Prospects of Uzbekistan and Azerbaijan for high-risk business expansion
If you’re looking for new markets to scale your projects, Uzbekistan and Azerbaijan may be perfect for you. Over the past few years, both countries have implemented ambitious economic development plans, investing in digital infrastructure and creating a blissful environment for business development. As a result, Uzbekistan and Azerbaijan are becoming increasingly attractive targets for projects in all categories, from mainstream to high-risk.
Advantages: detailed breakdown
The potential for high-risk businesses in these markets is particularly attractive due to a combination of factors:
1. As both countries continue to invest in digital infrastructure and technology, their digital economies will grow rapidly. This growth represents a great window of opportunity for businesses to offer their goods and services to local audiences.
2. Despite their rapid development, the economies of Uzbekistan and Azerbaijan are far from saturation point. These markets have huge potential in a variety of industries, and competition is still quite low.
3. The governments of both countries are working to create a business-friendly environment, relaxing regulations and offering incentives to attract foreign investment. Uzbekistan, in particular, has carried out significant economic reforms in recent years, while Azerbaijan is seeking to diversify its economy, focusing on tourism, agriculture, and technology instead of the traditional oil industry.
4. Both markets are excellent strategic hubs in their region. Uzbekistan is an ideal sandbox to scale in Central Asia. Azerbaijan, on the other hand, is strategically located between Europe and Asia.
5. In both countries, the middle class is growing, which offers rich opportunities for businesses catering to consumer needs.
Pitfalls or hidden advantages?
The only difficulty in working in Uzbekistan and Azerbaijan may be the underdevelopment of the financial sector and with it, the lack of quality acquiring for high-risk businesses. But this disadvantage is a negative only if you are looking for payment among local offers. There is an alternative option: enter the market with Betatransfer, getting all the advantages of a new geo together with the advantages of a proven and experienced payment partner.
Betatransfer allows you to open a payment gateway to accept payments in local currency, which is most convenient for local audiences. Withdrawals can be made in other fiat currencies or crypto, which is ideal for international businesses and hedges against volatility.