Technology

Technology is a burgeoning sector for the Uzbek economy. The digital ecosystem’s contribution to the country’s GDP has nearly tripled from 0.99% in 2020 to 2.77% in 2022 – with figures only expected to grow.

The launch of the IT Park back in 2019 was a significant moment. The development has already seen the creation of 28 new startups and is providing a crucial space for additional resourcing, workshops and the education of Uzbek youth in IT, as well as the development of computer literacy among the wider population.

With the industry gaining momentum, Uzbekistan has now seen its first ever “unicorn”. Uzum, an e-commerce business focused on fintech, online shopping and food deliveries, is now valued at over $1 billion and is leading the way in creating new opportunities for over 1,000 startups in the region.

Uzbekistan is also becoming a major player in IT outsourcing, with exports of services increasing from $169.3 million to $306 million between 2020 and 2022. In 2022, the export of software development services increased to $141 million, compared with $6.2 million in 2019, indicating the realization of the sector's huge, hidden potential.