For Immediate Release
Press Release
April 13, 2023, Ashgabat, Turkmenistan – Today, the U.S. Agency for International Development (USAID), in partnership with the Rysgal Bank, held a conference on Venture Capital Investments at the Yyldyz Hotel.
The forum engaged private-sector investors, financial institutions, IT companies, universities, government regulators, and other stakeholders from the startup and venture capital ecosystem of Turkmenistan. Founders of international capital funds, angel investors, and experts from Bulgaria, Kazakhstan, Singapore discussed the development of the startup ecosystem and venture capital institutions in Turkmenistan.
During her welcoming remarks, USAID’s Representative to Turkmenistan, Nino Nadiradze, said: “This forum provides a significant opportunity to support the institutional and legal framework for high-paced development of Turkmenistan’s innovative economy through venture capitalists and private entrepreneurs, also known as business angels.”
The forum's agenda included speakers representing leading companies and organizations in the innovation and venture capital industry, such as Vitosha Ventures, Turkmenaragatnashyk Agency, MOST Ventures, and Quest Ventures. The forum increased understanding of investment strategies and advantages of venture capital funds, various aspects of investment operations and angel investors' interaction with startup entrepreneurs, and practical steps related to the establishment of the first venture capital fund in Turkmenistan.
Recognizing innovation and the digital economy as the primary driver of sustainable economic growth, since 2020 USAID supported three rounds of the “Startup Ecosystem” business incubation program in Turkmenistan. In addition, USAID has helped build a local community of “angel” investors, a vital alternative funding source for innovative startups, among other benefits. By supporting the startup and venture financing ecosystems, USAID develops innovative businesses that create new jobs, increase productivity and competitiveness, and fuel economic growth.
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USAID is the world's premier international development agency and a catalytic actor driving development results. For more information, visit the USAID Central Asia website: https://www.usaid.gov/central-asia-regional and Facebook page: https://www.facebook.com/USAIDCentralAsia.
