In a step towards fostering economic growth and innovation, representatives of IT Park Uzbekistan, spearheaded by Farkhod Ibragimov, recently convened with a delegation from Karam Global Investments Holding Abu Dhabi. The primary objective was to delve into potential partnership avenues and investment prospects aimed at bolstering Uzbekistan's burgeoning digital economy sector.
Karam Global Investments Holding (KGI), a prominent entity within the KARAM GROUP established by His Excellency Khalid Seediq, commands a substantial net investment capital of $1bn. KGI specializes in nurturing and advancing innovative ventures across five strategic verticals: Mobility, Technology, Real Estate, Energy & Sustainability, and Advisory Services.
Boasting a workforce of 1500 employees and operational offices spanning major global cities such as Abu Dhabi, Singapore, Switzerland, Hungary, and Dubai, KGI stands poised to bolster visionary enterprises and projects on a worldwide scale.
A spectrum of pivotal issues was dissected to pinpoint and expand potential collaborative prospects. Participants engaged in an exploration of diverse investment avenues within Uzbekistan's evolving digital economy, with particular emphasis on augmenting e-government services, fortifying e-commerce platforms, and bolstering robust digital infrastructure.
Attention was also dedicated to pivotal real estate investment endeavors, notably the IT Park Cluster and the development of the "New Tashkent" area, pivotal initiatives pivotal in cultivating a conducive milieu for technological enterprises and startups.
Moreover, delegates from Karam Global Investments Holding expressed their intent to impart invaluable expertise in AI and foster extended partnership endeavors between the organizations, citing their extensive involvement in numerous AI projects worldwide.
Discussions further encompassed strategies for orchestrating joint investments and amplifying the visibility of IT Park and its inhabitants through media channels spanning Uzbekistan and the Gulf region. Additionally, deliberations unfolded concerning support for the establishment of novel legal entities in Uzbekistan, with the overarching aim of facilitating the entry of local startups into international markets, particularly in the UAE and the broader Gulf region.
Furthermore, a proposal was tabled for Karam Investments to assume the role of direct foreign investment (FDI) consultants for the Ministry of Digital Technologies in the Gulf region. This proposed role is envisioned to bolster the Ministry's strategic objectives and amplify its sway in championing Uzbekistan's digital and technological sectors across these pivotal markets.
The meeting culminated in a mutual accord to cultivate cooperation across myriad domains, including direct investments in IT infrastructure and the startup ecosystem in Uzbekistan. Both sides concurred on convening a subsequent session to review progress on the deliberated issues and formalize their collaboration intentions through the signing of a Memorandum of Understanding (MoU).
This partnership holds the promise of substantial benefits for both parties involved. For Uzbekistan, it heralds much-needed direct foreign investments and expertise that can expedite the digital transformation and economic diversification of the nation. Concurrently, for Karam Investments, it unveils novel markets and investment avenues within a rapidly burgeoning economy poised to assume a pivotal role in the digital landscape of the region.
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