Uzbekistan Showcases its Position as a Global IT Outsourcing Hub in New York

NEW YORK, March 11, 2024 /PRNewswire/ -- This week in New York, the Ministry of Digital Technologies and IT Park of Uzbekistan collaboratively hosted the "Uzbekistan Outsourcing Conference," which covered Uzbekistan's burgeoning IT and Outsourcing market.

A diverse range of US-based companies interested in establishing their IT operations in Central Asia attended. Esteemed speakers included Sherzod Shermatov, the Minister of Digital Technologies of Uzbekistan, and Farhod Ibragimov, CEO of IT Park, along with representatives from large foreign companies that have already set up offices in Uzbekistan.

IT Park Uzbekistan, the largest Technopark in Central Asia, is at the forefront of advancing Uzbekistan's IT and outsourcing industry. Among the initiatives introduced by IT Park to attract foreign companies are:

• The Zero Risk program, which minimizes risks through comprehensive compensation plans, one year of free office space, and up to $5000 for introductory training sessions for employees;
• The One-stop-shop program, enabling IT Park to assist companies with the registration of a legal entity in Uzbekistan;
• The IT Visa program, granting 3-year visas to IT specialists, investors, and founders of resident companies;
• The Regional Headquarters program, designed to promote and assist companies that wish to use Uzbekistan as a regional HQ;
• The Virtual office program, facilitating 'office-free' registration.

Moreover, IT Park residents benefit from tax incentives, including exemptions from corporation and social taxes (up to 25%), a 7.5% income tax rate (as opposed to 12%), and a VAT waiver on imports or services.

Minister Shermatov said "We are pleased to continue strengthening our cooperation with the technology sector of the United States and present the unique opportunities offered by our country. Uzbekistan is fast positioning itself as a reliable partner ready to compete with recognized IT hubs.

Alongside the comprehensive support we have introduced, our main asset is our educated and talented youth. Of Uzbekistan's population of 36 million, 60% are young people with an average age of 29. We already have more than 1800 residents of IT Park, and we look forward to welcoming new residents from the US."

Uzbekistan takes pride in its skilled workforce, with around 30,000 people graduating from its 65 universities focused on IT each year. Over 5 million young people in the country are proficient in English and eager to join international companies.

Since 2017, IT export revenue has experienced remarkable growth, reaching $344 million last year, and the number of IT Park residents with foreign capital has surged almost 20 times in the last two years alone. Notable foreign companies include international IT giants such as EPAM Systems, Itransition, Mightycall, and Dyninno Tas International.

Uzbekistan's ambition to transform into a global IT hub is evident. With its strategic initiatives and supportive government policies, Uzbekistan is an ideal outsourcing destination for companies seeking cost optimization and access to a pool of talented and skilled professionals.

For further information on Uzbekistan's IT market and opportunities available in the IT sector, please visit outsource.gov.uz

Photo - https://mma.prnewswire.com/media/2359162/IT_Park.jpg

SOURCE IT Park

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED