Uzbekistan is planning to launch a $10mn venture fund as part of a two-year program aimed at strengthening its startup ecosystem. The fund is expected to be operational by September 2024 and will support the growth of new businesses and attract foreign investment.
In 2023, venture capital investments in Uzbek startup projects reached $133.5mn. Of this amount, $5mn was provided by local venture capital funds, with the remainder sourced from international investors. Despite this, the need for further development in the venture capital sector has been highlighted by President Shavkat Mirziyoyev.
The President has called for improvements in the startup ecosystem and the introduction of mechanisms to facilitate venture capital financing. This aligns with the government's broader strategy to create favourable conditions for investment in new businesses. As part of these efforts, the Ministry of Finance will create a unified electronic platform for startups. This platform is intended to streamline the process of developing and funding new businesses in Uzbekistan.
In addition, Uzbekistan is advancing its artificial intelligence strategy, which will be implemented through 2030. The strategy focuses on integrating AI technologies into key sectors such as agriculture and healthcare. Meanwhile, First Deputy Minister of Digital Technologies Olimjon Umarov noted that more than 400 startups are currently operating in Uzbekistan, O'zbekiston 24 reports. Of these, 10% have successfully attracted foreign investment, demonstrating growing interest in the country’s tech sector.
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