During a business visit by Uzbekistan's delegation to Saudi Arabia, IT Park Ventures Director Azamat Karamatov held discussions with ESG EQ Partners LLC and participated in an event organized by Google and StrategEast at Google’s Riyadh office. These engagements culminated in the signing of a memorandum of understanding with ESG EQ Partners LLC and the establishment of connections with leading investment and venture capital funds.
Memorandum with ESG EQ Partners LLC
Azamat Karamatov, Director of IT Park Ventures, and Anup Babu, Regional Partner at ESG EQ Partners LLC, signed a memorandum of cooperation. This event signifies a crucial milestone in the advancement of Uzbekistan's technology sector and paves the way for new opportunities for Uzbek startups and tech companies.
ESG EQ Partners LLC, headquartered in Sharjah, UAE, specializes in assisting businesses, governments, and investors in achieving their Environmental, Social, and Governance (ESG) objectives while addressing global market challenges. As part of its strategic expansion, ESG EQ Partners plans to establish an office in Riyadh, Saudi Arabia, thereby unlocking additional opportunities for collaboration and development in the region.
The parties have committed to joint investments in "green" technologies, with a specific focus on startups working in renewable energy and sustainable development. This partnership will provide Uzbek startups with access to funding, mentorship, and entry into the Middle East and North Africa (MENA) markets, including Saudi Arabia and the UAE.
Furthermore, discussions explored avenues for Uzbek startups to benefit from mentorship, global networking, and investment opportunities in Saudi Arabia and the UAE. The memorandum outlines joint initiatives to support IT Park startups and members, offering access to resources, financing, and professional mentorship. Azamat Karamatov emphasized the importance of creating favorable conditions for Uzbek startups to successfully enter these markets by leveraging ESG EQ Partners’ global networks, thereby unlocking significant growth and expansion prospects in these strategic regions.
Additionally, ESG EQ Partners will provide IT Park Ventures with consultancy services for structuring an investment fund aimed at attracting foreign investors. This initiative seeks to establish a transparent and efficient framework aligned with international standards, thereby enhancing investor confidence. Such an approach will enable Uzbek startups to access global capital, fostering their growth and scalability on international markets.
As part of this collaboration, ESG EQ Partners will also extend support to MENA-region startups and partners in entering Uzbekistan’s market and establishing development offices. This partnership is expected to create opportunities for business expansion and the integration of innovative technologies into Uzbekistan’s rapidly growing ecosystem, thereby fostering joint projects and generating new employment opportunities in the fields of technology and sustainable development.
The signing of the memorandum with ESG EQ Partners LLC represents a significant step in enhancing Uzbekistan's international presence in the global technology arena. This initiative not only opens new avenues for Uzbek startups and technology companies but also contributes to the advancement of sustainable and environmentally friendly technologies in the region.
Participation in the Official Opening Ceremony of IT Park Uzbekistan in Saudi Arabia
Alongside the signing of the memorandum with ESG EQ Partners LLC, the Director of IT Park Ventures, Azamat Karamatov, participated in the official opening of IT Park’s representative office in Saudi Arabia. The event, held at the innovative space The Garage and supported by Plug and Play Middle East, enabled Mr. Karamatov to establish strategically important connections with investors and government entities. These engagements lay the groundwork for further collaboration and the involvement of these partners in Uzbekistan, representing a crucial step in strengthening bilateral relations in the areas of startups, venture investments, and public initiatives.
The IT Park office in Saudi Arabia will serve as a bridge for collaboration and knowledge exchange between the innovation ecosystems of both countries, offering the following opportunities:
- Streamlined access to the Central Asian market, comprising over 80 million people, for startups from the GCC region via Uzbekistan;
- Support for Uzbek startups to enter the GCC market, which encompasses a population of more than 60 million;
- Co-investment opportunities at the pre-seed and seed stages for high-potential startups;
- Cost optimization for GCC companies through the establishment of back-office operations in Uzbekistan.
The establishment of IT Park’s representative office in Saudi Arabia marks a significant milestone in the development of an international startup ecosystem and the attraction of foreign investment. The office is poised to foster collaboration in digital technologies, facilitate knowledge exchange, support innovative projects, and provide Uzbek companies with the means to expand their presence on the global stage.
Participation in the Event “How AI Drives Economies in the Caucasus and Central Asia,” Organized by Google and StrategEast
During the visit to Saudi Arabia, the delegation of IT Park Uzbekistan, led by Azamat Karamatov, Director of IT Park Ventures, participated in an event hosted by Google and StrategEast at Google’s Riyadh office. The discussions centered on the impact of artificial intelligence (AI) on the economies of the Caucasus and Central Asia, as well as on a comprehensive study conducted by Google in collaboration with Implement Consulting Group. The study highlighted the economic potential of generative AI, regional readiness for its adoption, its implications for the labor market, and strategies for its safe and secure implementation.
“This event offered an excellent platform to showcase Uzbekistan’s expanding technological ecosystem and its potential for AI-driven innovation. The invaluable connections established here will attract international investments, foster co-investment opportunities, and further develop our startup ecosystem,” noted Karamatov.
Artificial intelligence is a pivotal component of Uzbekistan’s technological evolution, particularly following the recent approval of the AI Development Strategy by the President of Uzbekistan. This strategy, designed to extend until 2030, establishes a regulatory framework for AI, focusing on ethics, security, and the integration of technology into critical sectors such as agriculture, healthcare, and public administration.
IT Park offers incubation and acceleration programs for AI startups, in addition to providing access to global networks through partnerships with renowned international organizations such as Silkroad Innovation Hub, Plug and Play Tech Center, 500 Global, Alchemist Accelerator, Draper University, and StartX (based at Stanford University), as well as investment support by IT Park Ventures.
What Does This Mean for You?
If you are a startups or companies from Uzbekistan aiming to expand aglobally, IT Park Ventures’ collaboration with ESG EQ Partners unlocks a wealth of opportunities. The IT Park representative office in Saudi Arabia, set to open in 2025, will serve as a gateway to the GCC market. This strategic partnership creates favorable conditions for business launch, scaling, and investment attraction, enabling Uzbek companies to secure a strong foothold in the global business landscape.
These efforts represent a vital step towards building a unique ecosystem where Uzbekistan’s tech companies can thrive on the world stage.
