Uzbekistan’s e-commerce market expected to surge to $1 billion by 2027

Experts acknowledge the maturation of the local market for electronic commerce platform investment.

On May 2, at the Tashkent International Investment Forum 2024 (TMIF-2024), a panel session dedicated to investments in e-commerce was held, as reported by the Ministry of Innovative Development.

Industry experts and government representatives discussed the current state of online commerce in Uzbekistan. Participants noted that Uzbekistan has a "unique" business environment ripe for investment and the development of electronic platforms.

Davron Maksudov, Deputy Head of the National Agency for Project Management, stated that the country currently registers over 50 marketplaces with an annual turnover of $300 million. This figure is expected to grow to $1 billion by 2027.

In Uzbekistan, 57 foreign technology companies, including Apple, Google, Meta, and Booking.com, have registered for tax purposes. They contributed tax payments totaling 70 billion sums last year.

Nikolay Seleznev, Head of Strategy and Business Development at Uzum, also spoke at the session, highlighting the market's significant shift in recent years. The total volume of e-commerce was $201 million in 2021, rising to $543 million in 2023.

"I am confident that Uzum has paved the way for many companies to achieve 'unicorn' status," Seleznev declared.

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