Enterprise Uzbekistan: A New Milestone for Global Companies and Investors

As part of the concluding day of the Tashkent International Investment Forum, Abdulakhad Kuchkarov, CEO of IT Park Uzbekistan, participated in a high-level panel session titled “Tashkent International Financial Centre: What Key Investor Needs Can Be Addressed Through This Project?”

The session brought together leading international experts, including Saif Malik, CEO of Standard Chartered; Hubertus Väth, Managing Director of Frankfurt Main Finance; Marius Dan, CEO of Central Asia Templeton Global Investments; Arielle Mallard de Rothschild, Partner at Rothschild & Co; Hugh Morshead, Deputy Chairman of the Board of Directors at Henley & Partners Holdings; and Denis Spirin, Corporate Governance Director at Prosperity Capital Management. The session was moderated by Alena Dolgova, Advisor on International Financial Centres at UNDP.

The participants shared their perspectives on the advancement of financial infrastructure, the adoption of international best practices to create a conducive investment environment, and the introduction of innovative legal and tax regimes. Owing to the exceptional composition of the panel, the dialogue was both in-depth and action-oriented, resulting in substantive recommendations aimed at further enhancing Uzbekistan’s investment appeal and advancing its position as a global IT hub.  

During the session, Abdulakhad Kuchkarov, together with senior representatives of international financial institutions and investment companies, elaborated on the strategic benefits of the newly launched International Digital Technologies Centre — Enterprise Uzbekistan. This initiative seeks to establish a state-of-the-art ecosystem for global investors, foster the growth of IT services exports, and introduce innovative legal and tax regimes.   

Abdulakhad Kuchkarov noted:

“Uzbekistan’s economy continues to demonstrate stable growth. In 2024, the country achieved GDP growth of 6.5%. Over the past several years, foreign direct investment inflows have increased more than tenfold, from $3.4 billion in 2017 to $34.9 billion in 2024. The IT sector remains one of the fastest-growing industries, alongside transport and tourism. By the end of 2024, IT Park Uzbekistan had registered 2,600 companies with a combined turnover of $1.6 billion. Furthermore, in the first quarter of 2025, the revenue of IT Park members increased by 176%. The IT industry continues its dynamic expansion, and the establishment of Enterprise Uzbekistan marks a new chapter in attracting global IT companies and investments to our country.”  

The dialogue paid particular attention to the development of a dedicated legal regime based on international standards, incorporating key elements of English common law to ensure flexibility and predictability for foreign investors. The panel also examined the introduction of comprehensive tax incentives, including exemptions from income tax, profit tax, VAT, and customs duties for participants of the center. 

The session further addressed the importance of intellectual property protection and personal data security, in line with international best practices. The unique opportunity to test and deploy innovative products within the framework of a regulatory sandbox garnered considerable interest among the participants. The experts also reviewed potential regulatory enhancements in banking and foreign exchange operations, aimed at creating a more enabling environment for international businesses.   

Abdulakhad Kuchkarov emphasized that the establishment of Enterprise Uzbekistan is a significant milestone in enhancing the country’s investment climate. This initiative will not only attract new international investors but will also elevate Uzbekistan’s IT services export capacity to an entirely new level. With transparent governance, modern infrastructure, and comprehensive state support, Uzbekistan is emerging as an increasingly attractive destination for global technology enterprises and international partnerships.

The participation of Abdulakhad Kuchkarov in the Tashkent International Investment Forum 2025 reaffirmed the strategic role of IT Park Uzbekistan in shaping an innovation-driven and adaptable investment landscape. The initiatives presented during the session open new horizons for both foreign and domestic investors, foster the development of Uzbekistan’s digital economy, and strengthen the country’s position as a prominent player in the global IT and fintech arenas.