Uzbekistan is planning to introduce limited partnerships for venture funds

According to the outlined tasks, a draft law on “Alternative Investments” must be developed by February 2025. This project will serve as a significant step towards advancing startups and venture investments in the country.

It is worth noting that on October 14, President Shavkat Mirziyoyev approved a set of measures aimed at developing the ecosystem for startups and venture investments. The adopted resolution includes a “roadmap” of legislative and organizational activities planned until 2026.

Key initiatives to be implemented under this program include:

• Launching a platform for the startup ecosystem. By January 2025, a special online platform aimed at supporting startup projects will be operational.
• State investments in startups. By early 2025, regulations will be developed to support startups that have attracted foreign investments. This will include compensation for expenses related to acceleration programs, obtaining patents, and engaging foreign mentors.
• Drafting the “Alternative Investments” law. The draft law is expected to be submitted to the Oliy Majlis (Parliament) in February 2025. It will provide a legal framework for regulating alternative investments, including venture funds and limited partnerships.
• Preparing sample documents for venture investments. By summer 2025, a database of sample documents required for venture agreements will be developed.

Additionally, other initiatives planned for 2025 include:

• Establishing startup studios through public-private partnerships. These studios will focus on supporting innovative ideas at their early stages.
• Creating incubation centers at universities. Specialized centers will be set up within universities to prepare and support startups.
• Launching acceleration programs. By spring 2025, acceleration programs involving IT companies, universities, and non-governmental organizations will begin. IT Park will direct promising startups to participate in leading international accelerators.

Furthermore, IT Park will continue its collaboration with international partners. For instance, work is underway with Astana Hub to create a joint brand aimed at promoting startups in global markets.

All these measures are designed to build a sustainable startup ecosystem in Uzbekistan, enhance innovation activity, and attract international investments.