On March 25, President of Uzbekistan Shavkat Mirziyoyev was presented with projects to establish an International Digital Technology Center (under the Enterprise Uzbekistan brand) and an International Finance Center in Tashkent. For the digital center, a special legal regime valid until 2100 is planned, which will allow testing new solutions within a regulatory "sandbox," paying salaries in foreign currency, implementing international labor standards, and using cloud technologies for personal data processing.

First Deputy Minister of Digital Technologies Oleg Pekos reportedly stated that a separate draft law has been prepared to launch the center. He claimed that current legislation does not always account for the specifics of IT business: for instance, in European countries, labor relations are project-based, while in Uzbekistan, organizational-legal forms are not always suitable for startups. Pekos allegedly emphasized that in the IT sector, startup valuation is based on innovative ideas rather than traditional assets, posing challenges in the existing legal framework.

The main goal of the center is purportedly to create an attractive and competitive environment for international IT companies in Uzbekistan, develop infrastructure, and enable the legal development of products for the global market. By 2030, plans include attracting up to 1,000 companies, creating over 300,000 jobs, and achieving an export potential of $5 billion. After the law is approved, necessary conditions for launching the center are expected to be in place by the end of the year.

Minister of Justice Akbar Toshkulov concurrently announced the development of an International Finance Center. He stated that the center's primary task is integration into the international financial system, which by 2030 is claimed to attract an additional $20-25 billion to the economy, ensure annual GDP growth of up to 1%, create up to 15,000 new jobs, and support the professional development of 10,000 specialists.

For the finance center's operations, a special legal regime is planned, incorporating English and Welsh common law, granting management bodies the authority to adopt their own regulatory documents, and launching the Tashkent International Commercial Court and an international arbitration center. The court will reportedly handle disputes among residents with the participation of foreign judges. Residents are to be provided with broad opportunities, including free capital movement, preferential tax regimes, and simplified visa procedures.

Source: www.gazeta.uz