From News Desk
Uzbekistan has more than 400 current startups in different phases of development as of the end of 2024. Many already show scalability and great growth potential. Valuated at USD 1.1 billion, Uzum, a digital ecosystem providing fintech, E-commerce and banking solutions, raised USD 114 million in 2024. The company claims that the network presently attracts more than 16 million monthly users and turned a net profit of USD 150 million during the year. Jasur Jumaev, its creator, has reaffirmed intentions for an IPO by 2026.
Today’s fast-changing market is defined by a consistent increase in investment activity, the opening of new venture capital funds, and increasing worldwide participation. Driven by aspirational economic changes and an innovative national strategy, what took decades in other countries has been accomplished in a fraction of the time. Uzbekistan is starting to present itself as a worldwide hub for entrepreneurs and technologically advanced businesses. Here is a closer view of the groundwork underlying this development.
Since its 2019 founding, IT Park Uzbekistan has been central to the digital revolution of the nation. Acting as both a technological center and business accelerator, IT Park connects the public sector with the private sector, therefore enabling a business-friendly environment for about 3,000 IT businesses and startups. ZeroRisk – a market entry program meant to lower operational and regulatory risks for foreign IT companies; Digital Startups – a development initiative for early-stage digital technology startups; Softlanding – assistance with housing, legal support, and office infrastructure; Local2Global – a program aiming at helping local tech companies scale internationally. offers a wide range of incentives and support programs.
Along with a lowered personal income tax rate of 7.5%, compared to the normal 12%, key tax incentives for IT Park residents include 0% VAT, corporate income tax, and social contributions. Startups registered within the hub also get these advantages.
Launched under the Digital Startups initiative, the Startup Base website also links companies with investors, accelerators and industry professionals. It offers tailored support such as co-investment of up to USD 100,000, matching funds from international venture capital firms with over $50 million in assets; reimbursement of up to 50% (up to USD 20,000) for participation in global accelerators and entrepreneurial education programs; mentorship support covering up to 50% of costs (up to $50,000); intellectual property support including patent and trademark registration fees; venture credit at preferential rates up to 300 million UZS (~USD 23,000); and IT visas for startup founders, team members, and key specialists.
Uzbekistan debuted the annual President Tech Award in 2023, honoring the “Best Digital Technology Startup” and distributing a $1 million prize pool to encourage more creativity.
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