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.