BAKU, Azerbaijan, Nov. 12
By Fakhri Vakilov-Trend:
Uzbekistan and Turkey will create a joint venture fund in the amount of at least $2 million of investment, Trend reports citing the press service of Uzbekistan’s Ministry of Innovative Development.
Uzbekistan’s Minister of Innovative Development Ibrohim Abdurahmonov and the representatives of the Venture Council of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) held negotiations on that topic in Uzbekistan’s capital of Tashkent.
"The goal of the new venture capital fund will be the development of Uzbekistan’s venture capital ecosystem by financing innovative projects and startups. Currently the parties are discussing areas of cooperation in the field of venture financing," the Ministry of Innovation noted.
In addition to creating a joint fund, the parties agreed to implement investment and venture partnership programs aimed at developing the innovative ecosystem of the two countries.
Moreover, cooperation will be established to create, accumulate and manage the capital of qualified investors with the aim of investing in innovative projects, startups and other promising projects.
The sides will exchange information in this area, implement and finance high-tech startup projects, various events, conferences, trainings and staff development.
Following the meeting, a memorandum of understanding was signed between the Ministry of Innovative Development of Uzbekistan and the Venture Council of TOBB
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