Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan will establish an ecosystem to support startups and early-stage entrepreneurship, announced President Shavkat Mirziyoyev.

He highlighted that this year, startups have attracted US$134 million in investments. Over 50 new local companies, which started from scratch, have already increased their turnover to more than US$10 million.

To support startups, venture funds are being launched in the country. Specifically, the IT Park will create a US$10 million fund to help startups reach the next level.

Additionally, the government will match foreign investments dollar-for-dollar in startups. Expenses for patenting startup innovations and registering trademarks will also be covered.

In total, US$50 million will be allocated to support this sector.