BAKU, Azerbaijan, March 1. Innovation improvements in all Central Asian states are visible, and the countries are expected to benefit from it in the long run, a source at MOST Ventures told Trend.
Despite the shared history and culture, Most Ventures representative believes that the reasons for the improvement in the innovation development in Central Asian countries are similar.
“Kazakhstan's innovation potential has largely been aided by the state's active involvement in promoting tech entrepreneurship by creating the necessary infrastructure and implementing digital reforms. We are also diversifying our ecosystem by actively promoting it among Central Asian countries, as well as foreign ones,” the source noted.
The case of Uzbekistan is very notable, as the liberalization of the economy and economic reforms enhanced the overall investment climate in the country. Consequently, this made the country significantly more attractive to prospective foreign investors.
Kazakhstan and Uzbekistan also performed admirably in the latest two editions of the Global Innovation Index. Uzbekistan reached the top position in 2022, dislodging Kazakhstan, the leader of the 2021 rating, in the process.
Kyrgyzstan also improved its innovation climate in 2021, thanks to the liberalization of the economy. Additionally, Tajikistan and Turkmenistan are also expected to benefit from the positive impacts of innovation as they gradually begin to open up their borders to foreign investors.
Earlier, the source said that Kazakhstan is poised to retain its status as the regional innovation leader thanks to favorable business and investment conditions created since gaining independence in 1991 and retaining borders open to foreign companies and entrepreneurs.