BAKU, Azerbaijan, September 25. Uzbekistan aims to increase its information technology (IT) exports to $5 billion by 2030, Minister of Investments, Industry and Trade of Uzbekistan Laziz Kudratov said at the 2nd Azerbaijan International Investment Forum held in Baku today, Trend's correspondent reports from the event.
The minister said the main objective of Uzbekistan’s Development Strategy through 2030 is to improve living standards and increase investment in human capital.
“Like Azerbaijan, we also have a strategy through 2030. The main principle of this strategy is that human dignity comes first. Improving people’s living standards is the top priority for the president and the government,” Kudratov said.
According to him, Uzbekistan, with a population of 38 million, is experiencing rapid population growth, with around 1 million children born in the country every year.
“Our main goal is to invest in people. To this end, we have identified several strategic areas, including the social sector, infrastructure and manufacturing,” the minister said.
Kudratov said one of Uzbekistan’s key tasks is to establish a sustainable capital market in the country.
“In May this year, we established the National Investment Fund, managed by Franklin Templeton. We conducted an initial public offering (IPO) of the fund’s shares on the London and Tashkent stock exchanges. Demand from foreign investors was four times higher than the amount offered, and we received orders worth more than $3 billion for the fund,” he said.
The minister noted that the fund’s shares are currently trading 35 percent above their initial offering price.
“This demonstrates the strong interest of foreign investors in Uzbekistan and the country’s assets,” Kudratov emphasized.
He added that Uzbekistan is taking a more systematic approach to developing its capital market.
According to the minister, the country has adopted a law to establish the Tashkent International Financial Centre. The center is expected to operate as a separate jurisdiction within Uzbekistan and be based on common law principles.
“There will be an independent international commercial court here. Our aim is for investors coming to Uzbekistan not to have to study and adapt to local legislation. Investments and business activities will be based on English law, that is, common law principles,” Kudratov said.
He believes this approach will help establish a sustainable capital market in the country and attract more investment.
The minister said another priority for Uzbekistan is developing human capital, particularly in artificial intelligence and the digital economy.
“We are currently focusing on artificial intelligence and the digital economy. To support young people and develop their potential, we have established a network of IT parks across the country,” he said.
Kudratov said Uzbekistan achieved $1 billion in IT exports last year for the first time in its history.
“Last year, our IT exports reached $1 billion, showing 46 percent growth. We see further opportunities to develop this sector. Therefore, we have set a target of increasing IT exports to $5 billion by 2030,” the minister emphasized.
He noted that Uzbekistan is also creating favorable conditions for artificial intelligence infrastructure.
“We offer green electricity for data centers at 5 US cents per kilowatt-hour, along with an uninterrupted supply of green energy. We are pleased to see the first investors from Saudi Arabia and China beginning construction of hyperscale data centers in Uzbekistan,” Kudratov said.
The minister emphasized that Uzbekistan has set specific development goals and is taking consistent steps toward achieving them.
“We have defined our strategy, set clear development objectives and are moving toward building an attractive and sustainable Uzbekistan in the future,” he added.
