USAID’s Future Growth Initiative (FGI), in cooperation with the Government of Turkmenistan and the Union of Industrialists and Entrepreneurs, will support development of private business activity. Matthew Klimow, U.S.A. Ambassador to Turkmenistan, Mischere Kawas, USAID Country Director, and Filip Stoyanovich, Project Manager, announced it during a round table that kicked off to present the project.
The FGI Initiative is designed to spur productive economic activity across Central Asia by increasing the competitiveness of high-growth branches of the economy and industries. It aims to develop sectors related to the field of information and communication technologies, food and light industry.
According to studies, the successful implementation of the program that is set until September 2024 would help to attract up to $ 50 million direct investments to the Central Asian region, to increase the capacity of the involved industries by 30 percent on an average and to create about 20 thousand jobs.
Through this project, in the middle of 2020, a $ 2 million cost program of co-financing of innovative and inclusive ideas will be launched. Companies and organizations aimed at increasing competitiveness, boosting sales and exports in the target sectors, diversification of sales markets, advanced training of employees, etc. are invited to submit applications.
4-5 most promising projects for joint financing will be selected from each country. In addition, the USAID team is ready to provide legal advice, contacts with regional partners, and the experience of other companies via trainings and seminars.
Next month, the USAID plan is to bring to Turkmenistan a number of foreign business experts interested in establishing direct business contacts with relevant Turkmen companies in various sectors of the economy.
The round table was also attended by representatives of international financial institutions as well as medium and small businesses interested in promoting and expanding their business.
Please, see the ORIENT video interview for details of the project.