Interest in Uzbekistan’s tech market from Korean companies is growing

Seoul recently hosted the Uzbekistan Outsourcing Conference, an event that spotlighted the immense potential of Uzbekistan's IT and BPO landscape. The conference attracted around 100 participants, underscoring the growing international interest in Uzbekistan as a premier outsourcing destination.

 

 

The event commenced with registration and welcoming speeches from key figures, including Mr. Fayzulla Aripjanov, Deputy Director of IT Park Uzbekistan, Mr. Park-Ki Baek, Senior Researcher at Gyeongbuk Technopark, and Mr. Doniyor Ahmadjonov, First Secretary at the Embassy of Uzbekistan in Seoul. These speeches emphasized Uzbekistan's strategic advantages and commitment to fostering international business collaborations.

 

The conference featured several presentations on key topics, including the business registration process, tax benefits for IT Park members, and strategies for leveraging Uzbekistan's Korean-speaking IT talents for the Korean market. The human capital, particularly the number of senior professionals, and the availability of young talent for training and future employment were also significant points of discussion. Attendees were curious about collaborations with major players on startup projects and the availability of a talent pool for further employment.

 

 

A highlight of the conference was the introduction of Uzbekistan's robust tax incentives and opportunities offered by multiple-entry IT Visa, valid for up to three years, simplifying the process for investors, company founders, and IT professionals to operate in Uzbekistan. Korean companies such as LG CNS and MK Soft/Softhub Global shared their experiences of successful operations in Uzbekistan with participants, providing insights into why they chose Uzbekistan as their IT hub.

 

The "Zero Risk Program" was another main point, offering free office space for 12 months and reimbursements on employee salaries and professional development costs, making it an attractive proposition for companies looking to establish a foothold in Central Asia. Additionally, the ease of business registration in Uzbekistan, which can be completed within 3-6 weeks, was showcased, highlighting the country's streamlined processes and supportive environment for new businesses from the government side.

 

 

Attendees required information on the procedures for opening a company in Uzbekistan, the economic conditions of the country, including obtaining work permits and benefits from IT Park. Due to the growing interest of Korean companies, there were inquiries about the number of resident companies from Korea and the potential of IT specialists in Uzbekistan.

 

As the main result, Korean companies expressed interest in outsourcing to Uzbekistan, including Lotte Innovation, Eurasia, and NewConTek Inc. Additionally, BizData and Croxhi announced plans to become residents of IT Park Uzbekistan.

 

 

Prompt Town, another company, plans to visit Uzbekistan in June to decide between opening a company locally or outsourcing their operations. Similarly, Namutech, i2max, and Human & Forest Co. Ltd have scheduled visits to Tashkent in June, indicating a strong interest in exploring business opportunities in Uzbekistan. Human & Forest Co. Ltd. plans to visit in July and will participate in the Global Business Services Forum.

 

The conference also saw participation from institutions such as the 4th Industrial Revolution AI Research Institute, which is interested in startup exchange programs, and Soon Chun Hyang University, planning a visit in June with five companies. NIPA is set to sign an MoU in September for a joint project.

 

 

The Uzbekistan Outsourcing Conference in Seoul successfully underscored the compelling reasons for international companies to invest in Uzbekistan, reinforcing the country's position as a burgeoning IT hub in Central Asia. The event fostered meaningful connections and set the stage for future collaborations between Uzbek and international businesses.