South Korean company WiseStone plans to establish an office in Uzbekistan

A delegation from IT Park, led by Mahliyo Muksinova, Director of Export Services Development, convened a meeting with Yeong-Seok Lee, the founder and CEO of WiseStone, In-Suk Kim, CEO of WiseStone-T, and Sungjoom Lim, a representative of KOIIA.

The parties deliberated on the prevailing challenges confronting technology companies worldwide, including talent shortages and tax burdens. Particularly, the demographic factor stands as the biggest barrier to active business development: the pool of IT specialists is progressively diminishing with each passing year.

During the meeting, representatives presented detailed information about the nationʼs human capital as a prospective remedy for the dearth of skilled personnel. IT Park officials proposed considering the Fergana Valley as a potential location for WiseStoneʼs future office, primarily due to the high penetration of the Korean language and well-developed infrastructure.

Moreover, presentations were made regarding IT Parkʼs supportive programs, with particular interest expressed in Zero Risk, a program aiding foreign enterprises in entering the Uzbek market with minimal risk and comprehensive backing from IT Park.

Mr. Yeong-Seok conveyed the perspective that Uzbekistanʼs market is increasingly appealing to foreign players in the IT sector. The support programs are noteworthy, spanning nearly all spheres of activity, and in conjunction with the abundant human capital, serves as a catalyst for business expansion. He conveyed intentions to personally visit Uzbekistan in the near term to garner deeper insights into the countryʼs IT landscape and human resource potential, following which a definitive decision will be reached regarding market entry.

It is paramount to underscore Uzbekistanʼs burgeoning allure among entrepreneurs from East Asia. As of the first quarter, four South Korean companies and two Japanese enterprises have secured residency in IT Park and commenced operations.

 

About WiseStone:

WiseStone stands as one of South Koreaʼs preeminent enterprises, boasting offices in China and Vietnam, with its inception dating back to 2007. As a subsidiary company headquartered in Seoul, WiseStone-T specializes in testing services, the sale of technology solutions tailored to clientsʼ needs, as well as consultation pertaining to quality assurance and control. Presently, the company boasts a workforce exceeding 400 personnel.