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    Uzbekistan

    IT Park generates $1bn in revenue in 2023, discusses vision for 2024

    IT Park generates $1bn in revenue in 2023, discusses vision for 2024

    As of 2023, the number of IT Park residents reached 1,652, generating $1bn in revenue, with $344mn in exports. Notably, the sector employed over 26,000 individuals, with significant interest from the youth in IT education.

    On January 31, 2024, the Ministry of Digital Technologies of the Republic of Uzbekistan hosted the "IT Park 2024: Achievements & Vision" event, which underscored the strategic importance the government places on the IT sector, aligning with President Shavkat Mirziyoyev's vision to achieve a $5bn export volume of IT services by 2030.

    IT Park's statistical data for 2023.
    Source: IT Park

    Results of IT Park Resident Companies in 2023

    Uzbekistan possesses 362 educational establishments, with the majority, accounting for 73% (264), situated in rural areas, leaving the remaining 27% (98) in the capital. Furthermore, it is noteworthy that around 26,000 youths residing in regional areas received education over the past year, representing 67% of the overall student populace.

    While the majority of IT companies are located in Tashkent, efforts are being made to encourage expansion into regions to stimulate economic growth and create employment opportunities. The average salary in the IT sector (UZS 16.2mn / $1,312) in Tashkent was 2.3 times higher than in regional areas, indicating the potential for cost-effective operations outside the capital.

    Number of IT Park's residents in 2023.
    Source: IT Park

    In 2023, the combined revenue of IT Park resident companies exceeded $1bn (UZS 12.5 trillion), marking a 1.9-fold increase compared to the previous year ($520mn). IT Park residents also witnessed a significant increase in revenue, with 95% of services originating from Tashkent. The number of export-oriented residents grew to 551, contributing to the sector's steady export growth.

    IT Park's volume of revenue as of 2023.
    Source: IT Park

    In 2023, the exports reached $344mn, marking a 2.4-fold increase compared to the previous year ($140mn). IT outsourcing accounted for 57%, product exports for 23%, and BPO and other services for 20%.

    Transformation of IT Park

    To support local companies and attract foreign investment, IT Park underwent restructuring, focusing on export-oriented strategies. New programs aim to facilitate market entry for foreign and local companies while providing incentives for regional expansion.

    Exports of IT Park by type of activity.
    Source: IT Park

    A significant portion of export goes to countries such as the USA ($151mn), the United Kingdom and EU countries ($82.5mn), CIS countries ($69mn), Asia-Pacific countries ($27.5mn), and MENA countries ($14mn).

    The current export volume of IT Park residents constitutes only 0.03% of the world’s export potential, presenting opportunities for expanding export geography to regions in Europe, the Middle East, and the Asia-Pacific region.

    Exports by countries.
    Source: IT Park

    Upcoming programs like "Zero Risk" and "Local2Global" seek to boost export figures by incentivizing companies to enter international markets. These initiatives aim to provide financial support, mentoring, and consulting services to participating companies.

    “Zero Risk” program offers an opportunity for foreign IT companies eager to penetrate the Uzbek market with zero risks and costs. The program is designed to incentivize exports in the IT and BPO outsourcing sectors.

    “Local2Global” program is designed for local companies aiming to successfully enter international markets. Program benefits include 50% coverage of export consulting expenses, international trips for clients to Uzbekistan, participation in international exhibitions and conferences, as well as free access to Coursera courses and export mentoring.

    Establishment of International Digital Technology Center

    To further bolster the IT sector, Uzbekistan plans to establish the International Digital Technology Center, providing an attractive environment for foreign companies.

    Target markets for IT exports.
    Source: IT Park

    Despite having the best tax regime for IT companies in Uzbekistan, recognizing the need to attract major foreign companies, on February 1, 2024, the Decree of the President of the Republic of Uzbekistan aimed at increasing the volume of IT service exports to $5bn, creating 100,000 jobs, and providing more attractive conditions for foreign companies-residents of IT Park (to increase their number to 1,000), the International Digital Technology Center (ENTERPRISE Uzbekistan) will be established on the territory of IT Park.

     

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    14.02.2024, 19:47   Comments (0)   1702
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