Qazaqstan Investment Corporation (QIC), IT Park Ventures, Mirae Asset Venture Investment and SparkLabs Group have signed a term sheet to establish SparkLabs Mirae Silk Road Fund I LP, a venture capital fund managed by Mirae Asset Venture Investment and SparkLabs. The fund will invest in Central Asian startups from Series A onward, focusing on companies with proven business models that are ready to expand internationally. Its mandate is sector-agnostic, but AI-native businesses will be a key focus. Separate details put the fund's initial capital at $2 million, with scope to increase it to $10 million. QIC and IT Park Ventures are set to participate as anchor investors, although IT Park Ventures' participation is subject to legal, regulatory and corporate approvals and may be made in stages. Portfolio companies will receive access to the networks of SparkLabs and Mirae Asset, along with support for expansion into South Korea, the United States and the Middle East and North Africa. The agreement was signed in Seoul during state visits by the presidents of Kazakhstan and Uzbekistan to South Korea and the first Central Asia-Republic of Korea Summit. The announcement follows commercial agreements worth $18.95 billion signed between South Korea and Kazakhstan during the same week.