Uzbekistan celebrates independence from former Soviet Union
Tashkent Metallurgical Plant

In September, Uzbekistan celebrates the 30th anniversary of the independence of the former Soviet Union. In recent years, the country has launched several reforms aimed at eliminating the rest of the Soviet economic legacy, to liberalize the economy and attract foreign investors. Thousands of businessmen in the country met with the president in August to discuss the future. There is still a lot to be done, but the changes are already being felt.

Thanks to economic reforms in recent years, Uzbekistan’s investment environment has improved dramatically. One of the main directions of the country’s policy is to ensure the rule of law. Including investor rights protection.

The Metallurgy Company Tashkent, launched last year, is one of the biggest investment projects in Uzbekistan’s recent history. The total number of foreign investments is 226 million euros. This environmentally friendly production complex was designed and supplied by the Italian manufacturer Danieli.

The factory is of strategic importance for Uzbekistan and constitutes an important link in the formation of an industrial cluster in the metallurgical industry.

The Information Technology industry is one of the rising sectors of the economy. With incubators for start-ups and mentoring programs at the computer complex in Tashkent that opened in 2019. Since then, the number of resident technology companies has been constantly growing. Residents are tax-free and gain access to one of the world’s best spaces for innovation. The strategy of the government of Uzbekistan is to involve young people.

The zip24 start-up was created by one of the residents of the computer complex. It is a logistical product that offers a complete cloud management solution for any type of e-commerce or delivery company, and allows tracking of the product and payment from pick-up to delivery, fully optimizing deadlines, routes, and all shipping costs. The zip24 already has customers in over 25 countries and has so far raised over 1 million euros in foreign investment.

Another resident of the computer park, the young and dynamic Akmal Paiziev, represents a new generation of businessmen in the country. He is one of the co-founders of the MyTaxi service which allows access to a taxi in a short period of time in 7 cities in Uzbekistan. The maps were created by the company so that the location of the meeting point is exact and it is possible to choose routes free from traffic queues. Another product created by the company is the Express24 food delivery service – the largest on the Uzbek market. Akmal plans to expand this business.

I have great prospects for our business both in the country and in the region, I am talking about Central Asia. And I feel the interest of international investors, we communicate with investors almost every week.
Executive Director and CO-FOUNDER – MyTaxi & EXPRESS24

In the World Bank’s Doing Business 2020 study, Uzbekistan was ranked among the most developed economies in the world for its ease of doing business. The country’s new generation of entrepreneurs says the current of economic change is very inspiring.


Source: Euronews

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