Prime Minister Olzhas Bektenov held a meeting with leading experts in venture financing, representatives of the Kazakh business community, and international partners. According to the press service of the head of the government, the central topic of discussion was the establishment of a Fund of Funds for venture investments aimed at attracting global capital, developing the startup ecosystem, and strengthening Kazakhstan's position as a regional center for technology and innovation.
During the meeting, experts shared their experiences in innovation development. Speakers included Stanford University Professor and recognized venture investment expert Ilya Strebulaev, Andreessen Horowitz partner Malika Aubakirova, Lightspeed Venture Partners partner Galym Imanbaev, and DCVC Investment Director Anna Fokina.
“Experts noted that for Kazakhstan to achieve significant progress, it is important to strengthen cooperation with leading global venture investment funds, which will ensure access to advanced technologies and best investment management practices. They emphasized that to attract global capital, it is necessary to enhance the legal infrastructure and create conditions to support late-stage startups,” the government press service stated.
The Minister of Digital Development, Innovations, and Aerospace Industry, Jaslan Madiyev, highlighted that Kazakhstan already holds a leading position in Central Asia, accounting for over 70% of all venture deals in the region. According to him, over the past five years, the volume of venture capital in the country has increased more than sixfold, reaching $80 million.
“The Fund of Funds for venture investments aims to attract $1 billion in private investments in the medium term, which will be directed to leading global, regional, and Kazakh venture funds,” the authors of the statement noted. “This will facilitate effective diversification, maximum access to global competencies, and critically important technologies necessary for transforming the economy. To date, applications have been collected from representatives of major Kazakh businesses for more than $100 million to form the fund's initial capital.”
The government promises that special attention in the fund's operations will be given to promising areas, including artificial intelligence, digital healthcare, and other key technological sectors. It is projected that by 2030, the global artificial intelligence market will grow to $827 billion, making this field one of the priorities for investment.
Prime Minister Olzhas Bektenov believes that the creation of the Fund of Funds for venture investments will not only provide access to advanced technologies but also strengthen Kazakhstan's position as an international hub for startups and technology.
“Today, the IT sector in Kazakhstan is actively developing, exports of digital services are increasing, and young specialists are becoming sought after both within the country and beyond its borders. Our key task is to create conditions for retaining our own talents and attracting new ones, supporting startups at all stages of their development, and bringing global competencies to Kazakhstan,” said Olzhas Bektenov.