Dear friends & partners,
We are delighted to bring you the latest news on startup ecosystems in the CAREC region. Our newsletter highlights various developments in the areas of startups, ICT, and digital transformation.
We would be happy to report on your organization’s work, so feel free to share your story or article with us. This newsletter is distributed to various stakeholders in the CAREC region. For more updates join our telegram channel: https://t.me/CAREC_digital
Regards,
Team CAREC
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Digitalization Policy and Initiatives
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Central Asian Countries Explore E-commerce Opportunities in CAREC Study Tour
Government officials and private sector representatives from five Central Asian countries participated in a study tour focused on e-commerce under the Central Asia Regional Economic Cooperation (CAREC) Program. Organized by the Asian Development Bank (ADB) and other partners, the tour aimed to explore opportunities for expanding e-commerce and digital trade in the region. The importance of long-term strategies, enabling policies, and strong public-private engagement were emphasized as key factors for the development of e-commerce within the CAREC framework.
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Kazakhstan Proposes Creation of Venture Fund to Support Turkic Startups
Kazakhstan has proposed the creation of a venture fund called Silkway Ventures to support startups in Turkic countries. The idea was presented during an extraordinary meeting of the Organization of Turkic States, where digital solutions and cooperation in various economic sectors for digitalization development were discussed.
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Mongolia Turns to E-commerce for Economic Diversification
Mongolia is turning to e-commerce to overcome geographical obstacles and diversify its economy. The country has seen progress in ICT infrastructure, internet connectivity, online shopping, and digital payments, but challenges remain in rural access, logistics, cross-border payments, and legal frameworks. UNCTAD's eTrade Readiness Assessment provides a roadmap for Mongolia's digital transformation and calls for collaboration among stakeholders to implement the recommendations.
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Korean Financial Firms Eye Central Asia as the Next Frontier for Expansion
The Financial Services Commission (FSC) of South Korea discussed plans to support domestic credit finance companies in entering the global market, with a focus on Central Asia as a potential opportunity. FSC officials and financial experts believe that the digitalization of financial services could open up new prospects for Korean credit finance firms in emerging markets like Uzbekistan and Kyrgyzstan, which are becoming strategic hubs between Asia and Europe.
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Georgia's Data Protection Service Joins European Data Protection Board as Observer
The Personal Data Protection Service of Georgia has been granted observer status in the European Data Protection Board, marking a significant achievement for the country's personal data protection law and supervisory authority. This status enhances the Service's compliance with European standards and establishes its membership among European data protection counterparts.
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Railway Joint Venture and Digitalization Agreement Between Azerbaijan and Kazakhstan
Azerbaijan, Kazakhstan, and Georgia are set to establish a joint venture to enhance cooperation in the field of railways. Additionally, Azerbaijan and Kazakhstan will collaborate on the digitalization of the Middle Corridor, aiming to improve transport and digital connectivity along the Trans-Caspian International Transport Route.
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Opportunities and Upcoming Events
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Digital Transformation World Forum in Beijing, China
The event is aimed at business leaders and the most innovative cutting-edge technology companies, they are invited to meet the most innovative products and solutions as well as the skills required to help enterprises and industries join the digital transformation. Date: August 24, 2023.
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Cyber Security Summit - Central Eurasia 2023 in Tashkent, Uzbekistan
Cyber Security Summit - Central Eurasia 2023 is a two-day, in person conference that will take place on October 3-4, in Tashkent, Uzbekistan. It will showcase national security centres from across Central Eurasia, cyber security solution providers and governmental, commercial & industrial end users to connect, learn and do business.
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Startup Ecosystem Initiatives
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CAREC Innovation Network workshop: How Startups Can Raise Funding in Emerging Markets Today
The CAREC Innovation Network (CIN) held its fifth workshop on June 9, 2023,on the topic “How Startups Can Raise Funding in Emerging Markets Today.” Robin Butler, Partner and Head of Impact at Sturgeon Capital shared valuable insights during the online event. He discussed the evolving trends, challenges, and opportunities that startups encounter when seeking investment within the region. Participants learned strategies and best practices to attract funding.
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Silkway Accelerator Program Raises $7.5 Million in Investments for Startups
Silkway Accelerator program attracts $7.5 million investments for 37 startups, achieving positive results and international market expansion. The joint program by Astana Hub and Google for Startups completed its third stream, with 12 out of 15 selected startups experiencing rapid growth and securing significant funding.
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Pakistan Showcases Innovative Startups at London Tech Week 2023
Ignite National Technology Fund, a public sector company in Pakistan, participated in London Tech Week 2023, showcasing six startups from its National Incubation Centers. The startups exhibited their innovation and potential, generating interest from industry leaders and investors. Pakistan's High Commissioner in the UK praised the startups for their work and expressed optimism for future sales and investments.
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Central Eurasia: Unlocking the Potential of Start-Up Ecosystems
The article discusses the rising importance of startup ecosystems in driving economic productivity and innovation, with a focus on the Central Eurasia region. It highlights the potential of the region to become a hub for high-value products and innovation if it receives adequate support and infrastructure, and it emphasizes the need for effective coordination and collaboration between public and private stakeholders to foster the growth of startups in the region.
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Five Critical Trends Transforming Trade Connectivity in Central Asia
The article discusses five critical trends in trade connectivity in Central Asia, including the strengthening of intra-regional trade, the pursuit of paperless trade and digitalization, the integration of Central Asia into global trade, the development of trade and transport connectivity, and the institutionalization of export promotion. These trends highlight the region's focus on expanding regional trade cooperation, improving infrastructure, and promoting sustainable economic growth.
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About CAREC Program
The CAREC 2030 Strategy emphasizes the integration of information and communication technology (ICT) across the CAREC Program’s spectrum of operations. As part of its CAREC Digital Strategy 2030 implementation and upcoming initiatives, efforts are being made to accelerate digital adoption in the Program’s five operational clusters.
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