CAREC Startup Ecosystem

Supported by EAKPF and Asian Development Bank

Powered by CAREC Program

The Central Asia Regional Economic Cooperation (CAREC) Program is a partnership of 11 countries and development partners working together to promote development through cooperation, leading to accelerated economic growth and poverty reduction.

Ecosystem Milestones

2022

CAREC Startup Hub is launched

2021

CAREC Ministerial Conference endorses CAREC Digital Strategy 2030

2020

CAREC Secretariat launches technical assistance on startups and digitalization

2017

CAREC 2030 Strategy endorsed and includes ICT as cost-cutting sector for CAREC Program

2015

CAREC Institute establishes office in Urumchi, PRC

2001

CAREC program approves 6 projects amounting to $247 million under energy, trade, and transport sectors

1997

ADB officially establishes CAREC program

1996

Technical assistance to promote regional economic cooperation in Central Asia is approved

CAREC Ecosystem Landscape

Taxes and Incentives
    • Alif Bank is a FinTech company as well as one of the largest funding round investors in Central Asia, with 90% market share in Tajikistan and 33% in Uzbekistan.

    • Zhongguancun Science Park’s Angel Investor projects are ranked #1 in China.

    • Microsoft Ventures has funded $235 million USD to provide guidance and funding to cloud-computing firms in China.

    • Growth in Georgia” is a $65 million USD grant allocated by USAID to support employment and accountable governance in Georgia. The grant has the potential to increase to$330 million over the next five years.

    • Companies located in the Astana Hub, the High Tech Park, and free economic zones are eligible for tax breaks.

    • STEP awarded $30,000 to Social Startups in Pakistan.

    • Pakistan’s largest fundraising by an early-stage tech startup was achieved by Bazaar Technologies Pvt, which raised $30 million.

    • Zameen is in the top 5 property portals in the world raising over $31.5 million in funding.

      Investor Landscape
      • ADB has invested over $14.97 billion in CAREC development projects since 2001;

      • Overall, $40 billion worth of investments have been made collectively by ADB, development partners, and the CAREC governments since 2001;

      • Between 2005 and 2030 the region must invest up to $9.7 trillion in the energy sector;

      • The CAREC 2030 Plan proposes establishing an agency for multilateral trade credit and investment guarantees;

      • Until 2030, CAREC members have set out to stimulate private sector investments and cross-border investment within member countries;

      Notable events
      • Startup Weekends in Zavkhan, Tajikistan, Turkmenistan, Uzbekistan, Georgia

      • ITB China Startup Award

      • Central Asia’s Energy Investment Forum 2021