The delegation from IT Park recently held a meeting with “Binghalib Group,” a prominent company specializing in electrical engineering, manufacturing, and trade, headquartered in the United Arab Emirates. During the meeting, discussions focused on the company’s plans to establish an office in Uzbekistan and relocate a significant portion of its business operations to the country.
Why is this important?
Founded in 1982, “Binghalib Group” generates an annual revenue of $55.3 million and employs over 140 personnel. The company collaborates with leading OEM brands globally and operates in areas such as industrial automation, building automation, and two-way wireless communication.
During the negotiations, the company’s leadership emphasized that Uzbekistan is an attractive destination for business relocation due to its affordable labor costs and availability of skilled professionals. This is particularly significant for companies in the UAE, where labor costs are relatively high.
Moreover, the abundance of youth in Uzbekistan eager to learn foreign languages was highlighted as a key advantage. This creates opportunities to train employees with strong English language skills, which is critical for effective collaboration with clients in the MENA region.
Plans and Prospects
“Binghalib Group” aims to create over 2,000 new jobs in Uzbekistan within the next 3–5 years. This initiative will enable the company to expand its operations internationally, particularly within the MENA region.
Support and Opportunities Provided by IT Park
During the discussions, IT Park representatives underscored the ease of doing business in Uzbekistan, particularly for IT Park residents who benefit from simplified processes. Special infrastructure designed to expedite financial operations for residents was also emphasized.
It was noted that non-resident companies may encounter longer processing times for international financial transactions. However, the “Ease of Doing Business” system introduced by IT Park significantly facilitates business development in the country.
Muhammad Binghalib highlighted that the incentives and opportunities offered to foreign investors in Uzbekistan are rare to find elsewhere, even in countries with numerous free economic zones. These conditions enable companies to reduce operational costs and improve service quality while securing access to skilled labor.
Future Collaboration Opportunities
This meeting underscores the success of Uzbekistan’s ongoing efforts to establish itself as a global IT hub. Additionally, the partnership with “Binghalib Group” will contribute to increasing export shares to the MENA region.
IT Park has confirmed its readiness to provide comprehensive support for the company to successfully localize and expand its business operations in Uzbekistan. This collaboration represents a significant step forward in strengthening the country’s IT ecosystem, creating jobs, and improving economic conditions.
