10 May 2022
VEON to Support Uzbekistan in Becoming an Export Hub of IT Services
$250 million investment to improve communications infrastructure over next five years
Uzbekistan – May 10 2022 VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, announces its plans to increase investment in the Uzbekistan economy over the next five years, with $250 million assigned to develop the communications infrastructure and ecosystem of digital services.
The announcement follows a meeting in Tashkent between VEON CEO, Kaan Terzioglu, and the Minister of ICT of the Republic of Uzbekistan, Sherzod Shermatov.
VEON Group, which serves nearly 220 million subscribers in 9 countries, has been serving Uzbekistan with its operating company Beeline since 2006. In line with its Digital Operator strategy, the company’s investment into Uzbekistan’s ICT landscape will expand into creation of a digital ecosystem: It will include generating IT jobs in Uzbekistan, with the goal of increasing the export of information technology services to the region and further abroad.
Among the specific projects that are in focus is the development of IT testing services for international companies. BeeLab, a subsidiary of Beeline Uzbekistan, will hire software testing specialists and lead this campaign.
“Digitalisation is the main driver of economic growth in our age, and sustainable growth of economies is dependent on their success is developing digital ecosystems – not only specific digital applications, but also the skilled workforce that produces and sustains them,” said Kaan Terzioglu CEO VEON. “Through this agreement, we are linking our future to the prosperity of Uzbekistan. VEON is ready to assist in the training of personnel and development of skills. This will allow Uzbekistan to become an independent hub of information technologies, creating successful digital products for its own economy, but also becoming a regional hub of technology – all with the support of its highly skilled workforce.
VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and digital services serving nine countries, which together are home to 9% of the world’s population. Our companies are transforming lifestyles through technology-driven services that empower opportunity in some of the world’s fastest-growing emerging markets. For more information, visit: https://www.veon.com
This release contains "forward-looking statements", as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, future investment in the Uzbekistan economy and the benefits associated with developing and supporting IT talent. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.