An event unfolded in Riga as the "Invest in Uzbekistan” conference illuminated the investment prospects within Uzbekistan for Latvian companies, IT Park reported. Supported by the Investment and Development Agency of Latvia, the Embassy of Uzbekistan in Latvia, the Ministry of Investment, Industry and Trade, and IT Park Uzbekistan, the conference attracted more than 100 representatives from Latvian firms, showcasing a profound interest in the Uzbekistan market.
The objective of the conference was multifaceted. It aimed to bolster economic and investment relations, particularly within the IT sectors of both nations, promote knowledge exchange, attract investors for pioneering projects and startups, and allure foreign IT enterprises through tax incentives and preferences tailored by Uzbekistan.
The conference commenced with opening remarks from esteemed diplomats, including Ambassador Reinis Trokša, who emphasized the burgeoning collaboration between the two nations in IT and investment domains.
Central to the event was the presentation of Uzbekistan's primary socio-economic development directions, highlighting its investment potential, with insights provided by the Investment Promotion Agency of Uzbekistan and PricewaterhouseCoopers elucidating the legal and tax aspects of conducting business in Uzbekistan.
Abdulakhad Kuchkarov, Executive Director of IT Park Uzbekistan, elaborated on the country's innovative development directions, spotlighting the favorable conditions for IT business, including tax incentives and preferences. He also detailed initiatives such as residency in IT Park, offering exemptions from corporate taxes and VAT, alongside risk-free market entry programs.
Latvian companies shared their experiences, with SBS Logistics showcasing the growth potential in Uzbekistan's BPO sector, citing a significant reduction in payroll expenditures post-relocation.
The conference underscored the stable growth of Latvia's IT industry, particularly in IT outsourcing, and highlighted the ongoing expansion of IT service exports from Uzbekistan to Latvia, currently valued at over $2mn, with a focus on software development.
Crucially, bilateral relations between Latvia and Uzbekistan continue to strengthen, evident through the visa-free regime for Latvian citizens and prospects for enhanced trade and economic cooperation.
The "Invest in Uzbekistan" conference stands as a strategic step towards President Shavkat Mirziyoyev's ambitious goals of creating over 300,000 job positions for IT specialists, positioning Uzbekistan as a global IT outsourcing hub, and increasing IT service exports to $5bn by 2030. These initiatives are poised to bolster economic growth, mitigate unemployment, and enhance the welfare of Uzbekistan’s populace.
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