"Uzbekistan as a New Center of International Business: Opportunities for Foreign Companies" International Event Held
2024-10-23 15:30:00 / News of ministry
The event was part of the international conference on "Transforming the Education System in the New Uzbekistan and Enhancing the Quality of Education, with a Focus on Supporting IT and Digital Technologies as a Strategic Goal".
The forum brought together prominent figures, including Sherzod Shermatov, Minister of Digital Technologies of Uzbekistan; Raimonds Vejonis, former President of Latvia; Boris Tadic, former President of Serbia; Hamadoun Toure, former Secretary-General of the International Telecommunication Union; Sean McEllin, advisor to Ireland’s Industrial Development Authority (IDA); and Akihiro Sakurai, former Vice President of NEC Corporation and current advisor to the Minister of Digital Technologies of Uzbekistan.In recent years, information and communication technologies have emerged as a primary driver of Uzbekistan's economy, evolving rapidly as a sector. In today’s world, progress is impossible without advancements in this field. As a result, priorities have shifted toward the development of IT infrastructure, training of qualified specialists, and attracting investments through partnerships with foreign companies.
During the event, Sherzod Shermatov, Minister of Digital Technologies, highlighted the remarkable growth of the IT sector between 2017 and 2023, positioning it as a regional leader.
The Minister emphasized the 573-fold increase in exports by residents of IT Park: from $600,000 in 2017 to $344 million in 2023. He further underlined the strategic role of “IT Park Uzbekistan” in transforming the country into a dynamic IT hub.
The following data was also shared by the Minister:
– The number of registered IT Park residents reached 2,172 companies, creating over 32,000 jobs — 15 times more than in 2017.
– A total of 787.1 billion UZS was allocated to 42 promising startup projects, which successfully completed incubation and acceleration programs at IT Park.
– The output of software products and services expanded 71-fold, from 179.9 billion UZS in 2017 to 12.8 trillion UZS in 2023.
As of now, IT Park hosts more than 2,200 residents, including over 800 export-oriented companies and more than 540 with foreign capital. By 2030, the creation of 300,000 export-focused jobs and an increase in IT exports to $5 billion are expected. Additionally, the minister stressed that the ministry's mission is to simplify people’s lives and create new income opportunities through digitalization.
The event also featured speeches from local and international speakers:
Former Latvian President Raimonds Vejonis noted that Uzbekistan’s investment reforms facilitate business operations for European companies. He emphasized that simplifying procedures for foreign investments and extending IT Park incentives until 2040 have strengthened investor confidence, making the country more attractive. These reforms set the stage for achieving IT export targets of $5 billion and developing an AI market worth $1.5 billion by 2030.
Former Serbian President Boris Tadiс praised the government’s focus on IT development, stating that Uzbekistan is becoming a regional IT hub and one of the most business-friendly destinations for foreign investment. He also highlighted that government support for digital startups encourages a new generation of entrepreneurs, contributing to economic growth and social values. Furthermore, he underscored the importance of local funding for startups to complement foreign investments.
Hamadoun Toure, former Secretary-General of the International Telecommunication Union, emphasized that Uzbekistan advanced 24 places in the UN E-Government Development Index, now ranking 63rd among 193 countries and among the top ten for progress. He also mentioned that telecom reforms have increased network coverage from 41% to 99% in seven years. Uzbekistan is now 22nd in internet accessibility and one of the first CIS countries to introduce 5G in remote areas and also high-speed internet access continues to grow nationwide.
Sean McEllin, a consultant from Ireland's Industrial Development Authority (IDA), stressed that Uzbekistan is becoming an ideal location for regional offices of major IT companies. Establishing an international digital technology hub will help attract 10,000 foreign IT companies. He also highlighted that the "Zero Risk" and "Local to Global" programs make Uzbekistan a prime destination for IT business development.
Akihiro Sakurai, former Vice President of NEC and current advisor to the Minister of Digital Technologies, emphasized Uzbekistan's potential to train 300,000 highly qualified specialists for the global market, helping them earn competitive incomes. He also noted the significant role of Tashkent University of Information Technologies (TUIT) and its six branches, along with INHA and Amity universities, which collectively train over 29,000 students in 35 fields. The number of IT universities in the country has reached almost 100.
Moreover, he mentioned that since 2023, Coursera courses have been available on the uzbekcoders.uz platform, with 402,385 individuals completing introductory courses and 1,816 obtaining professional IT certifications. Uzbekistan now ranks first on Coursera among countries investing in personnel skill development.
The President of Uzbekistan has set a goal to create a favorable business environment. Achieving this goal will require the effective implementation of state programs focused on developing the digital economy, enhancing e-government, and successfully executing the “Digital Uzbekistan – 2030” strategy.