Uzbekistan has made remarkable strides in transforming its emerging digital economy into a thriving startup ecosystem, drawing global attention within just a few years. From modest seed funding of $0.3 million in 2020 to the creation of its first unicorn in 2024, Uzbekistan has created a trajectory of success through a combination of government-private sector collaboration, strategic regulatory reforms, and partnerships with global innovation hubs. At the heart of this evolution lies IT Park Uzbekistan, a national innovation center that nurtures everything from student ideas to global tech ventures. The country is swiftly becoming an attractive destination for international founders, investors, and venture capitalists eager to tap into new opportunities.
Impressive growth in funding and ecosystem value
The growth of Uzbekistan’s startup ecosystem has been nothing short of extraordinary. Early-stage investments surged from $0.3 million in 2020 to $69.5 million in 2024—a more than 230-fold increase. Leading this investment boom is fintech unicorn Uzum, which raised $52 million in its Series A round in 2024, achieving a valuation of $1.16 billion. This milestone lifted the nation’s startup ecosystem from under $1 million in the Global Startup Ecosystem Report 2021 to over $1.2 billion in the 2025 report, signaling a dramatic shift.
This surge in investments highlights a systemic change. By 2025, over 12 venture capital funds are actively investing in Uzbekistan, with total assets surpassing $136 million—ten times higher than five years ago. These funds are crucial in driving the growth of sectors like fintech, edtech, AI, and e-commerce.
“We are witnessing not just growth but a fundamental rethinking of Uzbekistan’s role in the global digital economy,” says Sherzod Shermatov, Minister of Digital Technologies of Uzbekistan. “With consistent reforms, an open approach to international business, and robust government support, we are positioning Uzbekistan as a key player in the global IT industry.”
Sherzod Shermatov
Minister of Digital Technologies of the Republic of Uzbekistan
We are witnessing not just growth but a fundamental rethinking of Uzbekistan’s role in the global digital economy. With consistent reforms, an open approach to international business, and robust government support, we are positioning Uzbekistan as a key player in the global IT industry.
A Youthful, Skilled Workforce with Global Connections
A significant driver of this growth is Uzbekistan’s young and talented workforce. With a working-age population of 21 million and an average age of just 29, the country produces 125,000 university graduates annually, including over 60,000 in ICT and business fields. The talent pool is bolstered by 210 universities and 30 international institutions such as Webster University, American University of Technology by Arizona State University, and IT Park University, all fostering a continuous supply of globally-minded professionals.
Additionally, Uzbekistan is linguistically diverse and committed to international cooperation, with over 90 countries benefiting from visa-free or simplified entry. The country’s time zone, which aligns with regions in Asia, Europe, and North America, makes it an ideal IT services hub.
Attracting international founders and investors
Uzbekistan offers more than just a skilled talent pool—it provides a politically stable and economically sound environment. The country ranks first in political stability in Central Asia and is among the world’s top 10 safest places to live. Since 2017, the economy has grown by 46%, and foreign direct investment has tripled, reaching $11.9 billion in 2024.
“Startups that come to Uzbekistan gain more than access to new markets—they gain the momentum to grow,” says Abdulakhad Kuchkarov, CEO of IT Park Uzbekistan. “Located at the crossroads of Europe, Asia, and the Middle East, we provide the tools, capital, and regulatory environment for startups to scale globally.”
Abdulakhad Kuchkarov
CEO of IT Park Uzbekistan
Startups that come to Uzbekistan gain more than access to new markets—they gain the momentum to grow. Located at the crossroads of Europe, Asia, and the Middle East, we provide the tools, capital, and regulatory environment for startups to scale globally.
The country’s startup-friendly regulatory framework further supports this vision. Business registration, office establishment, and talent onboarding can all be completed in just 6–8 weeks. Additionally, Uzbekistan offers attractive tax incentives: IT Park members are exempt from corporate and personal income taxes, VAT, property tax, land tax, and customs duties until 2040, making it one of the most fiscally advantageous places in the region.
To support international startups, IT Park Uzbekistan also offers the “Zero Risk Program,” which includes up to 12 months of free office space, technical equipment, and payroll compensation to help companies reduce operational costs.
Uzbekistan is committed to showcasing its startups on the global stage. Through its international offices in the U.S., Germany, Saudi Arabia, South Korea, and Japan, IT Park Uzbekistan provides local and foreign founders with strategic market entry points, outsourcing opportunities, and cross-border partnership facilitation. Since 2024, over 90 regional startups have participated in international exhibitions and forums, gaining exposure and access to international investors.
Government-supported innovation: IT Park and beyond
Since its inception in 2019, IT Park Uzbekistan has become the country’s leading tech and innovation hub. Supporting over 2,800 companies, including 730 foreign firms, IT Park is rapidly expanding its international partnerships and technology exports.
The IT Visa program, introduced in 2022, further emphasizes the nation’s openness to global talent. It allows foreign tech founders, investors, and specialists to stay for up to three years with multiple-entry visas, granting access to property, healthcare, education, and the ability to bring family members—without needing a local sponsor.
Additionally, Uzbekistan’s Softlanding Program simplifies market entry for international businesses, providing end-to-end support, including mentorship, legal advice, market-entry services, and reimbursement for international acceleration programs.
The Local2Global Initiative assists Uzbek startups in expanding internationally, offering services like export acceleration, subsidies for global events, and access to cross-border business networks.
A bold legislative agenda: transforming venture capital and startup policy
Uzbekistan is reinforcing its startup ecosystem with bold legislative measures. Under the Digital Startup Program, the government matches foreign venture capital investments up to $100,000, supports participation in top-tier global accelerators, and offers mentorship, training subsidies, and non-collateral loans of up to $23,500 for early-stage startups.
In 2024, a Presidential Decree was issued to further develop the startup ecosystem and venture capital infrastructure, laying the foundation for Uzbekistan’s innovation-driven economy. The decree authorized state-majority banks to establish venture funds and startup studios, lease facilities to startups at subsidized rates, and procure services from startups for contracts up to $39,200 annually.
A Coordination Council, headed by the Minister of Digital Technologies, will oversee the program, ensuring effective implementation and continuous evaluation through 2026. This initiative places Uzbekistan at the forefront of venture capital policy, reinforcing its position as a regional leader in innovation.
Looking to the future: global engagement and expanding reach
Uzbekistan’s future is bright, with upcoming events such as ICT Week Uzbekistan and the GBS Forum positioning the country as a leader in regional innovation. These platforms are designed to attract further partnerships, venture capital interest, and business connections from across Central Asia and beyond.
With a combination of economic stability, a skilled workforce, and strong government support, Uzbekistan is quickly becoming a hub for global tech innovation. The country continues to host numerous startup events and initiatives, including hackathons, incubation programs, and international exhibitions. The President Tech Award, a national competition with a $1 million prize, is a prime example of Uzbekistan’s commitment to empowering young talent and developing cutting-edge digital solutions.
With its unmatched combination of economic stability, entrepreneurial spirit, and global ambitions, Uzbekistan is quickly becoming the next major frontier for startups, investors, and innovators.
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