This year, the total volume of foreign investments in the country has increased by more than 50%. In 6 months, Tajikistan's economy received $3.3 billion, which is $1.2 billion or 59.4% more than in the same period of 2024.
Let's see who has invested in Tajikistan and how much over the past six months.
Which countries have invested in Tajikistan?
Russia is Tajikistan's main investor. Over the past six months, $1.3 billion of investments have been received from this country, which is 83% more than in the same period last year.
The UAE ranks second. This country has displaced China, which for several years occupied the second position.
According to statistics from the State Committee for Investment and State Property Management, investments from the United States have decreased by 55% this year. In the first 6 months of 2025, $51.8 million was received from this country, which is $63.1 million less than in the same period last year.
Direct investors of Tajikistan
In the same 6 months of 2025, direct investment in Tajikistan decreased by 17% compared to the same period last year, amounting to $144.7 million.
Nevertheless, China remains Tajikistan's main direct investor. This year, this country has invested almost $100 million in direct investments.
The decrease in direct investment was confirmed by Sulton Rahimzoda, Chairman of the State Committee for Investment and State Property Management, noting:
"There are factors that make it difficult to attract direct investment to Tajikistan. One of the main ones is the low Internet speed and the lack of a sufficient number of flights."
He also noted that Tajikistan, unlike other countries in the region, has no access to the sea and world markets, and the lack of logistics increases the cost of products produced in the country.
In addition, according to him, the country's population is 10-10.5 million people, which is not considered a large market.
According to Rahimzoda, the decline in direct investment does not have a serious impact on Tajikistan's economy either in terms of gross domestic product growth or the exchange rate of the national currency.
"In my opinion, natural resources and a young population are the factors that can present Tajikistan as an attractive country for investment in the near future," he said.
According to Sulton Rahimzoda, these figures are preliminary, and after processing the full statistics, it is possible that the figures will be lower.
Investments by the country regions
Most of the foreign investments came to the city of Dushanbe — in the amount of $2.9 billion, which is 73% more than in the same period last year.
At the same time, the volume of foreign investments in GBAO for 6 months of 2025 amounted to zero. In the same period last year, this figure was $1.3 million.
It should be noted that Tajikistan is making significant efforts to attract foreign investment, as it is considered an important factor in the country's sustainable economic development.
In this regard, on June 30, the Government of Tajikistan approved a strategy for attracting investments until 2040.
The Strategy defines Tajikistan's long–term public investment policy and contains specific objectives to improve the investment climate, stimulate investment activity, strengthen cooperation between the state and the private sector, develop entrepreneurship and attract investment, especially foreign direct investment.
Let's briefly note here that foreign investors are most often deterred from Tajikistan by factors such as high tax rates, bureaucracy, regulatory interference, corruption and unfair competition.
