ISLAMABAD, September 21. /Dunyo IA/. Leading media outlets in Pakistan are extensively covering the efforts underway to enhance Uzbekistan’s startup ecosystem, reports Dunyo IA correspondent.

Notably, articles titled "Uzbekistan’s startup ecosystem emerges as a global innovation hub" were published by the Pakistani information agency "Global News Pakistan" and "The Public Purview" newspaper.

"Five years ago, the startup ecosystem in Uzbekistan was said to be fledgling. Today’s fast-changing market is defined by a consistent increase in investment activity, the opening of new venture capital funds, and increasing worldwide participation. Driven by aspirational economic changes and an innovative national strategy, what took decades in other countries has been accomplished in a fraction of the time. Uzbekistan is starting to present itself as a worldwide hub for entrepreneurs and technologically advanced businesses", - in publications.

Since its 2019 founding, IT Park Uzbekistan has been central to the digital revolution of the nation. Acting as both a technological center and business accelerator, IT Park connects the public sector with the private sector, therefore enabling a business-friendly environment for about 3,000 IT businesses and startups.

"ZeroRisk – a market entry program meant to lower operational and regulatory risks for foreign IT companies; Digital Startups – a development initiative for early-stage digital technology startups; Softlanding – assistance with housing, legal support, and office infrastructure; Local2Global – a program aiming at helping local tech companies scale internationally offers a wide range of incentives and support programs", - as noted in the reported materials.

Along with a lowered personal income tax rate of 7.5%, compared to the normal 12%, key tax incentives for IT Park residents include 0% VAT, corporate income tax, and social contributions. Startups registered within the hub also get these advantages.

Uzbekistan debuted the annual President Tech Award in 2023, honoring the "Best Digital Technology Startup" and distributing a $1 million prize pool to encourage more creativity.

"Uzbekistan has more than 400 current startups in different phases of development as of the end of 2024. Many already show scalability and great growth potential. Valuated at $1.1 billion, "Uzum", a digital ecosystem providing fintech, e-commerce, and banking solutions, raised $ 114 million in 2024. The company claims that the network presently attracts more than 16 million monthly users and turned a net profit of $150 million during the year. Mr. Jasur Jumaev, its creator, has reaffirmed intentions for an IPO by 2026", - as noted in the reported materials.

Already operating in Uzbekistan are top multinational companies such "EPAM", "VEON", and "Data Volt". Players in venture capital include "Sturgeon Capital", "FinSight Ventures", "Xanara Investment Management", and 500 Global have also greatly added to the growing tech scene of the nation in parallel.

"The startup scene in Uzbekistan has obviously evolved beyond its early stage. The volume, architecture, and frequency of investment rounds show a developing climate fit for supporting aspirational businesses eager to grow. Uzbekistan presents a convincing case for foreign investors and technology businesses looking for fresh development frontiers with government assistance, access to trained manpower, and an ever-more sophisticated capital market. Now is the window of opportunity for individuals prepared to help and gain from one of the most fascinating developing innovation platforms available worldwide", - as reported by the Pakistani media.