Deputy Director of the National Agency for Perspective Projects of Uzbekistan, Davron Maksudov projected a substantial surge, estimating a turnover of $1bn by 2027 during the recent Tashkent International Investment Forum. The panel session titled “Investing in e-commerce: trends and market prospects” convened experts and officials to delve into the burgeoning digital economy.
Uzbekistan, though relatively new to the e-commerce arena, has shown progress since the inception of its first e-commerce law in 2004, followed by subsequent updates in 2015 and 2022. With over 50 registered e-commerce marketplaces and an annual turnover of $300mn, Maksudov projected a substantial surge, estimating a turnover of $1bn by 2027.
Major global players such as Meta (Facebook), Google, Apple, Booking.com, and Zoom have established their presence in Uzbekistan, contributing significantly to the economy with taxes amounting to UZS 70bn ($5.5mn).
The panel participants gained valuable insights into various aspects of the e-commerce sector, including market dynamics, consumer behavior, regulatory frameworks, and investment opportunities. Nikolay Seleznev, Head of the Strategy and Business Development Department at Uzum, highlighted the transition from traditional bazaars to online marketplaces in recent years.
The e-commerce market witnessed exponential growth, surging from $201mn in 2021 to $543mn in 2023. This growth was mirrored in the retail sector, which expanded from $11.273mn in 2021 to $15.187mn in 2023.
Seleznev expressed optimism about the trajectory of Uzbekistan's e-commerce sector, asserting that pioneering companies like Uzum have paved the way for others to achieve unicorn status, denoting a valuation exceeding $1bn.
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