On October 23rd, Uzbekistan, Central Asia’s most exciting market for opportunities in the IT sector, will host ICT Week 2023 in Tashkent.
TASHKENT, Uzbekistan, Oct. 12, 2023 /PRNewswire/ — Over the last 5 years, Uzbekistan has seen rapid development in the field of Business Process and IT Outsourcing, achieving an 82-fold increase in the export of IT services. The event, which will bring together companies, investors, thought leaders and policy makers, will explore opportunities in IT outsourcing and provide access to some of the region’s most exciting investment opportunities and potential partners.
The development of Uzbekistan’s IT and BPO sector has been led by IT Park, a regional hub that offers investors unique privileges to enter the market and access the country’s natural advantages. The total volume of services exported by IT Park residents came to $145.3 in the first 6 months of 2023. This is up from a total $140.9 million in 2022.
By becoming a resident of IT Park, companies receive exemption from all corporation taxes, and incoming founders, investors and specialists may access the preferential IT Visa for up to 3 years. This simplifies acquisition of residence permits and access to a full range of social services, including in healthcare and education.
In addition, in 2023, IT Park launched the Zero Risk program, designed to streamline the relocation of foreign businesses to the market. Its advantages include:
- Free office space for up to 12 months;
- Assistance with the technical setup of the office; and
- Reimbursement of up to 15% of payroll expenses for Uzbek national employees, and of up to 50% of costs incurred in attracting international mentors to the country.
Furthermore, a ‘One Stop Shop’ program facilitates the easy and swift establishment of a legal entity in Uzbekistan and the opening of a bank account. A “Virtual Office” service also enables companies to work remotely, saving on physical office space rent and maintenance costs while minimizing tax risks.
Since inception, over 1400 companies have taken advantage of the benefits and opportunities provided by IT Park.
Among them are major international companies including EPAM Systems, Exadel, East Games, Itransition, Vention, Dyninno, Abcbridge, Qulix, all of whom successfully export their services to the USA, the UK, the UAE, and other countries in Europe and Asia. All companies benefit from Uzbekistan’s natural advantages, including a young, dynamic population of over 36 million people and high education and literacy standards.
The October conference builds on the Digital Leadership Forum which was held in Tashkent in July. The event bought together over 300 BPO companies worldwide, defining a target to increase the export volume of IT services from Uzbekistan to $5 billion by 2030.
For more information about the event and the opportunities available in Uzbekistan’s IT sector, please visit centralasia.tech.
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