INVESTMENT OPPORTUNITIES IN THE SECURITIES MARKET OF UZBEKISTAN: DIVIDEND YIELD, INSTITUTIONAL REFORMS AND INTERNATIONAL ATTRACTIVENESS

The securities market of Uzbekistan is undergoing a phase of accelerated institutional transformation and isincreasingly perceived as one of the most promising investment destinations in Central Asia. This paper examines theinvestment attractiveness of the Uzbek equity market in the context of recent structural reforms, the expansion of publiclistings, and the strengthening of dividend discipline among major issuers. Particular attention is devoted to foreignand institutional investors, whose interest has intensified amid improving corporate transparency, rising dividend yields,and valuation metrics that remain favorable by international standards. Using market-level and firm-level indicators for2018–2025, the study analyzes capitalization growth, trading activity, dividend dynamics, and fundamental performance(P/E, ROE, Dividend Yield, P/BV), and compares them with benchmarks from Eastern Europe and developed markets