Tashkent, Uzbekistan (UzDaily.com) — According to the latest report by Startup Genome, Uzbekistan is making remarkable progress toward building a strong and sustainable startup ecosystem. In just a few short years, the country has evolved from an emerging digital economy into one of the most promising destinations for tech investment in Central Asia. From modest early-stage investments in 2020 to the emergence of its first unicorn in 2024, Uzbekistan’s development pace is impressive even by global standards.

Startup Genome notes that Uzbekistan has transitioned from a nascent digital economy to a dynamic and fast-growing startup environment attracting global attention. From humble beginnings in 2020 to achieving unicorn status in 2024, the country has successfully combined government and private sector efforts, implemented bold regulatory reforms, and established connections with global innovation hubs. A key player in this transformation is IT Park Uzbekistan—the national innovation hub that supports projects from student ideas to international tech startups, making the country increasingly attractive to foreign entrepreneurs and investors.

Startup investment volume in Uzbekistan surged from US$0.3 million in 2020 to an impressive US$69.5 million in 2024—an increase of over 230 times. Leading this leap is the fintech company Uzum, which became a unicorn after raising US$52 million in a Series A round at a valuation of US$1.16 billion. As a result, the ecosystem’s total value skyrocketed from under US$1 million in the 2021 Global Startup Ecosystem Report to more than US$1.2 billion in 2025—a transformational milestone.

As of 2025, Uzbekistan is home to over 12 active venture funds with combined assets exceeding US$136 million—nearly a tenfold increase over five years. These funds are actively investing in FinTech, EdTech, artificial intelligence, and e-commerce.

Sherzod Shermatov, Uzbekistan’s Minister of Digital Technologies, remarked: “What we are witnessing is not just growth, but a fundamental rethinking of Uzbekistan’s role in the global digital economy. Thanks to consistent reforms, openness to international business, and strong government support, we are positioning Uzbekistan as a key player in the global IT industry.”

Fueling this progress is the country’s young and multilingual workforce. Of Uzbekistan’s 21 million working-age citizens, the average age is just 29. Each year, approximately 125,000 students graduate, including more than 60,000 specialists in ICT and business services. Uzbekistan boasts 210 universities and 30 international educational institutions, such as Webster University, the American University of Technology (Arizona State University), Amity, and IT Park University, providing a steady stream of talent with a global perspective.

Uzbekistan is open to the world: over 90 countries enjoy visa-free or simplified visa regimes with the country. Its convenient location across Asian, European, and North American time zones makes it a strategic hub for IT outsourcing.

Political and economic stability further strengthen Uzbekistan’s appeal. The country ranks first in Central Asia for political stability and is among the world’s top 10 safest countries to live in. Since 2017, the economy has grown by 46%, and foreign direct investment has tripled, reaching US$11.9 billion in 2024.

Abdulahad Kuchkarov, CEO of IT Park Uzbekistan, emphasized: “Startups choosing Uzbekistan gain not only market access but real momentum for growth. Located at the crossroads of Europe, Asia, and the Middle East, Uzbekistan offers the tools, capital, and regulatory freedom needed to scale globally.”

The regulatory environment is highly founder-friendly: business registration, office setup, joining IT Park, and hiring specialists take only 6–8 weeks. IT Park residents benefit from tax incentives including exemptions from corporate and personal income tax, VAT, property and land taxes, and customs duties—until 2040—making it one of the most favorable tax environments in the region.

Additionally, the "Zero Risk" program offers foreign companies up to 12 months of free office space, technical equipment, and salary reimbursements, significantly reducing operational costs.

IT Park maintains international offices in the USA, Germany, Saudi Arabia, South Korea, and Japan, helping startups enter global markets, forge partnerships, and connect with clients and investors. Since 2024, more than 90 startups have participated in international exhibitions and competitions, expanding their business presence and strengthening ties.

Founded in 2019, IT Park is the country’s flagship tech hub under the Ministry of Digital Technologies. Today, it hosts more than 2,800 companies, including over 730 foreign firms, and is seeing rapid growth in international partnerships and technology exports.

The IT Visa program, launched in 2022, enables foreign professionals and investors to obtain a three-year multi-entry visa, granting them the right to purchase property, access healthcare and education, and relocate with family—without a local sponsor.

The Softlanding Program provides international companies with comprehensive support in entering the market: mentorship, legal consulting, up to 50% reimbursement for acceleration expenses, expert services, and intellectual property protection. The Local2Global program helps startups export their solutions, participate in international events, and expand their business networks.

Under the Digital Startup program, the government introduced a 1+1 co-investment mechanism, doubling venture fund investments—up to US$100,000 for startups with foreign funding. The program also offers subsidies for participation in global accelerators, mentoring and educational programs, and collateral-free loans up to US$23,500 (300 million UZS).

In 2024, a presidential decree laid the legal foundation for developing the startup ecosystem and venture financing. It legalized the Digital Startup program, established governance structures, financial mechanisms, and institutional powers for accelerated development.

State-owned banks (with 50% or more government shares) are authorized to create venture funds and startup studios, lease real estate and infrastructure at discounted rates, and procure digital products and services from startups, acquiring up to 5% equity stakes.

Oversight and coordination of the program are managed by a Coordinating Council chaired by the Minister of Digital Technologies, while overall supervision lies with the Prime Minister, underscoring the high level of political commitment.

Major events such as ICT Week Uzbekistan and the GBS Forum position the country as a regional center for innovation and investment.

In 2024, Uzbekistan hosted over 50 startup-related initiatives, including hackathons, accelerator and incubation programs. IT Park participated in 40 international events. The national President Tech Award, with a prize pool of US$1 million, encourages young talent and the development of competitive digital solutions.

With its unique combination of economic stability, scalable talent, bold public policy, and global ambition, Uzbekistan is evolving from a “rising star” into a true magnet for startups, investors, and innovators aiming to conquer the frontiers of global technology.