Uzbekistan as a newly independent nation is in the midst of profound political, social and economic reforms. The Republic has a considerable economic potential based on diversified industries and agriculture. The country is rich in substantial natural resources, especially natural gas, which is an important export earner, and oil. Uzbekistan is the world's seventh largest gold producer. The Republic also boasts the world's largest open cast gold mine and has deposits of silver, uranium, copper, lead, zinc and tungsten. Due to mineral resources gas-and-oil, coal industries, non-ferrous metallurgy, gold mining and processing, chemical and building materials industries are well developed. Machinery and vehicles account for the bulk of manufacturing output. Though agriculture is possible only by using artificial irrigation, it is a strong component of the economy.

Uzbekistan is the fourth largest cotton producing country in the world.

Uzbekistan fosters unique branches of agriculture, such as silkworm cocoons and karakul pelts. The Republic prides itself a major producer of vegetables, fruits and grapes, many of which are excellent in taste.

At present different forms of economic co-operation with foreign companies are developing. Uzbekistan has joined the IMF, the World Bank, and the European Bank for Reconstruction and Development.