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By Trend

Enterprises within the Central Asian region to access a variety of financial services, Trend reports citing the Asian Development Bank (ADB).

This is envisioned in the strategy to promote digitalization in Central Asia Regional Economic Cooperation (CAREC) Program member countries.

The plan said that small and medium enterprises (SMEs) perennially face high capital costs as a barrier to expansion.

"With the help of digital solutions, enterprises within the CAREC region can access a variety of financial services. These include online lending platforms where more favorable terms may be available to e-payment providers. Digital platforms provide vulnerable groups, including women, young people, and the elderly, avenues to expand their economic opportunities," the plan said.

In this regard, the plan said, Georgia has offered to share its experience on SMEs solutions for e-commerce.

"Georgia’s Innovation and Technology Agency (GITA) has also proposed to help build a regional innovation and start-up ecosystem, and host training and networking for start-ups from across the region. Kazakhstan and the Kyrgyz Republic have also proposed to host a regional hub for CAREC start-ups, while joint incubation, acceleration, and training for start-ups were proposed by information technology (IT) Park, Uzbekistan. To drive growth in this area, CAREC countries can consider establishing a virtual tax-free regional IT zone for start-ups, SMEs, and information and communication technology (ICT) companies across the region," the plan added.

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