Uzbekistan is rapidly establishing itself as one of the most favorable countries for foreign investment, according to former Serbian President Boris Tadić. His remarks came during an international event titled “Uzbekistan as a New Center of International Business: Opportunities for Foreign Companies,” held in Tashkent as part of the International Partnership Initiatives Week.
The event gathered figures, including Minister of Digital Technologies Sherzod Shermatov, former Latvian President Raimonds Vejonis, and former Secretary-General of the International Telecommunication Union Hamadoun Toure. The gathering aimed to highlight the burgeoning investment landscape in Uzbekistan and the opportunities available for foreign enterprises.
Former Serbian President Boris Tadić commended the government's emphasis on IT development, noting that Uzbekistan is emerging as a regional IT hub and a highly favorable location for foreign investment. He pointed out that the government's backing of digital startups fosters a new wave of entrepreneurs, which in turn drives economic growth and enhances social value. Additionally, he stressed the need for local funding to support startups alongside foreign investments.
Raimonds Vejonis also spoke about the positive reforms in Uzbekistan’s investment environment. He noted that simplification of procedures for foreign investments, alongside extended benefits for IT Park residents until 2040, has fostered increased investor confidence. These reforms are expected to propel IT exports to $5bn and the artificial intelligence market to $1.5bn by 2030.
President Shavkat Mirziyoyev has set goals for the nation, aiming to transform Uzbekistan into a regional IT center. During the Tashkent international investment forum in May 2024, he announced plans to increase the number of IT Park residents tenfold and create 100,000 new jobs in the sector. The president highlighted that the export of IT services and software products has already doubled in the past year, with plans to escalate this figure to $5bn in the future.
Furthermore, a recent presidential decree issued on October 14 aims to bolster export activities in the field of digitalization, extending tax and customs benefits to select IT Park residents, ensuring a supportive environment for growth.
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