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Uzbekistan and Serbia to establish a joint $1 Million Venture Fund

by Pivot
October 31, 2025
in News
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Uzbekistan and Serbia to establish a joint $1 Million Venture Fund
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President of Serbia Aleksandar Vučić paid an official visit to IT Park Uzbekistan, where he familiarized himself with the organization’s key activities, achievements, and contributions to the country’s digital transformation. During the visit, the Serbian delegation was introduced to the digital reforms being implemented in Uzbekistan and IT Park’s strategic initiatives and future plans. Guests observed the work of IT Park residents, including cutting-edge projects in artificial intelligence, digital technologies, and innovative product development.

Among the showcased residents, UniconSoft, Didox (Venkon), and Kpi.com caught the delegation’s attention for their technological sophistication and potential for international scalability. Their solutions, focused on digitalization, business process automation, and data management, were highlighted as export-oriented products suitable for global integration.

Particular interest was drawn to innovations from UzSpace Agency, which presented advanced technologies for remote monitoring and spatial data processing — reflecting Uzbekistan’s rapid progress in space and geospatial technologies.

In addition, UZINFOCOM showcased a range of digital initiatives, including Palm ID, the Uzinfocom ecosystem, HRM.argos.uz, uGaz, and DMed — solutions aimed at improving public administration, healthcare digitalization, and citizen services. These projects impressed the Serbian delegation with their technological maturity and practical value.

President Vučić commended IT Park’s modern infrastructure and innovation-friendly environment, emphasizing the importance of such centers in fostering youth participation in international projects and nurturing creative ideas.

A new phase of collaboration — joint IT company and Venture Fund

Following the visit, representatives of IT Park Uzbekistan and UZINFOCOM held negotiations with the Serbian delegation to discuss deepening cooperation in the digital sphere. The parties reached an agreement to establish a joint IT enterprise in Serbia to implement technological projects — including the launch of the Palm ID system.

They also explored the creation of a joint venture fund worth $1 million, which will support Uzbek startups entering the European market and Serbian startups expanding into Central Asia.

The Uzbek side expressed readiness to invest in the development of server infrastructure and hire engineers to maintain Palm ID operations in Serbia. Meanwhile, the Serbian side confirmed its willingness to facilitate the implementation and promotion of these technologies domestically, with a view to scaling them across the European Union.

Prospects for future cooperation

This partnership marks a significant step toward strengthening technological collaboration between Uzbekistan and Serbia. In the coming period, the two sides plan to cooperate in several key areas:

  • Development of IT outsourcing and KPO services for global markets;
  • Launch of joint educational and acceleration programs;
  • Collaboration with international venture funds and accelerators;
  • Support for technology startups aiming for international expansion.

These initiatives are expected to enhance the competitiveness of both Uzbek and Serbian IT companies, foster innovation, and expand their presence in the global technology landscape.

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