In his Address to the Oliy Majlis and the people of Uzbekistan, President Shavkat Mirziyoyev set out the country’s key priorities for socio-economic development. The Address placed strong emphasis on advancing the startup ecosystem, expanding the digital economy, introducing cutting-edge technologies, and deepening the capital market.
The Address stated that beginning next year, the “Digital Startups” program will be expanded, with a new comprehensive support framework introduced to assist startups from the initial idea stage through to accessing export markets. In particular, to encourage the establishment of private startup centers, interest-free loans of up to 5 billion soums for a five-year period will be provided from the Youth Fund.
Photos provided by the Press Service of the President of the Republic of Uzbekistan.
Furthermore, a Fintech Office and an Innovation Hub will be established under the Central Bank, with leading specialists from Singapore engaged in their operations. This initiative will create opportunities to bring 15–20 fintech startups to international markets each year and to attract up to USD 1 billion in total investment. Overall, the Address underscored the importance of developing the market for modern financial instruments such as venture funds, startups, and fintech, as well as ensuring that the rights of all stakeholders in this sector are protected by law. In this context, the President called on Parliament, together with the Government, to draft the Law on Alternative Investment Funds.
The Address also identified the development of information technology and artificial intelligence as a critical driver of the country’s future growth. The Head of State emphasized that a strategic target has been set to increase IT services exports to USD 5 billion by 2030. To support this objective, next year four data centers, two supercomputers, and artificial intelligence laboratories at 15 higher education institutions will be launched in Tashkent city, as well as in the Bukhara, Fergana, and Tashkent regions.
This infrastructure will enable the implementation of more than 100 artificial intelligence projects in key sectors, including healthcare, transport, agriculture, geology, banking and finance, and public safety. At the same time, in order to facilitate the practical application of innovative projects developed by talented young people engaged in IT and artificial intelligence research—particularly in quantum technologies, drones, and robotics—a Digital Technologies Center will be established.
In addition, the Address announced that, for the first time in the history of independent Uzbekistan, work has begun to launch a national satellite and to send the country’s first Uzbek cosmonaut into space. These initiatives are expected to significantly strengthen Uzbekistan’s scientific and technological capacity and to elevate national development to a new level.
The President also highlighted the capital market as a vital institutional pillar for stimulating economic growth, noting the need to integrate global depositories into the national stock market. In this regard, he emphasized the importance of promptly adopting the new draft Law on the Capital Market, developed in cooperation with international financial institutions.
To reduce risks associated with exchange rate volatility, domestic companies will be allowed to issue foreign-currency-denominated bonds in the domestic market. Moreover, starting next year, Uzbek enterprises will, for the first time, be able to list their shares on international markets. Overall, the development of the capital market is expected to create opportunities to attract an additional USD 1 billion in financing for business entities.
