<p>A clear understanding of what drives economic growth is essential for formulating effective policies that promote sustainable development and enhance the global competitiveness of countries such as Uzbekistan. This study examines the underlying sources of Uzbekistan’s economic growth from 1997 to 2023 and compares themwith South Korea’s growth path to draw useful insights and policy implications.Through an econometric analysis of five independent variables, the research assesses the effectiveness of Uzbekistan’s import substitution and export-oriented strategies. The findings indicate that inflation and the share of workers in the industrial sector hindered the economic growth in both South Korea and Uzbekistan. Conversely, regression analysis further demonstrates that trade openness and FDI emerged as a positive contributor to economic growth. In addition to this, it is also highlighted that industrial sector development in Uzbekistan has been less impactful compared to South Korea, underscoring the need for targeted measures to enhance its industrial performance. Drawing on lessons from South Korea’s development experience, this study advocates for a balanced strategy that combines import substitution with export-oriented industrialization. By prioritizing export-driven growth while simultaneously strengthening domestic industries, Uzbekistan can enhance industrial development, deepen global economic integration, and lay the foundation for sustained long-term prosperity.</p>