Venture funds to be created in Uzbekistan to finance innovative developments

Finance Materials 30 October 2020 22:50 (UTC +04:00)
Venture funds to be created in Uzbekistan to finance innovative developments

BAKU, Azerbaijan, Oct. 30

By Klavdiya Romakayeva - Trend:

Two venture capital funds will be created in Uzbekistan to finance innovative developments and start-up projects, together with leading foreign investment companies, Trend reports citing UzA.uz.

According to the presidential decree "on Approval of the Concept for the Development of Science until 2030", the share of all funds allocated for research in relation to GDP will increase six times by 2025, and 10 times by 2030.

It was noted that it is planned to create 10 more similar organizations by 2025.

In addition, by 2025 it is planned to increase the share of funds allocated by the private sector for research and development work in the total amount of funding for science from today's 8 percent to 20 percent and to 30 percent by 2030.

Also, it is planned to bring the number of residents of the Yashnabad innovation park to 60 by 2021. And seven laboratory complexes will be created in Uzbekistan and equipped with equipment that meets international GLP (Good Laboratory Practices) and GMP (Good Manufacturing Practices) standards.

From 2021 Academic Mobility program to support young people engaged in scientific activities in the regions will be introduced in Uzbekistan. Young scientists will be allocated grants and short-term internships will be organized for them at foreign universities and research centers. They will be able to use the equipment of scientific organizations, universities, as well as departments under the ministries and departments of Uzbekistan free of charge.

It is also planned to create a national scientific portal and introduce ratings of scientists, organizations and sources of scientific and technical information.

Earlier it was reported that the World Bank will finance research projects in Uzbekistan for $50 million which will help carry out international-class research in public research institutes and universities, as well as commercialize the results of their work.


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