Science Fund­ing in Uzbek­istan to Un­dergo Swift Lift

A pro­gram is planned to be ap­proved of phased in­crease in the na­tional bud­get ex­pen­di­tures for sci­en­tific re­search and bring them up to 1% of GDP. This and other mea­sures are en­vis­aged in the Strat­egy of In­no­va­tive De­vel­op­ment of Uzbek­istan cur­rently unde

Uzbekistan Today (English) - - TODAY IN UZBEKISTAN -

It is planned to sim­plify pro­ce­dures and boost trans­parency in ob­tain­ing and us­ing schol­ar­ships for in­no­va­tive projects. It is pro­posed to re­vise the def­i­ni­tion of pri­or­ity ar­eas of science and tech­nol­ogy for the de­vel­op­ment and fi­nanc­ing of tar­geted gov­ern­ment sci­en­tific and tech­ni­cal pro­grams, the trans­fer and com­mer­cial­iza­tion of tech­nolo­gies. At the same time, the main fo­cus is the ori­en­ta­tion of sci­en­tific de­vel­op­ment to meet the needs of eco­nomic sec­tors, in other words, even be­fore the start of re­search, its fi­nal con­sumer should be known. It is pro­posed to take a course to en­sure the avail­abil­ity of fi­nan­cial re­sources for sub­jects of in­no­va­tive ac­tiv­ity, in­clud­ing in the in­ter­na­tional in­vest­ment mar­ket.

Sim­pli­fi­ca­tion is en­vis­aged of the pro­ce­dures and re­quire­ments for ob­tain­ing a bank loan. This will help in­crease the vol­ume of lend­ing, in­clud­ing in­no­va­tive fund­ing.

De­vel­op­ment will re­ceive ven­ture fi­nanc­ing. This is a long- term high- risk in­vest­ment of pri­vate cap­i­tal into the share cap­i­tal of newly cre­ated high­tech promis­ing com­pa­nies fo­cused on the de­vel­op­ment and pro­duc­tion of high tech­nol­ogy prod­ucts, for their de­vel­op­ment and ex­pan­sion in or­der to profit from the in­crease in the value of the in­vested funds. In con­trast to clas­si­cal investments, the ven­ture cap­i­tal fi­nanc­ing model con­tains a highly prob­a­ble loss of in­vest­ment in each spe­cific com­pany. Prof­itabil­ity is achieved ow­ing to a high re­turn on the most suc­cess­ful investments. Ac­tiv­i­ties in this di­rec­tion are planned to be reg­u­lated by a new law.

The cre­ation and de­vel­op­ment of ven­ture ( risk) fi­nanc­ing, in­clud­ing par­tic­i­pa­tion of for­eign ven­ture cap­i­tal or­ga­ni­za­tions, was ini­ti­ated. It is pro­posed to con­sider the pos­si­bil­ity of creat­ing ven­ture funds by joint­stock com­pa­nies with state par­tic­i­pa­tion that im­ple­ment in­no­va­tive de­vel­op­ment pro­grams. This ac­tiv­ity is pro­posed to be reg­u­lated by a spe­cial law.

It is planned to take mea­sures to stim­u­late the par­tic­i­pa­tion of the pri­vate sec­tor in iden­ti­fy­ing and fi­nanc­ing the pri­or­i­ties of sci­en­tific and tech­no­log­i­cal de­vel­op­ment. The im­ple­men­ta­tion of in­no­va­tive projects will at­tract a wide range of pri­vate in­vestors. Growth is also ex­pected in the share of pri­vate fi­nanc­ing in the to­tal amount of ex­pen­di­tures on re­search and de­vel­op­ment.

It is in­tended to at­tract lead­ing in­ter­na­tional in­no­va­tion com­pa­nies and transna­tional cor­po­ra­tions as strate­gic in­vestors.

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