Capital investment in Tajikistan rose by 18.4% in the first half of 2026, driven largely by increased private-sector activity.

Capital investment in Tajikistan reached 14.1 billion somoni in January–June 2026, an increase of 18.4% compared with the same period last year, according to the Agency for Statistics under the President of Tajikistan.

The most notable change was the sharp rise in private-sector investment. Businesses invested 6.46 billion somoni, around 50% more than a year earlier and slightly above the 6.36 billion somoni invested by the state.

As a result, private businesses accounted for 45.8% of total capital investment, compared with the state’s 45.1%.

The situation was markedly different a year earlier, when government investment represented almost half of the total, while the private sector accounted for only 35%.

Foreign investment, meanwhile, fell by nearly one-third. Its share of total capital investment declined from 15.4% to 8.9%. In monetary terms, foreign investment amounted to approximately 1.26 billion somoni.

Housing and social infrastructure expand

The growth in investment was accompanied by an increase in housing construction.

Alongside residential buildings, new schools, kindergartens and healthcare facilities were brought into operation during the reporting period.

The newly commissioned schools can accommodate more than 11,600 pupils, while the preschool facilities provide nearly 1,800 places.

Construction activity is increasing despite higher material costs. By June, the cost of materials purchased by construction companies had risen by 5.1% compared with the end of 2025. Cement prices increased by 6.8%.

More construction companies enter the market

Tajikistan’s construction market is also expanding. A total of 1,069 construction companies were operating in the country in January–June, up 9.2% from a year earlier.

The largest numbers of companies were registered in the districts under republican jurisdiction, Dushanbe and Sughd province.

Sughd recorded the fastest growth, with the number of construction companies rising by nearly 25% over the year.

Construction remains one of the drivers of Tajikistan’s economy. The sector accounted for 7.3% of the country’s short-term economic indicator and contributed one percentage point to overall economic growth.

Bank lending to the sector is also increasing. Between January and May, the volume of mortgage lending rose by around 50%, while loans issued directly to construction companies increased by 9.1%.