On August 14, USAID’s Future Growth Initiative with Uzbekistan Venture Capital Association (UZVCA) hosted an online roundtable “Formation and Development of Venture Investment in the Republic of Uzbekistan.” Participants discussed the development of private equity and venture capital investment, a necessity for the future development of competitive entrepreneurship in Uzbekistan.

Addressing the participants of the roundtable, Tursun Makhkamov, First Deputy Director of the Capital Market Development Agency of Uzbekistan stated: “Currently, Uzbekistan is in the active phase of capital market development. However, most people understand capital market as only a market fund, they forget that not only large enterprises, but new market stakeholders can attract capital. Venture investment is an essential part of capital market, as it enables financing startups with high risk level. Such projects can support effective and innovative enterprises, which drive the economy forward. Venture investments help identify and support such projects.”

The online seminar brought together representatives from the Ministry of Finance, Ministry of Innovation, Capital Market Development Agency of Uzbekistan, Department of Venture Fund of the European Bank for Reconstruction and Development, government agencies, private sector, and other organizations. The participants discussed the existing private equity legislative environment and shared best practices on improving the legal framework for the development of the venture capital ecosystem. They arrived at a mutual resolution that developing venture capital legislation and a vibrant private equity ecosystem is essential for further fostering innovation, investment, and to create new jobs in the region. The outcomes of the roundtable demonstrated the successful implementation of public-private dialogue and transparency in the policy making process.