.
Among the promising areas of mutual trade are the supply of Uzbek textiles, food products, leather, light industry goods, and chemical products to Slovenia. At the same time, Uzbekistan is interested in importing high-tech equipment, pharmaceuticals, components, and know-how from Slovenia in the fields of sustainable energy, medicine, and digitalization.
Foreign trade dynamics
Trade and economic cooperation between the two countries is showing steady growth. Thus, by the end of 2024, the trade turnover between Uzbekistan and Slovenia amounted to 175.7 million US dollars, an increase of 60.3% compared to the previous year. The main items of Uzbekistan’s exports to Slovenia are services, clothing, chemical products, and mechanical devices. Meanwhile, imports from Slovenia are represented by products made of stone, ceramics and gypsum, furniture, as well as various services.
The statistics for the first quarter of 2025 is particularly noteworthy - the volume of trade turnover reached $127 million, an increase of 47.8% compared to the same period last year. Notably, exports from Uzbekistan increased more than 20-fold, while imports from Slovenia decreased by 10%, demonstrating the growing competitiveness of Uzbek products in the European market.
Legal framework and institutional cooperation
To date, the legal framework of Uzbek-Slovenian relations includes six documents: four intergovernmental, one interagency and one between institutions. The key document is the Agreement on Economic and Investment Cooperation signed on February 8, 2023.
Enterprises with Slovenian capital are actively operating in Uzbekistan. Despite their small number, their activities create a basis for expanding investment cooperation, especially in the context of joint production and localization of high-tech equipment.
Political and economic interactions and joint activities
Intensification of business and governmental contacts between the countries has been observed in the last few years. Meetings at the level of investment ministers have been held. Both sides recognize the need to use all available mechanisms to develop business ties, including joint business forums, exhibitions and missions.
A great effect for both economies will be brought by entering the markets of third countries using Uzbekistan’s status as a “GSP+” beneficiary country and joint use of free economic zones (FEZ) infrastructure for production of high value-added products.
Investment cooperation and promising projects
On April 5, 2025, a round table was held in Tashkent with the participation of more than 20 Slovenian companies from various industries - from agriculture and pharmaceuticals to mechanical engineering and IT. Slovenian businessmen were presented investment opportunities in Uzbekistan, including tax and customs benefits, as well as guarantees of investor protection.
Projects in geological exploration, light industry, construction and medicine aroused special interest. B2B and B2G meetings were held, which allowed businesses of the two countries to directly discuss the terms of future cooperation.
In continuation of this cooperation, Deputy Minister Akram Aliyev visited Ljubljana on May 9, where he held talks with representatives of leading companies of Slovenia. Within the visit, agreements were reached on a number of new investment projects: contract production of pharmaceutical products, launch of small hydroelectric power plants, construction of hangars for aviation, sports and food infrastructure.
One of the significant stages was the visit to the plant of the "Kontron" company, which specializes in industrial electronic solutions.
Conclusion
Cooperation between Uzbekistan and Slovenia is on the rise and covers an ever wider range of areas - from trade to high-tech investments. The rapid growth in trade turnover, active mutual visits, the existence of a contractual framework, and interest from business circles of both countries create favorable conditions for further deepening of partnership. Given Uzbekistan’s growing interest in European Union markets and Slovenia’s aspiration to expand its economic presence in Central Asia, bilateral cooperation holds significant strategic potential.