Uzbekistan and the Republic of Korea have maintained close and productive relations for decades, encompassing a diverse range of fields, from industry and economy to culture. The investment appeal of Uzbekistan for Korean partners in the IT and outsourcing sectors is rapidly increasing, and the Uzbek-Korean IT Business Alliance was recently established.
To further strengthen bilateral cooperation, representatives from IT Park Uzbekistan undertook a working visit to engage with leading Korean technology companies, present the business opportunities and IT potential of Uzbekistan.
EKYSS
During this visit, representatives of IT Park met with Lee Hyung Joon, President of the Korean company EKYSS, to explore prospects for collaboration and opportunities for business expansion in Uzbekistan.
The initial meeting of the visit took place with Lee Hyung Joon, President of EKYSS, a company established in 2012 with an annual turnover of $2.6 million, specializing in IT solutions for learning Korean and foreign languages. The company’s flagship projects, GANADARA and My Pool, are focusing on teaching the Korean language to both international learners and local residents.
IT Park presented various support and development programs for foreign businesses in Uzbekistan, including tax incentives, access to a nationwide talent pool, and comprehensive services for business establishment. Lee Hyung Joon expressed interest in expanding into Uzbekistan, particularly emphasizing the potential of the local talent market and showing keen interest in a project aimed at offering online Korean language training to IT Park staff and member companies.
At the conclusion of the meeting, it was agreed that Lee Hyung Joon will visit Uzbekistan during the upcoming ICT Week 2024 to engage with local and international entrepreneurs.
GeoSR
Further negotiations were conducted with Won Nam Il, CEO of GeoSR. GeoSR is a Korean company specializing in Geographic Information Systems (GIS), geospatial analysis, and cartography. The company provides solutions for the management and analysis of geographic data, supporting informed decision-making across various sectors, such as urban planning, environmental management, agriculture, and transportation.
During the meeting, GeoSR representatives received a comprehensive overview of Uzbekistan’s IT landscape and the favorable conditions for the development of cloud technologies. GeoSR expressed interest in the “Zero Risk” program offered by IT Park, which includes partial reimbursement of expenses related to local employees and complimentary office space rental.
Won Nam Il highlighted GeoSR’s previous experience in Central Asia, particularly with water resource management projects in Tajikistan and Kyrgyzstan. He underscored Uzbekistan’s potential as regional IT hub and conveyed his intention to visit the country during ICT Week 2024 to continue discussions on collaboration.
Proxy Planet
Proxy Planet, a company specializing in game development and consulting services within the GameDev sector, was founded in 2023 and currently employs 20 professionals. The company’s revenue for 2023 was $1.5 million.
Pak Yong Mok, President of Proxy Planet, highlighted the potential of Uzbekistan in the game development industry, noting the government’s support for the GameDev sector and the growing interest among the youth. He expressed the company’s readiness to collaborate with IT Park Uzbekistan by establishing its consulting division in the country and supporting the attraction of other Korean GameDev companies to the Uzbek market.
Broken Egg
During a meeting with Lee Sang Moon, CEO of Broken Egg, a GameDev company, comprehensive information was shared on Uzbekistan’s IT landscape and the favorable conditions for the development of cloud technologies.
Broken Egg, founded in 2021, focuses on software development and 3D modeling. The company reported a turnover of $2 million in 2023 and employs 15 professionals.
Lee Sang Moon indicated that due to the shortage of specialists and the high operational costs in Korea, the company is considering opening an office abroad, with Uzbekistan being a potential location. IT Park expressed its readiness in facilitating meetings and sourcing suitable candidates. As a result of the discussions, it was agreed that Broken Egg would visit Uzbekistan from September 17-20 to explore opportunities and conduct interviews with candidates.
Meeting with KOVA
Additionally, a meeting was conducted with Park Tae Jin, Director of Corporate Cooperation at the Korea Venture Business Association (KOVA).
The Korea Venture Association (KOVA) is an organization encompassing over 18,000 companies across diverse sectors. Established in 1996, the association specializes in financing promising projects, including IT initiatives. With operational offices in 21 countries and 40 cities globally, in 2023, KOVA employed 68 staff members, and achieved a total turnover of $10.8 million.
During the meeting, the parties reached an agreement on collaboration, whereby KOVA will assist in arranging meetings with Korean IT companies interested in establishing outsourcing offices in Uzbekistan.
Meeting with KAIT
During the visit, a meeting was conducted with Kim Won Gi, Project Director of the Korea Association for ICT Promotion (KAIT).
Established in 1987, KAIT represents over 200 Korean IT companies and is dedicated to supporting their international expansion. In 2023, KAIT employed 121 staff members and reported a turnover of $11.8 million.
The discussions centered on potential avenues for collaboration with IT Park Uzbekistan, considering the increasing interest of Korean IT companies in exploring alternative markets due to the shortage of skilled professionals in Korea. The parties agreed to organize the “Uzbek-Korean IT Forum” in Tashkent on September 11, featuring KAIT, NIPA, and five Korean IT companies. This forum aims to introduce these companies to the opportunities available in Uzbekistan and will mark the initial step toward attracting Korean companies for joint projects.
The engagement of Korean investors is anticipated to not only generate new employment opportunities but also enhance the skill levels of Uzbek professionals. Given that there are currently over 102,000 individuals proficient in the Korean language in Uzbekistan, the country stands out as a highly attractive hub for Korean IT and business enterprises.
This, in turn, will expedite Uzbekistan’s transformation into a premier IT hub in Central Asia, sought after on the international stage and unlocking further avenues for the country’s economic growth.
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