The United States Agency for International Development (USAID), in partnership with “Rysgal” Joint Stock Commercial Bank, held a venture investment conference in Ashgabat.

According to a USAID press release, the forum was attended by investors from the private sector, representatives of financial institutions, IT companies, higher education institutions, government regulators and other stakeholders from the startup and venture capital ecosystem of Turkmenistan.

The founders of international venture funds, angel investors and experts from Bulgaria, Kazakhstan, Singapore discussed the development of a startup ecosystem and venture financing institutions in Turkmenistan.

In her welcome speech, USAID Representative in Turkmenistan Nino Nadiradze noted: “This forum provides a very good opportunity to help create the institutional and legal framework for the dynamic development of an innovative economy in Turkmenistan through venture investors and private entrepreneurs, also known as business angels”.

The forum program included presentations by leading companies and organizations in the innovation and venture capital industry, such as Vitosha Ventures, the “Turkmenaragatnashyk” Agency (“Turkmensvyaz”), MOST Ventures and Quest Ventures. The forum participants had a good opportunity to expand their understanding of investment strategies and advantages of venture funds, various aspects of investment activity and interaction of business angels with startups, as well as practical steps related to the creation of the first venture fund in Turkmenistan.

The report also notes that since 2020, USAID has supported three phases of the Startup Ecosystem start-up incubator program in Turkmenistan, helped build a local community of angel investors, and is developing innovative enterprises that create new jobs, increase productivity and competitiveness. and stimulate economic growth.