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    Uzbekistan Technology

    Uzbekistan's IT industry adopts new export requirements

    Uzbekistan's IT industry adopts new export requirements

    To bolster Uzbekistan's position as a burgeoning tech hub in Central Asia, the government has announced a regulatory change affecting large residents of the country's IT Park. 

    Photo: Uzbekistan's IT export targets to increase progressively
    Source: Daryo

     

    Effective October 1, 2024, companies within the IT Park generating annual revenues of UZS 100bn ($8.7mn) or more will be mandated to ensure that at least 10% of their total income comes from exports, as per a resolution enacted on May 29.

    Minister of Digital Development Sherzod Shermatov unveiled the regulation, emphasizing its pivotal role in propelling Uzbekistan's IT sector onto the global stage. The stipulations will exempt startups and smaller IT enterprises until they reach the specified revenue threshold.

    The government's strategy includes progressively escalating export targets in the ensuing years, aiming for 20% by 2026, 35% by 2027, and 50% by 2028. Companies failing to meet these benchmarks will face increased financial contributions toward initiatives supporting smaller IT firms' export endeavors, with fees escalating by 1%.

    President Shavkat Mirziyoyev has thrown his weight behind the initiative, advocating for the extension of benefits to large IT service exporters. Those achieving a 50% share of foreign sales in their revenue by 2028 will enjoy these incentives until 2040.

    According to data from the IT Park directorate, Uzbekistan's IT residents exported services totaling $344mn in 2023, constituting just over a third of their overall revenue. A substantial portion of these exports, exceeding 40%, found their way to the United States, with the United Kingdom and the European Union collectively accounting for another quarter.

    The IT Park in Uzbekistan accommodates over 1,954 resident companies, including 666 geared towards export activities. It has played a crucial role in generating 13,073 job opportunities within the IT sector.

    Looking ahead, Uzbekistan aims to become a regional IT hub, increasing IT service and software exports to $5bn by 2030. The country plans to train over 300,000 skilled IT professionals. By the end of 2024, Uzbekistan targets $1bn in IT exports to bolster its global digital presence.

     

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    31.05.2024, 08:30   Comments (0)   2379
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