Mirziyoyev: Uzbekistan to Increase Startup Investments to $1 Bn
Young startup entrepreneurs in Uzbekistan will now be nurtured from an early age.
Photo: Andy Hermawan / Unsplash
President Shavkat Mirziyoyev has announced major new support measures for the country’s fast-growing startup ecosystem. During a meeting with youth, he revealed that Uzbekistan will boost investments in startups to $1 bn, further cementing its role as a leading innovation hub in Central Asia.
As part of the government’s entrepreneurship education reform, preparation for launching innovative projects will begin in schools. A special entrepreneurship skills class will be introduced, and a 100 bn soum grant fund will be established to support school-level startup initiatives.
University students will also have the opportunity to participate in a new nationwide startup competition for the best creative business ideas. Winners will receive grants of up to 300 mln soums, encouraging young people to launch and scale their own tech startups and innovative ventures.
To accelerate early-stage projects, a startup testing and prototyping center will be launched under the Agency for Innovation Development and IT Park Uzbekistan. This initiative aims to provide infrastructure and mentorship for emerging tech entrepreneurs.
In addition, the Uzbekistan Youth Venture Fund will offer financial support of up to $50,000 per project to help with prototype development.
Startup founders will also benefit from the newly announced Startup Expo Uzbekistan, an annual exhibition where they can pitch to investors, connect with venture capital firms and present to potential clients.
Kursiv Uzbekistan reports that Uzbekistan is now the fastest-growing startup center in Central Asia, driven by robust government support and a dynamic tech and innovation environment.
