Uzbekistan will annually prepare 50 companies for IPO and reimburse half of their AI costs.
The President of Uzbekistan announced new measures to attract capital and implement technology. Each year, 50 companies will be prepared for IPOs with half their costs reimbursed, and 10,000 enterprises will be eligible for 50% reimbursement of their artificial intelligence implementation costs.
Every year, 50 companies in Uzbekistan will be prepared for an initial public offering (IPO), and half of the costs of implementing artificial intelligence will be reimbursed.
As President Shavkat Mirziyoyev announced on August 18 during an open dialogue with entrepreneurs in the Khorezm region, 50 private companies with revenues exceeding 1 trillion soums will be selected annually to prepare for capital market entry.
To this end, an acceleration program will be launched jointly with leading investment banks. The state will cover 50% of the companies' expenses related to IPO preparation and bringing their financial reporting into compliance with international standards.
According to the president, this measure will enable the private sector to attract at least $1 billion from abroad annually.
The head of state recalled that this year, for the first time, 30% of the National Investment Fund, which owns the assets of 13 strategic companies, was listed on the Tashkent and London Stock Exchanges. According to him, this experience has opened the way to foreign capital markets for private businesses as well.
Shavkat Mirziyoyev identified the creation of an ecosystem combining "artificial intelligence, management efficiency, and new investments" as the third area of new initiatives.
"Today, tomorrow's market will belong to the entrepreneur who increases added value, improves productivity using artificial intelligence, and works to reduce costs," the president stated.
According to an analysis presented at the meeting, 54% of entrepreneurs who have implemented modern management methods and AI-based solutions have seen a significant increase in demand for their products.
Twenty-five percent of companies have reduced their costs, and for 40%, increased revenue has enabled them to increase employee salaries by more than 10%.
The first supercomputer cluster has already been launched at the Digital Government Project Management Center. Its capacity is planned to triple by 2027.
Furthermore, the "AI Partner for 10,000 Enterprises" program will be launched. Businesses will be reimbursed 50% of their costs for implementing artificial intelligence.
Entrepreneurs developing AI models for new products will be able to use a supercomputer free of charge. Research and development costs will also be covered by the budget.
Ready-made AI-based solutions will be hosted on an open platform for businesses. At least $100 million will be allocated for the first stage of the program.
The President also announced the expansion of expertise applied in the textile industry to the electrical engineering, construction materials, and food industries.
Enterprises in these industries will be reimbursed 50% of their costs for implementing automated control systems.