Back in 2019 I went on a trip to Uzbekistan to explore opportunities on-the-ground as the country’s macro picture was so appealing.

I went there hoping to buy real estate, but instead came back with a local brokerage account. There were companies on the local stock market that were incredibly cheap, had almost 0 debt, were paying double digit dividend yields, and were growing hundreds of percent per year.

2.5 years later, I am very happy with my investments, and I am still holding. I nearly tripled my money.

I had the pleasure to meet with Scott Osheroff, the Chief Investment Officer of the AFC Uzbekistan fund, when spending time in beautiful Istanbul. We used this opportunity to catch up and discuss the following topics:

01:00 Why invest in the stock market in Uzbekistan?
03:30 Comparative analysis of investing in Kazakhstan versus Uzbekistan
05:30 Fiscal position of Uzbekistan
06:55 Who is investing in Uzbekistan?
07:50 Which equities in Uzbekistan?
10:50 Capital controls in Uzbekistan
11:55 Investing in cement in Uzbekistan
13:15 Investing in Uzmetkombinat
15:40 Impact of Russia – Ukraine war on Uzbekistan
17:10 Real estate in Tashkent

You can watch the video here.

investing in uzbekistan
Click here to watch the Youtube video

If you want to get in touch with Scott:

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If you want to get introduced to my broker in Uzbekistan, send me an email:

To a World of Opportunities,

The Wandering Investor

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