Startups in the CAREC Region
                                                                                 August Edition

A project supported by the Republic of Korea e-Asia and Knowledge Partnership Fund

Dear friends & partners,
This is the August edition of the monthly newsletter on initiatives relating to startup ecosystems in the CAREC region. The newsletter, which is prepared by the CAREC Secretariat, highlights relevant developments on startups and related sectors such as information and communication technologies and digital transformation.

We welcome you to share activities from your organization to be included in this newsletter. The newsletter is shared with various institutions across the CAREC region, including organizations in the private sector, government agencies, multilateral banks, media outlets, non-governmental agencies, and others.


Astana Hub Presents New Digital Platform

The new digital platform was presented by Astana Hub, Kazakhstan’s international technopark for IT startups.

According to Magzhan Madiyev, the Director of Astana Hub, this new digital platform is focused on automating all processes essential for participation in Astana Hub programs, such as submission of the applications, filling out online reporting for residents receiving tax and visa preferences. The digital hub is supporting startups to attract 200 million USD in investments by the end of the next year and bring the export revenues to 500 million USD by 2025. 

Mr. Madiyev also stated that the hub is designed for IT companies, startups, investors, specialists, and representatives of government agencies and corporations to share news on the platform, acquire new skills, get services, and to get know each other, which will lead to signing deals. 

The hub that was founded in 2018 works to develop the innovations landscape in Kazakhstan by offering different startup programs. 

For details please follow this link


How Policy Makers Can Help Start-Ups Leverage Cloud-Computing 

A study published by the Asian Development Bank looks at cloud computing as an essential building block for start-ups and examines how governments can develop cloud-friendly technology policies and investment strategies that enable, grow, and accelerate start-up businesses.

One of the most important factors for success in the digital economy is incorporating technology developments early. Cloud computing has emerged as a foundational infrastructure for building nimble, highly scalable, and digitally-enabled ventures. The organizations that are just starting-off are often cash-strapped and looking for efficient technology solutions. Further, cloud computing is cheaper than purchasing traditional technology infrastructure. It also allows start-ups to focus on business development, rather than on building and maintaining required information and communications hardware or network equipment.

For details, please follow this link.

Pakistani Startups on a Roll as they Rake in
$120 Million in First Half of 2021
The first half of 2021 was impressive for startups in Pakistan. Data Darbaar showed that total investment into Pakistan’s ecosystem is 120 million USD while it was 66 million USD during the whole year in 2020. In the first part of 2021, there were recorded 35 deals, and in 2020 it was 48. 

The E-commerce sector was the major that led activity and cumulatively bagged over 42 million USD.

For details please follow this link

US Investors Set Up $500,000
Fund to Finance Georgian Startups
US investors placed a 500,000 USD fund for financing Georgian startups. This initiative is a part of the memorandum of understanding between the Georgian Innovation and Technology Agency (GITA) and TECH Friends of Georgia.

This agreement aims to strengthen cooperation between Georgian and Californian startups. Through this memorandum, various activities in the innovation and technology field will be organized. It will strengthen Georgian startups and will support them to gain access to necessary resources and finances, as well as to gain international experience in this field.
For details please follow this link

Digital Skills and Opportunities for Youth Employment
Towards Digital Economy in the Kyrgyz Republic 
Digital development vector is one of the important directions of the National Sustainable Development Strategy of the Kyrgyz Republic.

According to President Jeenbekov, the third year (which is 2021) is declared as the “Year of Development of Regions and Digitalization of the Country." The goals and objectives of this digitalization process are in line with the UN Sustainable Development Goals 2030. The initiative is part of the UNDP project "Digital skills and opportunities for youth employment towards digital economy''. 

For details please follow this link

About CAREC Program 
The Central Asia Regional Economic Cooperation (CAREC) Program is a regional cooperation initiative consisting of 11 member countries and development partners and aims to promote development through cooperation, leading to accelerated economic growth and shared prosperity. 

Due to the emerging circumstances caused by COVID-19 pandemic, CAREC Program has launched a project to support startups and ecosystems at a regional level in collaboration with the member countries and private sector. 
For further communications, please contact us at